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Crypto Corner Episode 484: Visa (NYSE: $V) and BlockFi Partner for Credit Card with BTC Rewards, HIVE (TSXV: $HIVE.V) Reports Q2 Results

 

Point Roberts, WA and Delta, BC - December 2, 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.

Listen to today's Crypto Corner Podcast:

https://www.investorideas.com/Audio/Podcasts/2020/120220-CryptoMarket.mp3

Crypto Corner Episode 484:Visa (NYSE: $V) and BlockFi Partner for Credit Card with BTC Rewards, HIVE (TSXV: $HIVE.V) Reports Q2 Results

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Stocks discussed: (NYSE:V) (TSXV:HIVE) (NasdaqGS:FB)

After recovering from last week's brief slump and reclaiming a trading price around $19,000, Bitcoin (BTC) went on to even greater highs yesterday, recording a trading price of $19,837, according to data from CoinMarketCap. Other sources, such as CoinDesk, put the flagship crypto's Tuesday peak at $19,920, which by many metrics makes for an all-time high trading price. Also according to CoinDesk, Tuesday saw an all-time high for recorded active user entities at 432,451, an increase of 70 percent from Bitcoin's halving on May 11 this year.

Bloomberg reports that Visa (NYSE:V) and crypto startup BlockFi are partnering to launch a credit card that offers Bitcoin as a reward for purchases. Specifically, users will accrue 1.5 percent of their purchases as Bitcoin rewards "and a lump sum $250 in the crypto-asset if they spend more than $3,000 in the first three months." Zac Prince, Founder and CEO of BlockFi, said:

"We're excited to add credit cards to our suite of products and expand Bitcoin's accessibility to a broader set of consumers."

HIVE Blockchain Technologies Ltd. (TSXV:HIVE) has reported its results for the second quarter ended September 30, 2020. Highlights include revenue from digital currency mining at $13 million, up 8 percent from the same quarter in 2019, and a record cash flow of $10.6 million, which is up from a loss of $4.6 million in the same quarter in 2019. The company's Interim Executive Chairman, Frank Holmes, said:

"2020 has been marked by healthy expansion in mining capacity, the most recent example being HIVE's potential acquisition of a data center campus in Grand Falls, New Brunswick, that would give the company access to an additional 50 megawatts (MW) of low-cost green energy. Additionally, we recently locked in 50% of our energy costs for calendar 2021 at 1.6 cents per kilowatt hour in Sweden. This data point is one of the lowest in the blockchain mining ecosystem as well as in green energy."

Libra, the digital currency project from Facebook (NasdaqGS:FB), has announced a change of its name to Diem, according to an official press release. Stuart Levey, the Diem Association's CEO, explained:

"The Diem project will provide a simple platform for fintech innovation to thrive and enable consumers and businesses to conduct instantaneous, low-cost, highly secure transactions. We are committed to doing so in a way that promotes financial inclusion - expanding access to those who need it most, and simultaneously protecting the integrity of the financial system by deterring and detecting illicit conduct. We are excited to introduce Diem - a new name that signals the project's growing maturity and independence."

Sam Mowers, Investorideas

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