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WHALES ONLY: Customers of crypto lender BlockFi with more than 25 bitcoin or 500 ether in their interest-bearing crypto deposit accounts might see smaller returns than expected, after the company announced that it will only pay 2 percent interest, and not the advertised 6 percent, to its larger accounts. Smaller accounts will still a 6 percent interest rate, compounding monthly for an annual percentage yield of 6.2 percent. BlockFi CEO and founder Zac Prince says the change came after institutional clients tried to deposit more than $1 million in crypto, resulting in volumes that the company would not have been able to support. Full Story
FORK RISK: A group of Mt. Gox creditors has warned of a market risk for some cryptocurrencies in a draft plan for the collapsed exchange's civil rehabilitation. Mt. Gox Legal set out in the proposal how the exchange’s remaining assets should ideally be paid out by the collapsed exchange’s trustee. It notably stresses the market risks for coins that have split off (or forked) from bitcoin, saying that no exchange could handle the volume of tokens arising from a Mt Gox distribution, and that a mass sale by the trustee could see a price crash for those tokens. Full Story
TZERO TRADING: Overstock’s security token platform tZERO is going full crypto. Until now, security tokens had been the startup’s priority, but this summer, tZERO plans to launch its own mobile trading app for buying and selling bitcoin and, possibly, ether, CEO Saum Noursalehi told CoinDesk. The app for iOS and Android devices is scheduled to launch in June and is being developed by Bitsy, a crypto startup in the portfolio of Overstock’s venture arm Medici Ventures. “That’s part of the reason we acquired Bitsy — to accelerate time to market for our mobile app,” Noursalehi said. Full Story
(WEED) KILLER APP? ConsenSys spin-out BlockApps is working with Bayer Crop Science, the controversial agricultural giant formerly known as Monsanto. The multinational is collaborating on several BlockApps pilot projects that began as proof-of-concept implementations in 2018, CoinDesk has learned. Michael Pareles from Bayer Crop Science said its plan is to partner with BlockApps to "increase our applications of blockchain, both in our operations and in our industry." Full Story
SBI vs BITMAIN? Japanese financial services giant SBI Holdings has established a new subsidiary to make cryptocurrency mining chips and systems. The new venture, SBI Mining Chip Co., will be developing and manufacturing the miners in partnership with an unnamed "large" semiconductor enterprise in the U.S. SBI Mining Chip will be led by former NASA veteran Adam Traidman, who has a "high level of expertise in the field of leading-edge semiconductors and other electronics," SBI said. Full Story |
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| DOWN, NOT OUT: Bitcoin fell back below $4,000 on Thursday, engulfing the positive price action seen in the preceding four days. The outlook, however, not so gloomy, as the recovery from lows near $3,920 has left the bullish higher lows pattern intact along the trendline connecting the Feb. 8 and March 4 lows. So, the cryptocurrency's bulls are still on the hunt for a sustained breakout above the crucial three-day chart resistance at $4,040. Full Story |
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BEST OF THE BEST
CHIP OVERLOAD: Nvidia has said it’s on target to clear the mountains of processors it stockpiled in (over) anticipation of continued demand from cryptocurrency miners, Bloomberg reports. Its chip inventory is expected to be cleared out in the current quarter, according to CFO Colette Kress, who also predicted that revenue will be the same as, or slightly below, last year for fiscal year 2020.
THE REST
CHINA CLOUD: Chinese e-commerce giant Alibaba and software firm Aerospace Information Co., Ltd. have signed a strategic cooperation to develop services across cloud computing, smart industries, finance, government and… you got it, blockchain. For that side of the business, according to Securities Daily, the two firms plan to provide cloud solutions to help develop the blockchain industry. Alibaba is already very involved in blockchain development and is one of the most prolific filers of patents involving the tech.
PUBLIC VIEWING: Digital art registry Artory has snapped up a subscription database company that stores sales information from 4,000 international auction houses and plans to put the data on a blockchain. The Art Newspaper writes that the acquisition will see Artory for the first time make public Auction Club records gathered from hundreds of businesses across 40 countries. |
WHO WON #CRYPTOTWITTER  |
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