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IT Giant Globant Joins Crypto, buys $500,000 worth of Bitcoin

Large companies continue to put bitcoin on their balance sheets, and the latest to do so is the IT giant…

(Asian News Hub) – The software development company, Globant, has filed documents with the SEC revealing an allocation of $500,000 in bitcoin. The firm has put the BTC investment into its portfolio of “intangible assets.”

Globant is an IT and software development conglomerate founded in 2003 and headquartered in Argentina. It has over e dozen offices worldwide, including in the UK, the UK, Brazil, India, Mexico, Spain, and more.

According to a recent filing with the US Securities and Exchange Commission, Globant has “purchased an aggregate of [$500,000] in crypto assets, comprised solely of bitcoin.” The allocation has happened during the first quarter of 2021.

The filing shows that the company has listed the BTC investments into the “intangible assets” next to licenses, customer contracts, non-compete agreements, and more.

“Bitcoin is a cryptocurrency that is considered to be an indefinite-lived intangible asset because bitcoin lacks physical form and there is no limit to its useful life, bitcoin is not subject to amortization, but it is tested for impairment.” – reads the document.

Thus, the IT giant has joined many other large corporations that put BTC on their balance sheets in recent months.

Arguably the most pro-bitcoin company has become MicroStrategy. The NASDAQ-listed intelligence firm made its first purchase in August 2020 and has only intensified its accumulations. As of now, Michael Saylor’s company owns over 90,000 bitcoins.

Other prominent names that followed included MassMutual and One River Asset Management. Even Elon Musk’s Tesla joined the bitcoin bandwagon by allocating $1.5 billion in January 2021.

Despite some controversy since then, the EV-maker still holds the majority of its BTC position.

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Bitcoin to get major facelift after four years in November

The upgrade would take about five months as it requires a lot of testing before being fully integrated into the system.

(Asian News Hub) – Bitcoin’s new upgrade ‘Taproot’ has received overwhelming support from miners around the world and is set to take effect from November, CNBC reported.

The new upgrade would mean greater transaction privacy and efficiency which would enable smart contracts, a feature of the blockchain technology which eliminates the need for middlemen.

Taproot is the first and the most anticipated update since the last one ‘Segregated Witness (SegWit)’ in 2017. While the main focus of SegWit was scaling the Bitcoin protocol, Taproot will equip Bitcoin with a new signature scheme known as Schnorr signatures.

Currently, Bitcoin uses the “Elliptic Curve Digital Signature Algorithm,” which is created from the private key that secures the Bitcoin wallet and ensures that it is only used by its owner.

On the other hand, Taproot will switch to Schnorr signatures which is multi-signature transactions unreadable, the report said citing Alejandro De La Torre, Vice President at Hong Kong-headquartered major mining pool Poolin.

“You can kind of hide who you are a little bit better, which is good,”  Brandon Arvanaghi, previously a security engineer at crypto exchange Gemini told the publication.

This would allow greater anonymity for an individual bitcoin address on the public blockchain, but it will make simple transactions indistinguishable from those that are more complex and comprised of multiple signatures, the report added.

The new upgrade will also allow smart contracts cheaper along with taking up lesser space on the blockchain.

“The most important thing for Taproot is…smart contracts,” said Fred Thiel, CEO of cryptocurrency mining specialist Marathon Digital Holdings.

“It’s already the primary driver of innovation on the ethereum network. Smart contracts essentially give you the opportunity to really build applications and businesses on the blockchain.”

The upgrade would take about five months as it requires a lot of testing before being fully integrated into the system.

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Gondola service resumes partially in Gulmarg

Services resumed on trial basis, situation being monitored closely: Dir Tourism Itoo

Jahangir Sofi

(Asian News Hub) – With the graph of Covid-19 positive cases in the valley showing the decreasing trend, the Tourism department Kashmir, has partially resumed the Gulmarg Gondola service on trial basis.

Director Tourism Kashmir, Dr. G. N. Itoo said that the Gondola services have been partially resumed as the Covid situation is evolving which is being monitored closely.

“The Gondola services will be limited only as it has been started on a trial basis. If there are more modalities to be discussed with respect to Covid situation that will be also taken care of,” Itoo said.

“We are ensuring everything is being taken care of from our side, and whenever the Government takes a call, we should be ready to welcome tourists,” he said.

After the tourism was opened in June 2020, the tourism arrival in the valley had gained a reasonably good momentum and the hoteliers and houseboat owners had pre bookings till May end of this year.

However, with the onset of the second wave of Covid-19 which also engulfed the valley along with the other parts of the country, a complete Corona lockdown was imposed in Jammu and Kashmir, resulting in the cancellation of the all the pre bookings giving a deserted look to hotels and houseboats in the valley.

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Cryptocurrencies: Elon Musk Changes Twitter DP to ‘Triggered’ Crypto Woman

(Asian News Hub) – Elon Musk has changed his Twitter display picture (DP), otherwise known as a profile photo, a character from a Japanese site wearing a Bitcoin dress and posed on the foreground of a $BTC logo.

The character has “Triggered” eyes. Currently, there are no explanations as to why the CEO did it. Still, speculations point out to Musk targeting Bitcoin fans that blame his tweets for the leading cryptocurrency plummet.

Musk’s Tweets Causes Bitcoin Drop

Recently, Bitcoin has dropped in market price and performance despite seeing a rise in its trends, particularly as it is on the road to recovery, following the drastic changes it suffered in the past months. The drop in performance of the leading cryptocurrency was due to Elon Musk’s tweet about it, saying that Tesla has dropped Bitcoin use due to coal energy dependence.

Tesla is known to be a clean energy company, and that Musk is also an advocate for the environment, so dropping Bitcoin was a way to adhere to their beliefs and not something personal against Bitcoin. However, recent developments have pushed Bitcoin purists to think of Musk as the villain, especially with his increased support for Dogecoin.

What Does This Mean?

Musk is always fond of trolling people on the internet, and doing things without explanation even though people would either go crazy about it or have them develop theories as to his next move. However, one speculation is that the CEO was about the “triggered” Bitcoin fans who were affected by the price drop in the market, as brought by his latest tweet.

The CEO did not mean for the prices to go down, but his meme photo tweet still had a massive effect on the cryptocurrency, and in doing so, has triggered the downfall of Bitcoin in the market today.

Currently, Wazirx still lists Bitcoin as the top and leading cryptocurrency, with a $37,500 market price and a 4.33 percent downward trend in the past 24 hours.

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