#CryptoCorner: Digital Farms (NYSE American: $DPW) Suspends Mining Operations, Binance Announces Binance Card and Singapore Exempts Leading Exchanges from License Act

#CryptoCorner: Digital Farms (NYSE American: $DPW) Suspends Mining Operations, Binance Announces Binance Card and Singapore Exempts Leading Exchanges from License Act

Point Roberts, WA, Delta BC March 27, 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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Stocks discussed: (NYSE American:DPW) (NYSE:V)

Bitcoin (BTC) has remained fairly stable since the last Crypto Corner on Tuesday, with a trading price of about $6,600 at press time according to data from CoinMarketCap. Though this current trading price is the result of a recovery from a recent low of around $4,600 – which was brought about by the COVID-19 crisis that ravaged markets everywhere – a bull market is still widely anticipated by many in the crypto community.

One crypto mining firm in the U.S., Digital Farms, has had to suspend mining operations as a result of Bitcoin’s price drop. DPW Holdings, Inc. (NYSEAmerican:DPW), the parent company of Digital Farms, revealed the news in a recent COVID-19-related business update, saying plainly:

“Digital Farms’ cryptocurrency mining operations have been suspended indefinitely, primarily due to the sharp decline in the market price for Bitcoin (BTC).”

Malta-based crypto exchange giant Binance yesterday announced the release of its Binance Card, which “works like a regular debit card issued by your bank,” but with top-ups on the Binance Card App in Bitcoin or Binance Coin. According to the announcement, the card is “issued by Visa [NYSE:V] and accepted by more than 46 million merchants offline and online in 200 regions and territories, which makes shopping with crypto easier than ever before.” Binance CEO Changpeng Zhao (CZ) tweeted:

Payments is an obvious use case for #crypto, yet adoption is slow. With only 0.1% of people having crypto, merchants have no incentive to accept it. And with few merchants accepting it, less users use it for payments. A chicken and egg problem.

Now by using the #Binance Card, merchants continue to receive fiat, and the users pay in any #crypto they choose, Problem solved. Let there be #adoption.

Binance, Ripple and Coinbase are among companies that have been exempt from needing a license to provide payment services in Singapore under that country’s Payments Services Act (PSA), which was enacted earlier this year. According to a statement from the country’s central bank, the Monetary Authority of Singapore (MAS), “the exemption will cease after the specified period; or if the entity submits a licence application under the PS Act, on the date that the application is approved or rejected by MAS, or withdrawn by the applicant.”

Sam Mowers, Investorideas

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