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Showing posts from July 29, 2021

Nifty news: Polyient marketplace, Ronaldinho drop, and a 'staggering' $4800 NFT sale ...

Polyient is launching an NFT marketplace with DeFi features, Ronaldinho has entered the NFT market and Vitalik Buterin has digitally signed an NFT for very little money. Investment firm and development studio Polyient has unveiled an NFT marketplace with decentralized finance (DeFi) functionality. The marketplace dubbed “PolyientX” is set for a beta release in August on Ethereum, with an official launch targeted for sometime in the Fall. The initial launch will feature NFTs from Ape In, a DeFi-enabled NFT collectibles game, and Rate Network, a decentralized NFT pricing, and rating protocol. According to Polyient, users can stake their NFTs in a vault to earn rewards, describing it as “a unique fee share mechanism where users, not corporate stakeholders, are the beneficiaries of transaction activity on the platform.” There’s also a new token launch method dubbed the “Initial Vault Sale” (IVS), which enables projects to leverage their supporters’ NFT assets “to mint and distribute u...

Mexican Regulator: 12 Cryptocurrency Exchanges Are Operating Illegally

Santiago Nieto Castillo, leader of the UIF, the Mexican financial regulator, has issued an alert that 12 cryptocurrency exchanges are operating illegally in the country. The regulator is now producing the necessary data for Mexican authorities to act against these exchanges. The institution receives information from 23 registered cryptocurrency exchanges reporting users’ transactions. Mexican Regulator on the Hunt for Unregulated Exchanges The Financial Intelligence Unit (UIF), the Mexican financial regulator, issued an alert about 12 cryptocurrency exchanges that are operating illegally in the country. The names of these companies were not mentioned, and this means these exchanges are still not registered with the SAT, the country’s tax authority. Santiago Nieto Castillo, leader of the UIF, stated they are collecting data to execute actions against these companies. The Mexican fintech law establishes that virtual asset service providers must report the activities of customers tha...

Synthetix turns on layer-two alpha, launches Olympics betting on options platform

Users of the Synthetix-based Thales platform can now bet on the outcome of Olympic events. Decentralized derivatives and synthetic asset trading protocol, Synthetix, has launched trading on the Optimistic Ethereum layer two scaling platform. The long-awaited launch was announced by the Synthetix protocol exchange Kwenta on July 30. It enables the exchange to offer faster transactions and lower fees using optimistic rollup technology. Initially, there will be just four synthetic assets available for trading on layer two — sUSD, sETH, sBTC and sLINK. The data collected from this alpha launch and testing phase will enable the protocol to optimize synth trading on layer two and prepare for the beta launch, the announcement stated. Trading on layer two will offer users an estimated 50X reduction in gas fees and “blazing fast transaction speeds.” IT'S FINALLY HERE!! @chainlink and @synthetix_io now live on L2! WOOOO! https://t.co/IDbawgZrh6 — Optimism (@optimismPBC) July 29, ...

FinCEN's new digital currency advisor says crypto's 'just another means of payment'

FinCEN digital currency advisor, Michele Korver, believes cryptocurrency is a natural evolution in financial technology. Michele Korver, the first-ever chief digital currency advisor for the Financial Crimes Enforcement Network’s (FinCEN), believes crypto assets are just another way of transferring value. Speaking to Law360 on July 29, the newly appointed Korver said cryptocurrency was "just another means of payment or value transfer that's developed over time, just like any financial technology." Korver offered a cool assessment of the digital asset sector, describing it as a natural evolution. “Financial technologies evolve over time and the innovation of money payments and value transfer will continue,” she said. “The criminal use of the financial ecosystem will always exist too.” She added: “Personally, I've worked in this space for a long time, and I think these emerging technologies are cool and interesting.” Korver was appointed to FinCEN at the start of...

