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Novogratz’s Galaxy Digital Considers Getting Into BTC Mining

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Novogratz’s Galaxy Digital considers getting into the BTC mining business and this new establishment will focus on offering crypto expertise and financial services to the miners. The company plans on launching its own project to mine BTc on a proprietary basis so let’s learn more about it in today’s BTC news.

Mike Novogratz’s Galaxy Digital plans on making a step into the Bitcoin mining sector as they will be the designated new fraction of the new investment company and will focus on establishing a new business body that is aimed at providing financial services for the miners as we can see in the text below. According to a press release, the Galaxy Digital mining project will launch somewhere in 2021 and the new company will try to connect the existing business lines and to launch a comprehensive pack of financial services and products to the miners including risk management and trading solutions plus M&A advisory services.

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The company also announced that the new endeavor will be aimed at the BTC mining procedures only and will aim to provide BTC miners with a mixture of expertise in trading and risk management, lending, investing and corporate advisory that will be combined with all necessities of the mining environment. Ex-Director of BTC mining at Fidelity Investments Lara Fabiano will enter Galaxy digital Mining teams as a leading figure and will join a team of experts that have knowledge in real asset financing, investment banking, and securitization.

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In the meantime, Galaxy Digital mining will mine BTC as well after establishing the new BTC mining operations and will also host machines and devices as a third-party datacenter based in the US:

 “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.”

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 expressed his opinion as well as he has already commented multiple times over the past year providing analysis, predictions, and comments on Bitcoin’s price movements and expectations. However, he mentioned that the end of the year BTC rally was driven by the high net-worth individuals and hedge fund institutions. He said that he tends to think that these major players will mitigate some of the volatility.

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Source: https://www.dcforecasts.com/bitcoin-news/novogratzs-galaxy-digital-considers-getting-into-btc-mining/

Blockchain

LSE Group Posts Solid 2020 Revenue Growth Across Clearing Units

The group increased its full-year dividend by 7 percent.

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The London Stock Exchange Group (LSEG) published its full-year financials for the year 2020, reporting growth in revenue as well as profits despite the slowdown in the economic conditions.

The overall revenue of the stock exchange operator gained 3 percent last year to £2.1 billion in 2020, while the income was up by 6 percent.

The gain in performance was seen across most of the business areas of the group, but post-trade remained the strongest. The revenue of the segment came in at £751 million, 7 percent higher than the previous year, mostly driven by the growth in LCH. Clearing businesses of CDS, forex, and equities also jumped as the total income from the segment surged by 12 percent to £1.07 billion.

Revenue from the capital markets, however, remained flat at £427 million, while the technology sales went down by 7 percent to £61 million.

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On an adjusted basis, the operating profits of the group came in at £1.1 billion, an annual increase of 5 percent, while the adjusted EBITDA also gained 5 percent to touch £1.3 billion with a margin of 54.4 percent.

Solid Growth in Dividend Distribution 

But the most highlighted part remained the dividend distribution with a full-year increase in dividend by 7 percent. 

2020 was an eventful year for the London-headquartered group. Along with the uncertainties caused by the pandemic on businesses, the group sold its stake in the top Italian bourse to clear its ambitions $27 billion Refinitiv acquisition deal, which was closed in January 2021.

“LSEG is now truly global with a significant presence in North America, Europe, Asia, and emerging markets,” LSEG CEO David Schwimmer said in the statement. He further stressed that the group is well-positioned for “long-term sustainable growth.”

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Source: https://www.financemagnates.com/institutional-forex/lse-group-posts-solid-2020-revenue-growth-across-clearing-units/

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Coinsbit Has Launched A Unique Bitcoin Staking Pool With A Super High Rate As It Marks Its 3rd Anniversary

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To celebrate the exchange’s 3rd anniversary, the Coinsbit team has announced a range of exclusive promotions to thank users for their loyalty and trust. As one of the key activities scheduled for the celebration, the team plans to award 30 bitcoins to lucky participants. Nothing like this has ever been done in the history of cryptocurrency, so this is a once-in-a-lifetime opportunity.

