A Glimpse Into Canadian Crypto News
Here’s a breakdown of the most recent Canadian crypto news.
August 25, 2020
At Netcoins, we help Canadians buy, sell and trade crypto. And while our aim is to give our customers a platform that is easy and quick to use, we also like to give them a bird’s-eye-view of what’s going on in the Canadian crypto space. This week Snappa replaced part of their cash reserve with Bitcoin, BitMEX blocked Ontario residents from trading, Netcoins President, Mitchell Demeter, was appointed to BIGG Digital Assets Board of Directors, and more updates on Canadian crypto scams. Here’s a quick snapshot of the last week.
Snappa follows MicroStrategy in replacing cash reserve with Bitcoin
Based in Ottawa, Snappa is a graphics company that builds tools to help small businesses create high-quality online graphics. Calling MicroStrategy’s recent move to buy a substantial amount of Bitcoin as “fascinating,” the company has put 40% of their cash reserves into Bitcoin.
“We’re still accumulating coins, and we don’t plan on selling anytime soon,” Co-Founder, Christopher Gimmer told CoinDesk. “If we’re right about where bitcoin is heading then our allocation could get very high.”
With inflation on the horizon, experienced investors and businesses are putting their money into alternative assets instead of traditional savings accounts that would otherwise be devalued. Snappa is the second Canadian company in the past week to move into crypto.
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BitMEX to Block Ontario Traders
Starting September 1, 2020, BitMEX, a long-running crypto derivatives exchange, is set to block all trades within the province of Ontario. The reason for this move remains unknown. BitMEX will force-close positions after that date, and as a result are urging customers to prepare themselves and make arrangements accordingly.
A BIGG Move for One of Our Own
President of Netcoins, Mitchell Demeter, is appointed to the Board of Directors for BIGG Digital Assets Inc. As a pioneering figure in the crypto industry, Mitchell believes that sound money is incredibly beneficial for society. He is deeply passionate about the possibilities of Bitcoin and cryptocurrencies, which he consistently shows through his leadership here at Netcoins.
More Canadian Crypto Scams in the News
Scammers in Waterloo, Ontario gained $430,000 from 78 people (since January). Fraudsters are claiming to be from Service Canada, Service Ontario, Canada Revenue Agency (CRA), and/or law enforcement – making people believe they will be arrested unless they settle their debts with Bitcoin payments through custom QR codes or Bitcoin ATMs.
Remember: No government authority will ask you for payments in crypto. Be on your guard when someone unfamiliar phones you and make sure you ask them to identify themselves. If they do, call the agency they claim to work for to confirm they’re a real employee before taking any action. Buy Bitcoin in Canada from a trusted exchange, like Netcoins.
Written by: Adam Farrell
Writer. Content marketing. A cloud-in-his head kind of guy. He loves to create and invent stuff. Good with words.