Crypto Lake

2022-05-20 20:00:05 ​​Tether launches crypto and blockchain education program in Switzerland.

"It is essential that educational institutions are put into place to help better inform not only traders and investors but future business owners," said Paolo Ardoino.

Switzerland’s southern city of Lugano will host a blockchain- and cryptocurrency-focused school as part of a partnership between the local government and Tether (USDT).

In a Thursday announcement, Tether and Lugano said they will be launching the Plan ₿ Summer School in an effort “to bring blockchain and crypto education to the masses.” The education center is part of Tether’s "Plan ₿" initiatives with the Swiss city, which have included making Bitcoin (BTC), Tether (USDT) and the LVGA token legal tender in the area.

According to the school’s website, the two-week program will run in July and feature speakers including Blockstream CEO Adam Back and Tether and Bitfinex chief technical officer Paolo Ardoino. Topics include basic introductions to stablecoins and cryptocurrencies as well as blockchain analysis and regulatory policy around digital assets.

“As adoption continues to drive participation in the cryptocurrency ecosystem, it is essential that educational institutions are put into place to help better inform not only traders and investors but future business owners looking to implement these financial tools into their everyday lives,” said Ardoino.

Co-organized with the nearby Franklin University Switzerland, or FUS, and supported by the Università della Svizzera Italiana and FUS’ Taylor Institute, the Plan ₿ school initiative is aimed at equippi a new generation of workers with the skills needed in the digital asset space. Other crypto-friendly countries including El Salvador — where BTC has been accepted as legal tender since September 2021 — have launched similar education centers in an effort to increase adoption. Open / Comment

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2022-05-17 20:00:05 ​​FTX CEO sees no future in Bitcoin payments, community fires back.

FTX CEO’s comments on Bitcoin received heavy backlash from the crypto community, with many reminding him of Solana, a PoS network that has gone offline half a dozen times.

Sam Bankman-Fried, the founder of crypto exchange FTX, has criticized the efficiency of Bitcoin (BTC) as a payment network, only to meet heavy backlash from the crypto community.

During an interview with the Financial Times, Bankman-Fried fueled environmental concerns associated with the Bitcoin network’s mining consensus proof-of-work (PoW) and claimed it's not scalable enough to accommodate millions of transactions.

He advocated for the use of proof-of-stake (PoS) mining consensus instead and claimed it is better suited for blockchain payment networks. He said:

“Things that you’re doing millions of transactions a second with have to be extremely efficient and lightweight and lower energy cost. Proof of stake networks are."

Bankman-Fried comments resonated with the recent calls for a complete ban on PoW by a group of billionaire lobbyists comprising Ripple co-founder and several other environmental groups. However, Bitcoin proponents have been actively fighting against the ongoing narration calling for a change in the code of the Bitcoin network's mining consensus.

The likes of Jack Dorsey have already made it clear that PoS is more centralized and less secure than PoW.

The crypto community was not very pleased with FTX CEO’s recent comments. Many claimed the Bitcoin network is not intended to be a payment network, but rather a settlement one and layer-2 (L2) solution, such as the Lightning Network, t act as the main payment gateway. One user wrote:

“Either SBF or FT lying here. What happens to L2 (Lightning Network)? The Bitcoin Lightning Network handles up to 1,000,000 transactions per second!”

Others reminded him of the high centralization and concurrent shutdowns of PoS networks such as Solana (SOL). One user wrote:

“Thanks god we have Soylana that we can switch off and on every other week!”

Another user on Reddit wrote:

"He doesn't have a friggin' clue what he is talking about (or the journalist interviewing him doesn't). Scaling has NOTHING to do with the consensus algorithm and hence whether it is POW or POS is completely irrelevant to the scaling issues." Open / Comment

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2022-05-14 20:00:05 ​​Bitcoin mining in Norway gets the green light as the proposed ban rejected.

The proposal to ban Bitcoin mining in Norway was rejected in a vote by the Norwegian Parliament on Tuesday.

There’s Nor-way they can ban Bitcoin (BTC) mining in Norway now. That’s according to a majority vote passed by the Norwegian parliament on Tuesday.

The proposal to ban Bitcoin mining in Norway was first suggested in March this year by the Red Party (Norway’s communist party). In this week's vote, the proposal was overturned as only Norway’s left-leaning parties, including the Socialist Left Party, the Red Party and the Green Party would support a ban on cryptocurrency mining.

Jaran Mellerud, an analyst at Arcane Research and a Cointelegraph confidant, shed light on the developments: “The vote these parties lost was against banning large-scale Bitcoin mining overall.”

“Having lost this vote, these political parties will likely make one more attempt at increasing the power tax specifically for miners, which is now their only tool left in the toolbox for making life difficult for miners.”

