Auradine, a web infrastructure startup, and Bitcoin miner manufacturer, has secured $80 million in a Series B funding round as it prepares for the upcoming Bitcoin halving event and the shipment of its Teraflux Bitcoin miners.

The funding round, described as “oversubscribed,” saw participation from a range of investors, including StepStone Group, Top Tier Capital Partners, MVP Ventures, Maverick Capital, Celesta Capital, Mayfield Fund, and Marathon Digital, among others. According to Auradine, the round exceeded its initial target of $70 million due to heightened investor interest.

CEO and co-founder Rajiv Khemani disclosed that the Series B round comprised $60 million in equity and $20 million in debt, mirroring the structure of Auradine’s previous Series A round, which totaled $81 million. While Khemani refrained from commenting on the company’s current valuation, he expressed confidence in Auradine’s trajectory towards potentially reaching a $1 billion valuation in the future.

Auradine’s Series B funding comes ahead of the anticipated Bitcoin halving event, which is expected to occur next week. Khemani noted that the company has already secured $80 million in bookings and boasts an order pipeline exceeding $200 million, driven by robust demand for its Teraflux bitcoin miners.

With a focus on energy efficiency and demand response, Auradine anticipates that its products, particularly its EnergyTune capability and energy-efficient silicon, will align well with post-halving market dynamics.

Established in 2022 and headquartered in California, Auradine introduced its Teraflux bitcoin miners in November last year. The company has since supplied its machines to over 30 prominent data-center-scale miners. Notably, Auradine emphasizes the importance of designing its bitcoin miners in the U.S. to ensure decentralized supply and enhance national security amid geopolitical challenges.

While Bitcoin miners constitute Auradine’s inaugural product line, the company is exploring opportunities to expand into other sectors, including blockchain and artificial intelligence. Khemani revealed that Auradine is actively developing additional product lines within these domains, aiming to deliver innovative solutions soon.

Currently employing approximately 75 individuals, Auradine plans to expand its workforce, particularly in research and development and supply chain operations, to support its growth initiatives.

Featured Image: Freepik

Please See Disclaimer

International cryptocurrency exchange platform Coinbase has introduced an easier way for UK customers to engage in cryptocurrency transactions with the launch of Apple Pay integration.

The announcement, made on Wednesday, reflects Coinbase’s commitment to fostering greater crypto adoption in the UK.

Apple Pay Integration Facilitates Crypto Transactions in the UK

The UK holds significant importance for Coinbase, witnessing over $1.39 billion in cryptocurrency gains last year alone. The introduction of Apple Pay integration is poised to streamline the process of buying and selling cryptocurrencies for UK residents.

Daniel Seifert, Coinbase’s Country Director for the U.K. and Vice President, of EMEA, expressed pride in the announcement, emphasizing that the integration allows UK users to leverage Apple Pay for easy, secure, and private cryptocurrency transactions online and in-app. Seifert highlighted the alignment of this move with Coinbase’s overarching goal of enhancing accessibility to digital assets in the UK.

Challenges and Opportunities in the Crypto Market

The launch of Apple Pay coincides with a period of challenges in the crypto market. Coinbase’s latest market commentary report, released on April 5, highlighted a slowdown in crypto volumes as the market seeks new narratives to drive further growth.

However, Coinbase remains optimistic about the market’s prospects, particularly with the upcoming Bitcoin halving event scheduled for April 20 or 21. This event will witness a reduction in the block reward for Bitcoin miners, potentially leading to a decrease in Bitcoin supply and an associated increase in its price.

Positive Developments for Coinbase and the UK Crypto Market

Both the introduction of Apple Pay integration and the impending Bitcoin halving event are viewed as positive developments for Coinbase and the UK crypto market at large.

With its strategic position, Coinbase stands to benefit from the growing interest in cryptocurrencies within the UK. The integration of Apple Pay represents a significant step forward in enhancing accessibility to cryptocurrencies for UK residents, aligning with Coinbase’s mission to make digital assets more accessible globally.

Featured Image: Megapixl

Please See Disclaimer

Despite the release of hotter-than-expected inflation data and doubts surrounding potential Federal Reserve rate cuts, the Bitcoin price unexpectedly surged on Wednesday, showcasing resilience amidst market turbulence.

The US Consumer Price Index (CPI) reported a 0.4% increase in March, surpassing the anticipated 0.3% rise, with core CPI metrics also exceeding forecasts. Consequently, US bond yields and the US dollar experienced significant gains as traders reevaluated their expectations regarding the Federal Reserve’s rate cut.

