Episode Details

16th August: Crypto & Coffee at 8 🎙️
🟠 Blockstream’s Bitcoin mining plans 🚨Binance Connect shuts down 💥 Prime Trust files for bankruptcy 📊Singapore regulatory guidelines for stablecoins ❗ Grayscale ETF update

🎙️ Check out Blockchain DXB’s podcast to get our commentary on today’s news

🟠 Blockstream intends to buy and store ASIC mining hardware ahead of Bitcoin’s halving in 2024. In an interview with Cointelegraph, Blockstream mining sales head James Macedonio unpacked the company’s plans to take advantage of a “huge separation” in the value of Bitcoin BTC. It is looking to raise up to $50 million to purchase and store mining equipment that it perceives to be undervalued on secondary markets. Article here https://lnkd.in/dyvkZv7x

🔸 Blockstream is partnering with Luxembourg-based digital securities marketplace STOKR to launch the Blockstream ASIC (BASIC) Note. Macedonio said that Blockstream will look to initially secure $5 million for its Series 1 BASIC Notes, each valued at $115,000, to buy ASICs at scale, store and then sell them back to the market as demand for hardware picks up into 2024.

🚨 Binance to shut down its buy-and-sell service Binance Connect, formerly known as Bifinity, just one year after its launch, the company said in a statement. The service will be disabled on Aug. 16 as the crypto exchange wants to refocus on its main products and long-term goals, according to Binance. A spokesperson told CoinDesk in an emailed statement. Article here https://lnkd.in/dNG7--MG

❌ Negative news
- Decrypt has reported that crypto custodian Prime Trust has filed for bankruptcy. Article here https://lnkd.in/dpjJqJqx. The article states Prime Trust made headlines when rival crypto custodian BitGo signed a letter of intent to acquire the company, but backed out just two weeks later. BitGo did not give a reason for ending the deal.

❗ Prime Trust owed over $82 million to customers from missing fiat currency deposits, despite having $68 million in digital assets under custody.

💥 The Monetary Authority of Singapore (MAS) issues Key Requirements for Stablecoin Issuers Official info here https://lnkd.in/deB2dqe6 The regulatory framework takes into account feedback received, following an October 2022 public consultation. Check out our episode for commentary on