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Crypto news this week - February 8

Team Luno
2 minute read

Buckle up and get ready for the ride: we’re onto the third episode of our Crypto News RoundUp. What’s that? It’s our fortnightly video segment in which we cover the latest in regulation and hot topics within the crypto-world.

If you missed the first two episodes, subscribe to the #LunoTV channel to make sure you never miss out again.

In this episode, we cover regulation news in India, the QuadrigaCX debacle, and a jaw-dropping nine-figure acquisition involving a San Francisco-based crypto trading platform.

Let’s dive right in.

From India to the USA

The Indian government approached a local law firm to propose crypto-specific regulation following the firm’s submission of a suggested regulatory framework. The suggestions seem positive: avoiding prohibition, taking a balanced approach and options for self-regulation in the industry, amongst others.

Wyoming, in the United States, recently passed a bill to recognise cryptocurrency as legal tender in an attempt to clarify the classification of cryptocurrency.

That’s a lot of cheese

On Saturday, CNN reported that Canada’s biggest crypto exchange, QuadrigaCX, lost more than USD 190 million in funds stored in both crypto and fiat as the CEO, Gerald Cotten, who had sole control over the funds, passed away. According to several reports, it seems QuadrigaCX may still have access to the cryptocurrency funds, a supreme court has granted 30 days to locate the missing funds. This case really brings to light the need for clearer regulation in the crypto space.

On a lighter note, Kraken, the San Francisco-based cryptocurrency trading platform, has acquired UK Crypto Derivatives Trading Platform and Index Provider, Crypto Facilities. The specific value of the deal is not known but reports are suggesting it’s a nine-figure deal.

The Internet is getting a currency?

Appearing on the Joe Rogan Experience Podcast, Jack Dorsey, CEO of Twitter and Square, has again emphasised his beliefs that the Internet will eventually have a currency, which he thinks will most likely be Bitcoin. Tune into the Joe Rogan podcast, it’s packed full of goodies - it’s one of our team’s favourites.

#AskLuno

You asked, and we listened.

"Any plans on deploying BTC ATMs in South Africa?"

Great question. We do get excited when we see Bitcoin logos on anything, and the idea of Bitcoin cash machines is an interesting one. What we’ve found is that the Luno community are actually really excited about going cashless so we haven’t had many customers ask for this - and the majority do prefer to use bank transfers. There are a couple of Bitcoin ATMs floating around if you are looking for one.

We hope you enjoyed this week’s RoundUp - let us know what you thought of the episode by reaching out to us on Twitter or directly on YouTube. Join the conversation #AskLuno on social media.

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Author

Team Luno

On our way to the moon, we write about all things crypto. And don’t forget we’re humans too. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose. Want to let us know how much you love our blog? Tweet us @lunomoney.

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