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Last week Crypto news today #31

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We hope that everything is well and you are keeping safe. The uncertainty around COVID continues with people predicting 1930 depression style downturn. Others are hopeful that most of the jobs will be replaced once everything goes back to the normal.  

No one knows when that ‘normal’ will return or how it will look.  

Turning to the Crypto side of things – Bitcoin saw a major flash-crash on May 9th who some are pointing to a whale dump (purportedly $100 Million dollars worth). Reasons aside, Coinbase yet again goes offline as soon as the crash presented a buying opportunity.  We were able to open an MCO account within minutes and wrote about it: Coinbase screwed up again – we switched to Crypto.com [MCO].

The flash crash was an excuse for the Reddit community to unleash the meme army. And so, Bart returned to the Bitcoin meme land.  For those of you who don’t know what this means – check this out.

Bart returns to bitcoin!!!

Let’s get back to the news from the blockchain and crypto space.

Veteran Wall St. Investor Paul Tudor Jones endorses Bitcoin

Of course, the big buzz this week was about Paul Tudor Jones’s endorsement for Bitcoin. Paul called Bitcoin the ‘fast horse’, however, he is not directly buying physical bitcoin. He will be dealing with Bitcoin futures, which is still a significant endorsement coming from the traditional capital market side.  Paul is well respected on the Wall St. and is a well known figure. This endorsement will certainly put asset managers on the notice since investors don’t want to be left behind on a lucrative investment opportunity, especially something that was openly endorsed by someone with Paul’s cadre. Forbes reported “The best profit-maximizing strategy is to own the fastest horse,” Jones, the founder and chief executive officer of Tudor Investment Corp., said in a market outlook note he entitled ‘The Great Monetary Inflation.’ “If I am forced to forecast, my bet is it will be Bitcoin.”

72 Billion in equities to move to Axcore Blockchain 

The Options Clearing House (OCC) has signed a deal with Axoni to move $72 Billion equities under its deal to the blockchain and hopes to give greater control of market data to each investor directly.  This move is also expected to help reduce the auditing efforts since the data will all be vetted by the blockchain live.  Forbes reportedThrough a deal signed with New York-based Axoni, the upgraded stock-lending platform, which now has $72 billion in equities on loan across the Americas, will see each participant in a deal run their own nodes on the Axcore blockchain, giving them direct access to the same pool of data in real-time, instead of having to rely on a series of time-consuming messages asking for and receiving data.”  

Telegram update: Free TON community launches TON Crystal token

Given the court case and all, Telegram Crypto project has hit a roadblock.  That has not stopped the community from creating a new project called Free TON.  This project will have its own token called TON Crystal.  “Since we believe in freedom of speech, in information sharing, and in free software, we have decided to give the power back to the community and unanimously proclaim the launch of the Free TON blockchain and the Free TON Crystal (or TON for short) as its native token,” reads the Free TON page. About 150 companies and individuals have already signed the Declaration of Decentralization.  The project already has 2358 validators at the time of this writing against the minimum of 300.  The project was unveiled live on YouTube, for those of you who are interested in watching that event, below is the video.

The Launch of Free TON

Hi all, we are going to start at 14.00 CET. Please take your seats! Livestream starts at 41:48. See also: Free TON website: https://freeton.org Blockchain Ex…

Chiliz and UFC announce Global Partnership

Blockchain based fan-engagement platform, Chiliz, has entered into an exclusive partnership with UFC.  Chiliz will use its voting and rewards app Socios.com on this partnership.  The announcement disclosed that “Socios.com has partnered with major soccer clubs including FC Barcelona, Juventus, Paris Saint-Germain,  Atlético de Madrid, Galatasaray, AS Roma, CA Independiente and esports giants OG to produce club-branded digital assets known as Fan Tokens. Using Chiliz $CHZ, the cryptocurrency that powers Socios.com, Fan Tokens can be bought and sold via the app’s Marketplace or via the world’s first cryptocurrency exchange for sports & entertainment, Chiliz.net. Fan Tokens give the owner the right to vote in club-designated polls and earn once-in-a-lifetime experiences.”

CoinLinked to enable users to purchase any product from any website

A project launched by Wall St. Veteran, Jenny Q. Ta, called CoinLinked will give crypto-holders the ability to buy any product from any ecommerce website in the world.  The press release notes “Our aim is to grow the crypto industry by connecting the traditional marketplaces of today with the digital currencies of tomorrow,” said Jenny Q. Ta, CEO and Founder of CoinLinked. “We’ve designed this platform to vastly simplify the spending of digital assets, making the buying process smoother, faster, more intuitive, and more convenient for today’s crypto-holder. By combining a simple and efficient drop-shipping solution with a robust rewards system, the evolution of Social Networthing® takes on a whole new meaning. Especially in light of this new world we’re entering due to COVID-19, we’re streamlining the entire e-commerce process for people who want to move away from the dangers of spending or holding physical currency and want to purchase essential or other goods with crypto-payments.” 

