Bitcoin News and Finance: What You Need to Know

Global investment bank Goldman Sachs has launched a new data service in collaboration with MSCI and Coin Metrics to help investors analyze crypto markets. The new system is “designed to provide a consistent, standardized way to help market participants view and analyze the digital assets ecosystem,” Goldman detailed. Goldman Sachs’ New Crypto Classification System Global investment bank Goldman Sachs announced Friday “the launch of Datonomy, a new classification system for the digital assets market,” in collaboration with global index provider MSCI and crypto data firm Coin Metrics. The announcement details: The new framework for digital assets classification is designed to provide investors, service providers, developers, and researchers a way to help monitor market trends, analyze portfolio risk and returns, and help build new products. “Delivered as a new data service, Datonomy classifies coins and tokens based on how they are used,” the investment bank explained, adding that...

The Bank of Ghana recently warned businesses quoting U.S. dollar prices that the practice is still prohibited and that the cedi remains Ghana’s sole legal tender. The bank said it is working with law enforcement to “clamp down on illegal foreign exchange operations.” In addition to naming and shaming businesses violating the law, a Ghanaian actress urged the central bank to stop Ghanaians from operating USD accounts. Cedi Ghana’s Sole Legal Tender As shortages of foreign exchange and currency depreciation continue to weigh on the Ghanaian economy, the country’s central bank has again warned businesses displaying prices in U.S. dollars that the cedi is the sole legal tender. Responding to Ghanaian actress Lydia Forson’s Nov. 2 tweet which questioned the practice of quoting prices in U.S. dollars for local real estate transactions, the Bank of Ghana (BOG) insisted that the practice is still outlawed. Dear @thebankofghana we need to know the dollar is the official currency for tran...

Software giant Microsoft has made a $14.8 million investment in Wemade, a Korea-based blockchain gaming services company that has recently launched its own stablecoin, named Wemix. The company was part of a $46 million investment round, that also saw the participation of two more companies: Shinhan Asset Management and Kiwoom Securities. Microsoft Backs Korea-Based Gaming Company Wemade Microsoft has participated in a $46 million investment round to back Korea-based blockchain gaming operator Wemade. The round, which involved Wemade selling convertible bonds, saw Microsoft purchase $14.8 million in these bonds. Two other companies also participated — Shinhan Asset Management and Kiwoom Securities — with bond purchases of $21.2 million and $10.5 million respectively, according to regulatory filings. Founded in 2000 and having operated more than 20 blockchain games, Wemade sees this development as a big success, more so in the troubling economic times that the cryptocurrency industr...

The Nigerian currency appeared to accelerate its decline versus the U.S. dollar after it slipped to a new low of 900 naira for every dollar. The currency has continued to depreciate even after the Economic and Financial Crimes Commission’s raid on suspected illegal foreign exchange dealers. Continuing U.S. Dollar Shortages Following the Oct. 27 announcement by the Central Bank of Nigeria (CBN) that intends to put into circulation newly designed naira banknotes, the local currency’s parallel market exchange rate versus the dollar has slipped by almost 20%. From an exchange rate of around N760:$1 at the time of the announcement, the naira had, by Nov. 2, dropped to a new all-time low of 900:1. As noted by several local media reports, the CBN’s decision to release the new banknotes as well as to demonetize the current 100, 200, 500, and 1,000-naira banknotes after Jan. 31, 2023, has sparked a rush to buy the greenback. According to one report , the shortage of the U.S. dollar on both...

Foundry Digital, a digital asset mining and a staking-focused subsidiary of Digital Asset Group, has announced the launch of a new bitcoin mining hardware training program. The training course, which is expected to commence on Nov. 7, is expected to help professionals and enthusiasts learn how to set up a miner as well as to identify and solve common hardware failures. ‘In-Person Classes’ to Be Conducted by Industry Players Foundry Digital, a subsidiary of Digital Asset Group (DCG), has announced the launch of a new training course for individuals seeking to further “their education in the areas of installation, maintenance and troubleshooting of bitcoin mining machines.” The three-day training program seeks to produce top technicians for what has been described as “the fast-growing mining industry.” According to Foundry Digital’s Nov. 3, 2022 press statement , the training program, which includes “in-person classes” conducted by players in the industry, will cover topics such as s...