#CryptoCorner: Hut8 (TSXV: $HUT.V) Files Material Change Reports Ahead of Tomorrow’s Landmark TSX Listing, PayPal (NASDAQ: $PYPL) Drops Out of Libra Association (NASDAQ: $FB)
#CryptoCorner:
Hut8 (TSXV: $HUT.V) Files Material Change Reports Ahead of Tomorrow’s
Landmark TSX Listing, PayPal (NASDAQ: $PYPL) Drops Out of Libra Association
(NASDAQ: $FB)
Point Roberts, WA, Delta BC, October 7,
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Stocks discussed: (TSXV:HUT) (NasdaqGS:PYPL)
(NasdaqGS:FB)
Hut 8 Mining Corp.
(TSXV:HUT), which will begin
trading
on the TSXV tomorrow, has announced the filing of seven material change reports
related to prior related party transactions. According to the press release:
These transactions were for various purchases of
BlockBox Data Center AC's from the Bitfury Group ("Bitfury"),
amendments to the previously disclosed master purchase agreement and master
service agreement with Bitfury, a loan agreement with Galaxy Digital Holdings
Ltd., and a debt to equity transaction with Bitfury. Although Hut 8 previously
press released this information, when it occurred, stating that transactions
were with related parties, it did not file material change reports which have
now been rectified in connection with a voluntary review by staff at the
Ontario Securities Commission.
Hut 8 is a bitcoin
mining company partnered with BitFury Group Limited in North America. It will
be the first company to be listed via TSX Sandbox and the first blockchain or
cryptocurrency company to be listed on the TSX.
CNBC reports that
PayPal (NasdaqGS:PYPL) is leaving Facebook’s (NasdaqGS:FB) Libra Association. The news was
revealed in a company statement on Friday, which said:
“PayPal has made the decision to forgo further
participation in the Libra Association at this time and to continue to focus on
advancing our existing mission and business priorities as we strive to democratize
access to financial services for underserved populations.”
PayPal made clear
that they still support the Libra project in a broad sense. Dante Disparte,
head of policy and communications for the Libra Association, said in an emailed
statement:
“We recognize that change is hard, and that each
organization that started this journey will have to make its own assessment of
risks and rewards of being committed to seeing through the change that Libra
promises.”
Speaking of Libra,
the project does not have a fan in German Finance Minister Olaf Scholz,
according to a report from local outlet Wirtschafts
Woche.
Scholz said he was “very, very critical” of Libra and explained that:
"A core element of state sovereignty is the
publication of a currency, we will not leave it to private companies.”
Scholz is, however,
very supportive of the idea of a digital Euro currency. He said:
"Such a payment system would be good for the
financial centre [of] Europe and its integration into the world financial
system.”
Bloomberg reports that
crypto futures exchange CoinFLEX is issuing derivatives based on whether or not
Libra will be operational by the end of 2020. The company is specifically
offering physically-settled futures available on October 24, 2019 for an
initial price of $0.30 USD. Mark Lamb, CoinFLEX CEO, commented:
“Facebook has the ability to rival the entire global
banking system from day one, but, because of that fact, when that first day
will be is far from certain. The political backlash has been brutal, and it’s
anyone’s guess if Facebook will get this over the line.”
Sam Mowers,
Investorideas
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