US Senator Lummis: Big Government Spenders Are Accelerating Adoption of Crypto Assets Like Bitcoin

U.S. Senator Cynthia Lummis is pushing for regulation that would ensure bitcoin remains a good store of value. If the cryptocurrency “is to become what El Salvador has done, legal tender, then we need to make sure that we are using it in ways that comply with the Bank Secrecy Act and anti-money laundering laws,” she said. The pro-bitcoin senator also noted that big government spenders are “doing far more to accelerate the adoption of digital assets” than she is. Senator Lummis on Bitcoin Adoption and Cryptocurrency Regulation U.S. Senator Cynthia Lummis has shared her view about cryptocurrency regulation and adoption. Following the Senate Banking Committee ’s hearing about cryptocurrencies, she tweeted Wednesday: Big gov’t spenders are (accidentally) doing far more to accelerate the adoption of digital assets than I am. The debasement of our currency is causing a flight to digital assets like bitcoin that are a store of value. However, she added that “spending America deeper int...

PayPal set to launch crypto trading in the UK and may embrace DeFi

The global payments platform wants to let British customers trade crypto on its new “super app”. Global payments platform PayPal is looking towards the United Kingdom as the next market in which to expand its crypto trading services. According to the company’s second-quarter earnings call on Wednesday, PayPal has done very well out of crypto trading for the period. CEO Dan Schulman stated that the U.K. is likely to be the next country where crypto trading is offered. “Yeah, well, we continue to be really pleased with the momentum we're seeing on crypto. […] We're going to launch, hopefully, maybe even next month in the U.K., open up trading there.” He stated that the company is adding “incremental functionality” to the crypto trading platform, having already increased the crypto purchasing limits to $100,000 per week on July 15. PayPal is also working on open banking integration, Schulman stated, adding that it “will increase the ability to fully integrate it into ACH a...

Congressman takes aim at peers who think crypto could cause a ‘financial 9/11’

Characterizing his contemporaries as viewing the crypto sector as a “financial 9/11,” Congressman Ted Budd has warned lawmakers against driving blockchain innovation offshore. Representative Ted Budd of North Carolina, a member of the House Financial Services Committee and Congressional Blockchain Caucus, has urged lawmakers to embrace decentralized innovation. In what appears to be the first occasion in which a publicly elected official has met with a decentralized autonomous organization (DAO), Budd acknowledged the increasing concern about crypto among lawmakers while speaking to MakerDAO’s Chris Cameron on July 29. “There are some on the Senate side and some on the House side which fear, especially when it comes to currency, the blockchain, decentralized finance and how it’s going to evolve,” he said. “The fear is whether it will hurt our national sovereignty? Will it destabilize the dollar? Is it a threat to national security?" he added. “You even have some in the Hous...

MicroStrategy pledges to buy more BTC despite paper loss on its holdings of $424.8M in Q2

As of June 30, 2021 MicoStrategy held an approximated 105,085 BTC with a carrying value of $2.051 billion, at a total impairment loss of $689.6 million since acquisition of the digital asset. Business intelligence and mobile software firm MicroStrategy has pledged to buy more Bitcoin despite reporting impairment losses of $424.8 million in Q2. This is only a paper loss however based on the price of Bitcoin at the end of the quarter and does not reflect a realized loss. Depending on how you add the figures up, MicroStrategy appears to have made nearly a billion dollars more from Bitcoin than it spent. Along with CEO Michael Saylor’s fervent belief in Bitcoin, that may be why it’s resolved to add more Bitcoin to its reserves going forward. The report stated: “We continue to be pleased by the results of the implementation of our digital asset strategy. Our latest capital raise allowed us to expand our digital holdings, which now exceed 105,000 bitcoins. Going forward, we intend to co...

Financial Giant State Street Expands Cryptocurrency Services as Demand From Traditional Funds Soars

State Street Corp., one of the world’s leading providers of financial services to institutional investors, has announced the expansion of its crypto services in partnership with Lukka, an enterprise crypto asset data and software provider. State Street Launching New Crypto Services State Street Corp. announced new cryptocurrency services Thursday. The financial services firm “will provide digital and cryptocurrency asset fund administration capabilities for the firm’s private funds clients” in partnership with Lukka, the announcement details, adding: State Street will support its private fund clients with collection, standardization, enrichment, reconciliation, processing and reporting related to crypto and other digital assets. The Boston-headquartered financial services and bank holding company offers investment servicing, investment management, investment research, and trading services. State Street operates globally in more than 100 geographic markets. The company had $42.6 ...

