Crypto Biz: Coinbase’s lending bet, a new ads policy at Google and Marathon’s mining performance

South Korean Hana Bank goes into crypto custody service with BitGoOne of the biggest South Korean banks, KEB Hana Bank, is relocating to provide digital asset custody services through a brand-new partnership with cryptocurrency custody company BitGo Trust Company. According to local media reports, KEB Hana Bank signed a strategic company arrangement with BitGo to collectively develop digital property custody in South Korea. The industrial bank has a network of 111 branches with regional banking properties of almost $10 billion and equity of $490 million. Together, Hana Bank and BitGo plan to launch their joint cryptocurrency custody endeavor in the 2nd half of 2024. Crypto Biz is your weekly pulse of business behind blockchain and crypto, provided directly to your inbox every Thursday.

Crypto giant Coinbase seems to be tactically guiding its ship amidst constant crypto market turbulence in 2023 The company recently unveiled its financing platform for institutional investors, intending to fill the space left by significant players during 2022s crypto winter, when companies such as Celsius Network, BlockFi and Genesis went insolvent. The relocation follows the business shut down its Borrow service for retail consumers in May amidst regulative examination. The service allowed particular customers to utilize crypto as collateral to receive a cash loan. The new loaning service, however, concentrates on institutional financiers– companies or organizations investing on behalf of their customers, such as shared funds and pension. Coinbases new venture generated millions in capital within a few days of releasing, files submitted with the United States Securities and Exchange Commission (SEC) show. Despite headwinds and uncertainty, the service debut shows that crypto loaning among prominent financiers is still in demand in the United States.This weeks Crypto Biz also checks out Marathon Digitals most current Bitcoin mining report, Hana Banks transfer to offer crypto custody and Googles brand-new crypto ads policy.Coinbase introduces crypto lending platform for U.S. institutionsCrypto exchange Coinbase has presented a crypto loaning service for institutional financiers in the U.S., which reportedly looks for to take advantage of huge failures in the crypto loaning market. According to a filing with the SEC, Coinbase clients have currently invested over $57 million in the financing program given that the very first sale occurred on Aug. 28. In another headline, Coinbases just recently launched Base network reached over 700,000 nonfungible tokens (NFTs) minted in August. The tokens minted became part of the launchs technique to stimulate adoption. Bases launch, nevertheless, has not been flawless. The network suffered a blackout on Sept. 5 when its sequencer stopped producing blocks. A number of rip-offs have likewise been promoted on the network, consisting of a $6.5 million rug-pull by Magnate Finance.Data from a SEC filing by Coinbase Credit. Source: Coinbase SEC FilingsMarathons Bitcoin mining rate fell 9% in AugustCrypto mining operator Marathon Digital Holdings produced 1,072 Bitcoin in August– 9% less than in July. According to the company, the smaller production resulted from increased curtailment activity in Texas due to record-high temperatures. The term curtailment describes the decrease of electricity created to preserve a balance between need and supply. The momentary shutdowns more than balance out the progress made by the business to increase its functional hash rate and optimize operations, according to its CEO, Fred Thiel. Marathon increased its U.S. operational hash rate by 2% month-over-month to 19.1 exahashes in August. The efficiency increase is credited to the upgrade of Bitmain Antminer S19j Pro miners to the more effective S19 XP models.Google will allow advertisements for NFT video games starting Sept. 15Google has actually updated its cryptocurrency marketing policy to enable blockchain-based NFT gaming advertisements as long as they dont promote gambling or gambling services. The brand-new policy will continue to prohibit advertisements for games that enable players to wager or stake NFTs versus other players or for rewards. NFT casino video games offering players to bet or play for prizes– such as NFTs, money or cryptocurrency– will likewise continue to be banned. Google previously prohibited all cryptocurrency-related advertising throughout its platforms in March 2018. NFT gaming ads will soon be welcome on Googles Search platform as long as they do not promote any type of gaming. https://t.co/gSVeHxxkjx— Cointelegraph (@Cointelegraph) September 6, 2023.

The service permitted certain consumers to utilize crypto as collateral to receive a money loan. Regardless of headwinds and unpredictability, the service launching indicates that crypto lending among high-profile investors is still in demand in the United States.This weeks Crypto Biz also explores Marathon Digitals most current Bitcoin mining report, Hana Banks move to provide crypto custody and Googles brand-new crypto advertisements policy.Coinbase launches crypto lending platform for U.S. institutionsCrypto exchange Coinbase has actually rolled out a crypto financing service for institutional investors in the U.S., which reportedly looks for to capitalize on enormous failures in the crypto lending market. The efficiency boost is attributed to the upgrade of Bitmain Antminer S19j Pro miners to the more efficient S19 XP models.Google will allow advertisements for NFT games beginning Sept. 15Google has actually updated its cryptocurrency advertising policy to allow for blockchain-based NFT gaming advertisements as long as they do not promote gambling or betting services. South Korean Hana Bank gets in crypto custody company with BitGoOne of the largest South Korean banks, KEB Hana Bank, is moving to provide digital property custody services through a new partnership with cryptocurrency custody company BitGo Trust Company. Crypto Biz is your weekly pulse of the company behind blockchain and crypto, provided directly to your inbox every Thursday.