Canada
Gofundme Shuts Down Truckers’ Freedom Convoy Fundraiser, Move Highlights the Importance of Crypto Crowdfunding
This week the world has been watching the thousands of truckers in Canada protesting the vaccine mandates at the Freedom Convoy in Ottawa. The Freedom Convoy has received worldwide support and millions of dollars were raised using Gofundme to help fund the protest. However, the crowdfunding platform decided to halt the fundraise and reimburse the […]US bobsledder feels the Bitcoin rhythm and orange pills his fans
Johnny Quinn, a U.S. Olympic Bobsledder and former football player, is the latest celebrity to join the Bitcoin bandwagon.
Olympic bobsledder Johnny Quinn is the latest sporting celebrity to swallow the orange pill. In a Twitter thread, he shared his best of Bitcoin (BTC) education while welcoming the Bitcoin class of 2022.
As a Class of 2021 #Bitcoin-er, I would like to unofficially-officially welcome the Class of 2022. Buckle up for a legacy impacting journey. First things first: it is critical that you to develop a proper framework regarding #BTC. Attached is your required reading list. Thread
— U.S. Olympian Johnny Quinn (@JohnnyQuinnUSA) February 2, 2022
As well as instructing his fans to digest his reading list, “no excuses. Get it done;” Quinn says that “under no circumstance do you take orders from the mainstream. They are confused.”
He backs his statement with a swathe of media reports and headlines from September 2017 onwards showing large institutional players such as Visa, JPMorgan and Goldman Sachs making a U-turn on Bitcoin.
The most potent 180-degree switch is Jamie Dimon’s JPMorgan. From the CEO lambasting Bitcoin in 2017, the world's largest investment bank now promotes Bitcoin as an investment vehicle:
Exhibit A - SEE PICTURE
— U.S. Olympian Johnny Quinn (@JohnnyQuinnUSA) February 2, 2022
Source (top): https://t.co/eAEnUZtSRm
Source (bottom): https://t.co/VdbpUUO2JK pic.twitter.com/p9fjURpyNl
In a word to the wise, the Olympian also suggests avoiding “moon-boys.” Typically cryptocurrency YouTubers and influencers, moon-boys encourage risky trading techniques in the pursuit of Lamborghinis; or more recently, showing off an NFT to their followers. Instead, Quinn suggests:
“Dollar cost averaging your Bitcoin position with a long time horizon (not using leverage) is the play.”
Quinn joins a budding list of Bitcoiner sports bros. From NFL stars and NBA champions taking their annual salaries in Bitcoin, to humble Bedford football (soccer) club putting “Bitcoin at its heart;” the competitive world of sports is a hotbed for Bitcoin adoption.
Related: Touchdown! Goal! Knockout! Crypto and sports collide in 2021
Quinn began tweeting about Bitcoin in early 2021, completing one of Michael Saylor’s “Bitcoin for everybody” online courses in Autumn last year. He has since become a vocal supporter of Bitcoin, while indubitably overlapping with self-promotion.
The Twitter thread by “Coach Quinn, Bitcoin Class of 2021,” was well received by the Bitcoin Twitter community, as well as his 19,000 followers. Founder of U.S.-based Swan Bitcoin, Cory Swan, retweeted the thread saying it’s a “great thread for Newcoiners!”
US Still Dominates Bitcoin Mining Sector, 30-Day Stats Show Foundry USA Takes Top Pool Position
Since the Cambridge Bitcoin Electricity Consumption Index (CBECI) project updated its mining map in mid-July, the United States has continued to dominate in terms of the amount of hashpower worldwide. Moreover, data shows that Foundry USA has managed to command the top pool position with 755 bitcoin block rewards mined during the last 30 days. […]Canadian Bitcoin platform Shakepay raises $35M in Series A funding
Bitcoin startup Shakepay raised $35 million ($44 million CAD) in Series A funding round, valuing the company at $251 million.
It’s another shake-up for the finance industry as Montreal-based Bitcoin (BTC) startup Shakepay raised $35 million from investors. The fresh funding from the United States-based venture capital firm QED Investors values the company at $251 million.
Founded in 2015, Shakepay allows Canadians to buy and sell BTC and pay their friends. It also supports the purchase of Ether (ETH).
The startup aims to use the funds to consolidate growth, focus on bringing on additional products to market such as the recently launched Shakepay Visa Prepaid Card, and expand the team.
Speaking to Cointelegraph, ShakePay CEO Jean Amiouny said:
Shakepay’s seen demand boom for adopting Bitcoin and we’re really excited about this raise to be able to offer more Bitcoin products to our fellow Canadians."
The funding supports a swathe of encouraging stats for 2021. The company surpassed $6 billion in total volume reaching more than 900,000 customers last year.
According to the Shakepay blog, the company reached 1% of Canada’s population, or 380,000 people, in March last year and 2% of the population in November. The company grew its userbase by 381% in 2021.
