CoinDesk Crypto

Beijing-based bitcoin mining giant Bitmain is under investigation by Taiwanese authorities for allegedly hiring more than 100 engineers illegally.

• Bitmain allegedly lured a senior engineer from Taiwan and asked him to persuade his former colleagues to follow, while setting up two companies in Taiwan as foreign investments to attract additional engineering talent.
• According to a report by Nikkei Asia, engineers were hired at salaries more than twice than those at their previous roles.
• Businesses in mainland China are not allowed to invest in semiconductor companies or branches of those companies in Taiwan, according to the Ministry of Economic Affairs.
• Bitmain did not respond to a request for comment by press time.

• US Lawmakers Introduce Bill Aimed at Clarifying Crypto Regulations
• Ripple, MoneyGram Announce ‘Winding Down’ Their Partnership
• The Emerging Dark Side of NFTs
• The World’s Most Important Geopolitical Fault Lines, Feat. Tracy Shuchart

Crypto asset investment firm BlockTower Capital has raised a $25 million fund for decentralized finance (DeFi) projects.

• The fund will facilitate investment in a wider range of longer-term, more illiquid assets, Axios reported March 4.
• Investors include veteran American venture capitalist Howard Morgan, British historian Niall Ferguson and Milwaukee Bucks co-owner Marc Lasry.
• Lasry has also taken a stake in BlockTower Capital’s main investment fund, Bloomberg reported March 2.
• Morgan has previously invested in BlockTower, as reported by the Financial Times in November 2020.
• Hoover Institution senior fellow Ferguson spoke with Michael Casey about decentralization of the financial world on a CoinDesk podcast in March 2020 and also wrote about bitcoin for Bloomberg in November.

See also: DeFi Index Fund Is Bitwise’s Fastest Grower, With $32.5M in 2 Weeks: Hougan

• US Lawmakers Introduce Bill Aimed at Clarifying Crypto Regulations
• Ripple, MoneyGram Announce ‘Winding Down’ Their Partnership
• The Emerging Dark Side of NFTs
• The World’s Most Important Geopolitical Fault Lines, Feat. Tracy Shuchart

Jack Dorsey, CEO and co-founder of Twitter, announced Tuesday that bidding on the first tweet ever sent will end on March 21, and that he will accept the winning bid, donating the proceeds to charity.

On Friday night, Dorsey flagged the listing for the genesis tweet on Valuables, a program for selling tweets authenticated by their authors, created by the startup Cent.

Bidding on the tweet has sat at $2.5 million since March 6. The bid is from Sina Estavi, the CEO of Tron’s oracle network, Bridge. The prior high bid was $2 million from Tron founder Justin Sun.

Related: US Lawmakers Introduce Bill Aimed at Clarifying Crypto Regulations

GiveDirectly is a non-profit organization that specializes in giving direct cash transfers to low-income people, without strings attached. “Africa response” in Dorsey’s tweet likely refers to its “COVID-19 Africa Response” campaign. That program is just under $5 million short of its goal. Even if sold at the current bid it would almost be enough to close that gap.

GiveDirectly was early to accepting donations in cryptocurrency. “We’ve accepted crypto for a while, and think there’s some philosophical similarity (e.g., focus on efficiency of payments, especially through tech, individual empowerment, etc.) which has persuaded a number of folks to give directly,” Michael Faye, the organization’s president, told CoinDesk in a February email.

The pace of crypto donations has accelerated. As of mid-February, GiveDirectly had received more than $20 million worth of crypto donations, with $5 million from the Pineapple Fund in 2017, more than $5 million across two separate gifts from Ethereum founder Vitalik Buterin and $10 million from an anonymous donor. 

It’s not clear why Dorsey is converting the funds to BTC before donating (the sale will close in ether), though the Twitter CEO is keen on supporting BTC development in Africa. The GiveDirectly FAQ says it can accept donations in a variety of cryptocurrencies.

Related: Ripple, MoneyGram Announce ‘Winding Down’ Their Partnership

A spokesperson for Twitter declined to provide further comment. GiveDirectly was not immediately available for a comment on Dorsey’s pledge.

