#CryptoCorner #Podcast Episode 476: Galaxy Digital (TSX: $GLXY.TO) Acquires Two #Crypto Trading Firms, Hut 8 (TSX: $HUT.TO) Releases Q3 Financials and BitPay Launches “BitPay Send”

#CryptoCorner #Podcast Episode 476: Galaxy Digital (TSX: $GLXY.TO) Acquires Two #Crypto Trading Firms, Hut 8 (TSX: $HUT.TO) Releases Q3 Financials and BitPay Launches “BitPay Send”

 

Point Roberts, WA, Delta BC November 13, 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 cryptocurrency stocks and the crypto market.

 

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Stocks discussed: (TSX:GLXY) (TSX:HUT)

 

As we head into another weekend, Bitcoin (BTC) has climbed higher still, clocking in at about $16,190 at press time, according to data from CoinMarketCap. Since Monday’s Crypto Corner, when it was trading for nearly $1,000 less at $15,285, it has been more or less steadily growing. Bitcoin’s trading price peaked at around $16,460 yesterday, the first time it had reached that high since January 2018, nearly three years ago.

 

Galaxy Digital Holdings Ltd. (TSX:GLXY) has acquired crypto trading firms DrawBridge Lending and Blue Fire Capital, the former described as “an innovator in digital asset lending, borrowing, and structured products,” and the latter described as “a proprietary trading firm specializing in market-making and two-sided liquidity for digital assets.” Peter Wisniewski, Co-Head of Galaxy Digital Trading, explained:

 

"Over the past two and a half years the Galaxy Digital Trading team has been executing on a product and technology roadmap that has allowed for first-class execution, deep liquidity and an expanding set of services across spot and derivatives, including principal, agency and electronic trading. These acquisitions are a continuation of this progress to date, and an important milestone as we continue to broaden our talent base and build out our differentiated capabilities, spanning fiat and digital asset lending, structured products, and prime brokerage services."

 

Hut 8 Mining Corp. (TSX:HUT) has reported its third quarter 2020 financial results, indicating a quarterly revenue of $5.8 million CAD with mining profit margin of -37 percent and a net loss of $0.9 million. The company did, however, renegotiate terms with its lender “to provide more downward flexibility with bitcoin collateral and save … nearly $500,000 per year in interest expense.” The company also “transferred the management of site operations from Bitfury to Hut 8, providing savings of over $1.5 million per year.” An excerpt from the press release reads:

 

Q3-2020 was the first full quarter after the bitcoin halving where bitcoin production was cut in half while the network hash rate continued to rise, making it one of the most difficult periods for bitcoin miners to operate. To put this into context, it became 140% more difficult to mine for a bitcoin from just before the halving in May 2020 to September 30, 2020, while the bitcoin price increased by 9% in that same period. The economics of mining bitcoin have significantly improved subsequent to Q3-2020.

 

Crypto payments services provider BitPay has launched BitPay Send, a new service which “enables organizations of all sizes to pay employees, affiliates, customers, vendors, contractors and others with cryptocurrency.” The company’s CEO, Stephen Pair, said:

 

“Blockchain payment adoption is growing because it offers an easy way to send and receive payments on a global scale. Traditional international payment methods are cumbersome, costly and slow. With BitPay Send, companies can make mass payouts without having to buy, own or manage crypto and their recipients receive payments quicker and at a lower cost.”

 

Sam Mowers, Investorideas

 

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