https://bitcoinmagazine.com/business/bitcoins-role-in-russia-ukraine-conflict-to-take-center-stage-in-dc

The Bitcoin Policy Institute, in collaboration with the Cornell Brooks Tech Policy Institute, is set to host a high-profile panel discussion on the theme of “Digital Currencies & Strategic Competition.” The event, which promises to be a pivotal moment in the ongoing conversation about the role of digital currencies in global affairs, will be held at the prestigious National Press Club on Wednesday, September 27, from 12:00 to 1:30 EDT.

The discussion will delve into crucial topics such as the use of digital currencies in sanctions evasion and financial aid, the influence of digital currencies on U.S.-China techno-industrial competition, and the security implications brought about by Central Bank Digital Currencies (CBDCs) in the United States.

One of the central themes of the discussion will be the recent Russia-Ukraine conflict, which will serve as a backdrop for examining the role of digital currencies in sanctions and financial aid. This aspect of the conversation will provide insights into how nations are using Bitcoin and digital currencies in the context of geopolitical conflicts.

Additionally, the panel will address the broader implications of digital currencies on global dynamics. Sarah Kreps, Professor and Director of the Tech Policy Institute at Cornell University and Senior Fellow at the Bitcoin Policy Institute, will join the panel to offer her expertise on the subject. Matthew Pines, Director of Intelligence at Krebs Stamos Group and National Security Fellow at the Bitcoin Policy Institute, will provide insights from a national security perspective.

Chris Meserole, Director of the Brookings Institution’s Artificial Intelligence and Emerging Technologies Initiative, will contribute to the discussion by examining the interplay between digital authoritarianism and activism, shedding light on the tactics employed by authoritarian governments and the countermeasures adopted by dissidents.

The discussion will be moderated by Daniel Flatley, a distinguished National Security Reporter for Bloomberg, ensuring a well-structured and informative exchange of ideas among the expert panelists.

David Zell, Co-Founder of the Bitcoin Policy Institute, emphasized the significance of the event, stating, “We’re at a pivotal moment in terms of the role Bitcoin and digital currencies play on the global stage. This panel aims to shed light on the ways emerging monetary networks are shaping the balance of power, from geopolitics to grassroots activism.”

The event is open to the public, with options for both in-person attendance and livestream viewing via Bitcoin Magazine’s YouTube. Interested attendees are encouraged to register on the event page.

For media inquiries and additional information, please contact David Zell at dz@btcpolicy.org. This panel discussion promises to provide critical insights into the evolving role of digital currencies in the realm of strategic competition and global politics.

https://bitcoinmagazine.com/markets/spot-bitcoin-etf-would-attract-300-billion-hedge-fund-director

In a recent video interview on the Paul Barron Network, Mark Yusko, CEO and Chief Investment Officer of Morgan Creek Capital Management, made a compelling prediction about Bitcoin’s future. Yusko, with decades of experience in the financial industry, suggested that the approval of a Bitcoin spot exchange-traded fund (ETF) by the SEC could pave the way for an influx of $300 billion into the market.

The interview, which delved into the current state of the Bitcoin landscape and its potential for institutional investment, saw Yusko shed light on the impact that regulatory developments can have on the Bitcoin market.

Yusko began by emphasizing the importance of the approval of a Bitcoin spot ETF in the United States, highlighting that it would provide a bridge for institutional investors to enter the Bitcoin market with confidence. He explained, “Institutional investors have been cautious about entering the crypto space due to regulatory uncertainties and concerns about custody. A spot ETF would offer them a regulated and secure way to gain exposure to Bitcoin.”

Bloomberg Senior ETF analyst Eric Balchunas predicated an inflow of about $150 billion coming into the market upon approval, but Yusko thinks there is potential for even more. “I’ll go further and say 1% seems more likely. That’d be $300 billion. $300 billion on a $100 billion of free float – price goes up a lot. A lot, a lot,” he stated.

There is currently a wave of 10 active spot Bitcoin ETF filings, not including Grayscale’s application to convert its flagship fund GBTC into a spot Bitcoin ETF. Among these applicants include the worlds largest asset manager BlackRock, who is “going to fight like cats and dogs to win market share” against the other assets managers once approved, according to Galaxy Digital CEO and spot Bitcoin ETF applicant Mike Novogratz.

Yusko emphasized the importance of the first mover advantage in getting an ETF approved, stating “Whoever is first, is gonna get the vast majority of assets.” But he sees BlackRock coming into the market as a complete game changer. Where many of tried and failed to get a spot ETF approved by the SEC, Yusko believes BlackRock will be the first — and maybe only applicant to one approved.

“I believe and I’ve said multiple times that BlackRock will be the first one. I’ve actually been saying that for over a year. I actually might even go stronger and say that they’ll be the only one approved,” he said.

Yusko’s optimism is grounded in the belief that a regulated spot ETF would satisfy the due diligence requirements of institutional investors, enabling them to allocate a portion of their portfolios to the digital asset. He mentioned that Bitcoin’s maturation as an asset class and its growing recognition as a store of value had already piqued institutional interest.

A spot Bitcoin ETF “will be approved sometime around year end,” Yusko believes, whether that be before the end of the year or early in 2024.

https://bitcoinmagazine.com/business/500-billion-nomuras-digital-asset-subsidiary-launches-bitcoin-fund-for-institutions

Laser Digital, a subsidiary of $500 billion asset manager Nomura, unveiled its new Bitcoin Adoption Fund today, according to a press release sent to Bitcoin Magazine. Notably, this is just the first in a series of investment solutions that Laser Digital Asset Management plans to introduce to the market.

The Laser Digital Bitcoin Adoption Fund offers long-only exposure to Bitcoin, attempting to stand out as a cost-effective and secure investment vehicle for institutions. To safeguard the fund’s assets, Laser Digital has partnered with Komainu, a leading name in regulated custody solutions for institutional digital asset investors. Komainu was founded in 2018 by Nomura, Ledger, and Coinshares.

This fund operates as a segregated portfolio within Laser Digital Funds SPC, a Segregated Portfolio Company registered as a mutual fund under the Mutual Funds Act with CIMA (Cayman Islands Regulatory Authority).

Heading the charge at Laser Digital Asset Management is Sebastian Guglietta, formerly Nomura’s Chief Scientist Officer and an industry veteran with over 25 years of experience in systematic investment strategies, derivatives, and macro trading.

