roadrunner

Papa John’s Pizza is giving away bitcoin with pizza purchases in the U.K. Customers who spend at least £30 will get £15 off their orders as well as £10 in free bitcoin. The bitcoin freebie is given through global cryptocurrency exchange Luno. Papa John’s Bitcoin Giveaway Pizza restaurant franchise Papa John’s is currently giving away free bitcoin in the U.K. According to the terms and conditions posted on the official Papa John’s website for the country, the offer is valid until May 16. The website explains: Offer entitles customer to £15 off when they spend £30 or more and £10 worth of bitcoin on Luno. An ad on the Papa John’s UK website for free bitcoin. Source: Papa John’s UK Luno is an established cryptocurrency exchange that is available in over 40 countries. Papa John’s detailed: “To claim the £10 worth of bitcoin, download the Luno app or sign up at www.luno.com. Create an account and verify your identity. Enter your promo code in the Rewards tab. You receive 10 pounds worth of bitcoin instantly.” The company further clarified that the offer is only available online and at participating Papa John’s locations, which exclude “Butlins, Haven Holiday Parks, Ribby Hall Village, Planet Ice, on-campus stores, and Ireland.” What do you think about Papa John’s giving away bitcoin? Let us know in the comments section below. View the full article

A banking association in South Korea recently added weight to regulatory discussions across the country, raising concerns about the high altcoin trading volume. The Korea Federation of Banks (KFB) requested its members to audit trading volumes through their crypto exchanges’ customers’ altcoin activity. Altcoins Trading Volume Outperformed Bitcoin Last Weekend in South Korea According to The Korea Herald, the KFB is concerned about potential risks that South Korean banks could be exposed in front of high altcoin trading volumes, as they offer their services to domestic virtual currency exchanges. The warning comes in the wake of a significant surge of the transaction volumes to around 95% in altcoins, said the media outlet. An official from the Korea Federation of Banks commented on the matter: One of the criteria that we recommend is the safety of digital assets, and that can be measured by the number of digital coins on an exchange. If an exchange deals with too many digital assets, it takes on more risks. During 24 hours last Saturday, bitcoin (BTC) volume levels were only 4.26% on the domestic exchange Upbit. That said, the banking association asks local banks to strengthen existing rules on overseeing suspicious transactions through the cryptocurrency exchanges and report them, according to the revised “Act on Reporting and Using Specified Financial Transaction Information.” South Korean Regulators’ Harsh Tone on Cryptos Overall, the plethora of crypto regulation news in South Korea keeps making the headlines, as the ruling mentioned above is underway. In fact, the chairman of South Korea’s top financial regulator, the Financial Services Commission (FSC), Eun Sung-soo, recently warned that all of the digital asset exchanges in the country could be shut down. But his harsh rhetoric on the industry has not been well received among the domestic crypto community. As Bitcoin.com News reported on April 28, 2021, South Korea’s presidential website is now being filed with thousands of petitions from furious people aged 20-39, seeking Eun’s resignation. As of press time, South Korea has about 200 virtual currency exchanges. What do you think about the warning issued by the South Korean banking association? Let us know in the comments section below. View the full article

A specialty tea products retailer based in China’s Hunan province, Urban Tea, has introduced crypto payments in its stores and restaurants on two continents. Starting from this week, customers will be able to buy its beverages and meals using various cryptocurrencies. Chinese Tea Stores and Restaurants to Accept Crypto The publicly traded tea company runs a number of tea stores in China through its subsidiary, 39 Pu Tea Co Ltd. It also operates a chain of restaurants in the U.S. under another entity, Guokui Management Inc. A press release details that both of them will accept cryptocurrencies, including bitcoin (BTC), ethereum (ETH) and dogecoin (DOGE). Commenting on the announcement, CEO Xianlong Wu stated: Through the deployment of cryptocurrency payment, Urban Tea plans to bring cryptocurrency application scenarios into the customers’ daily life. Incorporated in the British Virgin Islands, Urban Tea’s main business is centered on the distribution and retail of specialty tea products. In Hunan, it offers a variety of tea and coffee drinks, light meals, and an assortment of pastries prepared using natural products. The Nasdaq-listed (MYT) company has established its own R&D unit in order to develop seasonal menus and provide fresh meals. Urban Tea Expands Into Blockchain Technology and Cryptocurrency Mining The Chinese company, however, is not limiting its options to only offering healthy foods and beverages for diet-conscious consumers. Urban Tea has decided to explore new opportunities in the crypto space by launching blockchain technology research and cryptocurrency mining. In February, the tea retailer hired Fengdan Zhou, a blockchain data specialist, as the company’s new chief operating officer. It announced that Zhou will take responsibility for the implementation of its crypto business plan. A new subsidiary based in People’s Republic will be tasked with designing blockchain-based software and applications as well as developing the company’s mining operations. “We anticipate our crypto mining plan to be gradually implemented and we are hopeful for the promising prospect of this new opportunity for the company,” emphasized Xianlong Wu. Urban Tea, which is now entering the world of decentralized money, launched its specialty tea business back in 2018. Its home country, China, is the world’s largest producer of tea with over 2.4 million metric tons per year, according to data compiled by U.K. tea and coffee supplier Farrer’s. The tea is grown mainly in three Chinese provinces – Yunnan, Guangdong, and Zhejiang, and the PRC accounts for around 40% of the global production. Do you know of other specialty product chains that accept cryptocurrency payments? Let us know in the comments section below. View the full article