• The Emerging Dark Side of NFTs
• The World’s Most Important Geopolitical Fault Lines, Feat. Tracy Shuchart

Inflows to crypto asset funds fell last week to the lowest since early this year, just as bitcoin, ether and other cryptocurrencies retreated from all-time high price levels, according to CoinShares.

• Inflows dropped to $108 million during the week ended March 5, the lowest since early January, and down from about $400 million the prior week.
• Bitcoin-focused products accounted for 90% of crypto fund inflows last week, with minor inflows to Ethereum and Polkadot investment products, according to CoinShares.
• Despite a quiet week, net flows so far this quarter – just two-thirds of the way through the three-month period – have already matched the total for Q4 2020.
• Investment products now represent 7% of bitcoin trading volumes in 2021 compared with 4% in 2020, according to CoinShares.
• According to a separate report by CryptoCompare, digital assets under management for exchange-traded products (ETPs) doubled to $43.9 billion in February, with a majority of assets residing in Grayscale’s Bitcoin Trust (GBTC).
• Last week, CoinShares launched a physically backed Ethereum ETP on the Swiss SIX exchange under the ticker “ETHE.”

• US Lawmakers Introduce Bill Aimed at Clarifying Crypto Regulations
• Ripple, MoneyGram Announce ‘Winding Down’ Their Partnership
• The Emerging Dark Side of NFTs
• The World’s Most Important Geopolitical Fault Lines, Feat. Tracy Shuchart

Payments platform Wirex announced Tuesday the launch of its multi-currency Mastercard debit card in the U.K. and the European Economic Area (EEA). The card supports 18 crypto and traditional currencies, Wirex said.

• The card includes real-time point-of-sale conversion, interbank and over-the-counter exchange rates, free international ATM withdrawals, zero monthly fees and free fiat-to-fiat exchanges, the firm said in a press release.
• “After reaching 75,000 people on the waitlist for the new card, these new features will help to make crypto more accessible to everyone,” Wirex said.
• The firm says it has 3.5 million customers in 130 countries.
• Wirex became Mastercard’s first crypto-native principal member in July; it achieved the same principal member status with Visa in December.
• “Our work with Wirex is another example of how we are empowering consumers with more choice and peace of mind in the way they shop and pay,” Edoardo Volta, head of fintech at Mastercard U.K. and Ireland, said in a statement.

• US Lawmakers Introduce Bill Aimed at Clarifying Crypto Regulations
• Ripple, MoneyGram Announce ‘Winding Down’ Their Partnership
• The Emerging Dark Side of NFTs
• The World’s Most Important Geopolitical Fault Lines, Feat. Tracy Shuchart

Following last month’s ejection from Australia’s leading blockchain industry body, retail-focused cryptocurrency project Qoin is being considered for a similar expulsion across the Tasman Sea.

According to a report on Tuesday by local news outlet Radio New Zealand, BlockchainNZ (BCNZ) is reviewing a submission as to whether Qoin should be removed from its member list.

BCNZ is reportedly looking into the project’s transparency and operations, which has previously led some to accuse the company of being a “scam” in Australia.

Related: US Lawmakers Introduce Bill Aimed at Clarifying Crypto Regulations

The review in question is focused on an alleged conflict of interest with BPS Financial Limited, a company with ties to Qoin, according to public information on the Australian Business Register. BPS is said, in the Radio New Zealand report, to own the Block Trade Exchange (BTX) – the sole marketplace on which the project’s native cryptocurrency can be traded.

Qoin’s chief marketing officer, Andrew Barker, initially told CoinDesk via email that Qoin is not “owned” by any company and that BPS, Bartercard International Limited and Block Trade Exchange Limited were merely “service providers.”

“BTX is the first official exchange for the Qoin community and further exchanges are being considered to approach by the Qoin Association,” Barker said.

