Bitcoin

Bitcoin Daily: Bitpay Notches $40M In Funding, Russian Hotels To Take Crypto During World Cup

Cryptocurrency

Bitcoin rose above the $7,000 level on Monday (April 2) after falling 25 percent last week, CNBC reported. Bitcoin was trading at $7,016.96 as of 6:47 p.m., according to CoinDesk.

And those who visit a city in Russia hosting some World Cup matches can pay for their hotel rooms in crypto, CCN reported. According to a Russian website called Buying Business Travel, Apartments Malina is working with an online payment platform called Free-Kassa to enable the crypto payments in the city of Kaliningrad.

In South Korea, the mayor of Seoul said the city is working on its crypto, dubbed “S-Coin,” which would be used for social benefit programs, CoinDesk reported. The coin could potentially be used for the city’s welfare programs or as a reward to citizens for their eco-friendly efforts.

And, in investing news, Menlo Ventures is joining a $40 million funding round for Bitpay, Recode reported. That investment marks a first for the firm, which is making its first leap into blockchain technology. Bitpay allows merchants to accept and keep bitcoin from customers.

In other news, Google is doing away with crypto mining extensions in Chrome, Engadget reported. The tech company stopped accepting those extensions on Monday (April 2) and plans to remove those already in its store toward the end of June.

An expert in bitcoin stated that bitcoin is not, in fact, a bubble, Business Insider reported. “To the people who say bitcoin’s a bubble, I would say bitcoin is the pin that’s going to pop the bubble,” said Jon Matonis, co-founder of the Bitcoin Foundation. “The bubble is the insane bond markets and the fake equity markets that are propped up by the central banks.”

In other news, 14 people from 13 companies were arrested for allegedly illegal use of subsidized electricity to mine crypto in South Korea, CoinDesk reported. The mining took place in four different complexes in the city of Gwangju.

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