Crypto News | 8 June 2021 Update

This Week in Crypto (8-14 June)




Dacxi
Corporate


15 June, 2021 | 5 MIN

President Nayib Bukele Wants Bitcoin Miners in El Salvador to use Geothermal Power

Global Exchanges in Beeline to Enter India Despite Regulatory Uncertainty 

Sotheby Sets a new Record by Selling a Cryptopunk NFT for $11.8 Million 

Texas Department of Banking Allows State Chartered Banks to Store Bitcoin 

Dacxi is now Officially a Member of Blockchain Australia 

This week is full of exciting news for the crypto world. President Nayib Bukele of El Salvador continues to make headlines this week, too. He has announced that the Bitcoin miners in the country will now be provided with geothermal energy generated from volcanoes to mine Bitcoins. Global cryptocurrency exchanges like KuCoin, Kraken, and Bitfinex are looking to enter the lucrative Indian market regardless of the regulatory uncertainty in the country, which shows the potential of the Asian giant. 

US regulators, on the other hand, are warming up to cryptocurrencies. Recently, the Texas Department of Banking gave a green light to state-chartered banks to store cryptocurrencies on behalf of their customers. Due to the recent slump in sales, many believed that the NFTs are losing traction, but Sotheby proved them wrong by selling a rare CryptoPunk for $11.8 million. Last but not the least, Dacxi, a leading crypto wealth platform, is now an official member of Blockchain Australia, a leading blockchain industry body in Australia.

President Nayib Bukele Wants Bitcoin Miners in El Salvador to use Geothermal Power

After making history by becoming the first country to adopt Bitcoin as a legal tender, President Nayib Bukele has now asked the state-owned electrical company LaGeo to offer clean and renewable energy to Bitcoin miners in the country. Bukele said in a tweet on Wednesday that he will instruct the president of LaGeo Mynor Gil to offer geothermal energy to Bitcoin miners.

He wants Bitcoin miners in El Salvador to mine Bitcoins “with very cheap, 100% clean, 100% renewable, 0 emissions energy,” which is available in abundance from volcanoes in the country. The state-owned LaGeo currently has two operating geothermal plants, which in Ahuachapán and Berlín. They are also planning to construct two more in San Vicente and Chinameca. 

It makes sense to mine Bitcoin from energy generation from volcanoes, as El Salvador is home to 23 active volcanoes. The country also generates almost 50% of its energy needs from renewable energy. Considering that many people from all walks of life have been criticizing Bitcoin due to its energy consumption, El Salvador is taking a good step by offering geothermal energy to Bitcoin miners in the country.

Global Exchanges in Beeline to Enter India Despite Regulatory Uncertainty 

India is attracting some of the leading crypto exchanges despite the risk of the Indian government banning cryptocurrencies in the country. The legality of cryptocurrencies is murky in India, and despite that, Kraken, Bitfinex, and KuCoin are looking to enter the Indian market, as per a Reuters report.

Back in 2019, Binance, the global crypto giant, entered the Indian market after the acquisition of WaxirX, the top-most crypto trading platform in India. Likely, Kraken, Bitfinex, and KuCoin may also choose to acquire existing cryptocurrency exchanges in the country or by inking strategic partnerships with them.

Reuters report has disclosed that the trio has already started studying the operating conditions in India. They are also studying the possibility of acquiring a local cryptocurrency exchange. They may also opt to set up an Indian subsidiary to enter the Indian market. Another giant cryptocurrency exchange Coinbase had already announced its intentions to set up an office in India. The company has hired Pankaj Gupta, Google Pay’s India and Asia Pacific operations, to lead the company in India as vice president of engineering for Coinbase India.

Sotheby Sets a new Record by Selling a Cryptopunk NFT for $11.8 Million 

Social media was set ablaze by the news that Sotheby sold one of the rare CryptoPunks for $11.8 million. The luxury auction house announced via Twitter saying that their London salesroom sold CryptoPunk #7523, also known as "COVID Alien," for around $11.8 million. They also pointed to the fact that with this sale, Sotheby has set a new world record for the sale price of a CryptoPunk art.

"Moments ago in our #London saleroom, an extremely rare “Alien” CryptoPunk #7523 from the collection of @sillytuna sold for $11.8M as part of our #NativelyDigital NFT auction – setting a new world auction record for a single CryptoPunk."

Texas Department of Banking Allows State Chartered Banks to Store Bitcoin 

In a big breakthrough for the crypto users in Texas state of the United States, the Texas House of Representatives has officially confirmed that it has allowed state-chartered banks to store Bitcoin and other cryptocurrencies on behalf of customers.

In a notice issued on Thursday by the Texas Department of Banking, the state regulatory agency overseeing banks and financial services in Texas said that the local banks can provide crypto services in the state. The regulatory authority noted that the Texas banks are free to offer crypto services to their customers "so long as the bank has adequate protocols in place to effectively manage the risks and comply with applicable law."

The agency also wrote in the notice that "as with the method of custody services, several secure storage options are available to the bank, each of which has distinctive characteristics pertaining to the level of security and accessibility. The bank will have to determine which storage option best fits the circumstances."

Dacxi is now Officially a Member of Blockchain Australia 

Dacxi has announced that they are now an official member of Blockchain Australia, a leading blockchain industry body in the country. Blockchain Australia is a network of businesses implementing or evaluating distributed ledger technology and blockchain within the country. By becoming an official member of Blockchain Australia, Dacxi has proved its commitment to building a world-class crypto wealth platform. Their decision also highlights their position as leaders the industry.

 



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