Mike Novogratz’s Galaxy is planning a significant leap into the Bitcoin mining sector. Galaxy Digital Mining will be the designated new fraction of the investment company. The upcoming project will reportedly focus on establishing a new business body aimed at providing financial services for miners.
Delivering Financial Services to Miners
According to an official press release, the Galaxy Digital Mining project will be launching in 2021. The new company will connect with already existing business lines to offer a comprehensive pack of financial services and products to Bitcoin miners. Some of them include trading and risk management solutions, principal lending and equity investments, plus M&A advisory services.
The company announced the new endeavor as one of two this year to aim at the Bitcoin mining procedures.
The new business unit will provide BTC miners with a mixture of expertise in trading and risk management, investing, lending, and corporate advisory, combined with the necessities of the mining environment.
Former Director of Bitcoin Mining at Fidelity Investments, Lara Fabiano, will enter the Galaxy Digital Mining team as a leading figure. She will be joining a team of experts with a background in non-traditional securitization, real asset financing, structured products, investment banking, and strategic advisory.
Building Their Own Bitcoin Mining Future
Meanwhile, Galaxy Digital Mining will also mine Bitcoin on a proprietary basis. After establishing its new BTC mining operation, it will host its machines and devices at a third-party datacenter in the United States.
“Bitcoin mining is the foundation of the Bitcoin network. By mining ourselves, we are able to deeply understand and solve for the financial needs of miners, while also enhancing the strength of the industry and thus the strength of the Bitcoin network”, commented Fabiano.
Meanwhile, the Co-President of Galaxy, Chris Ferraro, said:
“Going forward, we see major opportunities in mining project financing, equipment financing, digital asset-backed financing, as well as working capital optimization and hedging solutions for mine operators and investors utilizing Galaxy Digital Trading’s industry-leading capabilities.”
The CEO of Galaxy Digital Holdings, Mike Novogratz, has expressed his opinion on the future of the major crypto asset many a time. During the past year, the former Wall Street hedge fund manager has commented, predicted, and analyzed BTC’s price movements and following expectations.
However, in November, Novogratz mentioned that the end-of-the-year BTC rally has been driven by high net-worth individuals, and more precisely, hedge funds and real institutions. He also said he tends to think that the participation by these major players, alongside increased regulation, should mitigate some of the volatility.
Santiment Reveals Top 10 Ethereum Projects by Developer Activity
Despite record highs for network charges in February, development on some of the industry’s leading Ethereum based projects has continued unabated.
The research stated that development activity is an often-underrated indicator of project success. It demonstrates the ongoing commitment to creating a working product, continuously polishing and upgrading its features, and staying true to the long-term roadmap.
The research focused solely on pure ERC-20 projects that are currently committed to developing on Ethereum. It has used 30-day Github activity to track development status and action.
👇 (Cont’d) pic.twitter.com/ZGWkrgzHpH
— Santiment (@santimentfeed) March 3, 2021
The Ethereum Project Top Ten
At the top of the list for developer activity in February is the decentralized prediction market platform Gnosis. Despite a 28% slide in GNO token prices for the second half of the month, the Gnosis team has been busy working on the product.
Gnosis launched on the xDai Ethereum sidechain, joined the Open DeFi alliance, and launched a new collaborative grants initiative for Gnosis Safe Apps last month.
Status was the second most developed Ethereum based project with a number of updates for the open source mobile dApp browser and messenger. SNT prices hit a three-year high of $0.125 in February.
Virtual metaverse and NFT protocol Decentraland was third in the list of developer activity with a number of features introduced to improve user experiences.
DeFi synthetic asset protocol UMA came in fourth with two main focuses for the month; getting some major protocols out the door, and there was a collaboration with BadgerDAO.
Coming in at number five for developer action was Chainlink which announced the official mainnet launch of Off-Chain Reporting (OCR). This significantly improves the efficiency of how data is computed across Chainlink oracles, reducing operating costs by up to 90%, it added.
“The most immediate benefit to DeFi and its users will be a 10x increase in the amount of real-world data that can be made available to smart contract applications.”
These were the five most developed platforms in the Ethereum ecosystem for February 2021, and they were dominated by DeFi.
Also featuring in the top ten list was Skale Network, a decentralized modular cloud for running Ethereum-based dApps. MakerDAO, which is consistently in the top ten for development, was in seventh place.
Decentralized data exchange protocol Ocean, computing sharing economy Golem, and analytics platform Santiment itself rounded out the top ten.
Crypto Tax Provider TaxBit Raises $100M for Global Expansion
Crypto tax solution provider TaxBit has raised $100 million in a Series A funding round, according to its official website. The software provider would channel the capital into its expansion program, with eyes set on the United Kingdom.
Expanding its Audience
The fundraising campaign was spearheaded by investment firms Paradigm and Tiger Global. Paypal Ventures, Winklevoss Capital, the Winklevoss twins’ investment arm, Coinbase Ventures, Bill Ackman, and Qualtrics co-founder Ryan Smith, also participated. TaxBit came out with $107 million in total investments raised.