Canada is increasingly becoming pro-Bitcoin. A recent survey showed that 62% of Canadians want to get paid in crypto by 2027, while a Bitcoin ETF launched in Canada late last year.
For Shakepay, it’s all about retail adoption, as the group seeks to make “it easy for Canadians to buy and earn the soundest money to ever exist: Bitcoin.”
Related: Canadian restaurant chain reports earning 300% gains on BTC investment to weather pandemic
Jean Amiouny illustrated the company’s vision in the official announcement:
With our Series A funding, Shakepay is excited to welcome QED Investors, who have deep experience in the financial technology industry, and who will support the continued growth of Shakepay’s vision to be a leader in financial applications that help Canadians achieve financial wealth through investing in bitcoin.”
Canadian restaurant chain reports earning 300% gains on BTC investment to weather pandemic
“We keep a working capital for about three to six months in cash, and then the rest all goes into Bitcoin,” said co-owner Aly Hamam.
More than a year after a Canada-based Middle Eastern restaurant chain converted its fiat cash reserves into Bitcoin, the owner reported the move helped save the business during the pandemic.
According to a Tuesday report from Canadian news outlet Toronto Star, when Tahini’s restaurant owners Aly and Omar Hamam and their cousin Ahmed decided to convert the company’s savings into Bitcoin (BTC) in August 2020 because it offered “a much better alternative to saving cash,” the price of the crypto asset was roughly $12,000. Aly Hamam reported the business had benefited from the initial crypto investment.
“We made the move to the corporate balance sheet on a Bitcoin-standard back in August of 2020, and since then, we’re up more than 300 percent on our initial investment,” said Hamam. “It’s really done its job of protecting us against inflation and it worked as we intended it to.”
The BTC price rose to an all-time high of more than $67,000 in November before dropping to $41,729 at the time of publication. Despite the company’s sales dropping 80% in a week at the start of the pandemic, Hamam said the crypto investment had allowed them to expand from three restaurant locations to nine at a time when many in the industry are facing financial difficulties, and it planned to increase that number to up to 25 by the end of the year.
“We keep a working capital for about three to six months in cash, and then the rest all goes into Bitcoin,” said Hamam. “So, whenever we have an expansion, we’re not forced to sell our Bitcoin to fund that expansion. We try to operate conservatively, where we never have to sell our Bitcoin and we just keep accumulating on our treasury.”
#Bitcoin is hope for both big and small businesses alike
— Tahinis Restaurants (@TheRealTahinis) January 19, 2022
None of Tahini’s locations in Ontario currently accept BTC or other cryptocurrencies for payments, but they are each home to a Bitcoin ATM, allowing patrons to purchase tokens before, during, or after meals. At the time of the initial investment — the amount of which is still unclear — Hamam hinted the business would continue to use Bitcoin as a reserve asset indefinitely if there wasn’t “a need for fiat.”
“We’re going to continue to strive to make the best food that we can… and with Bitcoin, we’re also wanting to help people financially.”
Related: Landry’s Restaurant Group to introduce Bitcoin loyalty program
While restaurants like Tahini’s don’t seem to be the target of regulators in the Canadian province, it isn’t always the same story with local crypto firms. The Ontario Securities Commission has cracking down on crypto exchanges operating in the region, including Binance, OKEx, Bybit, KuCoin and Polo Digital Assets. On Jan. 14, Bitfinex announced it would be closing the accounts for Ontario-based customers who have no balances on the platform, while many users “will no longer have access to any services” starting on March 1.
Crypto Exchange Bitfinex Stops Servicing Ontario Customers, Asks Users to Withdraw Funds
Cryptocurrency exchange Bitfinex has asked its Ontario users to withdraw their funds since they will no longer have access to any services offered by Bitfinex in March. Bitfinex Stops Providing Services to Ontario Customers Crypto exchange Bitfinex announced Friday that it is making changes to the services it provides to Ontario customers. Effective immediately, the […]Bitfinex advises Ontario-based users to close accounts before March 1
The Ontario Securities Commission has been responsible for cracking down on crypto exchanges operating in the region, including Binance, OKEx, Bybit, KuCoin and Polo Digital Assets.
In a Friday announcement, Bitfinex said it would be immediately closing the accounts for Ontario-based customers who have no balances on the platform. In addition, it planned to restrict access to those who do not have open positions in the exchange’s peer-to-peer financing market or open margin positions.
Users who have balances or open positions on Bitfinex and are one of the roughly 15 million residents of Ontario — which includes Toronto and the nation's capital city of Ottawa — “will no longer have access to any services” starting on March 1. The exchange advised customers to withdraw funds before the effective date.
Though Bitfinex did not mention the Ontario Securities Commission, or OSC, the region’s financial watchdog has been responsible for cracking down on crypto exchanges operating in the area, including OKEx, Bybit, KuCoin and Polo Digital Assets. In December, the OSC issued a notice that Binance was not authorized “to offer trading in derivatives or securities to persons or companies located in the province” after the crypto exchange reportedly told its users it would be able to continue offering services in the region. Binance reportedly said there was a miscommunication on the issue.