“Technology is a key driver of global economic growth and is transforming a large part of the economy from analogue to digital,” said Guglietta. “Bitcoin is one of the enablers of this long-lasting transformational change and long-term exposure to Bitcoin offers a solution to investors to capture this macro trend.”

Laser’s Head of Distribution, Fiona King, also brings an impressive track record to the team, joining from Nickel Digital Asset Management and Bank of America Merrill Lynch. Her expertise in institutional business is set to be instrumental in Laser Digital’s growth.

“We’re delighted to now launch our Bitcoin adoption fund, which allows institutional investors a secure path into digital asset investment that is backed by established finance, with the highest levels of risk management and compliance,” King added.

Headquartered in Switzerland, Laser Digital combines the rigor and best practices of global investment banking with the experience of a team that understands the intricacies of the Bitcoin landscape.

https://bitcoinmagazine.com/business/over-50-of-us-bitcoin-miners-to-back-new-policy-group

The Chamber of Digital Commerce, an advocacy organization for digital innovation and Bitcoin, has unveiled a new initiative known as the Digital Power Network. 

The Digital Power Network’s primary mission is to advocate for Bitcoin mining and drive forward productive energy policy, aiming to revolutionize energy markets by championing Bitcoin. The core belief behind this endeavor is that Bitcoin mining can help encourage investments in renewable energy, and enhance grid stability.

Boasting a strong membership roster including industry giants such as Argo, BitDigital, BitFarms, Coinmint, Cipher Mining, DigitHost, Hive, Marathon, Riot, Sustainable Bitcoin Protocol, and Terawulf, this consortium represents over 50% of the U.S. Bitcoin hash rate and aims to reshape the energy landscape while driving the future of energy policy in Washington.

“We are thrilled to introduce our inaugural affiliate organization, the Digital Power Network,” said Founder and CEO of The Chamber of Digital Commerce, Perianne Boring. “It’s fitting that our first affiliate focuses on digital asset mining, which has been a top priority for us since the Chamber’s inception nine years ago. Digital asset mining, at its heart, is both an energy and national security matter, and we firmly believe that Bitcoin will drive policies that unite all political stakeholders to advance this crucial industry in the United States.”

Through advocacy, partnerships and education, the Digital Power Network is attempting to make real policy change in Washington. Their objective is to “forge a robust alliance encompassing policymakers, regulators, media influencers, and economic stakeholders,” a spokesperson for the Digital Power Network told Bitcoin Magazine. With a collective voice, they will work with policy makers to get policy that makes a real difference for Bitcoin miners.

Jason Les, CEO of Riot, underlined the transformative potential of this initiative to push forward beneficial Bitcoin mining policy in the United States, stating, “At its core, Bitcoin mining converts stranded, low-cost energy into a valuable commodity, which is why our industry has tremendous potential to help foster an energy renaissance in America. For our country to remain competitive, we need the right public policy outcomes. We are pleased that the Digital Power Network is giving a much needed, specialized voice to our uniquely flexible, innovative companies that are revitalizing rural communities and securing the global Bitcoin network.”

With this initiative, the Chamber of Digital Commerce aims to lead the conversation in digital energy advocacy and policy transformation. Fred Thiel, CEO of Marathon, also highlighted the importance of the Digital Power Network, stating “Having a voice like the Digital Power Network in Washington is important for ensuring that the perspectives of digital energy stakeholders are considered.”

The Digital Power Network wants to position the United States as a leader in the digital energy revolution, aligning economic growth with environmental sustainability. The initiative has already made its mark on the policy front, notably by pioneering the introduction of the first pro-proof-of-work resolution in the U.S. House of Representatives.

https://bitcoinmagazine.com/business/amboss-launches-innovative-new-tool-to-boost-adoption-of-bitcoins-lightning-network

Amboss, a leading data analytics provider for the Bitcoin Lightning Network (LN), has unveiled a new subscription service called Hydro, designed to automate liquidity management for the LN, according to a press release sent to Bitcoin Magazine. This enables businesses to seamlessly receive payments through the Lightning Network without requiring expertise in LN operations or relinquishing custody of their funds.

Hydro attempts to simplify the Lightning Network’s payment liquidity process by automating the sourcing of payment liquidity from decentralized sources directly to a business’s LN node. As more businesses embrace the Lightning Network, the growing circular economy leads to increasingly cost-effective Lightning payments, with fees dropping from an initial 3.5% setup cost to as low as 0.003% for subsequent payments, according to the release.

Jesse Shrader, Co-Founder and CEO of Amboss, emphasized Hydro’s transformative potential, stating, “Hydro is a game changer for businesses to get the benefits of the lightning network without trusted custodians, intermediaries, or the headache of channel management. As the lightning network welcomes global participation, Hydro simplifies real-time payment infrastructure to bootstrap global circular economies like we’ve seen in Costa Rica’s ‘Bitcoin Jungle’.”

Until now, sourcing liquidity for businesses on the LN has been a challenging endeavor, as entrepreneurs typically lack the time and expertise needed to manage a LN node. Consequently, the adoption of Lightning has been slow for retailers using full nodes, often forcing them to turn to trusted custodians, thereby sacrificing some of the privacy and sovereignty advantages offered by Bitcoin. With Hydro, businesses can finally tap into the full benefits of LN adoption without the associated hassles.

Amboss also operates Magma, a marketplace for buying and selling Lightning channels, which Hydro leverages to obtain high-quality liquidity from an open market. Lightning channels create new pathways for routing payments within the Lightning Network. Selling these channels on Magma allows Bitcoin savers to earn BTC by opening Lightning channels to various destinations, such as online stores, wallets, or other LN users. Since Lightning channels enable self-custodial Bitcoin holding, Magma provides novel Bitcoin yield opportunities without custodial risks, sidestepping the pitfalls experienced by some centralized finance (CeFi) yield platforms.

Hydro’s functionality involves purchasing select Lightning channel leases that meet specific quality criteria at the lowest available prices. Users can define their desired node size (capacity), and channels will be automatically procured using prepaid Amboss credits, known as “ambucks.” Users even have the option to set a target inbound liquidity, facilitating cost-effective and needs-based channel management.