According to a company’s released statement, the investment round became necessary after cryptocurrencies gained wide acceptance following the pandemic. Michael O’Connor, vice-president of marketing, said the need for TaxBit’s tailored tax and accounting software is conspicuous given the industry’s hazy regulations.
Founded by the Woodward brothers, Austin and Justin, TaxBit automates profits and losses of crypto assets for major and small-time investors. Cryptocurrency tax software provider TaxBit has new plans for cryptocurrency investors in the UK.
Company CEO Austin Woodward informed Forbes that the newly raised funds would be targeted towards developing its enterprise tools and international market expansion. The United Kingdom was pinpointed by the US company as the first destination in its push to grow its global presence.
The company said it would offer a tax solution akin to the traditional enterprise resource planning tool for corporations. These tools will help crypto-facing companies manage their crypto transactions for optimal tax returns, like software tools for foreign currencies.
The crypto compliance firm, founded in 2018, initially offered crypto tax services to individual users before expanding to corporations. Although it still services retail users, the company has opened the doors for corporations looking to enter the crypto space without worrying about their taxes. Tax agencies like the Internal Revenue Services (IRS) are also considered natural clients as crypto payments are widely adopted.
FCA and Crypto
The United Kingdom has been quite aggressive towards cryptocurrencies ever since it crossed the Great Thames River’s shores. In a Jan. 6 parliamentary ruling, the House of Commons and the Financial Conduct Authority (FCA) passed a ban on the sale of crypto derivatives and exchange-traded notes (ETNs) in the UK.
The law, which will see a large portion of the investing public lose out on the flourishing industry, was promulgated to protect investors from risk.
Crypto derivatives are tradeable securities that get their value from an underlying asset, such as an established crypto asset.
But, the UK government has not outrightly banned private ownership of cryptocurrencies and is preparing a regulatory framework to supervise the decentralized industry. It will mandate crypto exchanges in the country to conduct due diligence by adopting customer-recognition programs (KYC) and ensure that cryptocurrencies do not end up violating anti-money laundering practices (AML) or encourage terrorist financing.
XRP, Polkadot, Cosmos Price Analysis: 03 March
At the time of writing, bullish movements were underway across the crypto-market, with the same precipitated by Bitcoin’s foray above the $50,000-mark. Thanks to BTC’s movement and owing to the correlation shared by the market’s alts with the world’s largest cryptocurrency, the likes of Polkadot, XRP, and Cosmos were all rallying. At press time, however, their daily charts were yet to register more than a minor uptick in price trend.
Once one of the mainstays of the market top-five, XRP, at the time of writing, was ranked 7th on CoinMarketCap’s charts. Thanks to its own topsy-turvy price performance over the last few months and the performances of altcoins such as Polkadot and Cardano, the crypto is no longer among the market’s top-five.
Like the rest of the market, XRP too bore the brunt of corrections after Bitcoin dropped below $50,000. In fact, the altcoin fell by over 25% in a 5-day period.
Over the last three days, however, the cryptocurrency seemed to be gaining some bullish momentum. In fact, on the hourly charts, XRP’s hike was observed to be even more significant. However, at the time of writing, it was still difficult to predict whether the crypto would be able to sustain its movement north.
On the contrary, XRP’s indicators continued to flash bearish signals as while the Parabolic SAR’s dotted markers were well above the price candles, the Awesome Oscillator was still noting negative market momentum.
With the legal status of XRP still up for debate in the United States, it is difficult to ascertain what the future has in store for the altcoin.
One of the cryptos to have replaced XRP on the rankings, the last few weeks and months have been great for Polkadot, with the altcoin registering its ATH just a few weeks back. However, like most alts, it too dropped dramatically on the charts after BTC’s depreciation, with the crypto falling by 17%.
Curiously, since then, DOT has been on an impressive uptrend, with the alt up by over 22% in the last 7 days. With the rest of the market pumping at press time, it seemed likely that these gains would be pushed even higher.
While the width of the Bollinger Bands suggested some degree of near-term price volatility, the Relative Strength Index was nearing the overbought zone. Here, it’s worth noting that XRP’s price has corrected itself the last two times the RSI has climbed into the said zone.
The project made headlines recently after a Polkadot-based platform raised $1.6M in funding from venture capitalists.
ATOM’s price movements shared more similarities with the likes of XRP, than Polkadot, with the altcoin also gaining on the charts only recently. In the last 7 days alone, ATOM has climbed by 12%. However, the said hike did come on the back of a 16% depreciation. While the altcoin’s market was trending upwards at the time of writing, it is worth noting that ATOM’s indicators on the daily timeframe were yet to underline any bullishness.
While the MACD line was under the Signal line, despite the bearish momentum falling on the histogram, the Chaikin Money Flow was heading south. If these indicators reverse course in the near-term, a trend reversal can be expected soon.
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