By Kapil Rajyaguru
By Kapil Rajyaguru Raydium’s RAY Jumps 13% as DEX Reveals Own Token Issuance Platform
Solana-based decentralized exchange Raydium is launching its own token issuance platform, LaunchLab, to increase revenues and user base. Raydium’s native RAY tokens have seen a 13% increase in the past 24 hours, outperforming the broader market. LaunchLab will offer three types of bonding curves for token pricing and allow third-party UIs to set their fees.
Strategy Plans $500mn Preferred Stock Deal to Buy Bitcoin
Strategy plans to sell $500 million of dollar-denominated perpetual preferred stock. The enterprise software company, formerly known as MicroStrategy, intends to use proceeds for general corporate purposes, including the acquisition of Bitcoin and for working capital. It aims to price the offering later this week after a roadshow consisting of small one-on-one meetings Tuesday and Wednesday. The deal will carry a fixed dividend rate of 10% per annum. Morgan Stanley, Barclays Plc, Citigroup Inc., and Moelis & Co. are acting as bookrunners for the offering. It will not be rated. This issuance follows Strategy’s recent purchase of $10.7 million worth of Bitcoin. It plans to issue up to $21 billion of preferred stock to acquire more of the cryptocurrency.
North Dakota Senate Passes Crypto ATM Bill to Create Licensing Regime
North Dakota is nearing the establishment of a licensing system for crypto ATMs following the Senate’s approval of a bill that outlines regulations for the sector. The bill, House Bill 1447, requires crypto ATM operators to issue fraud warnings, obtain money transmitter licenses, use blockchain analytics software for fraud detection, submit quarterly reports, and appoint a compliance officer. This comes amid rising concerns over crypto ATM scams, with FTC data showing a nearly tenfold increase in Bitcoin ATM scam losses since 2020 and a report by TRM Labs revealing that crypto ATMs have facilitated at least $160 million in illicit transactions since 2019.
Minnesota Senator Proposes Bitcoin Act After Going From Skeptic To Believer
Minnesota state Senator Jeremy Miller has introduced the Minnesota Bitcoin Act, which he drafted after completely changing his stance on Bitcoin. Miller said the bill aims to “promote prosperity” for Minnesotans by allowing the Minnesota State Board of Investment to invest state assets in Bitcoin and other cryptocurrencies, just as it invests in traditional assets. Several other US states have introduced similar Bitcoin-buying bills, with 23 states having introduced legislation to create a Bitcoin reserve, according to Bitcoin Laws.
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