Related: Amid ongoing legal proceedings, Bitfinex announces Tether loan repayment
Bitfinex has also been the target of U.S. regulators. In October, the Commodity Futures Trading Commission fined the crypto exchange and its sister company Tether $42.5 million, with Bitfinex allegedly facilitating “illegal, off-exchange retail commodity transactions in digital assets with U.S persons.” The Office of the New York Attorney General previously ordered the two firms to pay $18.5 million in damages and submit to periodically reporting on their reserves.
Crypto exchange Bitfinex has announced users based in the Canadian province of Ontario will no longer have access to many of its services starting on March 1.
Bitfarms purchased more than $43M in Bitcoin to start the new year
“Our guiding company strategy at Bitfarms is to accumulate the most Bitcoin for the lowest cost and in the fastest amount of time for the benefit of our shareholders,” said founder and CEO Emiliano Grodzki.
Canadian crypto mining firm Bitfarms has already bought 1,000 Bitcoin in 2022, making its total holdings of the crypto asset more than $177 million.
In a Monday announcement, Bitfarms said it purchased 1,000 Bitcoin (BTC) for $43.2 million in the first week of January, roughly the same amount the company added to its treasury in both the third and fourth quarters of 2021. According to the mining firm, it currently holds more than 4,300 BTC as of Jan. 10, roughly $177 million at a price of $41,183.
“Our guiding company strategy at Bitfarms is to accumulate the most Bitcoin for the lowest cost and in the fastest amount of time for the benefit of our shareholders,” said Bitfarms founder and CEO Emiliano Grodzki. “With the dip in BTC while mining hardware prices remain high, we seized the opportunity to move cash into BTC.”
Increased our #Bitcoin holdings 30%
— Bitfarms (@Bitfarms_io) January 10, 2022
More Info: https://t.co/xCcIUHkWsU
$BITF #BTC #BitcoinMining #Blockchain #NasdaqListed pic.twitter.com/zNz54ps5HK
In November, the mining firm announced its intention to build its first data center in the United States following the purchase of a land plot in Washington State. The company’s websites states Bitfarms has a total mining capacity of 106 MW at the time of publication producing 2.2 exahashes per second. According to Grodzki, it aims to raise this rate by more than 260% by the end of the year, to 8 EH/s.
Related: Bitfarms estimates Argentine facility will reduce BTC mining costs by 45%
While many in the media still cite the potential environmental impact of crypto mining, Bitfarms claims its facilities in Canada are powered almost entirely by hydroelectric energy. The firm currently has 10 mining farms in operation or under development in countries including the United States, Argentina and Canada.
According to data from Cointelegraph Markets Pro, the price of BTC fell under $40,000 earlier today for the first time since September before returning to more than $41,000.
Kevin O’Leary-backed WonderFi to buy Bitbuy parent company for $162M
WonderFi, backed by Canadian billionaire Kevin O'Leary, is looking to increase its footprint in Canada with the acquisition of regulated crypto exchange Bitbuy.
Kevin O’Leary-backed decentralized finance (DeFi) platform WonderFi Technologies is increasing its footprint in Canada by buying the first regulated crypto exchange in the country.
WonderFi agreed to pay close to 206 million Canadian dollars ($162 million) to acquire First Ledger Corp., the parent company of BitBuy. WonderFi aims to become an end-to-end consumer platform for crypto and DeFi, according to the official announcement.
Founded in 2016, Bitbuy became a fully-regulated crypto exchange in Canada after being licensed by the Ontario Securities Commission last November. The platform has over 375,000 users who transacted more than $3.4 billion. The announcement states that Bitbuy generated over $24 million in revenue in the twelve months ending Sept. 30, 2021.
The transaction details revealed that WonderFi would fund the acquisition by issuing 70 million new shares and paying $15.7 million in upfront cash and $23 million in deferred cash via a vendor-takeback note due in 12 months. “WonderFi will retain substantially all current Bitbuy employees and enter into employment agreements with key members of the management team,” the announcement reads.
Related: Binance gets the green light from Canada and Bahrain
Highlighting the importance of a licensed marketplace as a gateway to the digital asset economy, WonderFi CEO Ben Samaroo said:
“The integration of Bitbuy’s product suite will accelerate and expand the reach and scope that WonderFi can offer to the market, and will drive long-term growth and value for the company.”
Kevin O’Leary, a former Bitcoin (BTC) critic who turned to a crypto advocate, commented that the acquisition would enable two teams to “have the bandwidth, assets and licenses to provide an institutional-grade compliant crypto platform to investors interested in exposure to centralized and decentralized financial services.”
In an exclusive interview with Cointelegraph, the Shark Tank celebrity said if stablecoin regulations become more precise, he'd b ready to increase his crypto allocations up to 20%. O’Leary is more interested in the U.S. dollar-pegged stablecoins as he sees them as an effective hedge against rising levels of inflation.