Amboss’s Hydro aims to reshape the landscape of the Bitcoin Lightning Network, making it more accessible and user-friendly for businesses, ultimately driving wider adoption and fostering the growth of a robust, decentralized payment ecosystem. To learn more about Amboss or subscribe to its comprehensive Lightning Network insights, services, and more, visit their website at here.

https://bitcoinmagazine.com/business/1-3-trillion-deutsche-bank-to-offer-bitcoin-and-crypto-custody-for-institutions

According to a report by Reuters, German banking giant Deutsche Bank has partnered with Swiss cryptocurrency firm Taurus to offer Bitcoin and crypto custody and other related services to its institutional clients.

“As the digital asset space is expected to encompass trillions of dollars of assets, it’s bound to be seen as one of the priorities for investors and corporations alike,” said Deutsche Bank’s global head of securities services, Paul Maley. “Our focus is not just on cryptocurrencies, but supporting our clients in the overall digital assets ecosystem.”

The announcement also comes at a time when regulatory clarity around the industry is improving. Governments and financial regulators worldwide have been working to establish clear guidelines for the use and trading of digital assets.

According to the report, Deutsche Bank is proceeding “cautiously and in line with the spirit and the letter of the regulations governing this asset class.” Maley went on to further explain that “Our product design, and the nature of custody for clients, will make sure that there isn’t the risk of contaminating the bank’s other activities.”

Bitcoin continues to gain momentum and recognition as a legitimate asset class, with the asset becoming a very attractive investment option for hedge funds, family offices, and other institutional investors. Deutsche Bank’s decision to enter this market is seen as a strategic move to capture a share of this burgeoning market.

https://bitcoinmagazine.com/business/bull-bitcoin-now-allows-costa-ricans-to-buy-btc-with-countrys-primary-payment-system

Bitcoin only exchange Bull Bitcoin, has announced that it has expanded its services to enable Costa Ricans and foreigners to buy and sell Bitcoin using SINPE Movil, the country’s primary fiat payment system, in partnership with circular BTC economy project Bitcoin Jungle, according to a press release sent to Bitcoin Magazine. This collaboration not only opens up new opportunities for those looking to utilize Bitcoin in the country but also simplifies the process of converting Costa Rican colones to BTC and vice versa.

Bull Bitcoin is now the first and only Bitcoin exchange in Costa Rica to facilitate seamless transactions using SINPE Movil, the payment network widely embraced by over an estimated 90% of Costa Rican consumers. This development represents a significant milestone, as it grants nearly every Costa Rican access to a secure, low-cost, instant on-ramp and off-ramp for Bitcoin.

For the first time, residents and visitors alike can effortlessly convert colones to Bitcoin and Bitcoin to colones without the hassle of complex international bank transfers and expensive currency conversion fees. Additionally, Bull Bitcoin allows for conversions to and from bank accounts (IBAN) in both CRC and USD via regular bank transfers, further enhancing the flexibility of Bitcoin usage.

Bitcoin Jungle, an open-source community project tailored for Costa Rica, has been instrumental in onboarding hundreds of local merchants, including independent vendors at farmers’ markets, into the Bitcoin ecosystem over the past three years. In some regions, like Bahia Ballena, Bitcoin Jungle has effectively established a circular Bitcoin economy.

However, one major challenge faced by Bitcoin Jungle was the inability to “cash out” Bitcoin for local currency, which hindered broader adoption among merchants. Bull Bitcoin’s integration into the Bitcoin Jungle wallet solves this issue by enabling merchants to easily convert their Bitcoin holdings to fiat currency, bolstering their confidence in accepting Bitcoin payments.

To take advantage of this service, users must download the Bitcoin Jungle wallet and register a username. Within the wallet’s settings, they can select the SINPE Movil option to access the buy and sell Bitcoin interface. Purchasing Bitcoin requires a SINPE Movil account, available to Costa Rican citizens and residents, and entails sending funds to Bull Bitcoin’s phone number, after which Bitcoin is automatically credited to their Bitcoin Jungle wallet.

This partnership between Bull Bitcoin and Bitcoin Jungle not only simplifies financial transactions in Costa Rica but also helps to position the country as an internationally recognized Bitcoin hub. By offering locals, tourists, and expats a convenient Bitcoin standard for everyday transactions, Bull Bitcoin and Bitcoin Jungle are driving the adoption of BTC in this vibrant Central American nation.

Bull Bitcoin’s entry in the Costa Rica Bitcoin market officially starts its long-awaited international expansion. Over the next 12 months, the exchange will become available to over a billion people worldwide, according to the release. After almost 10 years of being available only in Canada and serving a market of 35 million individuals, Bull Bitcoin says they’re ready to offer its internationally-acclaimed services to users across the world.

https://bitcoinmagazine.com/markets/anthony-pompliano-says-bitcoin-bull-run-is-coming

In a recent appearance on Fox Business, Anthony “Pomp” Pompliano suggested that a significant Bitcoin bull run is on the horizon. Pompliano, a well-known figure in the Bitcoin space, shared his insights on the future of Bitcoin and why he believes it is primed for another surge.

Pompliano began the discussion by highlighting the recent volatility in the market, with Bitcoin experiencing a period of fluctuation in recent months. However, he emphasized that this is not unusual for the market and is part of the asset class’s nature. Pompliano stated that such volatility should not deter investors from considering Bitcoin as a long-term investment.

One of the key factors driving Pompliano’s optimism is the growing institutional interest in Bitcoin. This year, numerous prominent companies, including BlackRock and Fidelity, filed for spot Bitcoin ETFs with the SEC, signaling a shift in the perception of Bitcoin from a speculative asset to a legit store of value. Pompliano believes a spot Bitcoin ETF will be approved by the end of this year, while more institutions also recognize the value of holding Bitcoin as a hedge against inflation and economic uncertainty.

Pompliano also discussed the potential for Bitcoin to disrupt traditional financial institutions. He argued that Bitcoin’s decentralized nature and borderless accessibility could challenge the dominance of central banks and traditional financial intermediaries. While acknowledging the regulatory challenges that Bitcoin faces, Pompliano believes that innovation will ultimately prevail and that Bitcoin will play a significant role in the future of finance.

Anthony Pompliano’s optimism about a forthcoming Bitcoin bull run is rooted in the growing institutional adoption, international recognition, and the potential for Bitcoin to reshape the financial landscape. As Bitcoin continues to evolve and mature, it remains a topic of great interest and debate among investors and financial experts alike.

https://bitcoinmagazine.com/markets/former-paypal-president-david-marcus-aims-to-turn-bitcoin-into-a-global-payment-network

In a recent appearance on CNBC’s Squawk Box, former PayPal President David Marcus shared his vision for Bitcoin, aiming to transform it into a global payment network. Marcus, who is the CEO of Lightning Network infrastructure company Lightspark, emphasized the importance of expanding Bitcoin’s utility beyond just a store of value.