One of Africa’s biggest wildlife conservancies, the Virunga National Park, which is situated in the Democratic Republic of Congo (DRC), says it now accepts donations via cryptocurrency. It says such donations will be used in helping to protect DRC’s famed “mountain gorillas and the ecosystems they inhabit.” Tax Efficient Way to Support Virunga In a statement recently published on its website, Virunga, which is home to one of Africa’s “oldest national park and most biologically diverse protected area,” says it will initially accept donations in the form of 12 cryptos. Some of the accepted cryptos include BTC, BCH and ETH. The statement also explains why well-wishers should consider donating via crypto. It reads: In many countries, donating cryptocurrency is classed as a non-taxable event, meaning you do not owe capital gains tax on the appreciated amount and can deduct it on your taxes. This can make bitcoin, ethereum and other cryptocurrency donations one of the most tax-efficient ways to support Virunga National Park. Nevertheless, Virunga National Park, a UNESCO World Heritage Site internationally recognized for its exceptional wildlife and habitats, still urges well-wishers to consult tax professionals before donating. Why Crypto Donations In the meantime, the statement also shares some of the considerations that motivated Virunga to opt for crypto donations. For instance, the park acknowledges that “many people invested in cryptocurrencies exhibit an affinity for the natural world and a strong sense of social justice.” Therefore, by accepting donations in crypto, Virunga has now made “it easier for tech-minded, eco-conscious individuals to directly donate cryptocurrency to Virunga in a tax-efficient way.” Still, Virunga assures well-wishers that crypto donations will be used in much the same way as conventional donations. This means cryptocurrencies will now be used to conserve Congo’s mountain gorillas and the park’s rich biodiversity. The donations will also support sustainable development projects, such as the building of renewable energy sources. Also, just like fiat money, crypto donations will “ensure the continued presence of Rangers, the guardians of the Park’s long-term survival.” What are your thoughts on Virunga’s decision to accept crypto donations? Tell us what you think in the comments section below. View the full article

Investment management firm Ark Invest has highlighted three reasons why the price of ethereum has been hitting record highs. The firm cited increased institutional interest, strong on-chain signals, and imminent protocol upgrades as the key reasons. Why Ethereum Has Been Going Up ARK Investment Management, also known as Ark Invest, published a research note last week explaining three key reasons why ethereum is breaking out to new all-time highs. The first reason the firm’s analyst mentioned was “Increased institutional interest.” Ark Invest pointed out that a number of ether exchange-traded funds (ETFs) have launched in Canada, making it easier for institutional investors to gain exposure to the price of ETH. The note adds: Institutions and companies like European Investment Bank and Visa have validated the Ethereum blockchain by announcing issuance and settlement use cases, respectively. At the end of April, the European Investment Bank (EIB), a nonprofit organization and lending arm of the European Union, announced that it has issued a new type of digital bond built using Ethereum. Meanwhile, payments giant Visa announced at the end of March its first transactions settled with Visa in USD Coin (USDC) and transacted over the Ethereum blockchain. The price chart for ether. Source: markets.Bitcoin.com The price of ETH hit another all-time high Sunday night. It is currently $4,116 according to data from markets.Bitcoin.com. The second reason the analyst noted was “Strong on-chain signals.” The firm explained: “Usage of the Ethereum network is increasing and, by some measures, outpacing that of Bitcoin, as shown by the number of active wallets and total transaction fees,” elaborating: In our view, decentralized finance (Defi) and non-fungible tokens (NFTs), both of which are burgeoning, explain ethereum’s recent breakout. The third reason relates to the upcoming protocol upgrades. Noting that the Ethereum Improvement Proposal 1559, which is planned for July, will significantly change Ethereum’s transaction fee model, the note details: Aiming to lower the volatility of Ethereum’s fees, EIP-1559 introduces a mechanism to burn some transaction fees, detracting from circulating supply and introducing deflation to the Ethereum ecosystem. The impact on ether’s price could be like that associated with a Bitcoin halving event. What do you think about Ark Invest’s explanation of why ether has been rallying and hitting all-time highs? Let us know in the comments section below. View the full article

