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Crypto Mining Company Core Scientific to Go Public on Nasdaq With a $4.3B Valuation

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Core Scientific, a digital asset mining firm, aims to be the next company from the crypto space in line to become publicly traded at a $4.3 billion evaluation. Instead of an IPO, Core will merge with a SPAC called Power & Digital Infrastructure Acquisition Corp.

  • As reported on July 21st, Core Scientific, a crypto miner with operations in several US states, plans to go public on Nasdaq through a merger with Power & Digital Infrastructure Acquisition Corp – a special purpose acquisition company (SPAC).
  • After the deal, both parties’ estimated valuation should skyrocket to just over $4 billion.
  • However, the company has failed to provide more details about when precisely it aims to become public or what would be the ticker.
  • According to Darin Feinstein, co-founder and co-chairman of Core, the company’s “blockchain infrastructure business is unparalleled, backed by more than 70 blockchain and infrastructure-related patents and applications.”
  • Core’s CEO, Mike Levitt, indicated that his firm had mined more than 3,000 bitcoins so far this year. Additionally, he outlined significant demand for its products as the capacity is “basically sold out through 2022.”
  • Should Core indeed become a publicly traded company, it will join a growing number of digital asset representatives available for trading on giant exchanges.
  • Perhaps the biggest name to do so earlier this year was Coinbase. The largest US crypto trading venue went public on Nasdaq with a valuation of $100 billion.
  • As Coinbase was preparing for the move, other crypto-affiliated firms like Bakkt, eToro, and Kraken highlighted similar plans.
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Source: https://cryptopotato.com/crypto-mining-company-core-scientific-to-go-public-on-nasdaq-with-a-4-3b-valuation/

Blockchain

Huobi Files to Dissolve Chinese Entity Following Recent Cryptocurrency Crackdown

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One of the leading cryptocurrency exchanges, Huobi, has filed to dissolve an entity based in China. This comes as the country escalates its efforts to clamp down on the cryptocurrency industry, in general.

  • Evident in Chinese business registration archives, the entity’s management has filed a Resolution to dissolve On July 22nd, this year.
  • The announcement further reads that “creditors are requested to declare their claims to the liquidation team within 45 days from the announcement date.”
  • Listed as a claim contact person, as well as the head of the liquidation team, is Huobi Group’s founder and CEO, Lin Li.
  • It’s worth noting that Huobi has moved its exchange out of China quite a while back, and it’s unlikely that this will affect its services. As of now, Huobi Group is based in the Seychelles.
  • In any case, the move comes amid a broader crackdown on behalf of China towards the entire cryptocurrency industry.
  • Just this month, China’s Central Bank shut down a company that provides services for cryptocurrency transactions.
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Source: https://cryptopotato.com/huobi-files-to-dissolve-chinese-entity-following-recent-cryptocurrency-crackdown/

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Blockchain

Huobi Files to Dissolve Chinese Entity Following Recent Cryptocurrency Crackdown

Published

on

One of the leading cryptocurrency exchanges, Huobi, has filed to dissolve an entity based in China. This comes as the country escalates its efforts to clamp down on the cryptocurrency industry, in general.

  • Evident in Chinese business registration archives, the entity’s management has filed a Resolution to dissolve On July 22nd, this year.
  • The announcement further reads that “creditors are requested to declare their claims to the liquidation team within 45 days from the announcement date.”
  • Listed as a claim contact person, as well as the head of the liquidation team, is Huobi Group’s founder and CEO, Lin Li.
  • It’s worth noting that Huobi has moved its exchange out of China quite a while back, and it’s unlikely that this will affect its services. As of now, Huobi Group is based in the Seychelles.
  • In any case, the move comes amid a broader crackdown on behalf of China towards the entire cryptocurrency industry.
  • Just this month, China’s Central Bank shut down a company that provides services for cryptocurrency transactions.
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Source: https://cryptopotato.com/huobi-files-to-dissolve-chinese-entity-following-recent-cryptocurrency-crackdown/

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Blockchain

Kazakhstan Reportedly Planning to Enable Banks to Process Cryptocurrency Purchases

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The ruling body of Kazakhstan will reportedly allow local banking institutions to offer cryptocurrency exposure to clients. The implementation will run for one year, after which the government will decide whether to extend it.

Bank Accounts for Crypto Transactions in Kazakhstan

The Kazakhstani news channel Khabar 24 reported that the government plans to officially authorize local banks to open accounts for transactions with digital assets.

Numerous institutions will soon be granted permission to provide businesses and firms with cryptocurrency exposure. This should allow the government of the Asian country will be able to assess the risks and benefits of virtual currencies.

Sergey Putra – an executive from the Data Center Industry – believes that the upcoming move would be a step towards further cryptocurrency adoption for the country. He reminded that Kazakhstan is already a mining hub, and many residents are quite actively trading various digital assets. Putra outlined that the crypto market could bring serious money flow to Kazakhstan, and thus the nation should focus on it:

“It is billions of dollars in daily turnover around the world. And even if Kazakhstan takes some fraction of a percent, this is serious money that will come to Kazakhstan in the form of investments…it will remain here in the form of taxes, in the form of jobs, and salaries. This is a very large industry, which Kazakhstan still bypasses.”

The government will allow trading venues to cooperate with banks legally. All they will need to do is sign a mutual agreement in the capital Astana. The pilot project will reportedly last for 12 months, meaning that local investors will be able to purchase and sell Bitcoin and altcoins safely during this period.


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Cryptocurrency Mining Concentrates in Kazakhstan

The Asian nation showed its intentions to be one of the leaders among the countries mining digital assets. In September last year, Kazakhstan raised $715 million, aiming to expand this sector in the Central Asian nation.

Following the China crackdown this year, numerous companies shifted their businesses away from the country and moved their infrastructure elsewhere.

Such is the example with the investment firm IBC Group. The company, which has significant cryptocurrency mining operations in China, announced its intentions to close down all its Bitcoin and Ethereum mining facilities throughout the country. The organization plans to move its workers to various other nations, with Kazakhstan being one of them.

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Source: https://cryptopotato.com/kazakhstan-reportedly-planning-to-enable-banks-to-process-cryptocurrency-purchases/

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