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Shiba Inu, Dogecoin now accepted by U.S-based real estate logistics firm via BitPay
Shiba Inu, Dogecoin and other cryptocurrencies supported by BitPay are now accepted by NOYACK Logistics Income (NLI), a REIT investing in supply chain real estate. REIT is a term that refers to a company that owns and operates income-producing real estate or related assets.
#NOYACK Logistics Income (NLI) becomes first REIT to accept cryptocurrency via partnership with BitPay Learn more: https://t.co/z1dJykM7dZ#cryptocurrency #blockchain #reits #supplychain
— BitPay (@BitPay) March 17, 2022
This partnership with BitPay would enable investors to fund their commitment with Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Shiba Inu (SHIB), Wrapped Bitcoin (WBTC) and five USD-pegged stablecoins (BUSD, DAI, GUSD, USDC, and USDP), thus supporting crypto adoption.
Stephen Pair, CEO of BitPay, stated in a release that the partnership was birthed as a result of more investors seeking to move cryptocurrency allocations into physical assets like real estate.
According to Shibburn, more than half a billion SHIB have been burned over the past 24 hours. As seen on the website, a whopping 598,032,837 SHIB have been burned with the burn rate increased by more than 1,892%.
U.Today previously reported that an anonymous crypto whale has purchased an astounding 271,370,420,624 SHIB worth roughly $6,143,035 at the time of the acquisition.
Since March 17, when the token managed to reach a local peak of $0.00002281, the SHIB price dropped 2.25%, trading at $0.00002192 at the time of writing.
Shiba Inu continues to consolidate in a tight range, hinting that a major price movement might be underway.
Many individuals have joined IRA Financial Trust with the dream of establishing a secure future in cryptocurrency.
But it did not turn out the way they expected. A number of users reportedly lost their hard-earned retirement funds as a result.
Multiple news sites reported Tuesday that the South Dakota-headquartered IRA Financial Trust — a registered financial company that offers self-directed retirement accounts — has become the latest victim of a well-executed hack that resulted in the loss of $36 million in cryptocurrency.
Several accounts, according to reports, had unusual activity, as noticed by the financial tech startup.
Additionally, the hacker stole approximately $21 million worth of Bitcoin, followed by $15 billion worth of Ethereum.
IRA Financial partnered with Gemini Trust Co. — which has lately been under fire from the US Securities and Exchange Commission — to offer crypto buying services to their consumers.
IRA is one of a select few businesses that manage their retirement account services on top of Gemini’s institutional trading and custody platform.
Gemini Trust is the crypto exchange owned by the Winklevoss twins, Tyler and Cameron.
The IRA said in a statement on Feb. 9 that it discovered suspicious activities affecting a small percentage of its customers who have accounts on the Gemini cryptocurrency exchange.
BTC/USD at $44267 in the daily chart | Source: TradingView.com
Related Article | BitMart Leaves Users On Read As Victims Of Hack Await Refunds
Gemini disclosed that that company was not hacked; nonetheless, the IRA has recognized an event occurred and is conducting an investigation.
“Immediately upon discovery, we initiated an investigation and notified state and federal law enforcement,” IRA stated.
Individual retirement accounts (or IRAs) are tax-advantaged savings vehicles available to employees in the United States, who can deduct their contributions from their taxable income.
For example, if a person earns $60,000 but contributes $5,000 to an IRA, he or she is taxed on only $55,000; people pay taxes only when money are withdrawn.
Investments in bonds, equities, and mutual funds are permitted in IRAs, but not in digital currencies.
Meanwhile, the victims claim they are locked in a maze of contradictory facts that only serve to complicate an already perilous scenario.
Even the most basic data – the number of compromised accounts and who will cover their losses – remain unknown.
The year 2022 has only recently unfolded, and a handful of successful hacks have already been successfully carried out.
On the other hand, according to Cryptonary’s recent compilation of DeFi attacks, December of last year was one of the worst months for decentralized finance platforms.
Since 2019, IRA Financial has assured customers that their retirement assets are secure in its institutional accounts on Gemini.
Related Reading | What Went Wrong In The Crypto.com (CRO) Hack? Experts Weigh In
Featured image from Cryptonary, chart from TradingView.com
In the IPO filing, Stronghold noted that with the fundraising, it will purchase an additional 27,300 crypto miners to expand its operations and increase its hash rate.
Amid the recent crackdown by China on Bitcoin miners, the US is emerging as the next big market. Stronghold Digital Mining, the Pennsylvania-based Bitcoin miner is now willing to raise $100 million through an initial public offering (IPO).
The company filed its S1-form on Tuesday, July 27, with the US Securities and Exchange Commission (SEC). Under the ticker of SDIG, the firm is also willing to list its Class A stock on the Nasdaq exchange.
Stronghold specializes in converting coal mining leftovers like waste coal into power used to mine Bitcoin. Pennsylvania regulators also qualify waste coal as an alternative energy source on par with hydropower. Thus, Stronghold already addresses the issue of carbon footprint and conducts clean energy operations for Bitcoin mining. In its prospectus, the firm noted:
“We are committed to generating our energy and managing our assets sustainably, and we believe that we are one of the first vertically integrated crypto asset mining companies with a focus on environmentally-beneficial operations. Simply put, we employ 21st century crypto mining techniques to remediate the impacts of 19th and 20th century coal mining in some of the most environmentally neglected regions of the United States”.
In the S1-filing with the US SEC, Stronghold said that it operates nearly 1800 crypto asset mining computers. These resources cater to the hash rate capacity of roughly 85 petahash per second (PH/s). Since April 1, 2021, the company has also joined hands with several suppliers to purchase an additional 27,300 crypto miners. Thus, it seeks to push its total hash capacity to 2,600 PH/s.
The filing also notes that Stronghold will expand its operations to additional generation facilities processing waste coal. The firm also noted:
“We intend to house our miners at the Scrubgrass Plant, the Panther Creek Energy Facility (the “Panther Creek Plant”), a coal refuse power generation facility that we have under contract to purchase (subject to customary closing conditions and regulatory approvals), and an additional coal refuse power generation facility (the “Third Plant”) that we have under a letter of intent to purchase”.
Back in June 2021, Stronghold raised a massive $105 million in a funding round backed by family offices. Previously, Stronghold CEO and co-chairman, Greg Beard has also worked for the billion-dollar alternative investment management firm Apollo Global Management.
The IPO market in the US remains pretty much heated for this year. As CoinSpeaker reported, the American IPO market will end up this year at a record milestone. On the other hand, with Coinbase going public early in April 2021 more firms in the crypto space are coming forward to launch an IPO.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.