#CryptoCorner: ETC Leads Continuing #Crypto Surge, Saudi Aramco Energy Invests $5 Million in #Blockchain Trader Vakt, Hut 8 (TSX: $HUT.TO) CEO to Step Down
#CryptoCorner: ETC
Leads Continuing #Crypto Surge, Saudi Aramco Energy Invests $5 Million in #Blockchain
Trader Vakt, Hut 8 (TSX: $HUT.TO) CEO to Step Down, Swiss Regulators Approve
IPO on Blockchain
Point Roberts, WA, Delta BC, January 29,
2020 - Investorideas.com, a leader in
crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast
and commentary on what’s driving the cryptocurrency market .
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ETC Leads Continuing Crypto Surge, Saudi Aramco Energy
Invests $5 Million in Blockchain Trader Vakt, Hut 8 CEO to Step Down as Company
Amends Agreements with Bitfury and Swiss Regulators Approve IPO on Blockchain
Stocks discussed: (OTC:ETCG) (2222.SR) (TSX:HUT)
The crypto market
has continued its upward momentum with total market capitalization clocking in
at about $255 billion USD at press time, according to data from CoinMarketCap.
Bitcoin (BTC) has reached its highest trading price in
almost three months at just over $9,300. An article from CoinDesk cites Su Zhu, co-founder of Singapore-based
crypto investment firm Three Arrows, who observed:
“[BTC] rally looks Asia-driven with the Chinese equity
market reopening after holidays has been delayed due to the coronavirus, so
traders itching for activity may have set their sights on the 24-7 crypto
markets in the meantime.”
As with Monday,
however, Ethereum Classic (ETC) has displayed the most impressive growth
of the major altcoins with a 24 hour increase of nearly 11 percent. Alongside
it, the stock for Grayscale Ethereum Classic Trust (OTC:ETCG), which we linked to ETC’s growth in
this latest bull run, is itself up almost nine percent today.
Saudi Aramco Energy
Ventures (SAEV), a subsidiary of Saudi Arabian Oil Company (Aramco) (2222.SR), has invested $5 million in blockchain-based oil
trader Vakt. Hans Middelthon, MD of SAEV Europe commented:
“VAKT has demonstrated that their platform has the
potential to digitise what is currently a very manual process and be truly
transformative to end users and customers. Leveraging blockchain theory and
applying it to the complicated world of post-trade processing, VAKT has made a
compelling pitch to become an integral part of market infrastructure. SAEV’s
mission is to develop and deploy technologies into Aramco’s operations. VAKT is
an excellent candidate in this sense and
we look forward to helping the company with its development.”
Though Aramco is
slightly in the green today with growth of about half a percent at press time,
it is unlikely that this news from a subsidiary moved the needle all that much.
Bitcoin mining firm
Hut 8 Mining Corp. (TSX:HUT) has announced that its CEO Andrew Kiguel is
stepping down from his role, but will remain until a successor is appointed.
Kiguel commented:
"As a co-founder, it's been a privilege to help
build Hut 8 from a start-up to a category-leading company that's generated over
$115 million in revenue since 2018. We've accomplished significant milestones,
including raising over $100 million in debt and equity and the completion of
our 67 MW facility in Medicine Hat. Hut 8 survived the 2018 bitcoin price
collapse and emerged the world's largest publicly traded bitcoin miner. In
addition, Hut 8 was the first cryptocurrency company to list on the Toronto
Stock Exchange in 2019."
Feel free to check
out an interview Investorideas.com did with Andrew
Kiguel in October last year, in which he discussed the company’s TSX listing
and much more.
But, in addition to
that, Hut 8 has also entered into a non-binding term sheet with Bitfury Holding
BV, “to amend key agreements between the two companies with the intent of
reducing operating costs and providing more autonomy to Hut 8 in managing its
Canadian operations.” Regarding this, Kiguel said:
"The amendment of these contracts will allow Hut 8
to operate more independently as the company continues to mature. Once
finalized, Hut 8 will have reduced its operating costs by over $2 million
annually. Bitfury remains the largest Hut 8 shareholder and an important
strategic partner.”
Swiss blockchain
firm OverFuture has been approved by regulators to proceed in what will be
Switzerland’s first IPO launched on the Ethereum (ETH) blockchain, according to a press release today. An excerpt from the
release reads:
A huge difference when compared to the
traditional ecosystem of intermediaries operating the capital markets sector,
at least under three main aspects: costs,
time and direct sale of the issuers to the investors. Some traditional
regulated exchanges (ex SDX – Swiss
Digital Exchange by the Swiss Exchange SIX) are already preparing themselves to
a new digital way to distribute securities.
A company’s articles of incorporation natively on the
blockchain may represent the first concrete step toward a huge revolution for
the way companies access to the capital markets (and crowdfunding).
Sam
Mowers, Investorideas
For
investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain
and Digital Currency Stocks Directory
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