Bitcoin Miner CleanSpark to Launch In-House Trading Desk

Hi NoRamp Community,

Daily News:

1) OKX Implements New Rules for UK Users

2) Avalanche Foundation to Purchase Meme Coins as Part of Culture Drive

3) Bitcoin Miner CleanSpark to Launch In-House Trading Desk

4) FinTech KindCard Set to Purchase Banking Platform OpenTransact

5) Webull Expands Brokerage Services Into Canada

OKX Implements New Rules for UK Users:

• OKX is updating its user experience for UK customers, requiring them to complete investor questionnaires and risk assessments in response to new crypto marketing regulations by the Financial Conduct Authority (FCA), effective January 8, 2024.

• The cryptocurrency exchange is adopting these measures to promote responsible trading and align with the FCA's recent rules, including clear risk warnings, fair and transparent marketing, and a 24-hour cooling-off period for new users.

• The regulatory changes are leading various crypto firms to adjust their operations in the UK, with OKX reducing its token offerings and emphasizing risk awareness, while others like Binance and ByBit modify their services or halt operations to comply with the new regulations.

AVAX Foundation to Purchase Meme Coins as Part of Culture Drive:

• The Avalanche Foundation is considering investing in meme coins as part of its broader strategy to embrace various niches in the cryptocurrency market, acknowledging the cultural and community impact of these tokens.

• The foundation's selection criteria for meme coin investments will include factors like holder count, liquidity, project maturity, fair launch principles, and social sentiment, aiming to create a curated collection of Avalanche-based meme coins.

• Despite skepticism from blockchain purists, the rise of meme coins like Dogecoin and Shiba Inu and their impact on network activity, as seen with BONK on Solana, highlights their growing influence and potential in diversifying the crypto ecosystem.

Bitcoin Miner CleanSpark to Launch In-House Trading Desk:

• CleanSpark, a Bitcoin mining company, is launching an in-house trading desk to better manage its substantial Bitcoin holdings and optimize financial strategies, as informed by CEO Zachary Bradford to Bloomberg.

• The move, part of a broader trend among miners like Marathon Digital, aims to diversify revenue streams and adapt to market changes, especially in anticipation of events like the Bitcoin halving and potential spot Bitcoin ETF approvals.

• CleanSpark's decision reflects a shift in mining companies' strategies to include more financial management and high-performance computing services, aligning their operations with evolving regulatory landscapes and market opportunities.

FinTech KindCard Set to Purchase Banking Platform OpenTransact:

• Payments FinTech KindCard intends to acquire OpenTransact, a self-serve banking platform specializing in high-risk transactions, to expand its payment solutions and target high-risk merchants.

• The acquisition is poised to integrate KindCard's closed-loop payments and OpenTransact's security and regulatory compliance strengths, aiming to offer secure and innovative payment services, particularly in the high-risk sectors.

• The move reflects KindCard's ambition to adapt to the growing consumer shift towards mobile and digital wallets, noted for their speed, convenience, and security, as evidenced by recent market research highlighting the trend towards digital payment methods.

Webull Expands Brokerage Services Into Canada:

• Webull Corporation, a digital investment platform, has launched brokerage services in Canada, providing Canadian residents with cost-effective trading options for both Canadian and US-listed equities through its app.

• The expansion offers features like real-time quotes, market data, and educational tools, emphasizing Webull's commitment to democratizing trading and informed investment decisions.

• The company's leaders highlight the opportunity to disrupt traditional brokerage services in Canada with their innovative app, aiming to extend their global reach and provide accessible, low-cost trading solutions to a growing Canadian user base.

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