During the interview, Marcus highlighted the significant strides Bitcoin has made over the past decade, evolving from an obscure digital currency to a recognized store of value and hedge against inflation. However, he argued that Bitcoin could play a much broader role in the global financial ecosystem.

Marcus proposed that Bitcoin has the potential to become a truly global payment network, similar to PayPal but operating on the decentralized Bitcoin network. He emphasized the need for Bitcoin to evolve further, offering faster, cheaper, and more efficient transactions, making it accessible to a broader audience.

David Marcus is helping lead the charge to expand Bitcoin’s utility in this area. In his current role as CEO of Lightspark, he has committed “to doing whatever it took” to realize the full potential of the Bitcoin Lightning Network. “Because it’s time for the world to have a universal open protocol for payments,” Marcus continued. 

Though, scaling Bitcoin into a massive global payment network is not without challenges. Bitcoin’s scalability issues has had its long-standing concerns. However, ongoing technological developments, such as the Lightning Network, aim to address these issues and enhance Bitcoin’s capabilities.

Regulatory hurdles also pose a significant challenge. Governments around the world are scrutinizing the Bitcoin industry, with varying degrees of acceptance and regulation. Marcus acknowledged the importance of working with regulators to ensure the compliance and legitimacy of Bitcoin as a global payment solution.

While significant challenges lie ahead, including technical and regulatory hurdles, the idea of Bitcoin serving as a decentralized, efficient, and widely accepted means of payment holds the potential to revolutionize the financial industry, making transactions faster and more accessible on a global scale.

https://bitcoinmagazine.com/business/bitrefill-and-slice-partner-to-empower-users-with-more-choices-to-spend-their-bitcoin

Today, advertising solution Slice announced a partnership with Bitrefill, a leading platform that sells gift cards for bitcoin and cryptocurrencies, to give new opportunities for users to spend their bitcoin on everything from morning coffee to dream vacations, according to a press release sent to Bitcoin Magazine.

In 2023, humans spent 1.3 billion years browsing the internet, where over 80% of the economic value generated from this was captured by big tech giants, according to the release. However, Slice, as the world’s first advertising solution built on modern internet browsing, is on a mission to change that. Slice is dedicated to enhancing personal monetization and data privacy, ensuring that users receive their rightful share of the massive online revenue pie.

Bitrefill’s approach aligns with Slice’s vision, making it the ideal partner to offer users more choices and control over their earnings. Bitrefill has gained prominence in the Bitcoin and crypto community for its ability to convert digital assets into gift cards that can be used at major retail and online outlets.

“Slice’s innovative approach to advertising and user engagement resonates with our mission at Bitrefill,” said Bitrefill CEO, Sergej Kotliar. “This partnership is an exciting opportunity to expand our reach into the gaming community and offer a unique way to leverage time online into real rewards. We’re proud to join forces with Slice, a company that shares our belief in the power of the circular crypto economy.”

Bitrefill has an extensive selection of gaming products, including access to platforms like Steam, PlayStation Store, Nintendo eShop, and more. This means that Bitcoin and crypto enthusiasts can now use their holdings to purchase video games directly, eliminating the need for traditional currency exchange and associated fees. Slice believes that Bitrefill’s gaming offerings will particularly appeal to the majority of its users, enhancing their gaming experience and providing more choices to spend their bitcoin.

Darina Oumanski, CEO and Co-Founder of Slice, expressed her enthusiasm for the partnership, stating, “This partnership with Bitrefill is a powerful statement. We’re not just offering another way to spend your earnings; we’re embracing the unconditional freedom of choice when it comes to users’ accumulated sats. Bitrefill’s innovative approach resonates with our vision at Slice, and together, we’re empowering users to take control in choosing how they want to live, play, and thrive online and offline.”

This collaboration between Slice and Bitrefill is just the beginning of their shared mission to redefine online earnings and spending. With nearly 275,000 Slice users, the companies are determined to build a community where browsing and playing games lead to tangible rewards.

As the advertisement market is projected to reach $1 trillion by 2027, Slice and Bitrefill are seizing the opportunity to create a future where profit-sharing is the norm. Their goal is to create an ecosystem where the streamer economy thrives, and user engagement is not only encouraged but celebrated. With Bitrefill, they are adding another layer of choice, enabling instant payouts without withdrawal fees.

https://bitcoinmagazine.com/business/peach-bitcoin-celebrates-one-year-anniversary-with-launch-of-version-0-3

Peach Bitcoin has officially launched Peach 0.3, while coinciding with the one year anniversary of the company. This new version introduces new features, a comprehensive wallet that seamlessly integrates with the app, enabling users to manage their bitcoin holdings effortlessly. 

With this upgrade, users can send and receive bitcoin and fund a sell offer with just a few clicks. One standout feature of this wallet is its UTXO management accessibility, making coin control easier for everyone. It also integrates an address checker to verify if an address belongs to your wallet, ensuring added security. Peach emphasizes individual sovereignty and self-custody, and users retain full control of their private keys with a 12 seed word setup.

“Some people will join Peach because they align with our values,” said Peach Bitcoin’s co-founder, Steph. “But the mass who will use Peach will do so because it’s the best product at their disposal.”

In an effort towards democratizing bitcoin access, Peach is also expanding its reach to the Global South, including Latin America and Africa. Peach’s KYC-free solution for purchasing bitcoin aims to empower individuals in regions where traditional financial services may be limited. The app has integrated currencies and payment methods from countries including Argentina, Colombia, Costa Rica, Chile, Mexico, Peru, Venezuela in Latin America, and Congo, Côte d’Ivoire, Nigeria in Africa. Peach is also keen to collaborate with local Bitcoin meetups and communities on the ground, facilitating cash purchases of bitcoin and sharing revenue from every trade completed via these meetup or community groups.

With Peach 0.3, the company is also releasing its verifiable source code, allowing developers and enthusiasts to delve into the inner workings of the app. This initiative aims to encourage innovation and collaboration within the Peach ecosystem. Peach app adopts the MIT-CC license to make the code verifiable while safeguarding its intellectual property and fully opensourcing tech integrations like batching transactions and Nostr integration under the MIT license.

