This Week in Cryptos: Is UK Heading to Crypto Ban?

Key highlights

  • Blockfi raises $18M Series A
  • Is UK heading to crypto ban?
  • India’s tryst with Cryptos
  • Bitcoin hashrate hit all-time high
  • Gemini data added to CME indices

Blockfi raises $18M Series A

Venture capitalist continues to show their interest in crypto and blockchain ventures. This week, BlockFi, an innovative wealth management solution for crypto investors has announced today the successful completion of its Series A funding round, amounting to $18.3 million. The investment was led by Valar Ventures, with participation from Winklevoss Capital, Galaxy Digital, ConsenSys Ventures, Akuna Capital, Avon Capital, and others. What’s fascinating here is a new VC has first time made an investment in blockchain. This marks the first major cryptocurrency investment for Valar Ventures, a New York-based VC fund, which previously led Series A rounds in well-known fintech companies such as Transferwise, N26, Qonto, and Petal.

Is the UK heading to crypto ban?

Regulations around cryptos also held the limelight this week. First, news coming from UK where the country’s financial services watchdog has warned potential investors that bitcoin and cryptocurrencies have “no intrinsic value,” with some taking the caution as a signal the country could be moving towards a bitcoin ban.

“This is a small, complex and evolving market covering a broad range of activities,”

said Christopher Woolard, executive director of strategy and competition at the U.K. Financial Conduct Authority (FCA), which oversees London’s huge banking industry. “Today’s guidance will help clarify which crypto-asset activities fall inside our regulatory perimeter,” Woolard added, with the FCA warning: “Consumers should be cautious when investing in such crypto-assets and should ensure they understand and can bear the risks involved with assets that have no intrinsic value.”

India’s tryst with Cryptos

India too saw some developments toward cryptos. Finally, the Supreme Court of India commenced final arguments pertaining to a slew of cryptocurrency cases pending for the last couple of years. The court did hear the case in detail, it couldn’t complete the hearing and now will continue with the final hearings of IAMAI and other petitioners on RBI-related case on August 14. In its arguments, the IAMAI counsel termed the RBI decision, “arbitrary, unfair and unconstitutional”. The council also cited the response to an RTI filed by lawyer Varun Sethi where the RBI had accepted that no committee was constituted to arrive at the decision to ban a crypto entity from banking solutions

Bitcoin hash rate hit an all-time high

This week Bitcoin network showed signs of growing from strength to strength. The hash rate which is the equivalent of network horsepower just reached another milestone. Hash rate in simple terms is the speed at which computers on the network operate. For miners, the higher the better, as it increases the chances of completing the mathematical problem to solve the block and collect the resultant block reward.

Gemini data added to CME indices

Winklevoss twins had another victory to its name. Market data from the Winklevoss twins-founded crypto exchange Gemini is being added to eight crypto indices offered by CF Benchmarks. Formerly called Crypto Facilities, CF Benchmarks’ eight reference products include four indices and reference rates provided for CME Group, which currently offers a bitcoin futures product: the CME CF Bitcoin Reference Rate and CME CF Bitcoin Real Time Index, and the CME CF Ether-Dollar Reference Rate and CME CF Ether-Dollar Real-Time Index. CF Benchmarks said Thursday that the addition of Gemini as a data source, alongside existing exchanges Bitstamp, Coinbase, itBit, and Kraken, will boost the quality of market data underlying the indices.

The post This Week in Cryptos: Is UK Heading to Crypto Ban? appeared first on Coingape.