See also: Mystery Over Why Blockchain Australia Revoked Membership of Crypto Project Qoin

Related: Ripple, MoneyGram Announce ‘Winding Down’ Their Partnership

BTX and Qoin are registered to the same address in Southport, Queensland, according to public records. Meanwhile, BPS and Bartercard listings don’t state the full address, but all have the same Southport postal code.

When asked about the above details, Barker clarified his prior statement.

According to Barker, BPS owns the Qoin wallet and has set up a subsidiary (Qoin Australia Pty Ltd) to conduct sales and marketing activities in Australia while also registering the trading name. Meanwhile, Bartercard “provides the trading and support services to the Qoin community in Australia and New Zealand.”

Barker added that Qoin had communicated with New Zealand’s industry body “when the BCA [Blockchain Australia] issue surfaced,” outlining “timelines and facts” regarding the organization’s decision.

He said Qoin was later contacted by BCNZ on Feb. 24 to inform the company it had received the submission and that BCNZ would be “back in touch should there be further queries.”

Qoin has since had no further communication with BCNZ, according to Barker.

Stephen Macaskill, a member of the executive council at BlockchainNZ, said that while the industry body was yet to make a decision, a company operating a cryptocurrency that was tied to one marketplace was not unusual.

“There’s an international exchange that has their own digital asset and initially when they launched you could only buy their own digital asset on their own exchange,” said Macaskill. “There are a few of them out there like that.”

The council member added he personally believes Qoin is legitimate, but also recognized friction caused arising from Blockchain Australia’s merger from two separate entities in 2019.

See also: Australia’s Blockchain Ecosystem Needs More Support From Regulators, Says Industry Body

The merger was designed to bring two separate camps together – one advocating for an open-source model and the other business enterprise. Macaskill said he could see where those within the crypto community observed Qoin and took a negative stance due to the project not being “open-sourced” or “decentralized.”

“We agree with most of Stephen Macaskill’s comments,” said Barker. “The fact [is] that a very small number of the ‘Crypto Community’ do not understand the utility nature of the Qoin project.”

• The Emerging Dark Side of NFTs
• The World’s Most Important Geopolitical Fault Lines, Feat. Tracy Shuchart

Muhammad Ali is being memorialized in non-fungible token (NFT) form 50 years on from “The Fight of the Century” in which the boxing icon faced Joe Frazier in New York City. Ali lost the fight to “Smokin’ Joe” on March 8, 1971, but went on to win two subsequent bouts for the heavyweight champion title in 1974 and 1975.

The digital collectible is hitting the market as NFT mania reaches fever pitch thanks to a partnership between Ethernity Chain and the Muhammad Ali Center, the museum dedicated to Ali’s life and career located in his hometown of Louisville, Ky.

“The Ali Collection” is designed to celebrate the boxer’s life and legacy, featuring famous photographs of Ali and Frazier taken in 1971 by Sports Illustrated photographer Neil Leifer.

Related: Troubled Crypto Project Qoin Faces Membership Ruling by New Zealand Blockchain Body

Dubbed the “first historically significant NFT” by Ethernity, the token will drop in late March with a portion of the proceeds going to the Ali Center, according to a press statement.

Founded by early bitcoin investor Nick Rose Ntertsas, Ethernity Chain aims to explore the application of NFTs for artistic and philanthropic purposes through celebrating famous pop culture figures and events.

• Bitcoin News Roundup for March 9, 2021
• YouTube Star Jake Paul Reportedly “Discussed” Creating His Own Crypto: Good or Bad Idea?
• Investment Giant BlackRock Has “Started to Dabble” in Bitcoin

Cryptocurrency exchange EXMO, which suffered a security breach late last year, has upgraded its platform to boost security for users’ assets.  

• The U.K.-based exchange said Tuesday it has upgraded to incorporate infrastructure from Ledger Vault, a move it says will mean a “more sophisticated” custody system, increased stability and faster withdrawals.
• “Ledger Vault has its protocols battle-tested all the time. So we believe that with this solution our security needs will be best addressed,” said Sergey Zhdanov, chief operating officer at EXMO.
• The December hack saw an estimated $4 million in cryptocurrency stolen and moved through the Poloniex exchange, EXMO said soon after the event. 
• The platform has since appointed “entrusted operators” to manage transfers to and from cold storage, and has also passed the System and Organization Controls (SOC) 2 Type 1 examination, a security and privacy audit.