Peach Bitcoin’s key features include the fastest peer-to-peer bitcoin trading in the market, averaging just 9 minutes to complete a contract. It employs a 2 out of 2 multi-signature escrow between Peach and the seller, becoming a single signature for Peach after 30 days in case of a dispute. User data is end-to-end encrypted and saved on the user’s device, not on the company’s server. The app also boasts an in-app chat and dispute management system with round-the-clock customer support and high buy liquidity, featuring over 600 buy offers available at all times.

As a special treat for the launch of Peach 0.3, the company is introducing the promo code “OPENSOURCE,” which grants users one free buy trade and sats back for selling Bitcoin.

https://bitcoinmagazine.com/markets/fasb-votes-in-favor-of-fair-value-accounting-for-bitcoin

In a long-anticipated move, Bloomberg Tax reported that the Financial Accounting Standards Board (FASB) is set to introduce new fair value accounting rules for Bitcoin and other cryptocurrencies. These new rules aim to provide a more accurate reflection of the market value of digital assets and bring greater transparency to the financial reporting of companies that hold cryptocurrencies. 

The rules, expected to be published by the end of the year, are set to go into effect as soon as 2025, but companies will be able to apply them earlier than that, the report said.

For years, the valuation of cryptocurrencies like Bitcoin has been a challenging aspect of financial reporting for companies. The volatile nature of these digital assets has made it difficult to accurately assess their fair market value. Under the current accounting standards, companies often struggled to present a true picture of their financial health, as the value of Bitcoin and cryptocurrencies fluctuated wildly.

The FASB’s move to introduce fair value accounting rules will require companies to regularly assess the fair market value of their digital assets and report any fluctuations in value as part of their financial statements. This means that if the price of Bitcoin surges or plummets, companies will have to reflect these changes in their financial reports, providing stakeholders with a more accurate picture of their financial position.

The old treatment accounted for Bitcoin as an intangible asset, which meant if the price went lower than what companies bought it for, they had to take an impairment charge on their books, even if they didn’t sell. But if the price went up, they couldn’t receive any benefit on their books unless they sold. Now, with fair value accounting, periodically (i.e. every quarter) companies can report the unrealized gains and losses to get an actual benefit on their books if the price of the asset increases (without having to sell to capture it). This could make companies more likely to add bitcoin to their balance sheet and become long-term holders as they can report the appreciation without having to sell anything.

Investors and regulators will now have access to more timely and accurate information about the financial health of companies involved in the Bitcoin space. This increased transparency is expected to foster greater trust and confidence in the industry, which has often been plagued by concerns over its lack of oversight and regulation.

The move towards fair value accounting also aligns with the growing acceptance of Bitcoin in mainstream finance. As it become more integrated into the global financial system, it is essential that accounting standards evolve to accommodate digital assets. The FASB’s decision to implement fair value accounting rules is a recognition of the maturing market and its importance in the broader economy.

However, implementing fair value accounting for cryptocurrencies is not without its challenges. The volatility of Bitcoin and other digital assets means that companies will need to invest in robust valuation methods and procedures to ensure accuracy in their financial reporting. Additionally, auditors will need to develop expertise in assessing the fair market value of these assets, which can be a complex task.

Despite these challenges, the introduction of fair value accounting rules for Bitcoin and other cryptocurrencies is a significant step forward for the industry. It will provide much-needed clarity and transparency, ultimately benefiting investors, companies, and regulators alike. As the Bitcoin market continues to grow and evolve, having a standardized accounting framework in place is essential to maintain trust and ensure the responsible integration of BTC into the global financial system.

https://bitcoinmagazine.com/business/uk-charity-the-great-north-air-ambulance-services-partners-with-coincorner-to-accept-bitcoin-donations-

Today, the Great North Air Ambulance Service (GNAAS), a vital air ambulance charity serving the North East, North Yorkshire, Cumbria, and the Isle of Man, has teamed up with CoinCorner, a leading Bitcoin and Lightning service provider, to accept Bitcoin donations on their website.

“We’re delighted to be working with the Great North Air Ambulance Service as they embrace Bitcoin,” said Danny Scott, CEO at CoinCorner. “A growing number of charities are realising the benefits of accepting bitcoin – from opening up to a world of borderless donations, to reducing the time and costs associated with traditional payment methods – this innovative and forward-thinking approach is changing the future of payments.”

The partnership with CoinCorner represents a significant step forward for GNAAS, as they become one of the first air ambulance services in the UK to accept Bitcoin donations. This innovative approach aims to leverage the benefits of Bitcoin, providing supporters with an alternative method to contribute to their life-saving mission.

Ashleigh Chapman, Head of Income and Engagement at GNAAS, shared her enthusiasm for the new initiative, stating, “At the Great North Air Ambulance Service, we strive for innovation in fundraising and want to make it as accessible as possible to donate to our life-saving cause. Bitcoin is an important element of today’s economy, and we hope that accepting donations will enable us to reach a wider range of supporters, increasing our income and allowing us to continue our vital work.”

Supporters of the Great North Air Ambulance Service who wish to contribute through Bitcoin can do so effortlessly by utilizing CoinCorner’s Bitcoin payment gateway to make secure and convenient donations. To make a Bitcoin donation to the Great North Air Ambulance Service, visit their dedicated donation page on their website here.

https://bitcoinmagazine.com/business/colorado-dmv-now-accepts-bitcoin-payments-via-paypal

The Colorado Division of Motor Vehicles (DMV) has announced that it now accepting Bitcoin and cryptocurrency as a payment option through PayPal for Coloradans to renew driver’s licenses, identification cards, and vehicle registrations.

“At the DMV, we’re always looking for ways to better serve Coloradans and leverage technology to offer our services,” said Senior Director Electra Bustle. “This new online cryptocurrency payment option is yet another way the DMV is providing innovative and convenient service delivery to our customers.”

Here’s how it works: customers just have to select the cryptocurrency payment option, and they will be redirected to PayPal, where they can choose their preferred cryptocurrency to complete the transaction. The selected cryptocurrency is then converted into dollars, covering the total amount due along with applicable fees, before being remitted to the DMV.

However, it’s important to note that there is a service fee associated with using cryptocurrency, amounting to $1 plus 1.83% of the total DMV charges. Additionally, PayPal may apply its own fees. As of now, PayPal is the sole cryptocurrency provider accepted for online DMV payments.

