Coinbase Backs $4.3 Million Raise for New Crypto Derivatives Exchange

A new cryptocurrency derivatives exchange that hasn’t yet launched has already won backing from major investors including Coinbase. Called Blade, the exchange platform is planning to go live in a few weeks with a focus on perpetual swaps, TechCrunch reported Monday. The firm was founded by Jeff Byun and Henry Lee, who had previously launched a delivery startup that crypto-friendly payments firm Square acquired in part in 2017. The two have now brought some of the same investors in to back their new Blade venture. Aside from Coinbase, investors in the $4.3…

Indian Telecom Jio Reveals Blockchain Network for 330 Million Customers

Indian telecoms provider Reliance Jio Infocomm Limited (known as Jio) has pledged to build what it describes as one of the world’s largest blockchain networks. Chairman: Nodes to be active from day one Speaking at the company’s 42nd AGM (1.01) on Aug. 12, chairman and managing director Shri Mukesh D. Ambani said blockchain technology formed one of three main areas of expansion for Jio.  Since debuting in 2015, the company has become one of India’s major mobile networks, with a current user base of over 330 million people.  “Over the…

German Company Secures €750 Million ‘Eco-Friendly’ Loan Via Blockchain

German-based Dürr, one of the world’s leading mechanical and plant engineering firms, has secured a sustainability loan of 750 million euros, the interest on which is linked to its eco-friendly performance.  The credit agreement, reported on Aug. 8 by Finance Magazine (German), was self-initiated by Dürr, utilizing a blockchain-based syndicated loan platform. The consortium process was also digitized and backed by blockchain. The ins and outs of sustainable finance Sustainable or green finance is on the rise and in the current economic climate, has benefits for both investors and lenders.…

Shenzhen Issued 6 Million Blockchain Invoices in 12 Months

Major Chinese city Shenzhen has issued nearly six million blockchain-based invoices in a year since their inception in Aug. 2018. Shenzhen processed around $550 million through blockchain invoices in a year According to a report by state news agency Xinhua on Aug. 6, more than 5,300 local companies in 113 sectors have joined Shenzhen’s blockchain invoice program so far. As reported by Shenzhen Municipal Taxation Bureau, the average daily issuance of the invoice is estimated to account for 44,000, while the total value of the invoices has amounted to 3.9…

Cryptocurrency Lender BlockFi Secures New $18.3 Million Funding

Photo: BlockFi New York-based cryptocurrency lender, BlockFi, has successfully raised $18.3 million in a Series A funding round which was led by Valar Ventures. The funding round also saw contributions from other heavy names in the cryptocurrency sector including Winklevoss Capital, Galaxy Digital, ConsenSys Ventures, Akuna Capital, Avon Ventures, Susquehanna, CMT Digital, Morgan Creek Digital and PJC. Valar Ventures is only one of three venture firms founded by Paypal Co-founder Peter Thiel. Thiel is not new in the crypto sector and last year, the Valar boss invested in Block.one and…

BlockFi Raises Over $18 Million USD in Funding Round

US cryptocurrency lending startup BlockFi has raised $18.3 million USD in a funding round led by Valar Ventures, the company announced on Tuesday. BlockFi is the first company of its kind to receive institutional funding for crypto-based loans in US dollars, in the form of a $50 million lending facility from Galaxy Digital. The new capital will reportedly be used to expand the array of products on BlockFi’s existing platform that includes interest-earning accounts for Bitcoin (BTC) and crypto-backed USD loans. BlockFi also plans on using the investment to double…

Mining ASIC Giant Bitmain Lost $625 Million, Expects Profits in April

Chinese mining and mining Application Specific Integrated Circuit (ASIC) manufacturer Bitmain lost $625 million in the first two months of this year, local media QQ reports on Aug. 2. Hundreds of millions lost Per the report, the firm sustained losses of $625 million by March, $345 during January, and $280 million during February. Those results were reportedly driven by the sales of outdated 16 nanometer ASICs at low prices, and once the inventory is cleared of those machines, new profits are expected from the sale of new, 7 nanometer mining…

Square Q2 Report: Cash App Bitcoin Sales Records $125 Million Doubling Q1 Sales

Square has just published its quarterly report for the second quarter of 2019. The report shows that the company generated $125 million in Bitcoin sales through its Cash App. The Square financial services and payment company has just announced its second-quarter report for 2019. According to the report, Square’s Cash App pulled in $125 million in revenue from Bitcoin sales alone. The report, dated August 1, details all of Square’s activity for the second quarter, specifically mentioning that Cash App pulled in the $125 million figure from Bitcoin alone, making…

Square Doubles Bitcoin Revenue, Generating $125 Million via Cash App in Q2

Payments company Square has generated $125 million in Bitcoin (BTC) revenue in the second quarter of 2019 through its mobile payments service Cash App. Square released the information in the company’s Q2 2019 shareholder letter on August 1. According to the letter, the company’s Bitcoin revenue benefited in part from the number one  cryptocurrency’s price rally over the quarter. As a result of this price growth, there was also a correspondingly increased volume of Bitcoin, they say. This resulted in a $2 million gross profit for the company. Cash App…

Bitcoin Mining Manufacturer Canaan Files for IPO in US Worth $200 Million

As per a report, Canaan Creative, the major Bitcoin miner manufacturer, is supposed to have confidentially filed for an IPO in the US. As Bitcoin has grown into one of the biggest cryptocurrencies in the world, a range of industries have cropped up that are seeking to provide services that will help create a more robust ecosystem, and most of them are bearing fruit. For instance, new crypto exchanges are cropping up every other day, and it has become an industry in itself. However, not much has yet been talked…