The Daily: Coffee Company to Pay Farmers in Bitcoin, Bitfury’s Latest Investment
In today’s edition of The Daily, we feature an upcoming bitcoin cash token backed by physical diamonds and an American coffee company that has decided to add cryptocurrencies to its payment options. Additionally, we look at a public mining company that may get a dual listing in Canada, as well as the latest investment by Bitfury.
Rosetta Coffee Adopts Bitcoin Payments
Rosetta Coffee, a specialty coffee company based in Lynchburg, Virginia, and Outer Banks, North Carolina, has announced that it will soon adopt cryptocurrency payment options. On the client-facing side of the business, transactions will go through Shopping Cart Elite’s e-commerce platform. With this, the online store will be able to accept BCH, BTC, BCD, DASH, ETH, LTC and XZC.
Rosetta Coffee emphasized that farmers will also directly benefit from the new process, as part of its commitment to purchasing fair-trade coffee. “Cryptocurrency allows them to receive payment directly and immediately without paying a middleman. They will be able to take home more of what they earn,” said Aaron Skeen, co-founder of Rosetta Coffee. “We think this is awesome and it aligns directly with our mission. In the coming weeks and months, we’ll be working with farmers to iron out this process and make it more accessible.”
Hello Diamonds Developing BCH Token
Hello Diamonds, a part of the Cyprus-based Hello Group — which acquired the domain Bitcoincash.io earlier this year — is developing a new token backed up by physical diamonds. The company revealed that the “Diamcoin,” which is scheduled for launch in the first quarter of 2019, will be based on a bitcoin cash (BCH) smart contract protocol.
“The Bitcoin Cash network allows for fast and cheap transactions and this is fundamental to our reasoning,” the developers explained. “We firmly believe that the Bitcoin Cash smart contracts will be the best choice for Hello Diamonds and we aim to scale and be the world’s most used stablecoin.”
The token will use the Wormhole protocol, which creates the WHC “second layer” on top of the BCH network, a process which Hello Diamonds concluded “scales much better than Ethereum.”
Bitfarms Seeks Listing in Canada
Tel Aviv Stock Exchange-listed cryptocurrency mining company Bitfarms has started the regulatory process to examine the potential of having its shares listed on a Canadian exchange. The Canada-headquartered company has filed a preliminary prospectus with the Ontario Securities Commission, which was made available to the public on Nov. 12. It details a potential business arrangement between Bitfarms and a newly created Canadian private company, Bitfarms Canada, for the planned move.
“We are currently evaluating a listing in Canada as we endeavor to grow Bitfarms’ visibility, improve our access to capital and streamline expenses,” commented Wes Fulford, chief executive officer of Bitfarms. “Our analysis suggests that Canada has one of the most active public markets in our emerging industry, with several blockchain infrastructure and cryptocurrency mining companies having listed and raised significant capital over the last 12 months.”
Bitfury Invests in Institutional Crypto Company
Bitfury Group, the San Francisco-based manufacturer of bitcoin mining hardware — which recently completed an $80 million private placement funding round — has announced a new investment of its own. The company has acquired an undisclosed but “substantial” minority stake in Final Frontier, a specialist cryptocurrency investment firm operating out of Switzerland’s so-called “Crypto Valley” region.
This move is meant to help Bitfury to develop institutional-grade financial products and services for professional investors. “This is a groundbreaking partnership between a blockchain technology firm and an experienced team from traditional finance,” said Valery Vavilov, CEO of Bitfury. “With the blockchain space institutionalizing, we consider it an important step forward for the entire ecosystem and for our own mission to be the world’s leading full-service blockchain company.”