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Bitmain’s Path Towards Becoming The Biggest Crypto Company Ever

If you ever wondered what is the largest crypto-related company out there, let us introduce you to Bitmain.

The company is the biggest bitcoin mining equipment manufacturer. After closing its Series B funding with a $12 billion valuation, Bitmain became the largest conglomerate in the history of Bitcoin and crypto.

The conglomerate includes Coinbase, Binance, and Ripple Labs as some of the multi-billion dollar corporations in the industry – all having significant influence over their market. While Coinbase leads the exchange and brokerage markets, Binance controls the crypto-only exchange market and Ripple Labs is active in the development of the Ripple blockchain network which is by many the leading banking blockchain protocol.

As such, Bitmain is a conglomerate that has full control over the mining equipment industry. The direct competitors of Bitmain include companies like Samsung. However, the founder and CEO of the company, Jihan Wu, is always looking to innovate and evolve the company leading to new multi-million dollar funding rounds and financing of companies in the field of blockchain.

One example for that is Circle’s $110 million funding round in which Wu helped – creating private central banks financed with cryptocurrencies. As Circle said at the time:

“Bitmain Co-founder and CEO Jihan Wu is well known for espousing a vision similar to ours regarding the creation and adoption of a new global economy powered by cryptographic assets, distributed contracts, and open source blockchain technology. We are excited to be working directly with Bitmain on realizing our shared vision.”

With billions of dollars in profit on a yearly basis, Bitmain has started to invest in ICOs, blockchain projects, crypto-related companies and platforms outside the finance sector.

In latest news, Bitmain revealed that they finalized the plans to purchase the controlling stake of the Opera Internet Browser, investing $50 million in the company which is expected to complete a $115 million initial public offering (IPO).

As a team of analysts at Bernstein Research revealed, Bitmain has been able to make as much money as Nvidia which is one of the largest chip makers in the world – however in only 4 years compared to Nvidia’s 24 years towards securing $3 billion in profit.

 

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EOS Surges 15% In 48 Hours, Followed By Other Altcoins In A New Market Recovery

It seems like the cryptocurrency market is in a recovery this week, after a slight rally that pushed most of the coins to new heights.

The greatest increase was led by EOS, which rose 10% to trade and went over the $7.90 level after dropping to as low as $6.50 last week. Still, the increase was not limited to EOS exclusively.

Other coins also surged, including Stellar Lumens (XLM) which pushed forward over the $.22 mark in the past 24 hours. Cardano (ADA) also rose by 5%, trading at the $0.145 level and showing significant momentum after dropping below $.13 a couple of days ago.

EOS had an excellent 48 hours, rising more than 15% in 2 days. Ripple also showed a positive movement – after dipping close to the $0.40 level, it rose and touched $0.47.

Ethereum is also up by around 7% in the past two days and is currently trading at $474. Bitcoin Cash maintained a price between $780 and $795 and is now moving closer to another milestone which is the $800 mark. NEO showed a positive movement forward too, this time rising by about 8% and trading around $36 at press time.

DASH was among the coins that measured a slow recovery, followed by IOTA. Both of the coins measured 3% and 5% growth, leading DASH to a current price of $248 and IOTA to $1.07 respectively.

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Messaging Giant LINE Launches A Global Cryptocurrency Exchange

LINE, which is one of the biggest messaging platforms in Japan, recently launched a cryptocurrency exchange. Named BITBOX, the exchange will offer support for 30 cryptocurrencies including Bitcoin.

The announcement came this Tuesday, with LINE confirming the exchange and stating that it will only support crypto-exclusive trading pairs with no trading offered between cryptocurrencies and fiat currencies.

Currently, around 30 coins are being traded – including Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin. All of them went through “a very rigorous evaluation process” by the screening communities within the exchange.

The CEO of LINE stated the following:

“LINE has built its reputation on providing a great social experience for our users, and now we intend to bring that know-how to the world of digital tokens with our BITBOX exchange.”

Right now, LINE sees more than 600 million registered users and 200 million monthly active users worldwide. As such, the exclusion of Japan will definitely have an impact on BITBOX’s growth since the country has the most influential market.

Meanwhile, LINE filed a crypto exchange application within the Financial Services Agency (FSA) in Japan earlier this year – all in order to conduct domestic operations. However, the application is still under review.

“The BitGo wallet is the only institutional-grade, multi-signature, multi-coin hot wallet.” LINE said.

The exchange (BITBOX) will offer zero trading fees for all listed coins in the first month of operations post-launch, welcoming more than 2 million registered customers with a ‘reward equivalent to US$10 in August’ which can be traded on the exchange.

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70% Of Premier League Football Teams Are In Discussions Over Crypto Sponsorships

After the advertising crackdown which stopped cryptocurrency-related companies from advertising on platforms like Google and Facebook, many companies have been eyeing alternative methods to promote their businesses.

Football, on the other hand, is one of the most popular sports with a global appeal – and the English Premier League is one of the targets for crypto companies. According to statistics, the Premier League is broadcast in 212 countries, reaching a potential audience of 4.7 billion people.

This, according to many, is why crypto companies are already discussing potential sponsorships with around 70% of the Premier League football teams. Aside from discussions, two companies managed to strike a deal and place their logos on the jerseys of two prestigious English Premier League teams.

One of them is the club popularly known as “Wolves” – or Wolverhampton Wanderers, which has signed a sponsorship with the Polish cryptocurrency platform CoinDeal. After raising millions of dollars over the past years, CoinDeal wants to further promote its crypto platform and reach mass appeal.

The Premier League club Arsenal has also signed a similar crypto deal in January 2018 – followed by big players like James Rodriguez, Eden Hazard, and Lionel Messi, all of which promoting various ventures.

According to experts, there are discussions taking place behind the scenes and we will definitely see more of such advertising in the near future. Just like any new market, it will take time.

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LocalBitcoins Trader Sentenced After Selling Narcotics On The Exchange

Theresa Lynn Tetley, also known by her alias “Bitcoin Maven” has been sentenced to 1 year and a day in prison, as well as a $20,000 fine and three years supervision after release for laundering Bitcoin. According to the US Attorney’s Office for the Central District of California, Tetley sold narcotics in an illegal bitcoin-for-cash exchange.

Tetley was also ordered to give up all of her illegal cash and crypto which summed up to $292,264 in cash, 25 gold bars, and 40 Bitcoins. The US District Judge Manual Real sentenced the 50-year old “Bitcoin Maven” for engaging in illegal Bitcoin transactions. The one-time real estate investor pleaded guilty to one count of money laundering and one count of operating a money transmitting business without a license.

After failing to register as a money service business with the Financial Crimes Enforcement Network (FinCEN), Tetley did not follow any anti-money laundering practices and customer due diligence. According to the reports, she used the peer-to-peer trading platform LocalBitcoins to exchange a total of $6 million to $9.5 million for customers nationwide.

Her unregistered company also gave a tip to the police that something fishy is going on, and that is how they pinpointed the illegal activities that Tetley had already set up. After exchanging BTC for cash with an undercover agent, the IRS led by Puneet Kakkar, prosecuted the case and sentenced her to 1 year in prison.

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