3 blockchain projects partners with Telangana, India on Blockchain Accelerator 

Telangana Blockchain newsMatic Network, Harmony and æternity have entered into partnership with T-Block Accelerator, an initiative of Telangana Blockchain District. “A first-of-its-kind public blockchain accelerator organised by Telangana government and Tech Mahindra and run by IBC Media, an innovation management company, T-Block Accelerator is aimed at startups that have a strong blockchain use-case; thereby accelerating the startup growth and therefore contributing to the growth of the overall industry,” according to the news.

Thank you for reading and sharing this article. Stay safe and healthy!

If you want to follow the blockchain and cryptocurrency adoption trajectory – you can check the crypto news chronicled from 2017 to date here.

Bart Image Source: “El Barto” by LudvigVonConrad is licensed under CC BY-SA 2.0 

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Press Release

Crypto News Today #39

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What keeps this whole crypto space exciting?  There is not a single boring week.  We have been tracking this space since 2017 and we are yet to find a boring week in Crypto.  

Whether it is filled with FOMO or FUD, there is always excitement of sorts.  Let’s see what’s happening this week.

US Senate Banking Committee held a hearing on digital dollar

China’s digital yuan race is pushing the US to rethink its digital dollar timeline.  Senator Tom Cotton (R-Ark.) stated, “The U.S. needs a digital dollar…The U.S. dollar has to keep earning that place in the global payments system. It has to be better than bitcoin … it has to be better than a digital yuan.”  While Facebook’s Libra is taking center stage of discussion whenever stable-coins are brought up in front of congress, the emphasis during this hearing was to develop a digital dollar controlled by the government and better than existing stable-coins.

NYDIG discloses $190 Million Fund 

“New York Digital Investment Group (NYDIG) today disclosed, in an SEC filing that it closed a $190 million bitcoin fund. The NYDIG Institutional Bitcoin Fund LP, reports that it has 24 unnamed investors and is  exempt under Rule 506(b) of the Regulation D safe harbor protections established in 2013,” according to Forbes.  This is quite bullish considering that NYDIG also had a similar fund worth $140 Million last month.

You can buy Bitcoin at 3500 Post Offices in Australia

Australians can now buy Bitcoin at any of its 3500 Post Offices across Australia.  Thanks to the partnership of Australia Post with Bitcoin.com.au, Australians can now simply use cash or EFTPOS payments for digital currencies.  “Our mission is to make Bitcoin safe and easy for every Australian”, says Holger Arians, CEO of Bitcoin.com.au, “for many people, paying for Bitcoin at an Australia Post office feels safer than transferring funds online—particularly for first-time buyers. We’re proud of this partnership and would like to thank Australia Post for their continued openness to new technologies.”  This is a tremendous news in the broader Bitcoin movement as this helps Australians to access Bitcoin directly without having to transfer money online or having to open accounts with random exchanges.

Visa partners with Bitcoin startup Zap

Visa partners Bitcoin ZapZap, a bitcoin startup, is building a product called Strike that enables bitcoin lightning payments without needing users to set up a bitcoin wallet.  Visa is now partnering with Zap to bring the lightning fast payments on Strike platform through Visa.  Visa has been aggressively partnering with companies in the crypto space.  It even filed for a patent in the cryptocurrency payment system.  

We have been tracking the most important news in blockchain and crypto space since 2017. You can check out all the chronicled news here.  

Consider subscribing to our newsletters to receive these news updates in ONE neat email per week along with other freebies that we give away once-in-a-while.

Thank you for reading and sharing this article. Stay safe and healthy!

Get ‘Week in Crypto’ news updates in ONE email.
We never
spam your inbox and we only send one email per week
with updates, news, eBooks, tax updates, and more!
Get
knowledge, not spam!  Subscribe here.

best Crypto Tax Software

IMPORTANT DISCLAIMER

We have used referral codes where available.

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Crypto News Today #38

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breaking crypto news

This week’s crypto news has everything: Innovation, IPO, Integration and regulatory support.  China’s blockchain is forging fullsteam ahead while New York is making it easy for companies to operate in the blockchain/crypto space in the State.  Big 4 firm, KPMG, is launching a suite of blockchain and crypto analytics services and more.

