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Crypt investment company Galaxy Digital announced Friday that it is launching a new suite of financial services and tools for the bitcoin mining sector.

What’s more, the Toronto-listed firm is also mining bitcoin for itself via a third-party, U.S.-based data center, which is hosting hardware owned by Galaxy.

Galaxy’s new business unit, dubbed Galaxy Digital Mining, aims to offer “one-stop financial services” for miners, according to a statement published Friday. Amanda Fabiano, who previously served as Fidelity Digital Assets’s Director of Bitcoin Mining, will lead the unit.

“Bitcoin mining is the foundation of the Bitcoin network. By mining ourselves, we are able to deeply understand and solve for the financial needs of miners, while also enhancing the strength of the industry and thus the strength of the Bitcoin network,” Fabiano said in the statement.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Trade volume on the world’s major crypto exchanges this month has already exceeded last month’s total, according to data compiled by The Block. 

January’s high is $468.7 billion as of publication — up $89.4 billion (23.6%) compared to the previous month.

Binance currently holds 54.7% of January’s trade share, with Coinbase (14.1%) and Kraken (6.4%) in second and third place, respectively.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Quick Take

• Alibaba’s payment affiliate has quietly debuted a small-scale test of digital yuan via its mobile app AliPay.
• This was the first known instance in which the digital yuan was tested in a mobile wallet developed by a non-state-owned entity.
• But it appears the test did not draw much attention amid China’s ongoing scrutiny over Ant Financial.

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© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.