US Treasury to Announce Crypto Regs, Coinbase Launches Margin Trading, FC Barcelona Tokenized

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. The US Treasury is planning to announce new cryptocurrency regulations. Coinbase launches margin trading. FC Barcelona to launch its own token in partnership with Chilliz. Circle sells Circle Invest to Voyager. Cryptophyl launches new BTC-USDH market, and BlockFi gets $30 million in funding.

US Treasury to Announce New Crypto Regulations

US Treasury

The US Treasury will announce new cryptocurrency regulations to improve the traceability of cryptocurrency transactions, according to Secretary Steven Mnuchin. Mnuchin stated in a Senate Finance Committee hearing that the US Treasury “will be rolling out new regulations to be very clear on greater transparency so that law enforcement can see where the money is going and that this isn’t used for money laundering,” to avoid cryptocurrency being used as “secret bank accounts.” FinCEN, Financial Crimes Enforcement Network will be the agency in charge of enforcing these new rules.

Coinbase Launches Margin Trading

US Treasury

Coinbase relaunched margin trading for selected customers in 23 US states, a move seeking to sway more experienced traders from going to other exchanges. “Margin has been one of our most requested features, and today we’re delivering an experience that we’re confident our customers will find intuitive,” the exchange explained. Margin trading will be available up to 3x leverage, a conservative number compared with the offers of other exchanges that reach up to 100x. Coinbase previously suspended margin trading due to a flash crash in the price of Ethereum.

FC Barcelona Partners With Blockchain Platform Chilliz to Launch Token

The FC Barcelona, one of Spain’s largest soccer clubs, partnered with blockchain platform Chilliz to issue their own cryptocurrency token called Barça Fan Tokens through an FTO (Fan Token Offering). The token will allow followers of the club to vote on different topics regarding club decisions. 40 Million $BAR tokens will be available at 2 euros each. Josep Pont, Head of Commercial Area of FC Barcelona explained, “This agreement will give us the chance to set up innovative marketing and partnership activations with a clear focus on the digital realm to take the Club closer to our fans around the world.”

Circle Selling Circle Invest for Voyager Stock

Circle, the cryptocurrency payments company, is selling its retail app called “Circle Invest” to Voyager, a crypto brokerage firm, in a deal involving just stock. To acquire Circle Invest’s more than 40,000 customer accounts, Voyager invested 4% of its ownership stake. “This product line acquisition signifies a tremendous development for Voyager as we welcome a substantial number of new users to our platform,” declared Stephen Ehrlich, co-founder and CEO of Voyager. Circle has now sold much of its former structure and will focus its business on the promotion of stablecoins such as USDC.

Cryptophyl Launches BTC-USDH Market

Cryptophyl, the first SLP token exchange, reached yet another milestone launching a new trading pair on its platform, BCH-USDH. With this move, the exchange says it’s taking a massive “bet on USDH as a trustworthy, scalable and cheap alternative to other stable coins such as USDT (Tether),” increasing the liquidity of USDH-related markets. All trades made in Cryptophyl will allow users to earn DROP, the official currency of the exchange. USDH is an SLP-based regulatory-compliant stablecoin.

BlockFi Raises $30 Million in Series B Funding Round

BlockFi, the lending platform, raised $30 million in series B funding round led by Valar Ventures, a US-based venture capital fund with participation from Morgan Creek Digital, Winklevoss Capital, and Arrington XRP Capital, among others. BlockFi had a great 2019, growing its revenue 20x, and now holds more than $650 million in assets under custody. “We were proud to have made our first investment in the crypto sector with BlockFi, and we’re excited to continue propelling the company forward as they define the industry standard,” declared Andrew McCormack, general partner at Valar Ventures.

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