Former Finance Secretary Subhash Chandra Garg, who headed the committee that drafted India’s cryptocurrency bill, says that the government should not ban cryptocurrencies but regulate them instead. He further urges the government to encourage crypto services. Indian Government Should Regulate Cryptocurrencies and Encourage Crypto Asset Services Subhash Chandra Garg said Thursday at a virtual event organized by industry body Assocham that the Indian government should regulate cryptocurrencies instead of prohibiting them, PTI reported. He elaborated: I don’t think we still have full clarity and understanding about how to regulate cryptocurrencies … Regulate, control cryptocurrencies but allow the crypto assets, encourage the crypto services. Garg, who resigned from his government position in July 2019, headed the interministerial committee (IMC) that drafted the cryptocurrency bill entitled “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019.” However, Garg said early this year that when he drafted the crypto bill, cryptocurrencies were competing with India’s national currency and crypto assets were not prominent at the time. Now, he believes that crypto assets should not be banned. The Indian government had planned to introduce the crypto bill in the Budget session of parliament which already ended and no bill was introduced. The Indian finance minister and the Minister of State have answered some questions about the crypto bill. However, the government has not announced a new plan of when the bill will be introduced. What do you think about Garg urging the Indian government to regulate cryptocurrencies and not ban them? Let us know in the comments section below. View the full article

Latest reports from South Africa suggest that the country’s tax agency will now be targeting cryptocurrency investors as it attempts to increase the total value of revenues collected. Alongside high net worth individuals and offshore investors, digital currency holders now constitute an area that is “likely to yield much of the extra tax” for the revenue collector. Crypto Investors Unaware of Tax Liabilities However, according to a report, many South African cryptocurrency holders are “oblivious of the fact that trading in cryptocurrency renders them liable for tax.” The report, which relies on the expert opinion of Thomas Lobban, says the “South African Revenue Service (SARS) (currently) has cryptocurrency trading very much in its sights.” Further, Lobban who is the legal manager at Tax Consulting South Africa said: As with any other asset class, investors must understand their tax obligations in relation to their crypto investments, and plan accordingly. If they do not, then chances are they could find themselves facing an unwelcome tax bill down the line. Different Crypto Trades Meanwhile, the report also quotes Lobban explaining how the different types of crypto trades can have a bearing on the kind of tax that will be paid. For instance, Lobban asserts that “crypto transactions could be deemed to be capital in nature and thus liable only for capital gains tax.” On the other hand, some transactions “could be deemed to be revenue-earning in nature, and would thus be taxed according to the taxpayer’s normal tax rate as per the tax tables.” The tax consultant also points out that when “a trade is made between, say, bitcoin and ethereum, the notional profits of that transaction would also be taxable.” This position is in contrast to the prevailing belief that a “tax event” only occurs when the cryptocurrency is withdrawn and converted into legal tender. In the meantime, Lobban reveals that SARS is already requesting information on crypto transactions on audit letters issued to taxpayers. In addition, the revenue collector is reportedly “investing heavily in its IT capabilities.” The report adds that such capabilities will enable SARS “to analyse financial and transaction data more effectively, and identify transactions in and out of crypto platforms.” What are your thoughts on SARS’ targeting of crypto investors? Tell us what you think in the comments section below. View the full article

