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Weekly Report: Coinbase closes major deals beyond the blockchain space

On Tuesday ProShares’ Bitcoin Strategy Exchange traded Fund (ETF), the first-ever US-based ETF, was launched. It trades under the ticker BITO. The launch and its seismic reception created upward momentum, which saw the top cryptocurrencies [Bitcoin & Ethereum], surpass their previous highs and reach new heights during Thursday’s trading session . Aside from the markets,…

On Tuesday ProShares’ Bitcoin Strategy Exchange traded Fund (ETF), the first-ever US-based ETF, was launched. It trades under the ticker BITO. The launch and its seismic reception created upward momentum, which saw the top cryptocurrencies [Bitcoin & Ethereum], surpass their previous highs and reach new heights during Thursday’s trading session

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Aside from the markets, significant developments were seen in several crypto-oriented entities like Coinbase and Chainalysis. This week’s headlines include

Square may build bitcoin miner, chief executive discloses

Square CEO Jack Dorsey suggested last Friday that Square might be joining the bitcoin mining industry. He announced plans to create a miner that would open-source for all users and businesses worldwide. In a series tweets, Dorsey stated that the custom silicon-based system would incorporate community input just like Square’s hardware Bitcoin wallet.

The Twitter chief stated that his company will use this project to make Bitcoin mining more accessible to as many people possible. Dorsey pointed out that crypto mining is still dominated by large-scale investors who have substantial capital backing to support their endeavors.

The Square Jesse Dorogusker, who is the head of hardware at Square, proposed that the team work on the project. He will be responsible for studying the technical hurdles necessary to make it a reality. Dorsey, who has shown a dedication to Bitcoin in the past, said that he would quit his positions at Square and Twitter to devote himself to the digital asset.

Grayscale files to convert its Bitcoin Trust to Bitcoin ETF

Grayscale, a digital asset manager, has applied to the US regulators for a change in its Grayscale Bitcoin Trust (GBTC), into a Bitcoin Spot Exchange Trade Fund. On Tuesday, the world’s largest crypto asset manager announced the change. Grayscale Investments Vice President and Head Of Legal Craig Salm expressed delight at Proshares Bitcoin Futures ETF being listed on a trading platform; the NYSE.

The executive explained that his company’s filing had set the timer for a 240-day by which the SEC would approve or deny the offering. Salm stated that Bitcoin is an asset that will be here to stay, and that as investors access the coin increases, it will become more popular.

Grayscale Investments’ Global Head of ETFs Dave LaValle stated that they believe regulators are still open to future-based ETFs. He explained that this means that financial watchdogs should be able to accept ETFs that offer spot pricing exposure for these assets. Grayscale currently holds approximately 3. 44% is the current largest Bitcoin trust holding approximately 3.

Chainalysis joins the Bitcoin bandwagon

Chainalysis added an undisclosed amount Bitcoin to its books. The blockchain data solutions company revealed its plans via a blog post Tuesday. It stated that it would use the New York Digital Investment Group’s (NYDIG), brokerage services, and would also provide custody.

Michael Gronager from Chainalysis explained that although this crypto purchase was unique, it wouldn’t be the first. The company plans to invest in other digital assets in future. Gronager stated that Chainalysis is still committed to building trust in cryptocurrency and that the company will be adding Bitcoin to its investment portfolio.

Chainalysis is one of the many corporate companies that have added crypto to their portfolio. Significantly the largest, even by the numbers, Michael Saylor’s MicroStrategy holds more than 114,000 Bitcoin. The top five publicly held BTC companies include Square, Galaxy Digital and Voyager Digital.

Coinbase partners with Facebook and the NBA

The National Basketball Association (NBA), announced Tuesday that it had reached a deal with Coinbase. Coinbase will be the official cryptocurrency partner of the NBA. This new venture would see Coinbase featured in the NBA 2K League and USA Basketball as well as the NBA G League and the WNBA.

