#CryptoCorner: Hut8 (TSXV: $HUT.V) Files Material Change Reports Ahead of Tomorrow’s Landmark TSX Listing, PayPal (NASDAQ: $PYPL) Drops Out of Libra Association (NASDAQ: $FB)
Point Roberts, WA, Delta BC, October 7, 2019 - Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market.
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Stocks discussed: (TSXV:HUT) (NasdaqGS:PYPL) (NasdaqGS:FB)
Hut 8 Mining Corp. (TSXV:HUT), which will begin trading on the TSXV tomorrow, has announced the filing of seven material change reports related to prior related party transactions. According to the press release:
These transactions were for various purchases of BlockBox Data Center AC's from the Bitfury Group ("Bitfury"), amendments to the previously disclosed master purchase agreement and master service agreement with Bitfury, a loan agreement with Galaxy Digital Holdings Ltd., and a debt to equity transaction with Bitfury. Although Hut 8 previously press released this information, when it occurred, stating that transactions were with related parties, it did not file material change reports which have now been rectified in connection with a voluntary review by staff at the Ontario Securities Commission.
Hut 8 is a bitcoin mining company partnered with BitFury Group Limited in North America. It will be the first company to be listed via TSX Sandbox and the first blockchain or cryptocurrency company to be listed on the TSX.
CNBC reports that PayPal (NasdaqGS:PYPL) is leaving Facebook’s (NasdaqGS:FB) Libra Association. The news was revealed in a company statement on Friday, which said:
“PayPal has made the decision to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratize access to financial services for underserved populations.”
PayPal made clear that they still support the Libra project in a broad sense. Dante Disparte, head of policy and communications for the Libra Association, said in an emailed statement:
“We recognize that change is hard, and that each organization that started this journey will have to make its own assessment of risks and rewards of being committed to seeing through the change that Libra promises.”
Speaking of Libra, the project does not have a fan in German Finance Minister Olaf Scholz, according to a report from local outlet Wirtschafts Woche. Scholz said he was “very, very critical” of Libra and explained that:
"A core element of state sovereignty is the publication of a currency, we will not leave it to private companies.”
Scholz is, however, very supportive of the idea of a digital Euro currency. He said:
"Such a payment system would be good for the financial centre [of] Europe and its integration into the world financial system.”
Bloomberg reports that crypto futures exchange CoinFLEX is issuing derivatives based on whether or not Libra will be operational by the end of 2020. The company is specifically offering physically-settled futures available on October 24, 2019 for an initial price of $0.30 USD. Mark Lamb, CoinFLEX CEO, commented:
“Facebook has the ability to rival the entire global banking system from day one, but, because of that fact, when that first day will be is far from certain. The political backlash has been brutal, and it’s anyone’s guess if Facebook will get this over the line.”
Sam Mowers, Investorideas
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