BSN Integrates Chainlink Oracles, Bringing Real-World Data Into Its IRITA Powered Network

Chainlink logoChina’s Blockchain Service Network (BSN) has integrated Chainlink oracles. “This key integration will enable governments and enterprises to incorporate validated real-world data into their BSN applications using Chainlink oracles via the IRITA interchain service hub. Professional Proof of Stake (POS) operator SNZ Pool will run nodes to support the operation,” according to the press release.  The integration is expected to speed up the adoption of BSN in and outside China.  Chainlink has been picking up steam recently with many companies using Chainlink’s Oracles to bring the conventional business world to the blockchain network.

Supreme Court sets ‘limits’ on SECs powers to assess digorgements (penalties)

Securities Exchange Commission’s ‘extent’ of power has been challenged by the Supreme Court. A ruling that SEC cannot assess digorgements beyond the ‘illicit gains’ could help a lot of blockchain and crypto startups with much needed relief knowing that SEC cannot assess penalties beyond what was raised from the investors minus required expenses.  For instance, before this ruling, SEC could charge a company disgorgements that are 100% or more of the money raised from the investors, this devastated many up and coming entrepreneurs who may have spent part of the proceedings in expenses such as legal expenses, salaries, administrative expenses, etc.,   Supreme Court also ruled that the disgorgements should be used for the benefit of victims and not solely for the SEC’s fund.

KPMG’s Chain Fusion To Help Manage Crypto And Traditional Assets Over Public And Private Blockchain Networks

KPMG is making strides in the blockchain and crypto space. It has recently launched its Chain Fusion, a suite of advanced analytics capabilities to support blockchain and crypto technology products.  The press release states “KPMG Chain Fusion leverages a structured data model to combine data originating from blockchain infrastructure and traditional systems in support of analytics for business, risk and compliance objectives. KPMG Chain Fusion was designed to help clients address considerations from regulators across the globe focusing on the integrity of control environments to support business objectives for accurate financial reporting and technology objectives for security, availability and processing integrity across both traditional and blockchain systems.”

New York proposes new licensing rules to facilitate crypto businesses

In a good news from the big apple, New York financial regulators proposed new licensing rules for the crypto businesses that would make it easier for businesses to offer services and use cryptocurrencies.  The New York Post reported that  The New York State Department of Financial Services (NYDFS) proposed framework would allow companies that want to engage in virtual currency business activity in the state to obtain a conditional license, through which they would collaborate with fully licensed companies.”  Regulators in other States in the US are trying to catch up with regulatory framework to lure blockchain and crypto organizations, NY is heating up the space by making it easier for companies to operate in the State.  Being the financial capital of the US and the world, this is a welcoming stance from the State for the crypto businesses.

Bithumb Exchange to Reportedly File for IPO in South Korea

Bithumb NewsBitcoin and Cryptocurrencies are going mainstream.  We have seen companies that operate in the blockchain and crypto space going IPO instead of ICO.  ICOs have historically been limited to those who have been in the crypto space while IPOs are much more stringent to follow through with registrations, approvals and investor selection.  Bithumb, one of the popular exchanges is rumored to be going the IPO route.  Google translation of the news reads that “It is expected that Bitsum’s IPO will be an event in which discussions on virtual currency and even blockchain will spread in our society and economy. From whether or not a virtual currency can be recognized as a real value, it is highly likely that there will be controversy over business feasibility, industrial value, and meaning. In addition, virtual currency tax issues, business continuity, asset handling, and investor protection are also issues to consider.”

Bitfinex Launches Open-Source Crypto-Powered Streaming Protocol

bitfinex newsBitfinex launched an open-source crypto powered streaming protocol called Dazaar. Dazaar’s website describes that “Dazaar Vision is a live video-streaming app. It allows you to set up live broadcasts and subscriptions. All Peer-to-peer, and in real time. With the power of Dazaar you can customize payment options for your subscribers and viewers, without any centralized third-parties.”  The platform is designed to be blockchain agnostic although it will support Bitcoin Lightning Network, Ethereum and EOS at the beginning.    

We have been tracking the most important news in blockchain and crypto space since 2017. You can check out all the chronicled news here.  

Consider subscribing to our newsletters to receive these news updates in ONE neat email per week along with other freebies that we give away once-in-a-while.

Thank you for reading and sharing this article. Stay safe and healthy!

Get ‘Week in Crypto’ news updates in ONE email.
We never
spam your inbox and we only send one email per week
with updates, news, eBooks, tax updates, and more!
Get
knowledge, not spam!  Subscribe here.

best Crypto Tax Software

IMPORTANT DISCLAIMER

We have used referral codes where available.

