This Week in Cryptos: Bakkt Approved for Sept Launch & more Venture Money Flows into Crypto Businesses

Key highlights

  • Bakkt approved for Sept launch
  • Coinmine raises $2.5 million
  • Bitcoin Miner’s prices Double in China
  • Seed CX test swaps settled in BTC
  • Chinese Court Says Bitcoin is Legal

Bakkt approved for Sept launch

Well, the much-awaited venture of ICE is finally here. Well, its launch time for Bakkt. According to the recent announcement coming from the company has received all the required approvals from the necessary regulators and is all set to launch on September 23. This also means that the company has been able to satisfy the Commodity Futures Trading Commission (CFTC) h which was one of the biggest challenges for the company to overcome for its physically delivered futures.

Coinmine raises $2.5 million

Week after week, venture capitalist and private equities are showing faith in crypto and blockchain businesses. This week its Coinmine that has raised seeding funding of 2.5 million. The round was led by M13, with participation from Gumi Crypto, Republic Labs, Canaan Labs, and Shervin Pishevar. The company will be using this money for its plug-and-play mining device, the Coinmine One, which enables everyday consumers to mine a host of cryptocurrencies including bitcoin, ether, and Zcash.

Bitcoin Miner’s prices Double in China

Well, things seem to be blooming again for Bitcoin miners and the equipment manufacturers. According to reports coming in from the Chinese media, prices of popular bitcoin processing machines have more than doubled in the past 6 months. With the rising prices of Bitcoin, the demand for the devices is allegedly much more than supply and mining farm operators are finding it really difficult to get their hands on new devices.

Seed CX test swaps settled in BTC

Well another BTC based derivative product is being tested as an investment product. Seed CX, the crypt derivatives provider announced that it has started testing its margin swaps products with users. Investors can now onboard to try out Seed CX’s swaps product matching platform during the testing period through its subsidiary Seed SEF, a regulated swap execution facility (SEF), the company announced.

Chinese Court Says Bitcoin is Legal

Chinese hide and seek with cryptocurrencies continuous as Hangzhou Internet Court has now declared Bitcoin as legal property in China. The pronouncement was made following order on a legal dispute between crypto exchange FXBTC and a client who lost funds when the company closed down. The customer claimed that he bought bitcoin through the platform which had then been listed in the Taobao marketplace. He apparently bought 2.675 bitcoins and left them in a wallet on the exchange.

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