For those interested in learning more about this development and how to use Bitcoin or cryptocurrency for DMV transactions, you can visit the official Colorado DMV website here.

https://bitcoinmagazine.com/business/x-twitter-obtains-license-to-store-transfer-and-trade-bitcoin-and-crypto

Rhode Island has officially approved a license requested by Twitter Payments LLC, X’s payment branch, to be able to store, transfer, and exchange Bitcoin and other digital assets on behalf of its users.

The currency transmitter license is required for companies who want to perform these activities related to Bitcoin and crypto on behalf of its users. This license also includes related service providers, such as wallets, payment processors, and exchanges.

Elon Musk has previously stated that he wants to turn X into the “everything app,” sharing that the platform “will add comprehensive communications and the ability to conduct your entire financial world.”

https://bitcoinmagazine.com/markets/us-treasury-and-irs-propose-regulations-on-bitcoin-crypto-transactions-by-brokers

Today, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) have jointly announced a set of proposed regulations focusing on the sale and exchange of digital assets by brokers. The is part of the broader strategy set forth by the Biden-Harris Administration’s bipartisan Infrastructure Investment and Jobs Act (IIJA), in attempt “to close the tax gap, address the tax evasion risks posed by digital assets, and help ensure that everyone plays by the same set of rules.”

“These proposed regulations would require brokers, including digital asset trading platforms, digital asset payment processors, and certain digital asset hosted wallets, to file information returns, and furnish payee statements, on dispositions of digital assets effected for customers in certain sale or exchange transactions,” said the IRS.

These regulations obligate brokers of digital assets to report the specific sales and exchanges of their customers. The regulations also introduce the requirement for brokers to furnish a new Form 1099-DA, to help users determine if they owe taxes.

The implementation timeline specified in the regulations states that brokers would start reporting information on sales and exchanges of digital assets beginning in 2026, for transactions that occurred during the year 2025. The Joint Committee on Taxation’s estimation is that these IIJA provisions could generate nearly $28 billion in revenue over 10 years.

The Treasury Department and the IRS are actively soliciting feedback from affected taxpayers, industries, and other stakeholders on the proposed regulations. Written comments will be accepted until October 30, 2023, and the agencies have scheduled a public hearing on November 7, 2023, with a potential follow-up session on November 8, 2023, if the demand necessitates it.

https://bitcoinmagazine.com/business/coincorner-and-lolly-partner-to-introduce-bitcoin-payments-alongside-traditional-methods

CoinCorner, a global leader in Bitcoin and Lightning Network services, and Lolly, the hospitality software house, have joined forces to bring Bitcoin payment functionality to the LollyPoS platform, according to a press release sent to Bitcoin Magazine. 

This partnership aims to transform the way payments are processed in the industry by integrating Bitcoin Lightning payments seamlessly into the existing infrastructure. Through this collaboration, the LollyPoS platform is now capable of processing Bitcoin payments for food and drinks, in addition to conventional payment methods such as cash and cards.

When customers choose the payment option on the till, they can now select the CoinCorner payment button, triggering the display of a QR code on the rear display. This QR code allows customers to initiate a payment through the Bitcoin Lightning Network, a second-layer solution designed to enable faster and more cost-effective Bitcoin transactions.

“We’re excited to be partnering with Lolly to bring Bitcoin payments to more businesses,” said Danny Scott, CEO of CoinCorner. “Having both Bitcoin and traditional payments in one integrated POS is a much superior UX for both business and customers – it’s been a long time coming.”

Peter Moore, CEO at Lolly, highlighted the forward-looking nature of the partnership, stating, “We’re always looking ahead, and we’re excited to be debuting Bitcoin payments in our sector. With super-fast transaction speeds, and the hospitality providers seeing transactions in pounds sterling, these types of payment pose no risk to them – so it’s a win-win. It’s great to be working alongside CoinCorner, a trusted brand in this space. And we share their vision that this represents the future for payments. We’re delighted to be supporting our own clients in being part of this.”

The introduction of Bitcoin payments to the LollyPoS platform not only showcases the industry’s growing acceptance of Bitcoin but also paves the way for wider adoption in the hospitality sector. By seamlessly integrating Bitcoin alongside traditional payment methods, CoinCorner and Lolly are setting a precedent for innovative and inclusive payment solutions that cater to the evolving needs of modern consumers.

https://bitcoinmagazine.com/business/blockstreams-core-lightning-integrates-splicing-feature

Blockstream has introduced the ‘Splicing’ feature in its Core Lightning implementation, enabling liquidity changes to Lightning channels, according to a press release sent to Bitcoin Magazine. This comes on the heels of ACINQ’s implementation of Splicing last month, where users of ‘Eclair’ experienced a 60% decrease in Lightning transaction fees.

Splicing is expected to tackle a persistent challenge within the Lightning network—liquidity constraints. These constraints have long been cited as a barrier to widespread adoption, impeding the seamless flow of transactions. With Splicing, Blockstream aims to alleviate these liquidity challenges, ultimately leading to more affordable and reliable transactions for Lightning users.

Lisa Neigut, developer at Blockstream, emphasized the significance of this feature, stating, “One of the biggest pain points for Lightning users is unreliable transaction throughput—channel liquidity constraints are a big part of the equation there. Splicing is an incredible new tool for alleviating liquidity constraints, which should result in making transactions significantly cheaper and more reliable for users.”

Splicing also has a notable impact on the concept of “unified wallets.” Traditionally, users have had to manage separate Bitcoin and Lightning balances, creating unnecessary complexity. With the introduction of Splicing, these balances can be merged seamlessly, rendering the distinction between Bitcoin and Lightning balances largely inconsequential for everyday users.

Dusty Daemon, lead Splicing contributor, highlighted the user-centric approach behind this feature: “The goal is to make wallets ‘just work’ instead of users having to bear the brunt of managing different account balances for different protocols. In the future, everyday users won’t need to understand the difference between Lightning and Bitcoin—these protocols will simply be ‘spliced’ together on the backend.”

Dusty Daemon developed Splicing, collaborating closely with Blockstream’s Lisa Neigut and Rusty Russell, as well as ACINQ’s CTO Bastien Teinturier. Daemon’s work on this feature has been funded through private grants, including a recent contribution from OpenSats, a Bitcoin non-profit organization partially backed by Jack Dorsey.