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Press Release

Crypto News Today #37

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We have been chronicling the most important Blockchain and Crypto news that matter since 2017, you can view all in one place here. 

Get ONE email per week with most important updates from the Crypto space.

Elon Musk giveaway scam has raked millions of dollars and the time for the crypto community to be vigilant about scammers has never been more critical.  Stay safe out there.

Moving away from the scammers and toward the progress, we have a lot of crypto news to cover this week.  Let’s dive in.

Binance Joins the Internet and Mobile Association of India

binance logoBinance is making its strategic moves into India. First, it partnered with WazirX and now it has joined the Crypto Exchange Committee of the IAMAI (Internet and Mobile Association of India). In a recent blog post, Binance confirmed its member standing with the Crypto Exchange Committee of the IAMAI.  The blog post alludes to what IAMAI does and why it is important alliance, “IAMAI plans to jointly work with the regulators and policy-makers on a sustainable policy framework for crypto assets in India to support innovation along with proper measures to ensure security and risk management,” the post read.

$6 Billion contract awarded to build a fully cryptocurrency based Akon City

KE International which got its fame by building a US $2 billion Mwale Medical and Technology City (MMTC), a green City based in Western Kenya, has been awarded a US $6 Billion contract to build one of a kind futuristic-complete Cryptocurrency run city called Akon City.  The city that is planned to open in phases will have its first phase open in 2023 with entire project scheduled to be completed by 2029.  Akon City is expected to run on the Akoin Crypto.  “Akon City’s Phase 1 is expected to complete by end of 2023, and will see the construction of roads, a Hamptons Hospital campus, a Hamptons Mall, residences, hotels, a police station, a school, a waste facility and a solar power plant. Akon City Phase 2 will run from 2024 to 2029 and will end with a complete cryptocurrency City running exclusively on AKOIN cryptocurrency,” press release stated.

Jay Clayton to serve as U.S. Attorney for the Southern District of New York

“I am pleased to announce that President Trump intends to nominate Jay Clayton, currently the Chairman of the Securities and Exchange Commission, to serve as the next United States Attorney for the Southern District of New York,” an announcement by the Department of Justice’s Office of Public Affairs read. Crypto community reaction was mixed.  Some people supported his role at the SEC and praised him for declaring Bitcoin as ‘not a security’, while others were hopeful that this is a ‘good’ turn of events for the crypto in general.

“Project Bakong” to bring blockchain based payments to life in Cambodia

A whitepaper released by the Government of Cambodia revealed its plan to inject blockchain-based payments in the country to reduce the US Dollar reign in the country. The project is expected to remove the redundancies and unnecessary costs that are apparent and plenty in the current centralized financial system.  “NBC re-evaluates existing payment systems infrastructure and engages in the Project Bakong – a project to consider alternative technology platforms to create a next generation of payment system aimed at addressing financial inclusion, interoperability amongst players, and supporting the ease of payments in the local currency, while at the sametime doing so in safety and efficiency,” the whitepaper reports.

Bank of Thailand announces Prototype Development Project of CBDC

The Bank of Thailand is building a prototype to test the Central Bank Digital Currency (CBDC) capabilities. The prototype is expected to provide the feasibility assessment of a CBDC.  “ In this project, the CBDC prototype will be integrated with the procurement and financial management systems of the Siam Cement Public Company Limited and its suppliers developed by Digital Ventures Company Limited. The prototype is expected to serve as a financial innovation that enables higher payment efficiency for businesses such as increasing flexibility for fund transfers, or delivering faster and more agile payments between suppliers,” announcement read.

Anchorage to make borrowing against Bitcoin and Crypto easy

Whenever you remove the bitcoin and crypto from the custodian you run a risk of security outside. When you want to use your crypto as collateral to avail a loan – you will have to move your crypto from your wallet to the lender’s designated wallet. However, Anchorage Financing, a custodian service, is working with Silvergate to let owners lend US Dollars without crypto leaving Anchorage’s custody.  Silvergate has over 750 digital currency and FinTech clients and has been consistently posting profits for 20+ years. 

We have been tracking the most important news in blockchain and crypto space since 2017. You can check out all the chronicled news here.  

Consider subscribing to our newsletters to receive these news updates in ONE neat email per week along with other freebies that we give away once-in-a-while.

Thank you for reading and sharing this article. Stay safe and healthy!

best Crypto Tax Software

IMPORTANT DISCLAIMER

We have used referral codes where available.

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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