Robinhoods Crypto Plans, BTC and ETH Investment Flows + More News

By Sumejja Muratagić-TadićSead FadilpašićLinas Kmieliauskas

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of todays crypto news.

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Adoption news

• Vlad Tenev, CEO of the popular trading app Robinhood, said that crypto is vital to the apps future and that a wallet may be in the works, according to the Business Insider. He added that users can expect a beta release of new crypto features “at some point,” but did not elaborate any further.

• 43% of surveyed Singaporeans said they own some type of cryptocurrency, according to a report by Independent Reserve, an Australia and New Zealand-focused crypto exchange. Also, almost 40% of all respondents said that bitcoin (BTC) is an investment asset, more than three times the amount of those who consider it to be money.

• 6% of surveyed US investors, defined as adults with USD 10,000 or more invested in stocks, bonds or mutual funds, said they own BTC, which is up from 2% in 2018, according to global analytics and advice firm Gallup. The ownership is up 10 percentage points, to 13%, among investors aged 18 to 49. It remains minimal among investors aged 50 and older - just 3% now say they own it, compared to 1% three years ago.

Investments news

• Digital asset investment products saw outflows for the third consecutive week, reaching USD 28m, per Coinshares data. Bitcoin saw the majority of the outflows (USD 24m), or the largest outflows since mid-June. Ethereum (ETH) also saw outflows totaling USD 7.3m although flows were very mixed amongst providers with no discernible regional trend, the firm said.

• 100x Ventures, the ventures arm of crypto exchange BitMEX and 100x Group (the holding group for HDR Global Trading Limited, owner of BitMEX), has announced a significant investment in Cryptense, the company behind crypto trading automation platform Kryll.io. The unspecified investment will entail increased collaboration between 100x Group and Kryll.io, including full integration with the BitMEX platform and other 100x portfolio companies for Kryll.ios user base.

Regulation news

• Crypto asset platform BlockFi is facing scrutiny from regulators in Vermont, making that the fourth state to look into the platforms business model, according to their website. It states that regulators have “issued orders,” but does not elaborate on what the Vermont order exactly states.

• The top South Korean financial regulator, the Financial Services Commission (FSC) has claimed it has completed consultations with all of the nations leading crypto exchanges – a process that it claims will “expedite the process” of platforms applying for operating permits. After September 24 this year, all exchanges must register with regulators or face closure. The consulting process, Yonhap reported, involved testing carried out on IT and security networks with independent contractors drafted in for support. An executive from an unnamed exchange was quoted as stating the consultation also involved a “comprehensive review of our companys management system and anti-money laundering policies.”

Mining news

• Bitcoin (BTC) mining company Bit Digital and bitcoin-mining-focused blockchain technology company Digihost Technology have entered into a second strategic co-mining agreement, per which Digihost will provide power and management services to Bit Digital for the operation of a 100 MW Bitcoin miners for a term of two years, they said. After paying Digihost a competitive rate for power, Digihost and Bit Digital will participate in a profit-sharing arrangement based on a fixed distribution formula. The miners are expected to be delivered and installed starting with January 2022.

• Crypto yield-earning platform Celsius (CEL) has confirmed its USD 54m investment in carbon-neutral Bitcoin mining company Core Scientific.

• The New Jersey pension fund has invested in crypto mining firms in the last quarter: namely, USD 3.66m in Riot Blockchain and USD 3.39m in Marathon Digital Holdings, according to disclosure documents.

DAOs news

• Crypto trading platform Bybit said it has made a USD 19.3m contribution to the decentralized autonomous organizations (DAO)-managed treasury BitDAO. The contribution was made in ethereum (ETH), tether (USDT), and USD Coin (USDC), and Bybit has pledged recurring contributions for the foreseeable future.

Legal news

• The Brazillian police have seized BRL 172m (USD 33m) amid an investigation into money laundering carried out through crypto exchanges, according to an official statement. They carried out six search warrants, after which the Brazilian judiciary authorized freezing accounts and seizing assets from two individuals and 17 companies.

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