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There is a new DeFi lending platform in the market called Sublime that wants to let users stake their “digital reputations” to access loans.

The post Lending platform Sublime, which lets users stake their ‘digital reputations,’ raises $2.5 million appeared first on The Block.

Grayscale was said to be ramping up its efforts to convert its flagship fund, the Grayscale Bitcoin Trust (GBTC), into an ETF this July.

The post Grayscale starts the clock on SEC decision to convert GBTC to an ETF appeared first on The Block.

The future of Facebook’s own stablecoin project is uncertain, but its wallet project is moving forward anyway.

The post Novi set to launch pilot with Paxos’s stablecoin as uncertainty hangs over Diem appeared first on The Block.

Facebook’s Novi wallet is ready to launch – but it won’t be launching with the Diem (formerly Libra) stablecoin.

Novi, a digital wallet subsidiary to Facebook, will go live in the U.S. and Guatemala in a pilot program, allowing users to start trading the Paxos Dollar (USDP), the social media giant announced Tuesday. Crypto exchange Coinbase will provide custody services for the program.

Users can purchase USDP through Novi, and Novi will deposit the funds with Coinbase, according to a Coinbase blog post.

“This does not mean our support for Diem has changed. We intend to launch Novi with Diem once it receives regulatory approval and goes live,” the Facebook press release said.

The pilot has already gone live, but is being rolled out slowly on the Apple App Store and Google Play Store, Facebook said.

Riot Blockchain plans to increase its crypto mining hashrate potentially by up to 50% through adopting 200 megawatts of immersion-cooling technology at its Whinstone facility in Texas.

The technology allows the mining rigs to be submerged in a specialized fluid, which helps them operate at lower temperatures, resulting in a more efficient and stable environment, the Colorado-based miner said in a statement on Tuesday. The initial deployment of ASIC miners in the immersion-cooled buildings is expected to commence by the fourth quarter of 2021.

“Based on industry data and the Company’s own preliminary immersion-cooling test results, an estimated 25% increase in hash rate is expected, with an estimated potential to increase ASIC performance by as much as 50%,” Riot said. The company expects more test results from its pilot project by the end of the first quarter in 2022.

“If successful, Riot will be able to leverage its infrastructure development capabilities to increase its Bitcoin mining hash rate without relying solely on purchasing additional mining equipment, resulting in increased operating efficiencies, and thus, capital efficiencies,” the miner added.

Riot currently has hashrate capacity of 2.6 exahash per second and plans to ramp up to 7.7 by the fourth quarter of 2022.

Riot will apply the technology to 200 megawatts of its previously announced 400-megawatt expansion of its Whinstone facility, hosting about 46,000 S19 Antminers from the miner’s existing mining rigs.

This is not the first time a miner is using this technology. Recently a Canadian cleantech cryptocurrency miner, MintGreen, said it will be using its own immersion technology to heat the city of North Vancouver, British Columbia, from bitcoin mining.

However, Riot says its deployment of immersion technology will be the first to be used by any miner at this scale.

Revolut, the $33 billion British digital bank, has slashed fees for customers in the United States across a range of products.

The post Revolut slashes crypto trading fees in bid to boost US business appeared first on The Block.

Atlas Mining, which had large Bitcoin mining operations in China, is set to migrate a significant amount of Bitcoin miners to North America.

The post Atlas Mining is migrating a large supply of Bitcoin miners to the US appeared first on The Block.