Venture capitalist has maintained the display of their interest in crypto and blockchain Ventures. This week alone BlockFi an innovative Wealth Management solution for crypto enthusiasts and investors and traders announced the successful and efficient completion of its series A round of funding. The series A funding round has amounted to a handsome US dollar 18.3 million. Valar Ventures led the Investment with help and participation from Winklevoss Capital, Galaxy digital, consenSys Ventures, Akuna capital, Avon capital, among others.
Even more fascinating is the fact that a new VC in town has for the first time invested in blockchain. This signals the first and significant cryptocurrency investment for Valor Ventures at New York-based VC fund, which has recently and previously led series A rounds in well-acclaimed fintech companies such as Transferwise, N26 Qonto, and Petal.
Is the UK heading to ban crypto?
The regulations surrounding cryptocurrencies and the conduct of the crypto industry have also been under the spotlight this week. From the United Kingdom, news has emanated that the country’s financial services watchdog has issued advisories to potential and prospective traders and investors that bitcoin and other similar cryptocurrencies have no “intrinsic value “The industry enthusiast has taken this as an indication that the country could be heading towards banning bitcoin and other cryptocurrencies.
Christopher Woolard executive director of strategy and competition at the United Kingdom financial conduct authority FCA has said that “this is a small complex and evolving market covering a broad range of activities “The FCA, that provides oversight on London’s huge banking industry has also posited that “today’s guidance will help clarify which crypto asset activities fall inside our regulatory perimeter “The executive director of strategy also added with a warning “consumers should be cautious when investing in such crypto assets and should ensure they understand and compare the risks involved with assets that have no interest value “
India’s strife with cryptocurrency.
India has also seen recent developments as regards cryptocurrencies and the crypto industry. The Supreme Court of India has finally started its final hearing on cryptocurrencies cases that have been pending in the court for the last two years. The court has heard the case in detail but could not have completed the process.
With the new commencement of the hearing, it will now be able to continue with the final hearings of IAMAI and other practitioners on RBI related case on August 14. In its argument, the former’s counsel has argued and turned the RBI decision to be arbitrary and fair and summit unconstitutional. The commission has also cited responses to an RTI filed by lawyer Varun Sethi where the RBI has accepted that no committee whatsoever was formed not constituted to help decide to ban a crypto entity from banking Solutions in the country.
Bitcoin hash rate hit an all-time high
This week alone, the Bitcoin network platform showed indications and signaling of growth on every level. The hash rate is a reference for a network’s speed, and Bitcoin’s just achieved a little above another milestone. In simpler terms, it refers to the speed with which computers on the network operate. For miners of Bitcoin, it goes as a rule of thumb that the higher the rate, the better as this increases the chances of completing the mathematical problem to solve the Block and collect the resultant block reward.
Gemini data added to CME indices.
The Winklevoss twins have had yet another victory added to their name. Market data from the Winklevoss twins-founded crypto exchange Germany has been added up to 8 crypto indices, which are now offered by CF benchmarks. Previously called crypto facilities CF benchmarks, eight reference products are constituted of four indices and reference rates provided for CME group.