Kraken raises another $200 million at $20 billion valuation
Crypto exchange Kraken has secured $200 million in a “strategic investment” from Ken Griffin’s Citadel Securities at a $20 billion valuation. Amazingly, the round comes only two months after the company closed a $600 million round at a $15 billion valuation. The exchange plans to use the additional cash to expand into international markets and develop new payments products. Read more →
In further breaking news, Kraken has confidentially filed a draft S-1 with the SEC for a potential IPO.
Bitcoin bonds come to New Hampshire
New Hampshire has become the first state in the U.S. – and the first government anywhere – to approve a bitcoin-backed municipal conduit bond. In short: the state’s Business Finance Authority (BFA) will facilitate up to $100 million in borrowing for private companies if they post ~160% of the bond amount in bitcoin (custodied at BitGo). If BTC prices fall or if the collateral ratio nears ~130%, you get liquidated to keep bondholders whole. Meanwhile, the BFA will collect fees that flow in a Bitcoin Economic Development fund.
The move pairs with New Hampshire’s earlier Strategic Bitcoin Reserve framework and could become a template other states copy. Read more →
Quantum chatter is heating up again
Following Google’s reported breakthrough last month, researchers and builders are flagging faster timelines on the threat of quantum computing. In a new post, Scott Aaronson called it a “live possibility” that a fault-tolerant, Shor-capable machine could exist before the next election, and Ethereum cofounder Vitalik Buterin likewise warned that crypto’s elliptic-curve foundations may need post-quantum upgrades sooner than many expect. Let us be very clear here – we don't know much about quantum, nor are we going to act like it – but it is something to monitor. Read more →
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