While some crypto users have been leveraging privacy-centric digital assets like monero, others still use mixing protocols that shuffle unspent transaction outputs (UTXOs) from coins like bitcoin, ethereum, and bitcoin cash. Participants using the Bitcoin Cash network utilize applications like Cashshuffle and Cashfusion. Since Cashfusion was introduced in November 2019, there’s been 67,845 fusions or $5.9 billion worth of bitcoin cash that’s been fused. Cashshuffle Still Gets Use With 65K Shuffles Since 2019 During the bull run of 2021, Bitcoin Cash network users are using Cashfusion and Cashshuffle a great deal these days. The elder and sister protocol of Cashfusion, Cashshuffle still gets used today and at the time of writing, there’s been 65,682 shuffles with 283,217 BCH shuffled in total since the protocol’s inception. Now, of course, the UTXOs were not shuffled at the current exchange rate, but that’s around $377 million in shuffled BCH using today’s exchange rates. People have been leveraging Cashshuffle with bitcoin cash (BCH) since March 27, 2019, according to stats.devzero.be/#/shuffle data. But since Cashshuffle was released in March 2019, months later at the end of November, developers introduced Cashfusion to the BCH community. Currently, people can leverage bitcoin (BTC) using the Wasabi Wallet or Samourai, and ethereum (ETH) users can utilize the tornado.cash app. However, shuffling coins with BTC and ETH is harder because of the current fees both networks impose and it’s a lot more costly to use these protocols. Stats from bitcoinfees.cash shows that BCH network fees are negligible and mixing UTXOs doesn’t cost a user a lot of money using the Bitcoin Cash network. At the time of writing, the next BCH block fee is $0.0067 per transaction and the current median fee is $0.0032. Cashfusion Users Fused $5.9 Billion Worth of Bitcoin Cash Cashfusion saw a successful security audit from Kudelski Security just like Cashshuffle did prior to the official Cashfusion launch. Fusion tiers were expanded from 0.82 BCH to 8.2 BCH, which made it so whales can fuse coins together. Bitcoin Cash users were also pleased when software engineer James Waugh tested Cashfusion with thousands of transactions and published a review. Waugh’s review highlighted that while combing through a large swathe of Cashfusion transaction inputs and outputs, the developer realized that it’s “not possible to establish a concrete link” between them. Fast forward to May 2021 as BCH has rides above the $1,400 zone, Cashfusion is still getting lots of use from network participants. Data from stats.devzero.be/#/fusion shows that Cashfusion has seen approximately 4,453,681 BCH worth of fusions since 2019. Using today’s BCH exchange rates shows that’s more than $5.9 billion worth of bitcoin cash stretched across 67,845 fusions. The number of fusions and shuffles since 2019 indicates that people using BCH enjoy privacy-enhancing techniques and these tools. The average fee per satoshi using Cashfusion with BCH is only 168 satoshis and users have spent 750,533,047 satoshis for fusing since the app was invoked. What do you think about Cashfusion and Cashshuffle users mixing billions of dollars in bitcoin cash UTXOs? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. Cryptocurrency exchange, Quidax on Monday, 10th May officially shared plans to expand beyond Africa to the global market. They also announced the launch of their native token, QDX and revealed plans to reposition as the global home of BEP20 tokens. Quidax is a cryptocurrency exchange that launched in August 2018. It had initially positioned itself as an African focused cryptocurrency exchange but has stated a change in strategy following some events in February. Quidax CEO, Buchi Okoro for the first time revealed that they have processed over 3.2 billion dollars worth of transactions since their launch and have grown their customer base from 50 customers in 2018 to over 400,000 customers across 72 countries today. Quidax to launch its Token on JulPad Launchpad in May Quidax is going to launch QDX, its native token. QDX will be a BEP20 token that will power all the functions within the Quidax ecosystem from trading fees on the exchange, to staking, governance, and all financial products. Quidax will be the first project to launch on Julswap’s launchpad, JulPad. The choice to launch on JulSwap is strategic due to what JulSwap has achieved in a short period. The Home of BEP20 Tokens Speaking on their new direction, Buchi Okoro said “we are set to become the global home of BEP20 tokens. This means that anyone in the world can trade over 100 cryptocurrencies in the Binance Smart Chain ecosystem on Quidax,” He also added that they will be launching 7 products over the next 6 months with a blend of CeFi and DeFi that will add more value and wealth to their customers. About Quidax Quidax aims to be the home of BEP20, giving anyone access to tokens on the Binance Smart Chain (BSC), as well as popular cryptocurrencies. Apart from instant exchange services, Quidax enables OTC trading and gives fintech companies the tools to offer cryptocurrency services to their customers through a dedicated API. Quidax was officially launched in 2018 and currently has over 400,000 customers in more than 70 countries. Website: Quidax.com Quidax Token: Quidax.com/QDX QDX Token Community (Telegram): https://t.me/QDXToken Twitter: https://twitter.com/QuidaxGlobal Facebook: https://facebook.com/QuidaxGlobal Instagram: https://www.instagram.com/quidaxglobal/ Quidax Global Community (Telegram): https://t.me/QuidaxGlobal This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

South Korean authorities are intensifying their monitoring of phishing activity related to cryptocurrencies. The government has identified a record number of websites trying to obtain login details from crypto exchange users. Over 30 sites have been taken down in just three months this year. Seoul Strengthens Monitoring of Crypto Phishing Scams Rising market prices have led to an increased number of phishing attempts targeting investors and users of cryptocurrency in South Korea. The government in Seoul announced it’s strengthening its monitoring system to quickly detect such threats. It will also work closely with the Korean National Police Agency (KNPA) to prevent fraud. The Korean Ministry of Science and Information and Communications Technology said it’s receiving an increasing number of reports of phishing attempts. Attacks are often conducted via text messages convincing crypto traders to enter their exchange usernames and passwords on fake websites. The perpetrators can then access their accounts and steal their holdings. The department has found and blocked 32 phishing websites only in the past three months, Yonhap News Agency reported. That compares to a total of 41 sites identified during the whole 2020. Fake web pages often have domain names that look similar to those of real platforms. One of them is called Bithnub, a misspelled version of the name of one of the largest Korean exchanges, Bithumb. The monitoring system operated by the ICT ministry works around the clock to block such websites as soon as possible. Police Agency Investigates 21 Cases of Breached Crypto Accounts Meanwhile, the National Police Agency has opened its own front against crypto fraud since early March this year, the Korean Herald revealed in an article. KNPA is now investigating 21 cases in which accounts of cryptocurrency users have been breached and emptied of assets. The agency recently prohibited its own investigators from acquiring cryptocurrencies and obliged them to disclose any coins purchased before the ban. A recent report revealed that South Koreans have access to more trading platforms and types of digital currencies than other nations such as Japan and the U.S. In April, the price of the leading cryptocurrency by market capitalization, BTC, reached 80 million won per coin in Korea (around $72,000). The high market prices have led to a spike in other illegal activities involving digital assets. This week, the Korean police raided the offices of a Seoul-based cryptocurrency exchange suspected of defrauding customers through a multi-level marketing scheme. Korean financial regulators have announced an offensive against crypto-related money laundering and fraud which will continue until June. What do you think about the announced crackdown on phishing attacks against crypto users in South Korea? Let us know in the comments section below. View the full article