It wasn’t clear, however, if the partnership meant fans could use cryptocurrency to purchase matchday tickets or merchandise from their favorite teams, as Mark Cubans’ Maverick Texas has done.

Coinbase confirmed that it will be working with Facebook to launch the digital wallet Novi, a social network company. Coinbase will hold crypto while Diem (Novi’s host company), plans to manage the pilot program. This launch will also adopt the Pax Dollar stablecoin to be the token of preference, but Facebook plans eventually to replace it with Diem once it has received the regulatory approvals.

Five US senators wrote to Mark Zuckerberg after the announcement asking him to stop activities related to the digital wallet. Senators claimed that Facebook was not trustworthy to manage a payment system, citing past abuse. Diem responded to the letter, explaining that the company is not linked to Facebook and instead functions independently with representatives of the social media company.

Huobi gets go-ahead to trade crypto derivatives

A Monday statement revealed that Huobi was approved by Hong Kong’s Financial Services Agency to register as a Type 1 Financial Instruments Business. This will allow the exchange to trade in cryptocurrency derivatives. Huobi stated that the approval allows it to create derivatives and facilitate trading.

Haiteng Chen, the CEO of the exchange, stated that the new license would allow for expansion of services to customers and help the company move into the next phase. Haiteng Chen, the CEO of the exchange, explained the importance of this type license by stating that it allows the company to offer more services than spot trading.

The FSA is well-known for its strict regulatory requirements. It has established regulations regarding cryptocurrencies. All crypto exchanges must adhere to the same rules that govern financial institutions. Compulsory registration is required for all exchanges to be registered as type I financial instrument businesses. The FSA requires that all crypto tokens must be approved before being listed on any exchange in the country.

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Bitcoin

Bitcoin Price Watch: $85K Pivot Sets Stage for Weekend Fireworks

Bitcoin traded at $85,287 on Saturday, commanding a $1.69 trillion market capitalization while moving $10.68 billion across exchanges in 24 hours. During the session, the leading cryptocurrency by market cap roamed between $84,366 and $85,398, packing price tension into a narrow corridor that could ignite the next decisive break…
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MEXC launches STORY (IP) launchpool & airdrop+, offering 68,500 IP & 50,000 USDT in bonuses

MEXC, the world’s leading cryptocurrency trading platform, has announced the launch of its Launchpool initiative in collaboration with the renowned blockchain project STORY (IP). This initiative highlights the close partnership between MEXC and STORY, showcasing their joint efforts to expand the STORY network. By introducing two major events—a Launchpool featuring a 60,000 IP reward pool…


MEXC, the world’s leading cryptocurrency trading platform, has announced the launch of its Launchpool initiative in collaboration with the renowned blockchain project STORY (IP).

This initiative highlights the close partnership between MEXC and STORY, showcasing their joint efforts to expand the STORY network. By introducing two major events—a Launchpool featuring a 60,000 IP reward pool and an Airdrop+ offering 8,500 IP plus 50,000 USDT—this collaboration further accelerates the growth of the STORY network while driving innovation in the blockchain space.

MEXC Supports the STORY Network with the Launch of IP Launchpool

In the digital age, traditional intellectual property (IP) management faces growing challenges. Centralized platforms and complicated intermediaries often lead to inefficiencies, high costs, and trust issues for creators. As a Layer 1 blockchain built with Cosmos SDK, STORY combines DeFi and AI technologies to offer automated, transparent, and cost-effective IP management solutions. With full EVM compatibility and a modular architecture, STORY empowers creators to tokenize their IP assets, automate royalties, and simplify licensing processes. MEXC’s support of the STORY network highlights the growing importance of such innovations in blockchain. 

As a global leader in digital asset trading, MEXC consistently supports innovative blockchain projects. Its Launchpool initiative with STORY reaffirms this commitment. This collaboration not only strengthens the STORY ecosystem but also empowers global creators and developers to explore the potential of decentralized IP management. MEXC’s broad market coverage and strong liquidity offer the environment for blockchain projects like STORY to thrive and bring new possibilities to the digital economy. By allowing users to stake USDT, MX, and IP tokens to earn rewards, MEXC provides a platform for increased exposure and growth for STORY. Visit the STORY (IP) pre-market page to see this innovation in action.

