Happy Sunday!
Texas Republican Senator Ted Cruz went on Fox News Radio to chat up the benefits of Bitcoin mining in his state during a heat wave that has stressed the local power grid. Ripple said it will buy Fortress Trust, more senior executives are being assigned to digital asset investments, and Bitgamo plans 75 crypto ATMs across Europe next year. Read on!
Cruz applauds Texas Bitcoin mining
Senator Ted Cruz went on Fox News Radio to laud the benefits of Bitcoin mining for his state, Decrypt reported. The Texas Republican later posted his interview on the X social media platform.
Texas is currently suffering through a heat wave, forcing the stressed local power grid into emergency measures. Cruz said that Bitcoin mining creates a lot of value, and in times of harrowing weather the machines can be shut off “in seconds,” freeing up energy for hospitals and people’s homes.
Ripple makes second acquisition this year
Ripple, a crypto payments and exchange company, said it will acquire Fortress Trust, a Nevada startup specialising in crypto infrastructure, CNBC reported. Terms of the deal were not disclosed.
Fortress Trust helps big companies interact with digital assets. It is Ripple’s second acquisition this year after Metaco, a Swiss crypto-custody firm. Ripple and its CEO Brad Garlinghouse have been involved in a lawsuit with the US Securities and Exchange Commission since 2020.
Senior executives assigned to digital assets
More investment firms in the US, the UK and Europe are designating senior executives to lead the way in digital asset investments, Cointelegraph reported, citing a study by market researcher Amberdata.
About a quarter of asset management companies have developed a digital assets strategy, with another 13% planning to do so within two years, according to the study.
Bitcoin ETFs may overtake older funds
The US hasn’t approved spot Bitcoin ETFs, but some analysts already view them as a threat to existing futures-based funds. The US spot Bitcoin ETF market may eventually expand to $100 billion, Bloomberg reported.
JPMorgan strategist Nikolaos Panigirtzoglou wrote that with spot ETFs more likely to reflect real-time supply and demand, they may transform trading activity “to the extent spot Bitcoin ETFs replace futures-based Bitcoin ETFs,” the report said.
Bitgamo plans 75 European crypto ATMs
Crypto-to-fiat exchange Bitgamo plans to open as many as 75 crypto ATMs across Europe next year.
Stand-alone electronic kiosks where users can sell crypto for cash, crypto ATMs, have proven popular among crypto enthusiasts, the company said.
What we’re reading around the web
CFTC Cracks Down on DeFi Firms Over Crypto Derivatives Trading — Wall Street Journal
Gold ETF launch holds lessons for Bitcoin investors — DL News
JPMorgan Is Exploring Blockchain-Based Deposit Token for Payments, Settlements — Bloomberg