ALSO: LG's Hedera-based NFTs, Revolut's trouble with auditors and more |
The biggest crypto news and ideas of the day |
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Welcome to an abbreviated version of The Node. I'm Daniel Kuhn, here to take you through the latest in crypto news and why it matters. Today we're covering bitcoin mining pool Poolin's liquidity issues, Binance's plans with Nigeria to build a crypto sandbox and Revolut's trouble with auditors. Happy Labor Day to those who celebrate. We'll be back to regular programming Tuesday, Sept. 6. If you were forwarded this newsletter and want to subscribe, sign up here. And click here to unsubscribe. – D.K. |
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Poolin, One of the World's Biggest Bitcoin Mining Pools, Acknowledges Liquidity Issues. After users have complained about withdrawal issues starting in August, Poolin CEO Kevin Pan acknowledged that the company is lacking liquidity, in a Telegram post. User assets are safe, Pan added, though Poolin may have to take on debt to meet client obligations. Last month, the mining pool – the fifth largest by assets – said it is facing delays building a mega-bitcoin mine in Texas. Miners in the state have been waiting for their applications to connect to the grid to be approved. Revolut Said to Be Under Pressure From Regulator Over Risk of 'Material Misstatement' in Auditing. The auditor of Revolut, a digital bank that earns up to 10% of revenue from crypto trading, was criticized by the U.K. accountancy and auditing watchdog, the Financial Reporting Council (FRC). Revolut’s auditor, BDO, was said to have taken an "inadequate" approach to revenue recognition and created "unacceptably high" risk. Revolut offers crypto services through the Financial Conduct Authority’s (FCA) Temporary Registration Regime, and is seeking official licensing. Crypto Exchange Upbit Publishes Token Listing, Delisting Procedure After Government Pressure. South Korea’s largest crypto exchange published its token listing procedure Friday in response to pressure from the government following the collapse of the Terra stablecoin. Upbit has long advocated for a self-regulatory organization to oversee the nation’s crypto industry, as opposed to regulators. The listing procedures include examining transparency of the underlying project and how tokens are distributed to network founders and users. Delisting criteria include violation of laws, discovery of technological vulnerabilities, abandonment of the project and user protection and will typically come with a 10-day warning. A senior executive at the exchange said Korea's increasingly abrasive stance against crypto “will work against a market's competitiveness.” Nigeria Plans to Create a Virtual Free Zone With Binance. The Nigerian Export Processing Zones Authority (NEPZA) is in discussions with crypto exchange Binance to create a virtual free zone focused on blockchain development, similar to Dubai's crypto hub built with Binance last year. "Our goal is to engender a flourishing virtual free zones to take advantage of a near trillion dollar virtual economy in blockchains and digital economy," Adesoji Adesugba, NEPZA's managing director, said in a Saturday statement. The initiative follows the launch last October of Nigeria's central bank digital currency, the world's second, following the Bahamas' sand dollar. By August, the eNaira had been used to carry out transactions worth 4 billion naira ($9.2 million). LG Picks Lesser-Known Hedera Blockchain for Television NFTs. Korea-based LG built a non-fungible token (NFT) marketplace called LG Art Lab for people to buy, sell and showcase their Hedera NFTs from their televisions. The company has sat on Hedera’s Governing Council since 2020. |
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| Ethereum Classic hits all-time high hash rate ahead of The Merge (The Block) Crypto real estate: the property market built on digital assets (Financial Times – paywall)Islamic State tests NFTs for recruitment and financing (Protos) KlimaDAO Engages Tusk Strategies to Push Congress to Write DAOs Into Law (Decrypt)Ethereum Staking Pools: Who Runs the Largest Ones? (Decrypt) |
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As NFTs Become More Popular, They Will Also Become More Valuable – Here’s How Investors Can Protect Them Reports about developments in the non-fungible token (NFT) space have overly focused on one aspect: the price. After all, with this emerging asset class, the main driver of interest so far is built purely on how much it’s worth, not so much why it’s worth that amount. Numbers give context to the story, which explains the obsession for many in following the highs and lows of the NFT market in dollar terms. One of the most high-profile instances of this, of course, is the spectacular collapse in value of Twitter founder Jack Dorsey’s first-ever tweet, “just setting up my twttr,” a once-hyped NFT that initially fetched an eyebrow-raising price of $2.9 million, though it hasn’t seen anywhere near that level of investor interest since. Continue reading here *This is sponsored content from Cactus Custody. |
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