The US 10-year yield reached its highest level since November, rising nearly 20 basis points, while the US Dollar Index (DXY) surged 1% to over 105, hitting its peak since November 2023. These movements led to a decline in US stock prices, with the S&P 500 down approximately 1% for the day, reaching its lowest level in nearly four weeks.

Traditionally, lower stock prices alongside strength in yields and the US dollar tend to signal weakness for crypto prices due to their positive correlation with stocks and negative correlation with yields and the USD. However, Bitcoin’s bounce back to $69,000 surprised some traders, indicating that the cryptocurrency market may not be as closely linked to traditional financial markets as previously thought.

Traders Reevaluate Expectations for Fed Rate Cuts

Expectations for Federal Reserve easing have partly driven Bitcoin’s recent price appreciation. However, following the latest data, there has been a reduction in bets on Fed rate cuts. US interest rate futures markets are now pricing only a 15% chance of a rate cut in June, down from 57% one month ago.

This adjustment follows a series of stronger-than-expected US economic data releases, including Wednesday’s hot CPI report, which have prompted policymakers to hesitate in expressing support for near-term rate cuts.

Factors Influencing Bitcoin’s Resilience

Despite market uncertainties, several factors may have contributed to Bitcoin’s resilience on Wednesday. One possible factor is the diminishing impact of large-scale selling of Grayscale Bitcoin Trust (GBTC) shares by bankrupt crypto estates, as suggested by Grayscale CEO Michael Sonnenshein.

Another factor could be the upcoming Bitcoin halving, scheduled to occur next Saturday. The halving is expected to reduce long-term sell pressure from miners and could be a bullish factor for Bitcoin’s price.

However, the short-term market impact of the halving remains uncertain, with past occurrences sometimes resulting in sharp corrections in the market. Nevertheless, the long-term outlook for Bitcoin remains positive, driven by factors such as the rising US deficit, potential ETF flows, and the anticipation of a Bitcoin ETF approval.

In conclusion, while short-term price movements are difficult to predict, the long-term outlook for Bitcoin remains bullish. Despite potential market fluctuations, Bitcoin’s resilience amidst changing economic conditions suggests a favorable environment for future price growth.

Featured Image: Freepik

Please See Disclaimer

David Pan, the founder of Ace Exchange in Taiwan, along with six other individuals, has been indicted by a Taiwanese court on April 8 on charges related to money laundering and cryptocurrency fraud involving digital assets valued at NT$340 million New Taiwan dollars ($10.7 million).

The court ordered the confiscation of the defendant’s property and other assets worth $110,000.

Pan is accused of defrauding at least 162 individuals by offering a fraudulent product through over-the-counter (OTC) exchanges and fake investment platforms. He allegedly created an offshore trading platform that included a cryptocurrency wallet service named “Alfred Wallet,” which was used to deceive victims into depositing their funds. Once the funds were deposited, investors lost access to them, realizing they had been scammed only when attempting to withdraw their cryptocurrencies or locked out of their wallets after depositing them.

In response to the indictment, Ace Exchange released a statement distancing itself from Pan and clarifying that the wallet service involved in the case was not a product of Ace but was developed by a third-party team hired by Pan. The exchange assured users that its operations were unaffected, emphasizing the security of user assets and the smooth functioning of deposit and withdrawal services.

Pan, a former executive, had not been involved in the daily operations of Ace Exchange since 2022, according to the exchange.

Taiwan has seen a surge in cryptocurrency fraud and money laundering cases. Another incident involved a collaborator named Lin, accused of orchestrating a cryptocurrency fraud scheme with Pan. Authorities seized cash and cryptocurrencies during a raid on Lin’s residence, leading to the delisting of certain trading pairs on Ace Exchange.

In a separate case, Yuting Zhang, the COO of Bitgin exchange, was arrested for alleged involvement in a money laundering network, while another individual named Chuang was arrested for fraud and money laundering using Bitcoin ATMs imported into Taiwan without proper reporting to the Financial Supervisory Commission (FSC).

The impact of such incidents, coupled with events like FTX’s collapse, has affected Taiwanese investors, leading to a push for regulations to protect crypto investors in the country. Taiwan’s Financial Supervisory Commission (FSC) has announced plans to introduce new digital asset regulations in September 2024.

Featured Image: Freepik

Please See Disclaimer