Shanghai Man: Crypto recovers, disasters strike, and China’s crackdown moves to other sectors

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industrys most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations. It was a tumultuous week in China outside the financial world with severe flooding hitting Zhengzhou and typhoon In-Fa lashing into cities around Shanghai. Even worse, a COVID-19 Delta-variant outbreak in Nanjing is now threatening to disrupt the relatively open lifestyle that residents have enjoyed since strict anti-infection measures got the initial outbreak under control in early 2020. Shanghai city skyline (Pexels) Trouble in paradise? Inside the Chinese financial world, government regulations on tech and education companies sent the local stock markets tumbling , which may have had an indirect role in the sharp rebound for cryptocurrency prices. The reminder that regulators can suddenly crush an industry might hurt the confidence of A-sh...

Mila Kunis’ ‘Stoner Cats’ NFT Sale Pulls in $8M — Animated Series Can Only Be Watched by NFT Holders

A new non-fungible token (NFT) project crafted by the American actress and producer, Mila Kunis, has made millions selling NFTs tied to an animated series called “Stoner Cats.” The project is a show that will only allow token holders the ability to watch the upcoming series produced by Orchard Farm Productions, a studio owned by Kunis. Animated Series Created by Mila Kunis and Ashton Kutcher Sparks New NFT Hype The cryptocurrency community and mainstream news publications have been discussing a new NFT project bolstered by Mila Kunis and her husband Ashton Kutcher called “ Stoner Cats .” The duo has teamed up with popular celebrities such as Chris Rock, Jane Fonda, and the “Family Guy’s” Seth MacFarlane. Ethereum co-founder Vitalik Buterin will be joining the animated series as well playing the character called “Lord Catsington.” Essentially the show is about an older woman called “Ms. Stoner” who lives with a number of mischievous cats. Ms. Stoner has Alzheimer’s Disease and deci...

Bitcoin traders express mixed emotions about what’s next for BTC price

Bitcoin traders are at odds about where BTC price may head after it failed to flip the $40,000 level to support. The rumor that Amazon would accept cryptocurrency payments sparked a wave of bullish enthusiasm across the crypto market earlier in the week but now this sentiment has begun to wane as Bitcoin ( BTC ) bulls face stiff resistance at the $40,000 level. Data from Cointelegraph Markets Pro and TradingView shows that bears have managed to fend off multiple attempts to flip the $40,000 level to support and defense of this zone continued on July 29 as Bitcoin's stagnant price action and added to concerns that the price could fall back to last week's $35,000 to $30,000 range. BTC/USDT 1-day chart. Source: TradingView Here’s what analysts and investors are saying about the recent developments in Bitcoin’s price. The 21-week EMA marks the line between a bull and bear market Bitcoin's rapid ascent from $31,000 to $40,925 lifted the price near its 21-week expon...

Bitcoin Mining Operation Reveals Plans to Convert Coal Ash Landfill Into Solar Farm

Following the announcement from Greenidge Generation Holdings that detailed the company would be promoting a carbon-neutral stance, and the firm’s recent partnership with Foundry, Greenidge revealed on Thursday it is investing profits into a renewable energy investment program. The company is in the midst of expediting the closure of a coal ash landfill in order to construct a new solar farm. Greenidge Invests in Renewable Energy Investment Program In 2014, the Lockwood Hills landfill in Dresden, New York was purchased by Lockwood Hills LLC, which is a subsidiary of Greenidge. The site has been “safely maintained” over the last seven years, Greenidge claims, and it ended the use of coal-fired power at the adjacent power facility during that time. The announcement on Thursday says the company plans to safely cap and close down the landfill and Greenidge hopes to install “a solar project across the 143-acre site that will produce up to 5MW of power.” The bitcoin mining company says t...

