“I think investors and potential investors have nothing to be scared about. Governments that realize the true potential of cryptocurrencies and bring in policies to support the innovation will be the leaders of the future.” — Evan Luthra
Weekly News Report:
1. The price of litecoin surged Monday morning after a fake press announcement was released saying retail giant Walmart intended to offer its customers the option to make payments in crypto via a new partnership with the Litecoin Foundation. The fake news release caused the price of litecoin to spike almost 30% on Monday morning before returning to previous levels.
2. CoinDesk Research presents its latest Bitcoin report on the aspirations of the Lightning Network to scale Bitcoin. The Lightning Network aspires to enable fast, digitally native payment infrastructure for Bitcoin without sacrificing its core tenets of security, privacy and availability.
3. The New York hedge-fund investing firm Anthony Scaramucci’s SkyBridge Capital is launching an NFT platform, called Flatter, the former White House communications director announced at his SALT conference in New York on Tuesday.
4. BlockFi CEO Zac Prince, whose interest-bearing crypto account has come under scrutiny in at least five states, and whose company’s fate — repeatedly stayed — remains uncertain, voiced optimism Monday that the industry’s hot sub-sector will survive — no matter how many state censures pile on.
5. Coinbase, the largest cryptocurrency exchange in the United States, is planning to raise $1.5 billion via a debt offering. The Nasdaq-listed crypto exchange is looking to use the capital raised to further grow the company’s balance sheet for general corporate purposes as well as potential investments and acquisitions of other companies, products or technology.
6. Blockchain companies among winners of FDA food traceability challenges. Mojix, Wholechain and Tag One all focus on helping companies create more efficient, lower-cost food supply chains.
7. Business intelligence outfit and corporate Bitcoin whale MicroStrategy has increased its BTC ownership with the additional purchase of 5,050 BTC for about $242.9 million at an average of $48,099 per coin.
8. Arbitrum vaults onto Layer 2 leaderboard as DeFi assets cross $2B. The project aims to increase the speed and reduce the cost of transactions on Ethereum.
9. Australian buy now pay later firm Zip Co is planning to cater to the “millennial finance diet” by offering the ability to buy, sell, hold, and pay in crypto using the company’s mobile app. Zip will allow its U.S. merchants to accept bitcoin as payment for goods and services, though no date has been announced.
10. Bitcoin mining and power generation company Greenidge is set to complete a merger with customer and technical support solutions provider Support.com to become the latest publicly listed mining firm. The merger is expected to push through as of market closes on Sept. 14, with Greenidge slated to begin trading on the NASDAQ the following day.
11. Major UK hedge fund Brevan Howard launches crypto division and hired former CMT Digital CEO Colleen Sullivan to lead private and venture investments in crypto.
12. The government of El Salvador will reportedly exempt investors from paying a capital gains tax and an income tax on Bitcoin. Javier Argueta, a legal adviser to President Nayib Bukele, is looking to encourage foreign investment through major tax breaks on Bitcoin.