The Creator Of The Bitcoin Beach Wallet Raises $3 Million
El Salvador’s Bitcoin Beach wallet creator has raised $3 million in a new seed round, the business said Wednesday. Galoy, a Bitcoin banking software developer; collaborated closely with the Bitcoin Beach community to assist them in using BTC as money for daily transactions over the Lightning Network.
According to the statement; “The suite of Galoy solutions enables any community, company or government to offer banking services using Bitcoin and Lightning,”
Kingsway Capital, Trammel Venture Partners; and Balaji Srinivasan have joined the firm in its objective to accelerate Lightning adoption using the company’s open-source Bitcoin banking infrastructure.
“Galoy is inventing Bitcoin tools at the intersection of SaaS and frontier markets;” stated Manuel Stotz, the founder of Kingsway Capital in a statement.
“The team has already delivered a successful proof of concept in El Salvador. This can serve as a model for leaders in emerging markets to replicate.”
As The FED Chair Speaks, Bitcoin’s Price Skyrockets Towards $50,000
The Federal Reserve stated in a statement Wednesday that it will begin reducing its monthly asset purchases in January if inflation remains over its long-run objective of 2%.
The central bank chose to increase the rate of asset purchase reductions; reducing them by $30 billion per month from a prior rate of $15 billion.
“The economy is so much stronger now,” In his post-meeting conference call, Fed Chair Jerome Powell justified the committee’s decision. “Inflation is well above target and growth is well above potential.”
The Fed will maintain the federal funds rate target range of zero to 0.25%. Chairman Jerome Powell stated that the central bank would only raise interest rates once the asset purchase cease.
He believes that a stronger labor market and higher inflation indicate that the economy is no longer in need of the Fed’s accommodating policies.
Jerome H. Powell, chairman of the Federal Reserve; stated that the central bank does not consider Bitcoin and other cryptocurrencies as dangers to the stability of the US financial system. Bitcoin regained some of the ground lost earlier in the day as a result of Powell’s statements.
AVAX: Bank of America Appreciates Avalanche’s Subnets
The Bank of America Corporation (abbreviated “BofA” or “BoA”) is a “Charlotte; North Carolina-based American international investment bank and financial services holding corporation.”
It is “the second biggest financial institution in the United States, after JPMorgan Chase, and the world’s eighth-largest bank.”
According to a story released today (December 15); BoA researchers led by Global Crypto and Digital Asset Strategist Alkesh Shah wrote in a December 10 research note:
“Subnets enable faster time-to finality (settlement) and lower costs than alternative blockchains.“
According to the research note, Avalanche’s total value locked (TVL) increased, and Deloitte’s announcement on November 16 that it had “formed a strategic alliance with technology firm Ava Labs to enable a new disaster recovery platform that uses the Avalanche blockchain to help state and local governments easily demonstrate their eligibility for federal emergency funding” demonstrated how large businesses could “leverage blockchain technology to…”
S&P Index Funds Are Now Available As Crypto Tokens
Securitize; a digital asset security firm said in a blog post that it has partnered with S&P Dow Jones Indices to tokenize two of its investing indices, the Cryptocurrency Large Cap-Ex-MegaCap Index and the Kensho New Economies Composite Index.
While the S&P Cryptocurrency Large Cap fund monitors 30 different cryptocurrencies; the S&P Kensho New Economies fund exposes investors to developing technology industries such as artificial intelligence, virtual reality, fintech, and nanotechnology.
The newly released products will be available only to authorized investors through Securitize Capital, Securitize’s digital asset management arm. Securitize claimed in a news statement on Wednesday that it employed Algorand; a Proof-of-Stake blockchain, as the underlying network for tokenizing the money.
Jamie Finn, co-founder, and president of Securitize explained why the company opted to start on Algorand:
“We have a great relationship with Algorand and issued the largest-ever Reg A+ capital raise on their chain, so when we decided to launch these exclusive funds tracking two of S&P’s most innovative indices; Algorand was the natural choice due to its speed and cost-efficiency.”
Securitize is the first fully-regulated investment product that tracks S&P index funds and is available as a token. Tokenized indexes already exist in the crypto sector, but they operate outside of governmental supervision.
This is the most recent launch; which might pave the way for a wave of more tokenized funds in the future.
A Former South Carolina Gubernatorial Contender Has Established A Bitcoin Mining Firm
Former South Carolina gubernatorial candidate and businessman John Warren have founded GEM Mining, a new Bitcoin mining firm.
According to Warren; the business has already received more than $200 million in funding from organizations such as banks, hedge funds, endowments; and pension funds. The startup plans to mine Bitcoin using ‘very complicated computers and software, with a projected installation of 32,000 units.’
Warren Mining plans to install over 9,000 mining equipment over the next four months; with the company claiming that they are 92% carbon neutral.
According to the statement; the deployment of the machines will not necessitate any more money because all of the equipment has already been purchased.
Warren states that in the previous nine months, they mined around 431 BTC, generating $7.8 million in income.
“Over the past ten months, my partners and I have built an institutional-grade Bitcoin mining company by purchasing the highest quality machines and partnering with industry-leading companies to host these machines; we have laid a strong foundation and plan to be a significant player in this exciting and evolving space within cryptocurrency,” stated Warren.
