Bitcoin Each day: Genesis Digital Belongings to Purchase 20,000 Bitcoin Mining Machines; El Salvador approves additional BTC to greenback conversions – pymnts.com

Genesis Digital Assets, a bitcoin mining company, has set out to buy 20,000 new bitcoin mining systems from Canaan, a blockchain hardware giant, according to a press release.

“The bitcoin mining machines from this latest order are part of our ongoing efforts to rapidly expand our bitcoin mining operations in North America and the Nordic countries, where we focus on renewable energy,” said Genesis Co-Founder and Executive Chair Abdumalik Mirakhmedov in the publication.

Adding more mining systems will likely help Bitcoin’s hash rate, which is still recovering somewhat after China began regulating crypto more heavily earlier this year, Decrypt reported.

In other news, El Salvador’s Congress approved an application to set up a $ 150 million fund to allow more bitcoin to dollar conversions, Devdiscourse reported.

These funds are administered by the El Salvador State Development Bank, according to the report.

Meanwhile, decentralized finance firm (DeFi) has raised $ 22 million in a Series A financing round, The Block reported.

Polychain Capital led the round, and Lightspeed Venture Partners, Slow Ventures, Alameda Research, Blockchain Capital, CMT Digital and Blockchange Ventures also participated, the report said. The project is now valued at $ 150 million.

Parallel Finance, which was launched five months ago, is in the test network of the Polkadot and Kusama networks, according to the report. It offers a new platform for leverage staking and liquidity mining, with the former lending companies loans against their staking collateral and the latter letting users use Polkadot tokens to get Parallel’s native tokens.

Founder Yubo Ruan told The Block that the company also plans to launch its mainnet in the fourth quarter of this year. He said the company wants to hire more engineers and expand its team.

———————————

NEW PYMNTS DATA: 58 PERCENT OF MULTINATIONAL COMPANIES USE CRYPTO CURRENCY

Above: Despite their price volatility and regulatory uncertainty, new PYMNTS studies show that 58 percent of multinationals are already using at least one form of cryptocurrency – especially when transferring money across borders. The new survey on Cryptocurrency, Blockchain and Global Business, a collaboration between PYMNTS and Circle that surveyed 500 executives, examines the potential and pitfalls crypto faces on its way into the financial mainstream.


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