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Crypto Corner Episode 445: Canaan (NasdaqGS: $CAN) Reports Q2 Results, Signature Bank (NasdaqGS: $SBNY) Extends $20 Million in Loans to Digital Asset Firms

Bank of Korea Eyes Partner for Second Phase of CBDC

 

Point Roberts, WA and Delta, BC - August 31, 2020 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving cryptocurrency stocks and the crypto market.

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Crypto Corner Episode 445: Canaan (NasdaqGS: $CAN) Reports Q2 Results, Signature Bank (NasdaqGS: $SBNY) Extends $20 Million in Loans to Digital Asset Firms

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Stocks discussed: (NasdaqGS:CAN) (NasdaqGS:SBNY)

Canaan Inc. (NasdaqGS:CAN) has reported its unaudited operating and financial results for the second quarter of 2020. The company's total net revenues reached $25.2 million, a 26.3 percent year-over-year decrease from the same period in 2019, which roughly corresponds with an 18.2 percent decrease in the company's total computing power sold from 3.2 million THash/s in Q2 2019, to 2.6 million THash/s in Q2 2020. Canaan Chairman and CEO, Nangeng Zhang, said:

"During the second quarter of 2020, the COVID-19 pandemic continued to impact the lives of people around the world and the Bitcoin halving event also caused significant volatility in Bitcoin prices. Nevertheless, we remained focused on strengthening our research and development capabilities, refining our product offerings, and executing our AI initiatives. These efforts enabled us to achieve meaningful financial and operational improvements on a sequential basis [in] the second quarter as well as helped to ensure that our products could maintain their positions at the cutting edge of technological innovation. Going forward, we are confident that our strong pipeline of next-generation products will continue to sustain our growth momentum in the future."

CoinDesk reports that Signature Bank (NasdaqGS:SBNY) extended around $20 million in loans under the federal Paycheck Protection Program (PPP) to "roughly 40 firms in the digital asset space." Signature Bank CEO Joseph DePaolo told CoinDesk:

"I believe I said it about a year and a half ago, that if you weren't into blockchain technology and the digital world in five years, you would have a problem as a bank. There's three and a half years left, and it may be sooner. I think the situation we have right now with this pandemic and the quagmire, it's going to make the public look at digital currencies."

The Korea Times reports that the Bank of Korea (BOK), South Korea's central bank, is gearing up to begin a pilot test of its own central bank digital currency (CBDC) system by the end of 2021. Having completed the first phase of the project last month, the BOK is now looking for a potential partner to help "establish a CBDC system architecture based on the first-phase research results." A central bank official told The Korea Times:

"The BOK will team up with a consulting partner to map out the overall work process and architecture to operate the digital currency system, and both sides will also come up with specific action plans to successfully establish the pilot system on time."

Sam Mowers, Investorideas

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