See also: DODO DEX Drained of $3.8M in DeFi Exploit

• Troubled Crypto Project Qoin Faces Membership Ruling by New Zealand Blockchain Body
• Muhammad Ali NFT Minted 50 Years After ‘Fight of the Century’ With Joe Frazier
• Bitcoin News Roundup for March 9, 2021
• YouTube Star Jake Paul Reportedly “Discussed” Creating His Own Crypto: Good or Bad Idea?

Taco Bell has just sold a collection of non-fungible tokens (NFTs) on the Rarible marketplace.

• The fast-food chain created five different taco-themed NFTs, releasing five editions of each for bidding Sunday.
• The 25 tokens representing the mostly animated artworks listed with bids starting at 0.001 wrapped ether (WETH), an amount worth $1.79 at time of writing.
• The digital collectibles sold out in minutes with highest bids reaching 1.5 WETH.
• The profits for the venture will be donated to the chain’s charity Taco Bell Foundation, which raises money for young people’s education and career progression.

• Celebrities, artists and major brands are becoming ever more present in the burgeoning world of NFTs.
• Kings of Leon recently announcing the release of their latest album as an NFT, while a digitized version of a Banksy artwork sold for roughly $380,000 after the physical version was burned.

See also: Digital Artwork Sells for Record-Breaking $6.6M in Ether on Winklevoss-Owned Marketplace

• Troubled Crypto Project Qoin Faces Membership Ruling by New Zealand Blockchain Body
• Muhammad Ali NFT Minted 50 Years After ‘Fight of the Century’ With Joe Frazier
• Bitcoin News Roundup for March 9, 2021
• YouTube Star Jake Paul Reportedly “Discussed” Creating His Own Crypto: Good or Bad Idea?

Congress may soon try to clarify digital asset regulation in the U.S.

Reps. Patrick McHenry (R-N.C.) and Stephen Lynch (D-Mass.) introduced legislation Tuesday to create a working group composed of industry experts and representatives from the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to evaluate the current legal and regulatory framework around digital assets in the U.S.

The three other co-sponsors of the bill are Glenn Thompson (R-Pa.), Ted Budd (R-N.C.) and Warren Davidson (R-Ohio).

Related: Taco Bell Just Sold a Collection of 5 Fast-Food-Themed NFTs

The ultimate goal of the legislation, called the “Eliminate Barriers to Innovation Act of 2021,” would be to clarify when the SEC has jurisdiction over a particular token or cryptocurrency (i.e., when it is a security) and when the CFTC has jurisdiction (i.e., when it’s a commodity). 

U.S. regulations can often appear lacking, with no clear rules on when a certain cryptocurrency is treated as a security or not, with SEC enforcement actions providing much of the guidance in this area. SEC Commissioner Hester Peirce, who is outspoken on the issue, tried tackling it in 2020 by proposing a three-year safe harbor for projects to get off the ground.

Under the terms of the bill, Congress would create a working group within 90 days of the bill’s passage composed of SEC and CFTC representatives.

Non-governmental representatives would come from a financial technology company, a financial services institution, small businesses using financial technology, investor protection groups, organizations that support investments in underserved businesses and at least one academic researcher. 

Related: DODO DEX Drained of $3.8M in DeFi Exploit

Within a year, this group would be required to file a report analyzing current regulations, the impact they have on primary and secondary markets and how the regime impacts the U.S.’ competitive position.

The report would also look at how custody, private key management and cybersecurity are currently treated under law, and what future best practices for fraud prevention, investor protection and other issues could look like.

The report would also include recommendations for improving primary and secondary digital asset markets, including their “fairness, orderliness, integrity, efficiency, transparency, availability and efficacy.”