Celebrate the IP Launchpool & Airdrop+ with a Prize Pool of 68,500 IP & 50,000 USDT

As a pioneer in the cryptocurrency industry, MEXC continues to foster innovation and support emerging blockchain ecosystems. MEXC is hosting two major STORY (IP) events: the Airdrop+ event, running from February 12, 2025, 10: 00 (UTC) to February 26, 2025, 10: 00 (UTC), featuring 8,500 IP plus 50,000 USDT in rewards, and the Launchpool, taking place from February 12, 2025, 10: 00 (UTC) to February 15, 2025, 10: 00 (UTC), with a 60,000 IP reward pool. These initiatives underscore MEXC’s ongoing commitment to advancing blockchain innovation and delivering valuable opportunities to the crypto community.

These activities include:

  • Event 1: IP Launchpool – Stake USDT, MX & IP to Share 60,000 IP
  • Event 2: Join Airdrop+ to Share 8,500 IP & 50,000 USDT bonus
    • Perk 1: Deposit and Share 5,600 IP (New User Exclusive).
    • Perk 2: Spot Challenge – Trade to Share 1,700 IP.
    • Perk 3: Futures Challenge – Trade to Share 50,000 USDT in Futures Bonuses.
    • Perk 4: Invite New Users and Share 1,200 IP.

MEXC continues to expand its market share in the centralized exchange space, leveraging its first-mover advantage in listing promising and valuable projects. As one of the leading cryptocurrency exchanges, with its commitment to innovation, user-centric approach, and strategic focus on early-stage token listings, MEXC remains at the forefront of the crypto industry, providing strong access to the rapidly growing blockchain ecosystem.

About MEXC

Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 30 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.

MEXC Official Website X TelegramHow to Sign Up on MEXC


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Jailed BTC-e operator Vinnik released in US-Russia prisoner swap

US to release jailed BTC-e operator Alexander Vinnik in a prisoner swap with Russia. Vinnik, arrested in 2017, is part of the exchange that saw Russia release jailed US schoolteacher Marc Fogel. Alexander Vinnik, jailed in the US after being convicted on charges of money laundering, is being released as part of a prisoner swap.…


  • US to release jailed BTC-e operator Alexander Vinnik in a prisoner swap with Russia.
  • Vinnik, arrested in 2017, is part of the exchange that saw Russia release jailed US schoolteacher Marc Fogel.

Alexander Vinnik, jailed in the US after being convicted on charges of money laundering, is being released as part of a prisoner swap.

The former operator of the Russian crypto exchange BTC-e will head to Russia after the Kremlin reportedly agreed to an exchange involving US national Marc Fogel.

According to the BBC, the White House confirmed the prisoner exchange,with Trump having spoken to Fogel.The schoolteacher left Russia on Tuesday, Feb. 11.

Who is Vinnik?

Alexander Vinnik, 44, is a crypto kingpin that operated the Bitcoin exchange BTC-e. Authorities arrested Vinnik in 2017 in Greece, with the Department of Justice filing charges of money laundering involving nearly $4 billion.

According to prosecutors, Vinnik allowed cyber criminals to use BTC-e to launder and store proceeds of crimes, including crypto hacks, ransomware attacks and identity theft.

The Russian national’s reign at the helm of the exchange saw him promote the platform to perpetrators of these crimes. US authorities blamed him for the loss of $121 million.

Notably, New Zealand police also seized $90 million from the BTC-e operator.

Vinnik’s guilty plea in May 2024 meant he faced up to 20 years in prison.

The prisoner swap that sees him leave custody comes after his lawyers failed in a previous attempt to have included in other US-Russia prisoner exchanges. One such push involved the deal that saw Evan Gershkovich, a Wall Street Journal reporter formerly imprisoned in Russia, released.


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