Every day, the cryptocurrency business becomes more mainstream. What began as a cypherpunk whitepaper back in 2008 is now a $200 billion global business with ties to institutional investment, technology infrastructure, and even central bank monetary policy. While bitcoin and ether’s daily price movement still dominates the crypto conversation, there’s a huge amount of cryptocurrency news that tends to get overlooked.
In this post, we’re taking a look at three recent headlines from the business side of the cryptocurrency industry.
1. Canaan Creative’s U.S. IPO lands with a thud. According to a Bloomberg article published on Wednesday, cryptocurrency mining hardware maker Canaan Creative’s recent initial public offering (IPO) was just shy of a total failure, only raising around $90 million. Analysts had expected the IPO to generate around $400 million, although that number was revised to $100 million after the departure of banking partner Credit Suisse last week. It’s not all bad news for Canaan Creative, however, as the China-based company is still the first mining hardware firm to successfully complete an IPO in a major market.
2. XRP cited as a major crypto for criminals. Blockchain analysis firm Elliptic claims that Ripple Labs’ XRP token may be responsible for as much as $400 million in illegal transactions. In a press release published earlier this week, Elliptic claims to have identified hundreds of XRP accounts “linked to illicit activity ranging from thefts to scams and the sale of stolen credit cards.” Elliptic also noted that “illicit activity” only accounted for around 0.2% of total XRP transactions. The press release was mostly intended to promote Elliptic’s enterprise-grade cryptocurrency transaction screening tools, and did not link to a data set or other sources for independent verification of their claims.
3. Yahoo! Finance integrates CoinMarketCap data. Although Silicon Valley-based Yahoo! has lost considerable influence and market share over the years, its Yahoo! Finance page remains a major financial news outlet, particularly among older investors. In a somewhat surprising move, Verizon-owned website has partnered with token-price tracker CoinMarketCap to share cryptocurrency market data on the Yahoo! Finance homepage. The crypto-price ticker is placed prominently on the site’s main mage, showing live updates for the top five crypto tokens. The ticker links to a dedicated cryptocurrency page featuring the top 100 cryptocurrencies.