Get a daily bite-sized digest of blockchain and cryptocurrency news and investigate the stories flying under the radar in today’s news.
In today’s edition:
- Court rules virtual currency mining company cannot force BC Hydro to supply electricity
- YouHodler receives registration as a virtual asset service provider from the Bank of Spain
- Tether leads Oobit’s $25 million Series A funding round
Court rules virtual currency mining company cannot force BC Hydro to supply electricity
Conifex Timber Co., Ltd.A forestry company that operates a virtual currency mining business has lost a court battle aimed at enforcement. BC Hydroa Canadian power company in British Columbia to provide the electricity it needs for its operations, the National Post reported.
In December 2022, the state government decided to suspend new connections for cryptocurrency mining for 18 months. Conifex Timber wanted the policy to be declared invalid.
The court upheld the government’s rights, saying the measure was “reasonable” and not “unfair discrimination.”
Conifex Timber said Monday it was “disappointed” with the court’s decision and was considering an appeal.
“Conifex is committed to improving energy affordability, accelerating innovation, strengthening the reliability and resilience of British Columbia’s electricity grid and achieving a more inclusive economy,” the statement said. “We continue to believe that the state government is missing out on some opportunities that could have been available.” growth. “
BC Hydro released the report before the provincial government suspended new transmission. He argued that electricity demand from crypto mining operations will challenge clean energy and electrification goals.
The court’s ruling said connection requests from B.C.’s cryptocurrency miners over the past few years have “far exceeded” BC Hydro’s expectations.
Additionally, the moratorium states that “dedicating a large portion of the available electricity supply to one industry could reduce energy available for other uses, thereby increasing costs for all other residential and industrial customers.” “This is in response to the very real prospect that there will be sexual harassment.” B.C”
YouHodler receives registration as a virtual asset service provider from the Bank of Spain
Switzerland-based Web3 fintech platform you hodler Register as a Virtual Asset Service Provider (VASP) bank of spain.
According to a press release, YouHodler can now offer a range of Web3 financial services to individual and corporate users in Spain. It is fully compliant with the country’s anti-money laundering (AML) and counter-terrorist financing (CTF) regulations.
The completion of the VASP registration “complements the company’s existing authorizations and licenses across the EU, particularly before the Market in Cryptocurrency (MiCA) Regulation comes into force.”
YouHodler’s suite of Web3 fintech services is available in more than 60 countries, the company said. Designed to enable seamless connectivity between fiat and cryptocurrency financial services.
The platform provides tools that help investors take advantage of market volatility. Additionally, he also provides support for instant credit cards, bank withdrawals, and over 50 coins as collateral.
The company said this is in addition to its enterprise solutions. These enable businesses such as cryptocurrency exchanges, digital wallets, and retail digital payment providers to scale their services with the support of YouHodler’s technology.
Tether leads Oobit’s $25 million Series A funding round
USDT issuer tether Announced investment in mobile payment application orbit.
According to a press release, the Series A funding round closed with $25 million raised. This is used to support the goal of mainstream adoption of cryptocurrencies.
The round was led by Tether’s investment arm and included participation from the following companies: CMCC Global’s Titan Fund, 468 Capitaland Solana Co-founder Anatoly Yakovenko and others.
Oobit’s mobile payments app allows crypto holders to tap and pay at over 100 million retail stores worldwide. visa and master Card. Therefore, merchants can easily adopt digital assets as a payment method, the statement said.
An upcoming update to Oobit will allow customers to pay with cryptocurrencies and merchants to seamlessly receive fiat currencies instead.
The Oobit app is Apple App Store and google play. Users can connect this to Oobit’s native blockchain wallet to enable payments via USDT. BTCand other digital assets.