Dogecoin has a wild ride this weekend starting with Elon Musk’s Saturday Night Live (SNL) and ending with Spacex saying it will launch DOGE-1 mission to the moon. Musk called dogecoin “a hustle” on the show but also said that it is “the future of currency” that’s “going to take over the world.” Dogecoin Is ‘Unstoppable Financial Vehicle That’s Going to Take Over the World, Musk Said on SNL The much-anticipated SNL with Elon Musk and musical guest Miley Cyrus was aired last night. During the show, Musk mentioned cryptocurrency and dogecoin several times. The first mention was during his monologue when his mother, Maye, joined him. “I’m excited for my Mother’s Day gift. I just hope it’s not dogecoin,” she told her son. The Spacex CEO replied: “It is. It sure is.” Then, during SNL’s satirical Weekend Update segment, Musk returned in the role of a financial expert called “Lloyd Ostertag.” As soon as he sat down with anchor Michael Che, he said, “Call me the Dogefather,” a term he previously used in a tweet. Che proceeded to ask the expert, “What are cryptocurrencies?” Musk responded as Lloyd Ostertag: They are a type of digital money. But, instead of being controlled by a central government, they are decentralized using blockchain technology … And lately, prices have been soaring for cryptos like bitcoin, ethereum, and especially dogecoin. During the SNL show, DOGE did not pump, however. In fact, the price of the meme cryptocurrency fell almost 30% to about 43 cents before bouncing back slightly, according to data from markets.Bitcoin.com. Crypto trading app Robinhood also experienced an outage during that time, possibly due to heavy DOGE selloffs. The firm said that the outage only lasted less than an hour. Price of dogecoin during Saturday Night Live. Source: Markets.Bitcoin.com. The financial expert Lloyd Ostertag was then asked, “What is dogecoin?” The Tesla technoking explained: “Well, it actually started as a joke based on an internet meme, but it’s taken off in a very real way … It was created in 2013, and has a circulating supply of 117 billion coins, of which 113 billion have already been mined.” However, DOGE’s circulating supply is actually a little more than 129.53 billion coins and there is no limit at all on the eventual issuance. Still trying to understand what dogecoin was, Che took out a dollar bill from his pocket and said to Musk/Ostertag: “This is a dollar and it’s real,” to which Musk mumbled, “sort of.” Musk then said dogecoin is “about as real as that dollar,” adding: It’s the future of currency. It’s an unstoppable financial vehicle that’s going to take over the world. However, Che still did not get what dogecoin was and asked what it was again. Musk/Ostertag reiterated: “I keep telling you, it’s a cryptocurrency you can trade for conventional money.” Che responded, “Oh, it’s a hustle.” Musk then replied laughingly: “Yeah, it’s a hustle.” Before the segment ended, the Tesla CEO/Ostertag howled, “To the moooon.” Following SNL, Musk’s company Spacex said that it is launching DOGE-1 to the moon, which will be “the first-ever commercial lunar payload in history paid entirely with DOGE.” It “will launch aboard a Spacex Falcon 9 rocket.” Do you agree with Elon Musk about dogecoin being a hustle but also a currency that will take over the world? Let us know in the comments section below. View the full article

Former Governor of California Arnold Schwarzenegger has confirmed that he does not invest in bitcoin or any other cryptocurrencies. He says that he is “like Warren Buffett” in that he does not invest in things he does not understand. The CEO of Berkshire Hathaway thinks bitcoin is “rat poison squared.” Arnold Schwarzenegger Not Investing in Bitcoin or any Other Cryptocurrencies “Terminator” star Arnold Schwarzenegger talked about bitcoin during an interview with the New York Times published Thursday. Regarding bitcoin, the former California governor said: No, I don’t invest in them. I am like Warren Buffett. I don’t invest in things I don’t understand. The Berkshire Hathaway CEO has long been a bitcoin critic. He called it “rat poison squared” back in 2018 after his business partner Charlie Munger compared the cryptocurrency to “rat poison” and “turds.” Buffett is well known for operating within his “circle of competence,” meaning he does not invest in anything he does not understand. Schwarzenegger has turned to Buffett, sometimes known as the Oracle of Omaha, for advice several times over the years. When he campaigned for California governor in 2003, Buffett became his senior financial and economic advisor. Schwarzenegger won the special recall election and was in office until 2011. The Hollywood actor previously described Buffett as “the greatest investor ever, my mentor, and my hero,” adding that “Warren has a common-sense approach to business issues and an integrity that is unmatched. That’s the same way I want to approach governing. Warren always tells it the way it is.” Buffett was also one of Schwarzenegger’s advisors when he hosted “The New Celebrity Apprentice” in 2016. Early this month, Buffett and Munger commented about bitcoin at Berkshire Hathaway’s annual shareholder meeting. While Buffett avoided commenting on the cryptocurrency directly because he did not want to upset investors who long bitcoin, Munger bluntly said, “I hate the bitcoin success.” He added, “The whole damn development is disgusting and contrary to the interest of civilization.” Do you think Schwarzenegger should follow Buffett’s strategy and stay away from bitcoin? Let us know in the comments section below. View the full article