Amy Davine Kim, chief policy officer at the Chamber of Digital Commerce, told CoinDesk the legislation aims to establish an organized, comprehensive regulatory framework for digital assets in the U.S.

“It brings together both the SEC and CFTC in a formal way, to work through some of the key issues that have impacted legal clarity in the space for years,” Kim said. “Now we have an opportunity to start addressing them in a methodical way with a number of stakeholders.”

The bill was originally supposed to be introduced Monday and considered under a voice vote by the full House of Representatives, indicating broad bipartisan support, according to Rep. Don Beyer (D-Va.), but was pulled due to procedural actions taken by the Freedom Caucus.

• Private Swiss Bank NPB Launches Digital Asset Trading, Custody Services
• All About Bitcoin – Mar 10, 2021

Decentralized finance (DeFi) platform DODO has been hacked for approximately $3.8 million worth of tokens.

• DODO said in a statement Tuesday it expects just under half of those funds ($1.88 million) to be returned.
• The decentralized exchange (DEX) runs on Ethereum and Binance Smart Chain (BSC). It is the ninth-largest DEX by value locked, according to data site DeFi Pulse.
• DODO provides liquidity to traders by miners contributing to “Crowdpools.”
• Four of these pools – WSZO, WCRES, ETHA and FUSI – were affected by the exploit.
• The hackers exploited a bug in the pools’ smart contract to create counterfeit tokens that were then transferred to their wallets using a flash loan.
• Last week, the similarly BSC-based Meerkat Finance was hacked for $31 million just one day after launch.
• Here is the latest update from the DODO team:

• Taco Bell Just Sold a Collection of 5 Fast-Food-Themed NFTs
• US Lawmakers Introduce Bill to Clarify Crypto Regulations
• Private Swiss Bank NPB Launches Digital Asset Trading, Custody Services
• All About Bitcoin – Mar 10, 2021

Zurich-based private bank NPB Neue Privat Bank AG (NPB) is bringing digital asset banking services to clients though a partnership with InCore Bank AG.

• According to the announcement Tuesday, NPB’s customers will be able to trade “major” cryptocurrencies with access to Switzerland-based asset custody.
• “Digital assets increasingly represent a supplement to traditional asset classes and we are seeing strong demand from both private and institutional clients,” said Markus Ruffner, co-founder and CEO of NPB.
• The boutique bank’s offering comes via an integration with InCore Bank’s digital asset layer, which provides an interface between the Finnova banking system and the digital assets space.

Read more: Switzerland’s ‘Crypto Valley’ Has Started Accepting Bitcoin, Ether for Tax Payments

• Taco Bell Just Sold a Collection of 5 Fast-Food-Themed NFTs
• US Lawmakers Introduce Bill to Clarify Crypto Regulations
• DODO DEX Drained of $3.8M in DeFi Exploit
• All About Bitcoin – Mar 10, 2021

Crypto wallet firm Blockchain.com announced Tuesday it is experiencing an outage that has impacted “a large number of customers.” The company, which recently raised $120 million, is currently investigating the issue.

In a follow-up tweet, Blockchain.com told its customers, “please rest assured your funds are secure.”

As of 13:37 UTC, the outage was still listed on Blockchain.com’s status page.

Related: Taco Bell Just Sold a Collection of 5 Fast-Food-Themed NFTs

This is a developing story and will be updated.

• US Lawmakers Introduce Bill to Clarify Crypto Regulations
• DODO DEX Drained of $3.8M in DeFi Exploit
• Private Swiss Bank NPB Launches Digital Asset Trading, Custody Services

The Seychelles Financial Services Authority (FSA) alerted investors Monday over an entity called Huobi Global Limited.