The promotion kicked off on March 1 and will continue for the next three months. The team has particularly opened a Bitcoin Staking pool at 3% per month. It is a safe and proven means that will allow bitcoin holders to increase their balance without the volatility of the market.

Additionally, users will have the opportunity to earn more during the 15 mini-IEOs that are scheduled. Given that participants in previous IEOs held on the exchange saw considerable gains on their investment, it is a real opportunity for everyone to grow their capital. Prospective participants should follow the official social media accounts of the exchange to get all the latest information regarding this exclusive offer.

But that’s not all. As you are well informed, the exchange has its marketplace named Coinsbit Store. In this marketplace, you can purchase different devices, like smartphones, headphones, tablets, laptops and more using cryptocurrencies. You can also transact with just a click from any part of the world on suitable terms. So, as part of the commemoration of the 3rd anniversary, the exchange team promises explicit bonuses to whosoever participates and buys the most on the Store. For example, you can win holiday vacation to the Maldives, an iPhone 12 Max Pro and MacBook Pro.

Also, the representatives of the exchange were happy to announce the opening of BTCU trading. Trading will start at the beginning of May. Other popular cryptocurrency exchanges like Liquid, Probit, Yobit, Biki, P2Pb2b, LocalTrade, Folgory, Bitforex, BiOne and LBank have also listed the coin.

That’s not the end, the decentralized cryptocurrency trading platform (DEX) Coinsbit will be initiated soon. On this new platform, you can make transactions without you becoming a member. Users simply need to synchronize their crypto wallet and start trading.

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Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.

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Source: https://bitcoinist.com/coinsbit-has-launched-a-unique-bitcoin-staking-pool/?utm_source=rss&utm_medium=rss&utm_campaign=coinsbit-has-launched-a-unique-bitcoin-staking-pool

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Centra Tech Founder Sentenced to 8-years in Prison For $36M Crypto ICO Fraud

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Sohrab “Sam” Sharma, the founder of defunct cryptocurrency firm Centra Tech was sentenced to 8-years in prison for duping investors out of $36 million. The firm had hired high-profile celebrities including Floyd Mayweather and DJ Khaled whom the firm paid for promotions to lure more investors. Sharma pled guilty to conspiring to commit securities fraud, wire fraud, and mail fraud as part of an initial coin offering.

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Centra Tech was one of the many crypto companies to lure heavy investment during the 2017-18 ICO frenzy on the pretext of launching a cryptocurrency in the near future. Sharma along with two of his recruits managed to raise nearly $25 million through social media promotions and mentions from high-profile celebrities. Both Khaled and Mayweather later settled with the SEC for failing to disclose they have been paid to promote the project.

While prosecutors sought 14-15 years jail term for the founder, Sharma’s counsel pleaded for a two and a half year term claiming the defendant was not the evil behind the fraud.

Sharma said,

“I am deeply sorry and devastated for what my actions have done to those who believed in me and my vision. I wanted to fake it till I made it, and I was hoping that the ends justified the means.”

As per the plea deal, Sharma forfeited 100,000 ETH raised from the sale of the digital token of his company.

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Centra Tech Reflects Everything Wrong With ICO Era

The hype around cryptocurrencies in 2017 gave rise to Initial Coin Offering (ICOs) and an easy way of raising funds to develop and launch new crypto tokens. In what many called a revolution in fundraising soon turned into a playground for fraudsters and scams. It was estimated more than 90% of the projects were either scams or never made it to any exchange for one reason or the other.

Centra Tech was no different, where the project was misleading investors on nearly every aspect right from claiming that it is being headed by a Harvard-educated chief executive officer with decades of business experience. Sharma also lied about having operational licenses in more than three dozens states and partnerships with payment processing giants such as Visa and Mastercard.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

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Source: https://coingape.com/centra-tech-founder-sentenced-to-8-years-in-prison-for-36m-crypto-ico-fraud/

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