Digital Assets: Crypto Tidbits

August 6, 2021 | Digital Assets, News
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TGIF!  A roundup of interesting developments in the crypto world.

Crypto tidbit 1 – Bitcoin mining:  Boston-based Fidelity Investments, one of the largest asset managers in the world, handling $4.9 trillion in assets under management (AUM), has invested $20 million in a 7.4% stake in bitcoin miner Marathon Digital Holdings (NASDAQ: MARA). The investment was spread across four of Fidelity’s index-based funds. (Bitcoin.com)

Crypto tidbit 2 – Coinbase and Apple Pay:  Coinbase (NASDAQ: COIN) announced  that users can now buy bitcoin and other cryptocurrencies on its platform with Apple Pay. Google Pay functionality follows this fall. “We’re introducing new and seamless ways to enable crypto buys with linked debit cards to Apple Pay and Google Pay, and instant cashouts up to $100,000 per transaction available 24/7,” said Prakash Hariramani, senior director of Coinbase’s Payments & Financial Hub. (Bitcoin.com)

Crypto tidbit 3 – MiamiCoin: The city of Miami is launching its own cryptocurrency called MiamiCoin (MIA). Starting this week, MiamiCoin mining is ready to be activated. Traders can trade, buy or sell the coin on California-based crypto exchange Okcoin, according to CityCoins.

“The city of Miami could end up earning millions of dollars as a result of the popularity of MiamiCoin, because obviously, Miami has now become…the Bitcoin capital of the world,” Miami Mayor Francis Suarez said. (Nasdaq.com)

Crypto tidbit 4 – Kitco Gold stablecoin: Kitco Gold announced the launch of a gold-backed stablecoin called kitco gold (KGLD). The gold-backed ERC20 token represents represent one true, troy ounce of 0.9999 fine gold.

Kitco has partnered with the custodian First Digital Trust, the blockchain provider Tradewind Markets, and tokenization firm Stably. The gold reserves would be held in Directreserve vaults. Cohen & Company would audit the coin and issue monthly attestation reports. (Bitcoin.com)

Crypto tidbit 5 – Ethereum: Ethereum, the widely used blockchain network, activated Thursday a major software change dubbed the “London hard fork” that eliminates the volatility in its transaction fees and doubles the block size.

The rejig also sets the base for Ethereum 2.0, an extensive overhaul of the system that would switch it from the energy-intensive “proof-of-work” mining system, where miners solve difficult math equations to create new coins, to a “proof-of-stake” methodology.

This change uses a different approach and eliminates the emissions issue.

Related Story:   Ethereum Could Steal A March Over Bitcoin, Says Goldman Sachs                                             

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