Crypto News Roundup: Coinbase Launches Institutional Lending, Marathon's Mining Rate Declines, Google Allows NFT Gaming Ads, Hana Bank Enters Crypto Custody Business
Summary:
Coinbase launches lending platform for institutional investors; Marathon's Bitcoin mining rate falls in August; Google allows NFT gaming ads; Hana Bank enters crypto custody business with BitGo.
Coinbase, the well-known cryptocurrency exchange, has launched a lending platform for institutional investors in the United States. This move comes after major players in the industry, such as Celsius Network, BlockFi, and Genesis, went bankrupt during the crypto winter of 2022. Coinbase previously shut down its lending service for retail customers due to regulatory scrutiny, but this new platform focuses on serving institutional investors. Within days of its launch, the lending solution has already attracted millions in capital, according to documents filed with the SEC. Despite challenges in the market, the demand for crypto lending among high-profile investors remains strong.
Marathon Digital Holdings, a crypto mining operator, reported a 9% decline in Bitcoin production in August compared to July. The decrease in production was attributed to increased curtailment activity in Texas, caused by record-high temperatures. Despite efforts to increase operational efficiency and optimize operations, the temporary shutdowns offset the company's progress. However, Marathon managed to increase its operational hash rate by 2% in August by upgrading its miners.
In a positive development for the NFT gaming industry, Google has updated its advertising policy to permit blockchain-based NFT gaming ads. However, the ads must not promote gambling or gambling services. The policy will continue to ban ads for games that involve wagering or staking NFTs against other players or for rewards. NFT casino games that allow players to gamble with NFTs, cash, or cryptocurrency will also remain prohibited. Google had previously banned all cryptocurrency-related advertising in 2018 but has now opened up advertising opportunities for NFT gaming on its platforms.
South Korean bank KEB Hana Bank has partnered with BitGo Trust Company to offer digital asset custody services. With a network of 111 branches and significant assets and equity, KEB Hana Bank aims to establish a strong presence in the crypto custody market in South Korea. The partnership plans to launch their joint custody venture in the second half of 2024.
Published At
9/8/2023 9:30:00 PM
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