As Blockstream’s Core Lightning implementation introduces Splicing, the Lightning network stands at the threshold of a new era of enhanced efficiency, reduced fees, and simplified user experiences. With this upgrade, the gap between Lightning and Bitcoin protocols is poised to narrow, driving the Bitcoin ecosystem closer to its vision of seamless, user-friendly transactions.

https://bitcoinmagazine.com/business/unchained-surges-with-170-growth-in-bitcoin-loan-activity-during-the-first-half-of-2023

Unchained, a leader in financial services tailored for bitcoin holders, has seen a 170% upsurge in loans backed by bitcoin from the first quarter to the second quarter of 2023, according to a press release sent to Bitcoin Magazine. The company also saw a 88% spike in institutional and corporate accounts, a 67% leap in private client subscriptions, and a 260% surge in its inheritance service clientele.

“Unchained is committed to providing the ease and sophistication of traditional financial services without compromising the financial sovereignty that bitcoin enables,” said Joe Kelly, co-founder and CEO of Unchained. “Our clients choose Unchained because our collaborative custody technology gives them the greatest possible control and transparency over their funds. The collapse of our former competitors that operated as third-party custodians, albeit unfortunate, proved to be effectual marketing for Unchained.”

In 2022, Bitcoin holders witnessed market events such as the collapse of insolvent and fraudulent lenders that parted customers from over $5 billion and sent BTC plummeting by over 65%. This surge in Unchained’s activity is representative of the confidence BTC holders place in both the company’s platform and the resilience of bitcoin as an asset.

The yearning for greater security and control over assets is further showcased by the fact that the proportion of bitcoin held on exchanges has plunged to a five-year low of 12% during the first half of 2023. In contrast, Unchained has experienced an 88% expansion in business accounts during this period. As the sole US-licensed provider of collaborative custody services for businesses, Unchained’s allure persists amongst institutional and corporate BTC holders who want to utilize multi-signature asset storage as a means to mitigate counter-party risks.

This sentiment is further highlighted by the popularity of Unchained Signature – Unchained’s premium service tailored for high-net-worth individuals, institutions, and corporations, which witnessed a 67% surge in subscriptions during Q2.

https://bitcoinmagazine.com/business/genesis-digital-assets-expands-bitcoin-mining-capacity-in-sweden

Genesis Digital Assets (GDA), one of the worlds largest Bitcoin miners in terms of hash rate, has announced the inauguration of its new mining facility situated in the northern reaches of Sweden, according to a press release sent to Bitcoin Magazine. The data center’s capacity is currently 8 megawatts (MW), with plans for further expansion “in the near future,” and has been operational since June 2023.

The new facility is strategically located near the 417 MW Porjus Hydroelectric Power Station, known for its carbon-free electricity production. GDA aims to take advantage of this renewable energy source for its Bitcoin mining operations.

“With abundant energy sources, a pro-innovation environment, and a strong educational system that results in a great culture of innovation, we believe that Sweden is one of the best countries in the world where to mine bitcoin and expect to further invest in this beautiful region moving forward,” commented Tim Carra, Head of Nordic Operations at GDA.

GDA has collaborated with a local company help to oversee the day-to-day operations of the new facility. The facility, which was once a conventional data center, marks GDA’s third venture in Sweden within a three-year span, including a greenhouse data center pilot introduced in 2020.

“Our expansion of facilities in the Nordics is a testament to our unwavering commitment to utilizing green energy sources,” said Abdumalik Mirakhmedov, Executive President and Co-Founder of GDA. “We aim to lead the bitcoin mining industry by setting an example for other players by minimizing our environmental impact.”

https://bitcoinmagazine.com/business/nodal-power-secures-13-million-seed-round-to-drive-renewable-energy-transformation-at-landfills

Nodal Power, who mitigates methane at landfills by powering Bitcoin mining data centers, announced that the company has successfully raised $13 million in a seed funding round aimed at aggressively curbing methane emissions from landfills while harnessing their latent energy potential, according to a press release sent to Bitcoin Magazine.

A significant portion of the funds has already been deployed for the construction and operation of two power plants within the United States. The first site, located in the southeast US, channels the electricity generated from landfill gas into the local utility grid. This site features data center, enabling the efficient distribution of energy between the utility and the data center.

The second site, located in the mountain west region, boasts a pioneering off-grid Bitcoin mining data center, powered by landfill gas. Plans are in place to allocate additional funding for the development of a third site, slated for early 2024. All three sites share the common goal of harnessing renewable electricity from the methane gas generated during the decomposition of organic waste in landfills.

“We’ve developed solutions, specifically for smaller landfills, that allow us to bring these overlooked resources to market,” said Nodal Power CEO Bryan Black. “Our technology and energy first approach have the potential to make a significant impact on local energy markets.”

Nodal Power’s initiative carries the potential to substantially reduce methane emissions originating from landfills. Methane, a potent greenhouse gas, is known to be 25 times more adept at trapping heat than carbon dioxide. The company’s approach involves combusting methane gas within generators, a strategy that not only mitigates methane but also cuts down on carbon emissions when compared to traditional flaring or venting practices. This process thereby transforms a previously wasted resource into a beneficial energy source.

More details about Nodal Power and their initiatives can be found here.

https://bitcoinmagazine.com/business/trezor-expands-privacy-features-introduces-coinjoin-for-trezor-model-one

In an announcement today, Bitcoin hardware wallet company Trezor revealed the launch of the highly anticipated coinjoin feature for its Trezor Model One, according to a press release sent to Bitcoin Magazine. Building upon the success of the coinjoin implementation for the Trezor Model T in April 2023, this development empowers all Trezor users, regardless of their device, to fortify their bitcoin transactions with enhanced privacy.

Coinjoin enables users to send their bitcoin within a collaborative transaction, only to receive an equivalent amount back. This process obscures transaction history, making it much more difficult to track transactions and user balances on the transparent Bitcoin blockchain. Trezor’s collaboration with Wasabi Wallet, a privacy-focused bitcoin wallet with coinjoin capability, made this feature’s integration possible.

“Born in 2013, the Trezor Model One is the original hardware wallet and is widely used by Trezor fans in over 150 countries,” said Matěj Žák, CEO at Trezor. “Giving those users the option of making their transactions private is just as important as it is with the Trezor Model T. Our extended coinjoin availability puts control, privacy and security in the pocket of every Trezor user.”

