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Crypto Flipsider News – June 23rd – Polkadot, Kusama, Goldman Sachs, JPMorgan, GameStop, SEC, LOCI

G’day, dear crypto fellows!

Crypto space is back and alive. Markets are greening, everyone’s moving forward, even the Chinese crypto miners. SEC is chopping heads for some crypto naughties, the GameStop heroes have come back from oblivion – everything is back to normal so fast!

Let’s take a look on:

  • Polkadot takes the headlines
  • Goldman Sachs and JPMorgan join on blockchain
  • Hedge fund falls due to GameStop losses
  • SEC hits crypto startup LOCI for unregistered securities offering
  • Chinese crypto miners move into Kazakhstan

Polkadot on High Rotation: Integration With Nexo, Auction Win on Kusama

Polkadot takes the lime-light with the news. First of all, it gets integrated with Nexo, which is the world’s leading regulated institution for digital assets. The integration will give exposure to Polkadot’s native coin DOT to over 1.5 million users across more than 200 jurisdictions.

Secondly, Polkadot testnet Kusama got its first parachain called Karura. Karura, the scalable DeFi network, won the auction with nearly $100 million worth of funds from its stakeholders.

Flipsider:

  • Polkadot operates in a highly competitive market. Rivals are actively spying. Corporate espionage is very much the reality. Polkadot should be better concerned about protecting its secrets. Maybe, to hire a Bond. Crypto James Bond?

Goldman Sachs and JPMorgan Joined Forces on Blockchain

Two of the largest United States banks JPMorgan Chase and Goldman Sachs are in crypto collaboration now. Goldman Sachs joined JPMorgan’s REPO blockchain network.

REPO stands for repurchase agreements that allow short-term borrowings, usually from governmental securities.

JPMorgan’s REPO blockchain uses a version of Ethereum and JPMCoin to do trades. The bank is in negotiations with other financial entities to join its REPO network.

Flipsider:

  • The wind of change – pardon, the wind of the decentralization – finally touched traditional finances. It’s going on! It’s alive!

Hedge Fund Falls Due to the GameStop Losses

Remember the GameStop sensation that captivated the world? That incredible story of unity? When the Reddit community outsmarted the wolves of Wall Street and trapped them into the short squeeze?

Hedge funds bled severely then, counting hundreds of millions of dollars in losses. Now, one of them – the White Square Capital is closing this month. The fund accounted for double-digit percent losses because of GameStop.

Flipsider:

  • Financial wolves need a better reaction if they are not up to extinction. It seems like they got lulled with arrogance and repeating patterns of market manipulations. The redittor-predators are growing their muscles in the meanwhile.

SEC Hits Crypto Startup Loci for Unregistered Securities Offering

Financial watchdog placed a 7.6 million dollar fine on a crypto-powered intellectual property search service Loci Inc. SEC accused Loci of fraud and unregistered sales of securities.

The crypto startup destroyed its tokens and refused future digital asset offerings. Has not officially agreed on the allegations yet.

Flipsider:

  • Regulators are doing their job, whether you like it or not.

Chinese Crypto Mining Refugees Found Brave New World in Kazakhstan

Massive crypto miners migration has started due to the recent cryptocurrency mining bans in China. Bitcoin mining firm BIT Mining is already moving away from the country.

The publicly-traded company plans to transport 3000 bitcoin mining rigs into Kazakhstan this month. It already has active cryptocurrency mining rigs in Texas. Both locations are popular among crypto miners because of the low operation costs and access to renewable energy.

Flipsider:

  • Thank God, China is not closing borders for its cryptocurrency refugees. This great migration could end up with the new miner meccas and have historical consequences for our crypto civilization.

In the case, you’ve missed some previous digests – here are ones of June 22, June 21

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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