Positive news is coming to the cryptocurrency market that will resuscitate the market out of a massive correction wave that swept the market last week.
El Salvador's President Najib Boukela said the country plans to build the world's first "Bitcoin City", which will initially be funded through bitcoin bonds, increasing the Central American country's bet on the cryptocurrency.
Speaking at an event to mark the end of a week to promote Bitcoin in El Salvador, Bukele said the planned city in the east of the country would get its power supply from Berkane and would not levy any taxes except for value-added tax.
"We will start financing in 2022, and the bonds will be available in 2022," Bukele told a crowd at the event.
Speaking alongside his agent, Samson Mao, chief strategist at blockchain technology provider Blockstream, said El Salvador will initially issue a $ 1 billion bond backed by bitcoin to begin raising funds for the planned city.
|Bitcoin City Mega Offering|
In September, El Salvador became the first country in the world to adopt Bitcoin as a legal currency.
Bitdir Technologies Holding Company, a Singapore-based Bitcoin (BTC) mining company, announced that it has entered into a definitive merger agreement with Blue Safari Group Acquisition Corp. for a business combination between Blue Safari and the mining company.
According to the announcement, the two companies are expected to merge and be renamed Bitdir Technologies Group, while retaining their Nasdaq listing.
Batder is a Singapore - based company focused on the mining industry encoded currencies . The Bitcoin miner currently owns five mining data centers in the United States and Norway.
According to the announcement, the deal positions Bitdir as a potential influencer in the crypto mining sector. As Chairman and Founder of BitDire, Jihan Wu will continue to lead the combined organization after the transaction is concluded.
While commenting on the deal, Wu expressed his happiness that the two organizations have come together.
He further added, “As a leading cryptocurrency mining company, we will continue to consolidate our leading position in cryptocurrency mining.”
“Today marks an important milestone for BitDire, and we strive to create value for a broader group of stakeholders in the future, including our customers, our employees and our shareholders.”
The announcement claims that after the deal, Bitdir has an implied value of the company of about $4 billion.
The proposed merger has been approved by the two companies' Boards of Directors, and is expected to be completed in the first quarter of 2022, subject to regulatory approvals, shareholder approval of the transaction, and other usual closing conditions that are met.
Twitter stock exchange
Jack Dorsey, co-founder and CEO of both Square and Twitter, has released an introductory document detailing Square's plans for a decentralized bitcoin exchange, tbDEX.