• The Seychelles regulator believes the entity is linked to cryptocurrency exchange Huobi Global and is operating in the country despite never being licensed to do so.
• The International Business Company (IBC) Huobi Global Limited “appears to be affiliated” with the online trading platform of the same name, the Monday notice states.
• The FSA is encouraging investors to exercise caution when dealing with the company.
• Talking to CoinDesk, a Huobi representative said: “Huobi Global Limited is a Seychelles-registered company that is part of Huobi Group. It provides services to global customers in accordance with applicable laws.”
• The person said the firm’s legal team is drafting a detailed response to the FSA’s notice.
• Huobi Global’s legal statement on its exchange platform, last updated two years ago, makes multiple references to the laws and regulations of the Republic of Seychelles.
• CoinDesk reached out to the FSA for comment but had not received a reply by press time.

See also: Huobi Said to Be Launching Bitcoin, Ether Funds After Being Granted Hong Kong License

• Taco Bell Just Sold a Collection of 5 Fast-Food-Themed NFTs
• US Lawmakers Introduce Bill to Clarify Crypto Regulations
• DODO DEX Drained of $3.8M in DeFi Exploit
• Private Swiss Bank NPB Launches Digital Asset Trading, Custody Services

A new Bitcoin-facing startup, Moon, just launched a way for its users to buy everyday goods and services using the Lightning Network at any Visa-enabled e-commerce site based in the U.S.

Shared exclusively with CoinDesk, the startup revealed the new payment option today. The Moon browser extension’s latest feature allows its users to pay for purchases using a Visa prepaid card which they purchase on the extension using Bitcoin’s Lightning Network. Once purchased, this card is immediately used as the payment option at checkout.

Upon checking out, the user employs the Moon browser extension to instantly generate a prepaid card for the exact amount of the purchase. The browser extension generates a Lightning invoice, which the user pays from any Lightning wallet. and then they can use the card to pay for the items in their cart.

Related: Taco Bell Just Sold a Collection of 5 Fast-Food-Themed NFTs

These cards can only be used once and have no fees.

Moon also integrates with Coinbase so users of both can pay for the cards directly from their Coinbase accounts onchain. 

The payment solution is the latest Bitcoin startup to combine traditional payment rails with Bitcoin’s Lightning Network, a bleeding-edge technology stack that facilitates instant, low-fee transactions.

“We’ve been working with the Visa Fintech team and their network of partners to build Moon. Since the vast majority of merchants don’t accept Bitcoin payments, sending payments over the Visa network is the best option due to its ubiquity,” Moon Founder and CEO Ken Kruger told CoinDesk. 

Related: US Lawmakers Introduce Bill to Clarify Crypto Regulations

“Visa has provided us with access to the Visa network, world-class expertise and the best financial partners to bring Moon’s Bitcoin payment solution to market.”

Over the past year, Visa has been generous with this expertise and network access to help bring  Bitcoin and, more specifically, Lightning-focused business to their next phases of product development through its Fintech Fast Track program. 

Notably, Visa has been involved in Jack Maller’s Strike, a Lightning Network-powered Venmo alternative which can settle cross border-payments. 

The payment company has also helped Fold launch its bitcoin rewards debit card. Others like eToro and BlockFi are following suit by launching their own bitcoin rewards debit and credit cards through the program. 

These products can complement each other and ultimately strengthen Bitcoin’s burgeoning payments technologies. Something like Strike, for instance, could easily be used to pay the Lightning invoice that pays for Moon’s prepaid cards.

• DODO DEX Drained of $3.8M in DeFi Exploit
• Private Swiss Bank NPB Launches Digital Asset Trading, Custody Services

Bitcoin is marching north toward record highs once more, having shown resilience in the face of a rallying U.S. dollar in recent days.

“While many were concerned about the USD strength and a turbulent macro market, BTC has continued to break recent highs,” Matthew Dibb, COO and co-founder of Stack Funds, told CoinDesk. “We believe the risk-off correlation between these markets is slowly unwinding, and the cryptocurrency could challenge record highs.”

The Dollar Index, which tracks the greenback’s value against major currencies, jumped 1.21% last week as rising U.S. Treasury yields and losses in the stock market boosted haven demand.

Related: Taco Bell Just Sold a Collection of 5 Fast-Food-Themed NFTs

However, despite the dollar charting its biggest weekly gain since October, bitcoin jumped over 12% in the same period. The top cryptocurrency was last seen trading above $54,170, representing an 8% gain over 24 hours, and with a market capitalization that has now returned over $1 trillion, according to CoinDesk 20 data.

