Change of Tact Has Led to an Increase in the Utilization of Cryptocurrency
- FinancialBuzz.com News Commentary
NEW YORK, April 16, 2021 /PRNewswire/ A major portion of the economy has transitioned to remote, and for most companies it is still unclear how long it will take until the economy returns to pre-pandemic norms. As a result, several sectors in the technology industry have grown in demand. For example, cloud computing, digital payments and in particular the cryptocurrency and blockchain segments are back at the center of attention this year. As a result of the recent crypto boom, investors have once again started to view the new digital currencies as potential long-term investments necessary in a properly diversified portfolio. For example, this week, Coinbase shares closed at USD 328.28 in their Nasdaq debut on Wednesday, at which point the company s market cap reached USD 85.8 Billion on a fully diluted basis. Coinbase provides financial infrastructure and technology for
Cryptocurrency s Expansion Garners Institutional Attention
FinancialBuzz.com News Commentary
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NEW YORK, March 9, 2021 /PRNewswire/ A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database. The database uses strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. The first decentralized cryptocurrency, bitcoin, was created in 2009. Now, the burgeoning popularity of cryptocurrencies has resulted in major financial institutions, like banks, paying attention to developments in the crypto market. In addition, fin-tech companies are now stepping into the arena. For example, PayPal, recently announced plans to acquire Curv, a cryptocurrency startup based in Tel Aviv, Israel. In October 2020, PayPal announced its commitment to help shape
Bitmain Lawyer Reveals Company Loss Totalling $60 Million in 2019
Last Updated: 20 December 2020
Bitmain, the largest manufacturer of mining equipment in the crypto industry, has been suffering some financial challenges recently. A lawyer for the company explained that its losses for the past year totaled $60 million in a recent court hearing.
Snowballing Financial Strains Leave Bitcoin Hamstrung
The confession came at the People’s Court in Beijing, in a case between Bitmain and three of its former employees. The former employees accused the mining firm of not paying their compensation and bonus packages, eventually terminating them in early 2020.
In addition, the employees claimed that Bitmain had gotten $300 million in 2019, allowing it to give special bonuses of up to $11,000 to every worker in May of this year. Defending the company, a lawyer explained that Bitmain had recorded terrible financial performances in 2018 and 2019, preventing the compa