Contrary to the political parties' efforts, Bitcoin mining companies in Norway have thrived in recent years. Norway now contributes as much as 1% to the global Bitcoin hash rate, taking advantage of 100% renewable energy in the Land of the Midnight Sun.

Norwegian Mellerud added that “Bitcoin-hostile political parties in Norway have been trying to force bitcoin miners out of the country by implementing a higher power tax rate specifically for miners or even attempting to ban mining.”

"Luckily, they haven't been successful, and this decision by the government to not ban bitcoin mining should be the latest nail in the coffin for their attempts to get rid of the industry."

Cointelegraph previously reported that Norway is a “green oasis” for Bitcoin mining, boasting abundant hydropower and low energy prices, particularly in the north.

In mid-northern and northern Norway, the cost per kilowatt-hour is 0.12 Norwegian Krone ($0.012), a highly competitive rate internationally, or “extremely cheap,” Mellerud told Cointelegraph.

The article from Norwegian news E24 reported that “ordinary households, companies and the public sector pay an electricity tax of 15.41 øre ($0.015) per kilowatt-hour.” However, in some cases, the “mining industry has a reduced electricity tax." Open / Comment

2022-05-11 20:00:06 ​​Talos raises $105M to become the latest crypto unicorn valued at $1.3B.

PayPal-backed crypto firm Talos has raised fresh funding from companies like Ken Fox’s private equity firm Stripes, BNY Mellon, Citi and others.

PayPal-backed cryptocurrency firm Talos is becoming the latest unicorn in the industry, reaching a $1.25 billion valuation following new funding.

Talos has raised $105 million in Series B funding round led by a major global growth equity firm, General Atlantic, according to an announcement released on May 10.

The funding will help Talos extend its institutional-grade digital asset platform as well as accelerate the firm’s expansion into the Asia-Pacific region and Europe.

The raise featured major firms in both the traditional finance and the crypto industry, including Ken Fox’s private equity firm Stripes, BNY Mellon, Citi, Wells Fargo Strategic Capital, investment firms like DRW and SCB 10x, crypto trading platform Voyager and others.

“This investment is the latest example of BNY Mellon’s commitment to the future of digital assets,” BNY Mellon’s global FX head Jason Vitale said. He added that BNY Mellon is among new advisors on Talos’ Strategic Investor Forum working on building institutional solutions for the crypto market.

The funding round also involved existing investors from Talos’ $40 Series A round closed in May 2021, including Andreessen Horowitz, PayPal Ventures, Fidelity Investments, Castle Island Ventures, Illuminate, Notation Capital and Initialized Capital.

The funding is a major indicator of the growing institutional adoption, Talos co-founder and CEO Anton Katz said:

“This funding round represents a major inflection point for the industry. We’ve long heard that "the institutions are coming." The institutions are now here, and we’re extremely proud to be the digital asset trading platform of choice for leading institutions around the world.”

Founded in 2018, Talos is an institutional-grade infrastructure technology provider in the cryptocurrency industry, offering services for trading, settlement and others.

According to the company’s website, Talos’ partner base covers a wide number of firms in the crypto ecosystem, including multiple exchanges like Binance, Coinbase and FTX, as well as over-the-counter desks and FX platforms. Talos says its institutional trading volumes surged 20x times year-over-year by May 2022. Open / Comment

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2022-05-08 20:00:06 ​​Grayscale’s GBTC and ETHE products now available on Robinhood.

The discount brokerage has seen a steep decline in crypto-related revenue over the past 12 months as retail traders exited the market.

Digital asset manager Grayscale has made its flagship Bitcoin (BTC) and Ether (ETH) products available on Robinhood, the popular trading app open to millions of retail users.

Beginning on Friday, Robinhood users will be able to trade Grayscale’s Bitcoin Trust (GBTC) and Ethereum Trust (ETHE) directly through the app. Shares of GBTC provide investors with direct exposure to Bitcoin in the form of a security without having to buy or store the digital asset directly. ETHE, meanwhile, operates as an open-end investment company whose shares reflect the value of Ether held by the trust.

Grayscale’s Bitcoin Trust is the largest investment vehicle dedicated to the leading crypto asset. As of May 2, the trust had $24.6 billion in assets under management. Grayscale’s Ethereum Trust, meanwhile, had over $329 million in assets.

Robinhood operates a discount brokerage that provides retail investors with low-barrier entry to financial markets, including crypto. In the first quarter, the firm’s revenue declined by 43% year-over-year as sales from cryptocurrency trading dropped by 39%. Despite the decline, Robinhood’s net cumulative funded accounts increased 27% year-over-year. Currently, Robinhood lists over 20 cryptocurrencies for trading on its platform.

Retail traders’ embrace of crypto peaked in the first half of 2021, a period that coincided with multiple record highs for Bitcoin and the broader market. However, retail interest has declined significantly since then, as evidenced by Google search trends and a lack of new capital entering the market. Open / Comment