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10/02/2022
02/12/2021

Charlie Shrem:
Being among the youngest millionaires from Bitcoin, Charlie Shrem started his way as a co-owner of Evr, a popular gastropub in Manhattan. By the way, this place was among the first to accept Bitcoin payments. Initially, Shrem purchased Bitcoins for $3–4. Eventually, he bought a few thousand more when it reached $20. Later on, he organized Bitinstant- a physical store where people could buy Bitcoins. At the moment, Bitinstant serves as an exchange platform.

14/10/2021

Swiss Bank Seba Now Lets Customers Earn Yield on Crypto Holdings
A FINMA-licensed Swiss bank, Seba, has launched a program enabling clients to earn yield on their crypto holdings. In addition, the bank will “provide support for centralized lending and borrowing services, enabling investors to generate yield by lending bitcoin and ethereum directly with Seba Bank.”

Seba Earn Lets Clients Generate Rewards From Crypto Investments
Seba Bank, a digital asset banking platform licensed by the Swiss Financial Market Supervisory Authority (FINMA), announced the launch of Seba Earn Wednesday. The Switzerland-based bank described the new offering as “an institutional-grade solution enabling clients to earn yield on their crypto holdings.”

Noting that “The launch of Seba Earn caters to growing demand from institutions to manage a range of digital asset yield use cases from staking to decentralized finance (defi), and centralized lending and borrowing,” the bank elaborated:

Seba Earn’s comprehensive staking management platform will enable institutions and individuals to generate rewards from their crypto investment on networks including Tezos, Polkadot, and Cardano, with more protocols coming in the coming months.

In addition, the announcement explains:

Seba Earn will also provide support for centralized lending and borrowing services, enabling investors to generate yield by lending bitcoin and ethereum directly with Seba Bank.

The bank also noted that it “will continue integrating support for additional coins.”

Guido Buehler, CEO of Seba Bank, commented: “It is clear that as institutional interest in digital assets accelerates, investors have a broader appetite for crypto assets, with a particular interest in earning services like staking, defi and centralized crypto borrowing and lending.”

What do you think about Seba Bank launching a crypto earning program? Let us know in the comments section below.

12/10/2021

Bitfarms Starts Construction of Mega Bitcoin Mining Farm in Argentina
bitfarms
Bitfarms, a bitcoin mining company, announced last week that construction is underway for a mega bitcoin mining farm in Argentina. The facility, which is designed to accommodate 55,000 miners, will be finished by next year. This is yet another signal that mining companies are looking for new areas with favorable conditions and cheap energy to migrate to, including places like Texas and El Salvador.

Bitfarms Expands to Argentina
Bitfarms, a Nasdaq-listed bitcoin mining company, announced it started building what will be a mega bitcoin mining farm in Argentina last week. The company says this facility will be able to power thousands of miners with power secured through a contract with a private power company. The farm will provide more than 210 megawatts of infrastructure capacity for the company, which reported having a mining power of 1.4 exahash per second in September.

About the construction, Emiliano Grodzki, CEO of Bitfarms, stated:

Our new high-production facility in Argentina, which is expected to accommodate over 55,000 miners upon completion, will greatly expand our capacity and global footprint.

Grodzki noted this facility will help the company achieve its goal of eight exahash per second by the end of next year.

Argentina’s Favorable Conditions
Grodzki also pointed out the reasons why the company chose Argentina. The farm will be constructed in warehouses inside the power company providing the energy, creating a great location for Bitfarms. Bitfarms signed an eight-year, 210 MW deal that secures power provision at a very low price. Grodzki explained:

The Argentina facility is planned to produce Bitcoin using power at the attractive rate of just US 2.2 cents per kilowatt hour, substantially reducing our already low cost of mining Bitcoin.

The facility is already under construction with an Argentinian company called Proyectos y Obras Americanas S.A. (“PROA”), which will lay the electrical structure needed to power the installation. Bitfarms is just one of the mining companies seeking new locations offering favorable conditions for expanding, and Argentina is on that list, mostly due to its abundant and cheap energy in certain regions. Bitfarms took advantage of this, choosing a region where energy is plentiful and demand is low. Other companies could follow suit in the near future.

What do you think about the Bitfarms mega bitcoin farm construction in Argentina? Tell us in the comment section below.

08/10/2021

Cryptocurrency Custody Services Amid Strong Demand From Institutional Clients
US Bank has launched its cryptocurrency custody services. “Investor interest in cryptocurrency and demand from our fund services clients have grown strongly over the last few years,” the bank said.

US Bank’s Crypto Custody Services Now Live
U.S. Bank announced Tuesday that its cryptocurrency custody services are now live and available to its Global Fund Services clients.

U.S. Bancorp, with nearly 70,000 employees and $559 billion in assets as of June 30, is the parent company of U.S. Bank, the fifth-largest bank in the country. The Minneapolis-based company serves millions of customers locally, nationally, and globally. U.S. Bank Wealth Management and Investment Services has more than $8.6 trillion in assets under custody and administration and $282 billion in assets under management globally as of June 30.

The announcement details:

The services are intended for institutional investment managers with private funds in the U.S. or Cayman Islands who would like a safekeeping solution for bitcoin – with additional coin support coming soon.

“NYDIG, a leading technology and financial services company dedicated to Bitcoin, is the first crypto sub-custodian announced in the bank’s network of providers,” it adds. New York Digital Investment Group (NYDIG) is the bitcoin investment arm of Stone Ridge Asset Management.

Gunjan Kedia, vice chair of U.S. Bank Wealth Management and Investment Services, commented:

Investor interest in cryptocurrency and demand from our fund services clients have grown strongly over the last few years. Our fund and institutional custody clients have accelerated their plans to offer cryptocurrency and, in response, we made it a priority to accelerate our ability to offer custody services.
U.S. Bank first established its Blockchain and Cryptocurrency Practice in 2015, when the price of bitcoin was less than $200. The price of BTC is hovering around $50K at the time of writing.
The bank announced the launch of three cryptocurrency offerings in April to meet the “growing needs of clients.” The first was the custody service which is now live. The second was an investment in Securrency, a developer of institutional-grade blockchain-based financial and regulatory technology. The third was that U.S. Bank had been selected to administer NYDIG’s ETF bitcoin fund this year, pending regulatory approvals.

What do you think about US Bank launching crypto custody services? Let us know in the comments section below.

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