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Blockchain Firm Chainalysis Is Adding Bitcoin To Its Balance Sheet

Chainalysis has announced that it plans to add bitcoin to its balance sheet. The news came as a surprise to crypto investors as it is usually expected that a firm so deeply ingrained in the blockchain technology ecosystem would own some crypto. According to the blog post on its website, the firm had previously not owned any cryptocurrencies and this will be the first time Chainalysis is purchasing BTC.

Bitcoin has been purchased as an investment strategy by companies who are in and out of the blockchain space. The digital asset presents an alternative means of investment for people who want to have total control of their assets. With its recent purchase, Chainalysis joins the ranks of companies who are holding BTC for the long term, according to statements on the post.

Chainalysis Takes The Leap With Bitcoin

Chainalysis revealed in the post that it was buying bitcoin to put on its balance sheet. The company which is valued at $4.2 billion will put the purchased BTC in its corporate investment portfolio and intends to hold for the long term.

Related Reading | Number Of Bitcoin Whales On The Rise As BTC Chases New All-Time High

The company provides valuable software analysis software that helps exchanges comply with regulations. Its software is also used to assess risk and identify illegal activities that are being carried out on the blockchain, helping law enforcement to track the perpetrators.

Co-founder and CEO of Chainalysis, Michael Gronager, said, “Chainalysis is laser-focused on its commitment to building trust in cryptocurrency as a digital asset and we are thrilled to be adding bitcoin on our corporate investment portfolio.” Speaking on this being the first cryptocurrency purchase on the part of the firm, Gronager added, “This is Chainalysis’ first acquisition of cryptocurrency, and we will continue to pursue other digital assets as potential future investments.”

BTC surges past $64K | Source: BTCUSD on TradingView.com
Partnership With NYDIG

In order to purchase and custody the bitcoins, Chainalysis had expanded its partnership with bitcoin technology and financial services firm NYDIG. Both firms have been working together since they announced that Chainalysis would be NYDIG’s compliance technology partner in 2018. The BTC was purchased through the financial services firm and NYDIG will custody the digital assets on behalf of Chainalysis.

Related Reading | Strike Launches New Feature To Allow Users Convert Salaries To Bitcoin

“Our expanding partnership with Chainalysis is a mutually beneficial relationship. Chainalysis has long been building trust in the digital asset ecosystem, and this investment shows their belief that bitcoin is a sound investment for the future. We are happy that they trusted our platform to safeguard their assets.” – Nate Conrad, Head of Asset Management, NYDIG

The acquisition highlights Chainalysis’ long-standing faith in BTC as a long-term investment strategy. Bitcoin has been a profitable investment venture for companies that have invested in the digital asset in the past and Chainalysis stands to profit from the asset’s growth in the future.

Featured image from Bitcoin News, chart from TradingView.com

Crypto Exchange Kraken Now Supports Shiba Inu — SHIB Trading to Begin Tomorrow

Cryptocurrency exchange Kraken has announced support for the meme cryptocurrency shiba inu (SHIB). Deposits are now live and SHIB trading is expected to commence on Tuesday. The price of SHIB surged following Kraken’s announcement. SHIB on Kraken: Deposits Now Live, Trading Set to Begin Tomorrow Crypto exchange Kraken announced Monday that shiba inu (SHIB) deposits::Listen

Crypto Exchange Kraken Now Supports Shiba Inu — SHIB Trading to Begin Tomorrow

Cryptocurrency exchange Kraken has announced support for the meme cryptocurrency shiba inu (SHIB). Deposits are now live and SHIB trading is expected to commence on Tuesday. The price of SHIB surged following Kraken’s announcement.

SHIB on Kraken: Deposits Now Live, Trading Set to Begin Tomorrow

Crypto exchange Kraken announced Monday that shiba inu (SHIB) deposits are live and trading is expected to start Tuesday. The exchange wrote:

We’re thrilled to announce that Kraken now supports shiba inu (SHIB).

“Funding is live, and we anticipate trading will begin tomorrow, November 30 — at which point Kraken will enable order entry and execution,” the exchange clarified, noting that the futures and margin trading service will not be available at launch.

The shiba inu token will be tradeable against USD and EUR on Kraken, the announcement details, adding that there is a trading minimum of 50K SHIB, a price precision of 8 decimal places and a quantity precision of 5 decimal places.

Moreover, Kraken explained that SHIB deposits require 20 confirmations, which it estimates to be about five minutes. The minimum deposit is 373K SHIB.

The price of SHIB jumped more than 13% from the $0.00003899 level prior to Kraken’s announcement to $0.00004422 at the time of writing.

Shiba inu crypto investors have been waiting almost a month for Kraken to come through on its promise to list SHIB. The exchange tweeted on Nov. 1 that if its tweet gets 2K likes, the platform will list SHIB the next day. SHIB supporters delivered more than 45K likes within the time frame given. However, Kraken did not come through on its promise.

Instead of listing SHIB, the exchange tweeted on Nov. 2: “Community is an important part of our considerations for all listings, and you have clearly shown your support. There’s more work for us to do as we move through our listing review process.”

Meanwhile, shiba inu crypto supporters are still petitioning for the trading platform Robinhood to list SHIB. At the time of writing, the petition has garnered more than 540K signatures. However, Robinhood recently said that it is in no hurry to list additional cryptocurrencies. Another major crypto exchange, Gemini, also added support for SHIB this month.

What do you think about Kraken finally listing SHIB? Let us know in the comments section below.

Blockchain Firm Chainalysis Is Adding Bitcoin To Its Balance Sheet

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