#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
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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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