Miami Mayor Francis Suarez has revealed that he bought bitcoin and ether right after the $1.9 trillion stimulus bill passed the Senate, heading to President Joe Biden’s desk to be signed. He said bitcoin “is definitely going to go up … because I don’t think people are going to want to stay in dollar-denominated currencies.” Mayor Suarez is also working to make Miami a “crypto city.” Miami’s Mayor Personally Bought Bitcoin Miami Mayor Francis Suarez revealed at the 2021 Ethereal Summit last week that he purchased bitcoin right after the $1.9 trillion coronavirus relief stimulus package passed the Senate in March. In an interview with Decrypt Editor-in-Chief Dan Roberts and FTX CEO Sam Bankman-Fried, Mayor Suarez was asked whether he had already purchased bitcoin since he indicated in February that he would soon be ready to buy some cryptocurrencies. The mayor confirmed: I did buy, thankfully. I bought bitcoin and ethereum. I didn’t buy DOGE, but I did buy bitcoin and ethereum, and I bought it literally the day — I’ll never forget the moment — it was the day that the $1.9 trillion spending bill passed the Senate and it was going to the president’s desk. “I said I’m buying. That’s it. If the federal government’s going to spend $1.9 trillion then I think I need to have some, and this is definitely going to go up,” he shared. “And frankly if they spend another $2.2 trillion on infrastructure bill, it’s going to continue to go up. I mean there’s just no way that it can’t because I don’t think people are going to want to stay in dollar-denominated currencies,” Mayor Suarez opined. The Miami mayor also talked about how impressively big the crypto community is. “The number of customers, the number of holders of bitcoin and other crypto, you’re talking about tens of millions of people and I’m not so sure that the rest of the world really understands quite how voluminous, how exciting, and how energetic the crypto community is,” he described. Mayor Suarez is also currently working to make Miami a “crypto city.” He detailed that besides hosting the bitcoin whitepaper on the city’s website, Bitcoin Conference 2021 will be held in Miami. In addition, he highlighted: We passed a resolution that would allow for employees to get paid in bitcoin, would allow for our residents to pay for fees in bitcoin, and would allow us to potentially have it as a balance sheet item. “I think we took a very progressive stance. We are very aggressive. I went to Wyoming, found their legislative package, tried to introduce it in the state legislation, [and] got very close to passing it on its first attempt, which is very unusual,” he detailed. He added that it “passed the entire House and passed almost the entire Senate,” but noted, “I got bogged down in one last committee for an unrelated reason.” The mayor described: “It’s an exciting time and I do think that this is the future of our world. And if we want to be a tech city in Miami, we have to take advantage of these opportunities to differentiate ourselves and get ahead of our competition.” Do you agree with the Miami mayor on bitcoin and what do you think of his efforts to make Miami a crypto city? Let us know in the comments section below. View the full article

South Africa’s Financial Sector Conduct Authority (FSCA) has apologized to a Cape Town-based crypto start, Ovex, less than 24 hours after warning that the firm was operating outside the law. Ovex Does Not Require Licence From FSCA In its May 7 retraction, the financial watchdog said the findings of an investigation into Ovex, which specializes in crypto arbitrage services, suggest that the firm is operating outside the FSCA’s purview. The statement says: Based on the information provided by Ovex we are satisfied that Ovex does not currently require a licence from the FSCA, as its business activities fall outside the current jurisdiction of the FSCA. The previous media release has been retracted. Meanwhile, the FSCA’s about-face comes after its head of enforcement, Brandon Topham, was quoted in the local media defending the regulator’s initial handling of the matter. Responding to a media inquiry, Topham admitted that the issuing of the warning did not mean Ovex was “operating unlawfully.” Instead, the warning statement, according to Topham, was intended to urge the investing public to be cautious when dealing with Ovex “as they are making claims of returns.” However, according to a report, the FSCA executive did admit at the time that the regulator might have “jumped the gun” and that an amendment to its warning statement would be made once more information was obtained. Regulator Panic In the meantime, the same report also carried Ovex’s initial response to the “damaging” warning that it said was “issued without giving the company time to respond to questions sent earlier in the week.” In its statement, Ovex said: It seems [as if] there may have been panic, and the announcement was made without proper process. Ovex always acts in a 100% compliant, legal, and ethical manner, seeking legal and compliance advice with every action. The crypto firm also said it had stopped its advertising campaign until this issue was resolved and that it expected the FSCA to issue a full retraction. What do you think of the FSCA’s withdrawal of the public warning against Ovex? Tell us what you in the comments section below. View the full article

