"The number will go up until the old world is replaced with the new." - Balaji S. Srinivasan

Happy Wednesday, Bitcoiners!

It's The Bitcoin Dispatch, here with your daily dose of Bitcoin news!

In today’s newsletter:

• Coinbase is considering leaving the USA.

• Unchained raises $60M.

• Bitstack announces €2 million fundraising round.

Coinbase is considering leaving the USA

In a fintech conference, Brian Armstrong, the CEO of Coinbase, said that if the US doesn't provide regulatory clarity on Bitcoin and “cryptocurrencies”, the company may consider investing in other countries. So, if the US can't decide, Coinbase will take its talents elsewhere. In March, there were reports that Coinbase was discussing launching an overseas exchange, and they're still keeping their options open.

Coinbase is facing some regulatory heat in the US, recently paying a $100 million fine and potentially facing SEC charges for violating securities laws. The company has voiced its concerns in blog posts, saying that regulatory uncertainty puts a million tech jobs at stake in the US.

Other major players in the “cryptocurrency” industry, such as Binance and Kraken, also face penalties and scrutiny from regulatory bodies. It's becoming clear that the industry will continue to face increased scrutiny in the US, which could lead to difficult decisions for businesses that want to profit from the American market but have to follow American regulations.

Unchained raises $60M

Amid a bear market for Bitcoin, financial services provider Unchained has raised $60 million in a funding round led by Valor Equity Partners. The company provides a more secure way for clients to hold their Bitcoin through a custody model that utilises the Bitcoin network's multi-signature capabilities. This means that clients share control of their Bitcoin between private keys they hold themselves and private keys held by Unchained or other financial services companies, eliminating single points of failure and mitigating counterparty risk.

Unchained's CEO, Joe Kelly, believes that multi-signature technology is crucial for the industry and can be mainstream to protect individuals from loss and theft. The company plans to use the funding to expand its client base and product offerings. It hopes to enable new entrants to Bitcoin to leapfrog centralised custodians into their safer collaborative custody model. Ultimately, Unchained hopes to further the mantra "not your keys, not your coins" and educate more people on the importance of taking custody of their own assets.

Despite the challenging market conditions for Bitcoin, Unchained's successful funding round shows that there is still faith in the industry and a desire for more secure solutions. We could take a lesson from Unchained and share control of our assets with multiple parties, just like sharing a safe deposit box with a bank. Or maybe we should invest in bear repellent for our Bitcoin wallets. Source

Bitstack announces €2 million fundraising round

Bitstack, a French bitcoin savings app, has secured €2 million in funding from investors, including Y Combinator and Kima Ventures. The startup plans to use the investment to expand its offerings, make strategic hires and finance customer acquisition efforts. Bitstack intends to provide its users with features such as auto-investing a percentage of their paycheck in Bitcoin, sending Bitcoin between friends, and earning it rewards when spending with the Bitstack Card.

Despite Bitcoin's downward trend in 2022, Bitstack claims its users have unrealised gains of 30%. The startup has onboarded over 25,000 users in France since its launch in July 2022, with more than 50% being first-time Bitcoin buyers. The company also reports that the number of active users has increased by more than 20% monthly.

Bitstack's goal is to democratise the use of cryptocurrencies by creating a new savings product that fits into everyday life. The company plans to open access to its Bitcoin cashback debit card, available for free, by the end of 2023. Cardholders can earn Bitcoin rewards on every purchase and additional rewards at select retail partners. "Bitstack is making personal finance more accessible, fun and transparent thanks to bitcoin," said Alexandre Roubaud, CEO of Bitstack.

Bitstack's success proves that sometimes you need a good bitcoin and a great idea to secure funding. With their new cashback debit card, you can finally earn rewards for spending money instead of just losing it. Source

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That's a wrap for today. Until next time.

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