Bitmain Founder To Set Up $250M Fund To Buy Distressed Mining Assets – September 27

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$20,100

Bitcoin price has reclaimed the $20,000 after a big bounce from local lows. Price is currently sitting comfortably above the key level, as it approaches a major trend line.

Top-20 altcoins have performed well over the last 24 hours, as Ethereum gains 4%, BNB rises 3% and Uniswap stands out with a 12% advance.

Top Stories for September 27, 2022 🔥

👉 Bitmain Founder To Set Up $250M Fund To Buy Distressed Mining Assets

Jihan Wu, founder of Bitcoin mining hardware manufacturer Bitmain, is setting up a $250 million fund to buy distressed mining assets from other firms.

Wu’s new company, Bitdeer Technologies, will begin the fund with $50 million of its own cash, then look to raise $200 million in further funds from investors. Bitdeer plans to use the acquired mining assets for their own operations, with stable power purchase agreements.

👉 Celsius CEO Alex Mashinsky Resigns 

Celsius CEO Alex Mashinsky has resigned, as the failed crypto lending company struggles to pay back creditors. Mashinsky was a controversial figure who came under heavy fire after Celsius’ fall.

He says his focus remains on working with the community to “provide the best outcome for all creditors.” Celsius froze customer withdrawals following the crypto crash earlier this year, later filing for bankruptcy.

👉 Nexo Buys State In Federally-Chartered Summit National Bank

Crypto lender Nexo has announced that it has bought a minor stake in federally chartered bank, Summit National Bank. Nexo declined to disclose the deeper details of the deal.

Nexo says the purchase will enable the company to offer a wider suite of products, including bank accounts, asset-backed loans and more for US-based customers.