Okcoin secures regulatory approval in Malta and the Netherlands

CEO Hong Fang said Okcoin was focused on Europe as part of the firm's global growth plans. Cryptocurrency exchange Okcoin may soon be opening its doors wider to crypto traders in Malta and the Netherlands following approval from key regulators. In a Thursday announcement, Okcoin said it had secured formal registration from the central bank in the Netherlands and secured "in principle" approval for a virtual financial assets license from the Malta Financial Services Authority. In addition, the exchange has obtained a money transmitter license for the U.S. territory of Puerto Rico. The regulatory benchmarks in Europe are part of Okcoin’s plans to partner with local banks and payment providers to minimize regulation risks and make it easier for customers to purchase crypto with the euro. The exchange has been providing Dutch residents with crypto-to-crypto trading since 2018, and registered with the country’s central bank as a crypto service provider in May 2020. “With...

Taxpayers to avoid obligations by sending mining proceeds to IRAs

The IRS has considered crypto mining revenue as part of taxable income since 2014. North American mining and hosting firm Compass Mining is offering a new tax avoidance method for savvy crypto miners that file in the United States. In a Thursday announcement, Compass Mining said it had partnered with IRA provider Choice by Kingdom Trust to help Bitcoin users mine directly to their IRAs “without ever triggering a taxable event.” Under current U.S. law, income is often the only taxable source of funds for many who file returns. Crypto users who purchase tokens may be required to declare the holdings in their tax returns, but may not necessarily have to pay the government anything unless they choose to cash out — a taxable event under capital gains laws. Likewise, revenue from mining crypto is often considered income, requiring miners to pay taxes for not only generating blocks, but also liquidating the coins. Choice and Compass claim their product allows miners to avoid t...

Robinhood Raises Almost $2 Billion in IPO, Falls Short of Expected $35 Billion Valuation

Robinhood, the fee-free cryptocurrency, stock, and options exchange, raised almost $2 billion in its initial public offering, reaching a valuation of $32 billion. While the company is more valuable than Nasdaq itself, the IPO failed to give the company an expected valuation of $35 billion. Robinhood trading will open today, with its shares trading under the HOOD ticker. Robinhood Misses $35 Billion Valuation Goal Robinhood, the fee-free investing app, has successfully completed its IPO, raising almost $2 billion. However, the company failed to meet the goal of reaching a $35 billion valuation, as its shares sold at $38, in the low end of the proposed $38-$42 range. The company allowed users of the exchange to acquire a third of the shares available before its launch on the market, something unusual in these processes. While Robinhood failed to reach its desired target, its valuation was much higher than what it was at its last funding round, when the company reached $12 billion. ...

Bitcoin bulls control Friday's $1.7B monthly options expiry

Bitcoin's surge above $40,000 boosted the bulls' advantage in this month's $1.7 billion options expiry. On Friday, July 30, a total of 42,850 Bitcoin ( BTC ) option contracts ($1.7 billion) are set to expire. This might be the first time since the May 21 weekly expiry that bulls will be able to profit from the $40,000 call (buy) options. The most recent surge in price may have been prompted by the rumor that Amazon would accept crypto payments, but after the e-commerce giant denied these rumors , BTC has held relatively steady. According to options markets, regardless of the reason behind the recent market strength, a few incentives are in place for bulls to sustain the $40,000 level. Aggregate July 30 Bitcoin option open interest by strike. Source: Bybt.com While the initial analysis favors the neutral-to-bullish call options by 21% according to the call-to-put ratio, a decent number of those bets were placed at $45,000 and higher strikes. These options are almost...

US Marshals Service Hires Custodian for Seized Cryptocurrencies — Over 185K BTC Confiscated, Sold so Far

The U.S. Marshals Service, a primary law enforcement agency of the Department of Justice (DOJ), has hired a new custodian for its seized cryptocurrencies. The agency has seized and auctioned off over 185K bitcoins so far. The United States Marshals Service (USMS) has selected Anchorage Digital to provide custody for cryptocurrencies seized in criminal cases, the crypto custody firm announced Wednesday. The USMS is one of the primary law enforcement agencies of the U.S. Department of Justice (DOJ). It was also the first federal law enforcement agency in the country. Anchorage explained: This award means that Anchorage will be responsible for providing a full suite of cryptocurrency services. The services include “custody, liquidation, and such activities as accounting, customer management, audit compliance, managing blockchain forks, wallet creation, transformation of token assets into coin assets, etc., as well as future actions associated with the virtual currency forfeitur...