Korea’s Largest Bank No Longer Crypto-Averse; Coinbase Card Hits Six More Countries

The top daily news from the cryptocurrency and blockchain space:

  • Korea’s largest bank working on cryptoasset custody service.
  • Coinbase Card expands to six more European nations.
  • CryptoCompare teams up with Nasdaq on cryptoasset pricing product.

At the time of writing, bitcoin (BTC) and ether (ETH) are trading at $7,971.1 (+0.2%) and $248.1 (+1.0%), respectively. As for the MVIS CryptoCompare Digital Assets 10 Index, it is currently tracking at 3,936.5 (+0.7%).

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Korea’s Largest Bank Working on Digital Asset Custody Solution

KB Kookmin Bank, the largest bank in South Korea, is preparing to enter the crypto custody space, reported CoinDesk Korea, after having signed a strategic business agreement with blockchain startup Atomrigs Consulting.

The announcement is particularly notable, given that KB was one of the banks that “were reluctant towards providing crypto exchanges with banking services several years ago,” tweeted Joseph Young, one of the crypto industry’s most recognized analysts.

Both KB and Atomrigs will explore various other blockchain- and crypto-related business opportunities moving forward, also.

Coinbase Card Now in Six More European Countries

Top-tier cryptocurrency exchange Coinbase is launching its Visa debit card in six more European countries, CNBC reported. The expansion follows a successful debut in the U.K. roughly two months ago.

Known as Coinbase Card, the solution allows Coinbase users to spend cryptocurrencies like bitcoin (BTC), ether (ETH), and litecoin (LTC) in stores and online at any merchant that accepts Visa.

The six European countries Coinbase Card is now available in are Spain, France, Germany, Ireland, Italy, and the Netherlands. Regarding a would-be U.S. expansion for the card, Coinbase U.K.’s chief executive Zeeshan Feroz told CNBC the team “will be looking at all [its] key markets including the U.S.” For Coinbase to make the move, it firstly “needs to find the right banking partners,” the article explained.

CryptoCompare Partners with Nasdaq on Cryptocurrency Pricing Product

Leading provider of cryptocurrency data and indices, CryptoCompare, announced a strategic partnership with financial services giant Nasdaq to launch a new cryptocurrency pricing product: ‘Nasdaq/CryptoCompare Aggregate Reference Prices’.

The product will be made available on the Nasdaq-owned platform Quandl, a solution self-described as a “premier source for financial, economic, and alternative datasets, serving investment professionals.” The data set – which is delivered daily with an intraday data frequency – covers more than 140 of the most of liquid cryptoasset trading pairs.

Crypto Mining Hardware Manufacturer Canaan Downgrades IPO Target to $100 Million

Michael LaVere
  • Crypto mining manufacturer Canaan Creative has downgraded its IPO target price to $100 million.
  • The previous initial public offering filing had a target price of $400 million. 

Crypto mining machine manufacturer Canaan Creative has updated the terms of its initial public offering (IPO) filing to list shares on a U.S. stock exchange, which includes downgrading its target raise to $100 million. 

According to the updated filing with the U.S. Securities and Exchange Commission (SEC), Canaan has downgraded its IPO from an original target of $400 million to $100 million. The IPO was first announced at the end of October, with Canaan looking to succeed in the launch of a public offering where it’s crypto mining rig competitor Bitmain had previously failed. 

The new filing states that Canaan is aiming to offer 10 million American depositary shares at a price of between $9 and $11 per share. The updated IPO price also pegs Canaan’s diluted market value at around $1.5 billion. Last week it was reported that Canaan had generated a Q3 profit of $13 million, compared to a total net profit of $8.3 million for all of 2018.

Assuming the IPO is a success, Canaan would become the first major bitcoin mining rig manufacturer to go public in the traditional stock market. 

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