The Supreme Court ruled on Thursday that the U.S. Securities and Exchange Commission (SEC)’s use of in-house proceedings to impose civil penalties for securities fraud violates the Seventh Amendment’s right to a jury trial. The case arose from the SEC’s action against George Jarkesy Jr. and his firm, Patriot28 LLC, for alleged securities fraud. The […]
Bitcoin News
Nasdaq-Listed Bitcoin Miner Cleanspark to Launch in-House Trading Desk, CEO States It ‘Makes Financial Sense’
Cleanspark, a Nasdaq-listed Bitcoin mining company, has announced that it will launch an in-house trading desk to maximize the return on its cryptocurrency holdings. Cleanspark CEO Zachary Bradford explained that organizing their trading desk made “financial sense,” given the high volume of Bitcoin reserves the company handles.
Cleanspark Announces in-House Crypto Trading Desk
Cleanspark is moving to utilize its bitcoin to generate more revenue. The U.S.-based public mining company will launch an in-house cryptocurrency trading desk to take advantage of its bitcoin holdings later this year. According to Bloomberg, the company is seeking to put its more than 2,500 BTC to work amidst a surge in cryptocurrency prices due to the expectation of the upcoming approval of a Bitcoin ETF.
The company is not the first crypto miner to do this. Marathon, another public cryptocurrency miner, has sold call options to generate income from its holdings.
Cleanspark CEO Zachary Bradford explained the economic advantages of doing this in-house instead of contracting third-party companies. He stated:
We really think that doing it ourselves is the best way especially with the large Bitcoin balance we have. It just makes financial sense to do it in-house.
The move is consistent with Cleanspark’s reported strategy during its Q4 2023 earnings call, where it stated it would be “opportunistic” in using its bitcoin stash, considering it a “smart treasury tool.” Bradford expects that more and more cryptocurrency miners will include cryptocurrency trading desks as part of its operations in the future. He declared:
I think what will happen is miners like ourselves will start having trading desks in-house. That way, you can manage it with your own risk profiles and expertise and keep a really close eye on it.
Cleanspark, like other Bitcoin companies, has had a financial resurgence last year, with its stock prices going from over in January to more than in December. Also, the company has been preparing for the upcoming bitcoin halving, acquiring 22,000 S21 Antminers from Bitmain in October to increase its hashrate by 4.4 exahash per second (EH/s).
What do you think about Cleanspark launching an in-house cryptocurrency trading desk? Tell us in the comments section below.
Largest Russian Bank Sberbank Opens Developer Access to in-House Defi Platform
Sberbank, the largest bank in the Russian Federation, announced that it opened access to its in-house decentralized finance (defi) platform to allow developers to test its capabilities. Reports indicate that Sberbank’s Comunity, the Ethereum-based blockchain decentralized finance solution, will leave the open testing phase later this year.
Sberbank Opens Defi Platform for Testing
Sberbank, one of the leading financial institutions in Russia, has announced that it will be opening developer access for its in-house built decentralized finance solution, called Comunity. Alexander Nam, head of Sberbank’s Blockchain Lab, stated that now other developers can connect their solutions to the Comunity platform in a testing capacity.
Sberbank’s Comunity defi platform’s development was announced in February, when the service was already in closed beta testing phases, according to Sberbank’s blockchain laboratory product director Konstantin Klimenko. He also stated that Comunity was slated to start its open testing phase in March.
Sberbank’s Comunity is a Russian Ethereum-based blockchain development that seeks to link traditional banking services with cryptocurrency, allowing its customers to experience these services using Russian rubles and with the support of a regulated financial institution.
The bank received a license to issue digital assets on March 2022 and conducted the first digital transaction through its subsidiary Sberfactory. The transaction issued a one billion ruble instrument with a 3-month maturity.
State of Crypto in Russia
Sverbank’s blockchain conference also served to show the progress and popularity of cryptocurrency assets in the country. Data revealed at the event indicated that 17 million Russians, accounting for approximately 12% of the population, possessed cryptocurrency wallets.
Also, in the same way, more than 3 million Russians are actively engaged in cryptocurrency activities like speculation trading and staking tokens, showing that cryptocurrencies have penetrated the Russian market.
In an intervention during the event, Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, offered some insight into how the Russian legislative body was dealing with cryptocurrency regulation issues.
Aksakov stated that the oversight of the cryptocurrency market in this regard is expected to be delivered to the Federal Taxation Service, a federal body dedicated to registering legal entities and natural persons as individual entrepreneurs.
Aksakov explained that taxing crypto was one of the most critical issues and that the State Duma strived to balance innovation and compliance with the upcoming cryptocurrency regulatory framework being discussed.
What do you think about Sberbank opening its defi platform for testing? Tell us in the comments section below.
Crypto Cybersecurity Firm Ledger Hires In-House Security Officer As New CTO
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