Kraken Crypto Exchange to Shake Up Traditional Banking With its Own Bank for Digital Assets

March 16, 2023 at 13:36 PM EDT

Kraken, a well-known cryptocurrency exchange, has expanded into the banking industry with the introduction of Kraken Bank, aimed at providing banking services for digital currencies. Kraken Bank was made for digital currencies using the Wyoming Special Purpose Depository Institution (SPDI) framework, which is meant to help the bank put asset custody and safety first. The Federal Deposit Insurance Corporation (FDIC) will not cover the investments, but all of the assets will be available as cash or the least risky, most liquid cash equivalents. Kraken also says that its bank will make it easier for clients to use digital assets by making the connection between crypto and the traditional financial system “more seamless.” The launch of Kraken Bank comes at a time when regulators are cracking down on the entire market, making fully regulated platforms like INX Digital Company (NEO:INXD) (OTCQB:INXDF) stand out. Crypto mining companies like Riot Platforms, Inc (NASDAQ:RIOT), Hut 8 Mining Corp. (TSX:HUT) (NASDAQ:HUT), Hive Blockchain Technologies Ltd. (TSX.V:HIVE) (NASDAQ:HIVE), and Marathon Digital Holdings, Inc. (NASDAQ:MARA) aren’t exempt from the crackdown, with US regulators now calling for greater transparency on crypto mining emissions.

INX Digital Company (NEO:INXD) (OTCQB:INXDF), a broker-dealer and inter-dealer broker, just announced its full support of the Polygon Blockchain for secondary listings on INX.One, the first fully regulated digital asset trading platform for both cryptocurrencies and security tokens. Adding Polygon to its alternative trading system (ATS) is another milestone in INX’s vision to pioneer a new digital economy.

“As INX’s global issuer and investor community expands in size and in requirements, we are responding by delivering access to multiple, high-performing blockchains,” said INX Digital founder & CEO Shy Datika. “Polygon is well-positioned among leading blockchain providers, supporting Web3 technology for millions of users, while enabling even greater choice for our robust line up of security token issuers on the INX.One platform.”

Three days prior, INX announced that Hashrate Asset Group (HAG) will be listing the HAG Bitcoin mining security token on INX.One, adding to the multiple token offerings already listed on the breakthrough platform. The HAG Bitcoin mining security token is the first in the bitcoin mining space under Reg D/S filing to the SEC and offers eligible investors the option to invest in Bitcoin through hashrate ownership with the compliance and security of INX Digital’s regulated platform.

INX had $25.8 million in cash and cash equivalents, $8.7 million in short-term and long-term assets and a reserve fund totalling $36 million in the third quarter of 2022. The majority of the short- and long-term investments are held in investment-grade corporate bonds and Treasury securities issued by the US government.

During the quarter, INX took major steps to set up cutting-edge technologies that will help create a new and responsible digital economy. It also made new, strategic international alliances and started a lot of different pioneering projects to expand the company’s offerings and reach, improve brand recognition, and boost sales in the future.

For more information on INX Digital Company (NEO:INXD) (OTCQB:INXDF), please visit this link.

Crypto Miners Report Production Updates for February 2023

In February 2023, Riot Platforms, Inc (NASDAQ:RIOT) produced 675 BTC, which is about a 55% increase from the 436 BTC it made in February 2022. As of February 28,2023, Riot had about 7,058 BTC, all of which came from the Company’s own mining operations. Riot sold 600 BTC, generating net proceeds of approximately $14.2 million. As of February 28,2023, Riot had a fleet of 87,264 miners with a hash rate capacity of 9.8 exahash per second (EH/s). This doesn’t count the 17,040 miners that aren’t working because of damage to Building G caused by Texas’s harsh winter weather in late December.

In February, Hut 8 Mining Corp. (TSX:HUT) (NASDAQ:HUT) generated 156 Bitcoin. There were roughly 5.6 Bitcoin produced every day on average. The 188 bitcoins produced in January 2023 were sold in February 2023. As of February 28, there were 9,242 Bitcoins held in reserve overall. As stated in the Company’s release from February 7, 2023, Hut 8 anticipates selling its February’s Bitcoin production to cover operating expenses. By the conclusion of the month, the installed ASIC hashrate capacity at the Company’s Alberta facilities was 2.5 EH/s. In February, Hut 8 produced 62.4 BTC/EH.

At an average hashrate of 2.75 EH/s for the month of February 2023, Hive Blockchain Technologies Ltd. (TSXV:HIVE) (NASDAQ:HIVE) generated 250 Bitcoin through ASIC and GPU mining operations, or 91 Bitcoin per EH on average. HIVE mined at its maximum rate of 3,080 PH/s in late February, achieving its 3 EH/s goal. HIVE had a mining capacity of 2.81 EH/s at the end of the month. To date, HIVE has put in more than 4,200 BuzzMiners. In order to enhance the total hashrate, HIVE continues to deploy the over 5,600 Buzzminers that have been sent to its data centers. The company anticipates receiving a total of 645 BuzzMiners in the upcoming two months, making 6,300 BuzzMiners powered by the Intel Blockscale ASIC available for starting production. HIVE is the first business in the world to use the Intel Blockscale ASIC to power thousands of its own Bitcoin ASIC miners for commercial mining operations.

Around 18,800 Bitcoin miners (about 2.2 EH/s) were energized by Marathon Digital Holdings, Inc. (NASDAQ:MARA) in February. This included 3,900 S19 XPs (about 0.5 EH/s) in Granbury, Texas (Wolf Hollow), and 3,800 S19 XPs (about 0.5 EH/s) in Jamestown, North Dakota. So, by March 1, 2023, the Company’s working fleet had grown to about 90,000 Bitcoin miners, each of which, according to the manufacturer’s standards, could theoretically produce about 9.5 EH/s. In February, all of the miners from Marathon were set up at the Applied Digital facility in Garden City, Texas. Also, 4100 Marathon S19 XPs were put in place at Applied Digital’s factory in Ellendale, ND, over the course of the month.

INX Digital Company launched at the end of the third quarter INX.One, the first completely regulated platform in the world which combines trading in cryptocurrencies and security tokens with capital raising services and offers chances to invest in initial primary and secondary security token offerings.

Featured Image MegaPixl @ Elnur

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