Chainalysis expects to raise $100 million, PayPal buys 70% of new mined BTC and Coinbase suspend margin trading

Photo by André François McKenzie on Unsplash

Chainalysis expects to raise $100 million

Blockchain analysis firm Chainalysis confirmed it expects to raise $100 million. The Series C are led by Tiger Global alum Lee Fixel’s newly founded venture capital firm, Addition and is expected to be joined by previous investors Accel, Benchmark, and Ribbit.

Chainalysis is known for their detailed analysis of the blockchain of Bitcoin and other cryptocurrencies. They track UTXO’s and payments and label the shadowy transactions for governments, exchanges and institutions.

In addition to helping the U.S. Department of Justice track down more than $1 billion worth of bitcoin and other cryptocurrencies that was seized earlier this month, Chainalysis now counts 350 total customers.

Source: Forbes

PayPal buys 70% of new mined Bitcoin

According to Pantera’s analysis, PayPal is buying a lot of Bitcoin in the market. If you comapre this to the newly mined and/or issued BTC, this percentage is about 70%, since the third week of October.

They compete with Square, known for the Cash App, and asset manager Grayscale, known for the GBTC trust.

According to Pantera, PayPal and Square collectively purchase more than 100% of fresh bitcoin in the market. As is known, approximately 900 fresh bitcoins come onto the market per day, which is approximately 6,300 BTC per week.

Coinbase will suspend all margin trading

Crypto exchange Coinbase plans to end all margin trading, due to recent regulations by the Commodity Futures Trading Commission (CFTC).

The trading platform announced Tuesday that it would prevent customers from placing new margin trades beginning at 2 p.m. PT (22:00 UTC) on Wednesday, while simultaneously canceling any open limit orders.

The exchange pointed to “recent guidance” from the CFTC, referring to the Commission’s March guidance around “actual delivery” of digital assets as the reason for this decision, but didn’t specify which aspect of the guidance led to the move.

Coinbase says that it is difficult, if not impossible, for it to comply with a CFTC requirement that neither it nor any affiliated entity can have any sort of control over a cryptocurrency once it’s been delivered in accordance with the terms of a margin contract.

Source: CoinDesk

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