Citigroup is reportedly seeing a “very rapid” accumulation of interest in bitcoin across a broad spectrum of clients, including large asset managers. The bank is now considering launching its own crypto services as a growing number of banks are offering bitcoin-related services to their clients, including Goldman Sachs and Morgan Stanley. Citigroup is reported considering launching cryptocurrency services after seeing a surge in interest from clients, the Financial Times reported Friday. While no decision has been made regarding its crypto services, the publication reported that “trading, custody, and financing are all under consideration,” citing Itay Tuchman, the bank’s global head of foreign exchange. The Citigroup executive told the publication that Citi has seen a “very rapid” accumulation of interest in bitcoin across a broad spectrum of clients, including large asset managers. The news of Citigroup considering launching crypto services came as a growing number of major banks hop on board the cryptocurrency train. Investment bank Goldman Sachs has launched bitcoin derivatives trading and has brought back its bitcoin trading desk with the aim to offer “full spectrum” of bitcoin investments. Furthermore, Morgan Stanley is already offering wealthy clients access to bitcoin funds and JPMorgan is reportedly planning to offer a crypto service. Meanwhile, hundreds of smaller banks are reportedly planning to offer their clients the buying, selling, and holding of cryptocurrencies through existing bank accounts. Some Citi analysts have been bullish about bitcoin. In March, Citi said that bitcoin is at a tipping point and could become the preferred currency for international trade. In November last year, Citi forecasted that bitcoin will trade at $318K by the end of this year. Do you think Citi will soon launch cryptocurrency services? Let us know in the comments section below. View the full article

Investment bank Goldman Sachs has officially formed a cryptocurrency trading team, according to the firm’s internal memo. Goldman Sachs says it is working to broaden its market presence in the crypto space and is currently selectively onboarding new liquidity providers to help expand its crypto service. Goldman Sachs Now Has Dedicated Cryptocurrency Trading Team Goldman Sachs has officially set up a cryptocurrency trading team, according to the bank’s internal memo seen by CNBC Friday. The publication described that this memo was the first time the New York-based investment bank officially acknowledged its involvement in cryptocurrency trading. The memo, entitled “Formation of Cryptocurrency Trading Team,” was written by Goldman partner Rajesh Venkataramani. “I am pleased to announce the formation of the firm’s cryptocurrency trading team, which will be our centralized desk for managing cryptocurrency risk for our clients,” he wrote. “The crypto trading team will be a part of Global Currencies and Emerging Markets (GCEM), reporting to me, within the firm’s Digital Assets effort led by Mathew McDermott.” The executive elaborated, “As part of our initial launch, we have successfully executed bitcoin (BTC) NDFs [non-deliverable forwards] and CME BTC future trades on a principal basis, all-cash settling,” noting: Looking ahead, as we continue to broaden our market presence, albeit in a measured way, we are selectively onboarding new liquidity providers to help us in expanding our offering. “In addition, yesterday we launched our Digital Assets dashboard which provides daily and intraday cryptocurrency market data and news to our clients,” he continued. “We invite you to highlight the dashboard to your clients.” Venkataramani also clarified that “the firm is not in a position to trade bitcoin, or any cryptocurrency (including ethereum) on a physical basis.” The crypto derivatives Goldman traded, bitcoin futures and non-deliverable forwards (NDFs), are settled in cash. Bitcoin News reported Thursday that Goldman Sachs hedges against the volatility of bitcoin by trading on CME Group, using Cumberland DRW as its trading partner. Besides Goldman Sachs, Morgan Stanley is already offering some bitcoin investments to wealthy clients. Citigroup is reportedly considering offering some crypto services. Meanwhile, hundreds of smaller banks are said to have signed up to offer clients the ability to buy, sell, and hold bitcoin using their existing bank accounts. What do you think about Goldman Sachs establishing a crypto trading team? Let us know in the comments section below. View the full article