A convincing move above resistance at $52,666 has put within reach the record high of $58,332 hit on Feb. 22.

“There are other positive signs on the technical chart,” Patrick Heusser, head of trading at Swiss-based Crypto Finance AG, said, while drawing attention to a breakout above the Ichimoku cloud red line – a technical analysis tool used to help identify support and resistance levels and other essential information such as trend direction and momentum.

According to Heusser, the bitcoin market has witnessed positive structural changes over recent weeks that would pave the way for a more sustainable move to lifetime highs. The futures premium has dropped, alongside continuously increasing futures open interest, and spot and futures trading volumes, he told CoinDesk in a Telegram chat.

Related: US Lawmakers Introduce Bill to Clarify Crypto Regulations

Futures listed on major exchanges are trading at a considerably lower premium to spot market prices compared to the record spread seen in mid-February when bitcoin reached new highs above $58,000. The peak premium represented excess bullish leverage, which has been cleared by the pullback to sub-$50,000 seen at the end of last month.

Futures open interest, or the number of open positions, jumped to 334,328 BTC on Monday – the highest level since Feb. 19 – having dropped along with prices in the second half of February.

A rise in prices alongside an uptick in open interest is said to validate an uptrend. Meanwhile, a price drop is said to be temporary if it is accompanied by a decline in open interest. That’s what happened during bitcoin’s recent correction to $43,000.

And lastly, blockchain data shows holding sentiment remains strong as ever, with the balance held on exchanges continuing its uninterrupted decline last week with an outflow of 35,200 BTC.

With key events such as Federal Reserve’s rate decision due next week, Dibb foresees some price turbulence ahead of a possible breakout above $60,000.

At the Federal Reserve’s policy meeting March 16-17, Chairman Jerome Powell is expected to reaffirm his pro-stimulus stance. Traders, however, will have an ear out for his comments on rising bond yields. Powell recently refrained from sounding too worried about the turmoil in the bond market. However, an unchecked rise in yields may force him into action.

Heusser, meanwhile, has some concerns the bitcoin order books are currently skewed to the sell side. However, he remains confident these offers will be absorbed by strong inflows.

“We have seen this before, and continuous market spot buying (mainly on Coinbase) made it possible for the price to go up,” Heusser said.

The cryptocurrency may still see losses if the stock market suffers a big drawdown on a continued rise in yields, if any. Heusser, however, does not expect a drop below $47,000.

Also read: Coinbase Valuation Nears $100B Ahead of March Nasdaq Listing: Bloomberg

“During consolidation, we built a solid liquidity pool at around $47K, which I believe should be the local bottom until we reach a new all-time high,” he noted.

• DODO DEX Drained of $3.8M in DeFi Exploit
• Private Swiss Bank NPB Launches Digital Asset Trading, Custody Services

Binance, the world’s biggest cryptocurrency exchange by trading volume, has led a $2 million funding round for crypto exchange aggregator OpenOcean. 

• Other participating investors included Multicoin Capital, LD Capital, CMS, Kenetic and Altonomy, OpenOcean said Tuesday.
• The investment will be used to expand OpenOcean’s aggregation ecosystem of centralized and decentralized exchanges.
• It further plans to add derivatives, combined margin products, yield products, lending, insurance and wealth management services via its different international versions.
• OpenOcean aims to provide users with the best crypto asset prices by facilitating trading across multiple exchanges.
• Currently, the platform supports trading on Ethereum, Binance Smart Chain, Tron and Ontology, with Solana, Polkadot and Layer2 coming soon, the firm said.

Read more: Binance Pledges New Controls After 99% ‘Flash Crash’ in Polkadot Futures

• Taco Bell Just Sold a Collection of 5 Fast-Food-Themed NFTs
• US Lawmakers Introduce Bill to Clarify Crypto Regulations
• DODO DEX Drained of $3.8M in DeFi Exploit
• Private Swiss Bank NPB Launches Digital Asset Trading, Custody Services

Digital asset custodian Komainu has closed a $25 million Series A fundraise led by billionaire hedge fund manager Alan Howard.