According to the release, Trezor has become the first hardware wallet to enable coinjoin transactions within a hardware wallet environment. In addition to coinjoin, Trezor also has a host of features on its devices for enhancing security and privacy, such as Tor, coin control, and Shamir backup.

For those seeking more insights into the coinjoin feature and its implications for bolstering transaction privacy, more information can be found at here.

https://bitcoinmagazine.com/business/bitgo-raises-100-million-series-c-funding-at-1-billion-valuation

BitGo, a leading Bitcoin and cryptocurrency custody firm, announced on Wednesday that it has successfully raised $100 million in its Series C financing round, bolstering its valuation to $1.75 billion. The funds will be allocated to amplify BitGo’s secure and regulated custody, wallet, and infrastructure solutions on a global scale and to facilitate strategic acquisitions.

“Not only are we seeing growing demand for regulated custody solutions in the US, but we’re also seeing the demand on a global scale,” said BitGo CEO Mike Belshe. “We are very pleased to announce our $100M Series C for the purpose of meeting this growing need and to provide institutions, brands, coin foundations, and others with secure and seamless participation in the digital asset ecosystem.”

Amid a dynamic market environment, BitGo has registered growth across the board since the beginning of the year. With a 60% surge in new client onboarding, a 20% increase in Asset Under Custody (AUC), a 200% upswing in fiat custody, and a 40-fold growth in staked assets. Notably, BitGo has distinguished itself as the entrusted custodian for the FTX creditors’ funds under the leadership of John Ray III. Previously, the company was also selected as the distributor for the Mt. Gox creditors.

BitGo’s recent funding success comes on the heels of the launch of its Go Network, empowering institutions to trade and settle both digital assets and fiat currencies round the clock from secure custody. With a robust presence as a premier regulated custodian in more than 50 countries, BitGo consistently handles an 20% of all on-chain Bitcoin transactions by value, according to the announcement.

Big name clients, such as Nike, have also chosen BitGo’s secure and scalable wallet-as-a-service solution to navigate the intricate regulatory landscape.

https://bitcoinmagazine.com/business/digital-energy-council-launches-championing-synergy-between-energy-and-bitcoin-crypto-mining

Today, Digital Energy Council (DEC), the first member association focused solely on the intersection of energy security and digital asset mining, has officially launched, according to a press release sent to Bitcoin Magazine. The organization sets out on a mission to spearhead policies that foster responsible energy practices, enhance grid resilience, maintain the competitive edge of the United States, and ensure national security.

“Policymaking efforts regarding digital assets have centered around financial services,” said Founder and President of the Digital Energy Council, Tom Mapes. “The focus on how both the digital asset mining and energy industries can collaborate and work together to bolster energy infrastructure, increase resilience, and support energy sustainability and efficiency has been lost in policy conversations, yet is critical during this pivotal moment of energy modernization.”

The DEC envisions itself as a hub for facilitating productive discourse among its members, policymakers, and regulators. A significant facet of the DEC’s agenda is to dispel misconceptions around the bipartisan themes of digital asset mining, U.S. energy security, sustainability, and grid modernization. In addition to these goals, the council’s efforts aim to cultivate economic development in often overlooked communities, including rural areas, by forging high-paying employment opportunities in non-traditional markets.

Pioneering efforts to engage policymakers have already been initiated, with notable figures like U.S. Senator Lisa Murkowski, who spearheaded the inaugural hearing on digital asset mining’s implications for energy supply in 2018, being among the first to collaborate. 

“In 2018 as the Chairman of the Energy and Natural Resources, I held the first hearing to explore digital asset mining and the applications and potential impacts on our nation’s energy supply,” said Senator Murkowski. “In the past five years this industry has grown exponentially throughout the United States, and I have seen this technology already bring new opportunities to rural states like Alaska. I look forward to working with the Digital Energy Council to develop best practices for collaboration throughout Alaska and the United States.”

US Senator from Wyoming, Cynthia Lummis, also commented on the news, stating: “Financial innovation will unleash new prosperity and opportunity for the next generation of Americans, and crypto asset mining is an important part of this future. Innovative mining technologies will allow us to harness underutilized energy sources and drive jobs in rural America, while generating provably scarce wealth. All Americans should be paying attention to the important work being done by crypto asset miners.”

The Digital Energy Council aims to bring together thought leaders and industry pioneers to champion a future where responsible energy practices and digital asset mining synergize for the greater benefit of the nation’s growth, security, and prosperity.

https://bitcoinmagazine.com/markets/europes-first-spot-bitcoin-etf-now-listed-on-euronext-amsterdam

Over a year after it’s initial planned launch, Jacobi Asset Management has now officially launched Europe’s first spot Bitcoin Exchange-Traded Fund (ETF) on Euronext Amsterdam.

Operating under the ticker BCOIN, the ETF is regulated by the Guernsey Financial Services Commission (GFSC), with Fidelity Digital Assets providing custodial services, while Flow Traders operate as market makers while Jane Street and DRW operate as Authorized Participants. The benchmark for the fund, the FT Wilshire Bitcoin Blended Price Index, is provided by Wilshire Indexes.

“It is exciting to see Europe moving ahead of the US in opening up Bitcoin investing for institutional investors who want safe, secure access to the benefits of digital assets using familiar and regulated structures like our ETF,” said Martin Bednall, CEO of Jacobi Asset Management. “Unlike other products in the European market which are debt instruments, our fund owns the underlying asset directly. Jacobi is proud to be supported by Tier1 partners at the forefront of this digital asset market evolution whilst also pioneering an innovative, environmentally sound solution for European investors.”

Mark Makepeace, CEO of Wilshire Indexes, highlighted the significance of the launch of this ETF, stating, “The launch of the Jacobi FT Wilshire Bitcoin ETF is an important milestone for the digital asset industry and a transformative moment for the global financial industry. We are excited about the partnership with Jacobi and, as a leader in the development of institutional grade digital asset benchmarks, we are committed to helping accelerate the advancement of the entire digital asset ecosystem.”

While Europe launches its first spot Bitcoin ETF, the United States continues to delay the inevitable listing of one. Last week, the SEC delayed its decision to approve or deny the listing of Cathie Wood’s ARK Invest spot Bitcoin ETF application, leaving many investors scratching their heads as to when one will eventually be approved.

More information on the U.S. spot Bitcoin ETF race can be found here.