Valour partners with NSE and SovFi to launch Bitcoin, Ether, Solana, and Hedera ETPs. The ETPs will be passported to NSE, marking Kenya’s first digital asset products. Kenya’s regulatory framework for digital assets is evolving, supporting new innovations.

Crypto fund issuer Valour is set to expand its reach beyond Europe with a significant move into the Kenyan market. The company has signed a memorandum of understanding with the Nairobi Securities Exchange (NSE) and SovFi to issue and trade digital asset exchange-traded products (ETPs) in Kenya. This strategic expansion will introduce Bitcoin (BTC), Solana (SOL), Ethereum (ETH), and Hedera (HBAR) ETPs to the NSE, marking a milestone as these offerings could be the first digital asset products on the exchange. Valour pioneering digital asset offerings in Kenya Valour’s entry into the Kenyan market represents a major development in the region’s financial landscape. The ETPs, including those for Bitcoin, Ether, Solana, and Hedera, will be “passported” to the NSE, leveraging the expertise of Valour’s parent company, DeFi Technologies. DeFi Technologies, based in Canada, has previously demonstrated its innovation in issuing ETPs across European exchanges. It launched a validator node on the Core Chain in June after Valour and Core partnered to issue Valour Bitcoin Staking ETP on the Nordic Growth Market exchange. Currently, Valour issues 33 ETPs on European exchanges including the recently launched Near Protocol (NEAR) ETP on the Swedish Spotlight Stock Market. Olivier Roussy Newton, CEO of DeFi Technologies, emphasized the goal of providing secure and regulated exposure to digital assets for investors through this new venture. Kenya’s evolving digital asset regulation Kenya’s regulatory environment for digital assets has been evolving since November 2022, when the country began formal regulation of these financial instruments. A multi-agency government working group is actively developing a comprehensive regulatory framework, with the Blockchain Association of Kenya contributing to the process. This regulatory development comes amid growing interest in Web3 technologies and recent partnerships, such as the one with Abu Dhabi’s Venom Foundation to launch a blockchain and Web3 hub. Valour’s move aligns with Kenya’s progressive stance on digital assets, enhancing the country’s growing digital asset ecosystem.

Share this article

Categories

Markets

Tags

Cryptocurrency News

Core Scientific shares climbed more than 17% on Tuesday as the bitcoin mining company announced new developments around its deal with artificial intelligence provider CoreWeave. According to a press release on Aug. 6, CoreWeave has agreed to add to its hosting deal with the Bitcoin miner, with additional infrastructure set to see Core Scientific deliver another 112 megawatts for Coreeave’s Nvidia graphic processing units. Core Scientific and CoreWeave deal The new adjustments to the deal will roll in before the end of 2024, with operations expected to go live in early 2026. Core Scientific’s multi-year deal with CoreWeave will add roughly $2 billion in new hosting revenue, with the 12-year contract projected bring in over $6.7 billion in cumulative revenue after the initial contract’s expected total of $4.7 billion

“We have now contracted with CoreWeave for a total of 382 megawatts of HPC infrastructure, reflecting the strong demand for high-power data center infrastructure and the unique ability of our team to deliver it,” Core Scientific CEO Adam Sullivan said. “CoreWeave has one remaining option for 118 megawatts of our infrastructure and we are actively building our pipeline of potential new sites to expand our infrastructure portfolio and business opportunity. By maximizing the value and increasing the scope of our infrastructure portfolio for HPC hosting and bitcoin mining, we believe we can grow our business and the value we deliver to clients and shareholders,” Sullivan noted. CORZ stock price Core Scientific shares traded around $9.63 at the time of writing, more than 17% up on the day. CORZ is up 179% year-to-date. CORZ stock has traded higher since a breakout above $5 in May, with recent news helping the bullish case. In comparison, BTC is up just over 5% in the past 24 hours as it changes hands around $56,900.  While the value is up since the dip to near $49k on Aug. 5, Bitcoin remains more than 12% in the red in the past week. In the past month, BTC/USD is up 28% at the time of writing.

Share this article

Categories

Markets

Tags

Bitcoin Mining Stocks