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RIYADH: Bitcoin, the leading cryptocurrency, traded lower on Tuesday, falling by 0.25 percent to $45,978.27 at 6 p.m. Riyadh time while Ether traded at $45,978.27, down by 0.25 percent, according to data from Coindesk.
Meanwhile, responding to El Salvador’s decision to adopt bitcoin as a legal tender, the credit rating agency called the move negative for domestic insurance companies due to the high risk of earnings and foreign exchange volatility.
The agency said it does not expect bitcoin to be widely used by insurance companies to make claims or interest payments, nor to offer digital currency-denominated policies.
It also stated that insurers would likely convert bitcoin into US dollars as quickly as possible to reduce exchange risks, if policyholders decide to use it to pay insurance premiums.
One of Europe’s fastest-growing fintech companies, Bitpanda, which was founded as a bitcoin exchange in 2014, announced on Tuesday that it has closed a $263 million funding round led by Peter Thiel’s Valar Ventures.
The company is valued at $4.1 billion. It also became the first-ever unicorn technology company. The Vienna-based investment platform said it would use the new capital to multiply technology, international expansion and growth.
Spain’s National Securities Market Commission issued on Tuesday warning notice for 12 companies, including crypto exchanges Huobi and Bybit, for offering investment services without registering with the authorities
According to its website, Spain’s SMC has only administrative powers and will have to appeal to the judicial system to penalize the companies.
As reported by CriptoNoticias, the warning is intended to alert operators and consumers, and does not mean that the exchanges will be banned from the country. CoinDesk reported.
Canadian mining company Bitfarms reported 396 percent year-on-year growth in its sales in the second quarter. It posted a net loss of $3.7 million during the quarter.
Its shares rose 0.5 percent to $6.42 after announcing its earnings. The company also mined 759 bitcoins in the second quarter at an average cost of around $9,000 per bitcoin, and held 1,293 bitcoins.
“The second quarter of 2021 was pivotal for our company,” said Emiliano Grodzki, CEO of Bitfarms. “From the beginning of 2021 through the end of 2022, we expect to increase our capacity eightfold and expand our geographic resources across North and South America while continuing to pursue opportunities elsewhere".
Bitcoin rewards company GoSats has launched a new card that allows users to earn bitcoins while shopping at major brands, potentially paving the way for widespread adoption of digital assets in the world’s second most populous country.
The new product was introduced in partnership with the National Payments Co.
Muhammad Roshan, CEO and co-founder of GoSats said: “Previously, people could only get bitcoin cashback on specific brands through our app but now can earn cashback in bitcoin on every spend,” Cintelegraph reported.