Day: December 17, 2019

Circle Sells OTC Desk to Kraken to Focus On Stablecoin

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San Francisco-based cryptocurrency exchange Kraken announced that it has acquired Circle’s over-the-counter (OTC) desk. In a Dec. 17 blog post, Kraken said that the company has bought “one of the most recognized OTC desks in crypto.” Circle co-founders Sean Neville and Jeremy Allaire confirmed the sale of the Circle Trade OTC business to Kraken, saying: “We have known and admired Jesse and his team at Kraken for many years, and we have every confidence and expectation that Circle Trade customers and partners will continue to find best-in-class OTC liquidity service…

Bitcoin Mining Giant Canaan Shares Plummet 58%: What Does it Show About BTC?

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The stock price of Canaan Inc, a bitcoin mining giant based in Beijing, has dropped by $12 to $5 since November 25, by more than 58 percent. It comes after the price of BTC abruptly declined from $7,700 to $6,600 in the same period. In recent months, as seen in the balance sheet of major mining companies like Canada’s Hut8, the declining price of BTC has made it difficult for miners to remain profitable. Bitcoin mining firm Canaan’s stock price sees a large correction (Source: Tradingview) As the hashrate increased…

Stanford Funds Blockchain Startup Touted as ‘the Microsoft for Blockchain’

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Blockchain infrastructure startup Alchemy has garnered investments from multiple notable mainstream entities, including Stanford University, as well as leaders from other top businesses. Alchemy, a startup focused on providing blockchain infrastructure, as well as other tools for developers, has amassed $15 million in contributions from influential mainstream business leaders, such as Yahoo’s co-founder Jerry Yang and LinkedIn’s co-founder Reid Hoffman, Bloomberg reported on Dec. 17.  Cointelegraph reached out to Stanford and Alchemy, but received no responses as of press time.  Bloomberg also noted financial powerhouse Charles Schwab’s place on the…

Christmas Cash-In For Bears As Bitcoin Dips Below $6,600

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Tuesday Dec. 17 – Bitcoin (BTC) is retracing rapidly from around the $6,950 price mark to below $6,600 in the past few hours. Cryptocurrency market daily overview. Source: Coin360 Bitcoin price is taking a painful nosedive, dropping close to $350 in just a few hours. BTC started the day at $6,915, at which point the world’s largest crypto coin continued to trade sideways before crashing down to its current trading price below the $6,600 price mark. BTC is showing a loss of nearly 5% for the day. Bitcoin daily price chart.…

Circle Pivots to Stablecoin Platform as More Execs, Teams Depart

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Payments startup Circle is pivoting its business to solely offering stablecoin services with the sale of its OTC desk. As part of the move, the firm confirmed the departure of additional executives, just weeks after co-CEO Sean Neville announced he would be stepping down. In a lengthy blog post Tuesday, Neville and co-CEO Jeremy Allaire announced that the company would be focusing on its stablecoin business through 2020, with a suite of services built around the dollar-pegged USDC.  As part of the transition, they announced that chief financial officer Naeem…

As We Hunger for Viability, Let’s Stay True to Our Values

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Once upon a time, there was an isolated kingdom with few roads. Only those who held the tools, technical prowess, and desire for knowledge were able to visit. While these people came from different places and had unique experiences, they shared similar values and thus created a new, shared experience together. They would congregate to spread ideas and engage in civil discourse. Newcomers would occasionally arrive, primarily in September, a month in which certain youths, arbitrarily deemed ready for further education, left their homes and were given the keys to…

As We Hunger for Viability, Let’s Stay True to Our Values

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This post is part of CoinDesk’s 2019 Year in Review, a collection of 100 op-eds, interviews and takes on the state of blockchain and the world. Taylor Monahan is the founder and CEO of MyCrypto, which builds open-source applications that empower you to manage your digital assets safely.  There’s an old story [by James Thurber] about a bear who was, apparently, quite fond of drinking mead. This bear would drink and drink, and then return home to kick things over, knock down lamps, and ram his elbow through the window.…

Coinfloor’s CEO Explains Decision to Delist All Crypto but Bitcoin to Cointelegraph

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London-based cryptocurrency exchange Coinfloor will delist all cryptocurrencies but Bitcoin (BTC) to focus on Bitcoin only services in January. The United Kingdom’s oldest crypto exchange will delist all cryptos including the second-biggest altcoin Ether (ETH) and Bitcoin Cash (BCH) in conjunction with the 11th anniversary of Bitcoin’s launch on Jan. 3, 2020, Coinfloor said in a blog post on Dec. 17. Bitcoin is the only cryptocurrency that is proven so far, Coinfloor CEO says Obi Nwosu, CEO and founder of Coinfloor, said that Coinfloor’s move comes in line with the…