Copper’s Weekly Update – 24 August 2020

Highlighting what went right, and what went wrong, in this week’s crypto news analysis.

Copper

Looking back at last week’s biggest news, including price analyses for BTC, ETH, and XRP.

Last week, DeFi data aggregator DIA announced it had raised $15 million through the sale of its governance token for plans to build an open-source financial data product reminiscent of Bloomberg’s offerings. The Swiss not-for-profit is rapidly becoming one of the most anticipated projects in the DeFi space.

Senegalese-American rapper Akon updated the progress of his futuristic cryptocurrency-themed city in Senegal, Akon City. Phase one of the $6 billion project begins early next year and will be completed by 2023, with the entire project to be completed within ten years.

Meanwhile, some eyebrows were raised when Huobi, one of the world’s largest exchange firms, announced plans to expand its activities in Russia, citing huge market opportunities. The crypto space in Russia is notoriously facing major setbacks as authorities continue to have reservations about digital assets.

Looking for something new to listen to? We covered plenty of ground about cybercrime in the second episode of our new podcast series, Coppercasts, with one of the tech industry’s most coveted investigative journalists, Geoff White.

Bitcoin lender BlockFi raises $50 million in Series C round

On Thursday, crypto lender BlockFi announced it had closed a $50 million Series C round, led by Morgan Creek Capital, Valar Ventures, CMT Digital, Castle Island Ventures, Winklevoss Capital and others.

BlockFi says it will use the newly secured funds to grow the team and further expand its business lines – including the upcoming release of a Bitcoin rewards-based credit card.

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Swiss crypto firms say first automated, AML-compliant Bitcoin transfer completed

The first automated and compliant crypto asset transaction has been enabled by three Swiss crypto companies – Geneva’s Mt Pelerin, Zug-based Crypto Finance AG and 21 Analytics.

The Bitcoin transaction was compliant with the AML requirements set by the Financial Action Task Force (FATF) and Swiss market regulators.

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It’s now cheaper to buy one Bitcoin than to buy a single DeFi token YFI

DeFi continued to make waves as the Yearn Finance project token (YFI) jumped over 270% in five days to almost $16,000. The digital token today is still worth more per coin than the price of Bitcoin, as the asset is currently trading for $13,734.

Launched less than a month ago, YFI was initially designed as ‘a completely valueless 0 supply token’.

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Latest Coin News

BTC

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  • Price Analysis: BTC/USD consolidation takes precedence ahead of breakout to $12k Read more
  • Bitcoin Futures open interest at ATH above $5 billion but sentiment’s shaky Read more
  • Iran shuts down 1,100 Illegal Bitcoin miners; whistleblowers rewarded $2,400 Read more

ETH

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  • Price Analysis: ETH/USD fails to reclaim $400 Read more
  • Participation in Ethereum 2.0’s Medalla testnet wobbly Read more
  • Developers propose plan to protect Ethereum Classic network from further attacks Read more

XRP

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  • Price Analysis: Double top spotted on XRP/USD daily chart Read more
  • Goldman Sachs FX executive director in push to expand XRP market infrastructure Read more
  • XRP is not a security, argues US Congressman Tom Emmer Read more

 

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