• According to an announcement Tuesday, other participants in the fundraising round included Galaxy Digital, NOIA Capital and Nomura Research Institute, which have now become strategic partners to the firm.
• Komainu was established in 2018 as a joint venture involving Japan’s Nomura bank, digital asset security firm Ledger and crypto investment firm CoinShares, which all contributed to this latest round of financing.
• Komainu will use the investment to expand its custody services and global reach as well as provide more services within its digital asset prime brokerage business.
• “With over $3 billion in assets under custody, Komainu has become one of the leading digital assets custodians globally. I am pleased to support Komainu in its mission to bridge the gap between legacy finance and the digital assets class,” said Howard, co-founder of Brevan Howard Asset Management and Elwood Asset Management.

Read more: Coinbase Valuation Nears $100B Ahead of March Nasdaq Listing: Bloomberg

• Taco Bell Just Sold a Collection of 5 Fast-Food-Themed NFTs
• US Lawmakers Introduce Bill to Clarify Crypto Regulations
• DODO DEX Drained of $3.8M in DeFi Exploit
• Private Swiss Bank NPB Launches Digital Asset Trading, Custody Services

A regulated and insured bitcoin fund has been launched in Malaysia to serve the region’s institutional investors.

• According to an announcement Monday, the BCMG Genesis Bitcoin Fund-I (BGBF-I) falls under the oversight of the Labuan Financial Services Authority in Malaysia and is said to be the first insured bitcoin fund in Southeast Asia.
• The fund will be administered by Alpha Calibration, while Hong Kong-based HLB Hodgson will be responsible for the auditing. Labuan-based IBH Investment Bank is to serve as the primary fund advisor.
• The BGBF-I fund will use an artificial intelligence-powered blockchain-based platform from insured crypto exchange CGCX.io to minimize transaction costs and store crypto assets.
• Investment subscription contracts will be held in custody at regulated banks for added security, per the announcement.
• The fund will invest in market makers, bitcoin liquidity providers and other cryptocurrency investment opportunities, per its website.

Read more: Third Bitcoin ETF Expected to Launch in Canada This Week

• Hedge fund Manager Alan Howard Leads $25M Raise for Crypto Custodian Komainu
• Coinbase Valuation Nears $100B Ahead of March Nasdaq Listing: Bloomberg
• Next Step for Institutional DeFi? Institutional NFTs
• Winklevoss-Owned Gemini Sponsors 2021 Oxford-Cambridge Boat Race

Private trading of Coinbase Global Inc. shares last week indicated a $90 billion valuation ahead of the firm’s imminent public listing, according to a report from Bloomberg on Tuesday.

Citing people familiar with the matter, the news source said shares changed hands for $350 apiece last Thursday via a Nasdaq Private Market auction.

The $90 billion figure is up $13 billion from February when shares were trading for around $303 each, as CoinDesk previously reported.

Related: Hedge fund Manager Alan Howard Leads $25M Raise for Crypto Custodian Komainu

Bloomberg’s sources said some shares had reached as high as $375 apiece which would place the company value at around $100 billion – a sum previously suggested by Lex Sokolin, CoinDesk columnist and global fintech co-head at ConsenSys.

The people also suggested the auction is the last time Coinbase shares will be privately traded before the company’s public listing on Nasdaq late this month.

While not necessarily indicative of future prices, private trading can provide a point of reference for where the exchange should set the share price for investors for the listing.

Coinbase’s offering will become the first large-scale direct listing on the Nasdaq – an alternative to the initial public offering (IPO).

Related: First Insured Bitcoin Fund Opens for Southeast Asian Markets

See also: Coinbase Is Going Public: Everything You Need to Know

• Next Step for Institutional DeFi? Institutional NFTs
• Winklevoss-Owned Gemini Sponsors 2021 Oxford-Cambridge Boat Race