The Central Bank of Iran has issued a warning against unrestrained crypto trading and reminded investors that only cryptocurrencies minted by licensed miners in the Islamic Republic can be used under limited circumstances. Traders will bear full responsibility for the risks, the bank cautioned, although spending crypto on imports through approved banks and exchanges remains legal. Central Bank of Iran Speaks Against Crypto Investments Despite Plunging Stock Market The popularity of cryptocurrencies among Iranians has grown significantly with the rising prices of the decentralized assets in recent months, Fars News Agency noted in a report. Crypto trading platforms have taken advantage of the volatile state of the Iranian stock market, where deals have seen a remarkable decline since last summer. Quoted by ILNA, a member of the High Council of Securities and Exchange which governs the stock market, Mohsen Alizadeh, noted: The capital outflow is traceable. Liquidity has flown into parallel markets, including digital currency. According to his figures, 1,500 trillion rials of capital, or $7 billion, has left the Iranian stock market through major shareholders and institutional traders. The Financial Tribune reported that the main index of the Tehran Stock Exchange, TEDPIX, has dropped 50% in the past few months. On this backdrop, the Central Bank of Iran has now recommended that Iranians avoid dealing in cryptocurrency, warning them that crypto investments would be at their own risk. The CBI has effectively banned the use of foreign-mined cryptocurrencies. In the statement released this week, the financial authority reminded the Iranian public of an earlier government decision, according to which only cryptocurrencies mined in Iran, and in accordance with the law, can be transferred. “Authorized money exchangers and banks can settle forex payments intended for imports through the cryptocurrencies mined inside the country,” detailed the announcement, quoted by Fars. In April, the CBI permitted the use of decentralized money in cross-border payments to foreign suppliers in accordance with its guidelines. The cryptocurrency spent on imports has to be provided by crypto miners operating in Iran. The mining entities must be licensed by the Ministry of Industry, Mines, and Trade, the institution emphasized. New Rules and Regulations Apply to Crypto Trading A report quoted by Bitcoin.com News in April revealed that lenders and licensed currency exchange offices have been notified about the crypto payment regulations. The Central Bank of Iran has adopted the new policy in an attempt to circumvent, or at least minimize the impact of sanctions imposed by the U.S. on Iranian financial transactions with the rest of the world. The latest CBI announcement suggests that the same rules apply to cryptocurrency trading. “The Central Bank announced that according to the decision of the Cabinet, trading of digital currencies extracted abroad is prohibited and only currencies extracted inside the country can be traded,” reads the unedited English translation of a Farsi tweet by the Iran International news channel. The CBI is also mulling the launch of its own central bank digital currency (CBDC). Earlier this year, it revealed it’s reviewing different options to issue a digital rial and studying similar projects in countries such as China and the Russian Federation. At the same time, the bank reaffirmed its commitment to implementing laws aimed at curbing money laundering. In January, Governor Abdolnaser Hemmati vowed that the CBI will continue to implement regulations limiting financial transactions through anonymous accounts. What do you think about Iran’s warning against crypto investments and the ban on the use of cryptocurrency mined abroad? Tell us in the comments section below. View the full article

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the SplytCore Token (SHOPX) under the pair USDT/SHOPX on May 6 at 1:00 p.m. UTC. SplytCore is a utility NFT for eCommerce, created in 2017. They conceptualized the NFT idea before the NFT community formally adopted the ERC-721 standard. SplytCore presents a model for a decentralized eCommerce ecosystem regulated by internal mechanisms of the system and governed by consensus. SplytCore stands apart from the competition by building out technology that integrates with other infrastructures and systems. They don’t ask businesses to walk away from their existing eCommerce stores and internal structures. They are building apps to plugin into those existing structures. Their eNFT can be created with brands’ existing SKUs and metadata so that all brands can carry their own unique identifiers. The eNFT universalizes the identity and authenticity process to streamline the experience for both consumers and brands. This enables them to adopt a very progressive technology without complications and without the need to understand the depth of the technology on a high level. The native token SHOPX is designed to benefit both buyers and sellers in the world of e-commerce. Sellers can list products for sale and mint eNFTs that are paid for with SHOPX. SHOPX represents selling power which in turn will increase brand’s revenue at a lower CAC cost. Holding SHOPX unlocks rewards for buyers and retail users, including a percentage back in shopping rewards. SHOPX is also used for the platforms Defi and arbitration, amongst other important functions and usability within the ecosystem. SplytCore has established extensive community and consumer-focused utility collaborations. Starting next month, users can stake SHOPX against their favorite brands’ profiles to earn more SHOPX, unlock rewards and discounts at those brands, and get exclusive access to product drops before anyone else. SHOPX is an eCommerce token with high-level utility. About AscendEX Originally founded in 2018 as BitMax.io, AscendEx is a leading crypto and digital asset financial platform catering to both professional and retail traders. Our venue offers spot, futures, margin trading and staking products and incorporates key elements from the DeFi space to foster a unique market structure for users. AscendEx is led by a team of Wall Street veterans who have applied traditional markets’ rigor to create a robust, secure, and reliable experience for all participants; and a consistent source of liquidity for primary offerings. For more information and updates, please visit: Website: https://ascendex.com Twitter: https://twitter.com/AscendEX_Global Telegram: https://t.me/AscendEXEnglish Medium: https://medium.com/ascendex About Snowswap SplytCore is a utility NFT for eCommerce, created in 2017. SplyCore presents a model for a decentralized eCommerce ecosystem regulated by internal mechanisms of the system and governed by consensus. The SplytCore team has an all-encompassing background in supply chain, ecommerce, and blockchain, informing a high-level understanding into the needs of e-commerce today and tomorrow. For more information and updates, please visit: Website: https://www.splytcore.org/index.html Twitter: https://twitter.com/splytcore Telegram: https://t.me/splytcore This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

The well-known Phillips Auction House has announced the company plans to accept cryptocurrency for the first time in a physical art auction set for June 7-8. Phillips will be auctioning a world-famous piece of artwork called the “Laugh Now Panel” created by the anonymous street artist Banksy. ‘Laugh Now’- Phillips to Accept Cryptocurrency at a Banksy Auction in June Whether Banksy likes it or not, his artwork has been tied to blockchain technology and sold for crypto assets in recent times. Additionally, the infamous street artist’s work was even burned after it was transferred into a non-fungible token asset. The NFT sold for more money in an auction than the physical piece itself. Phillips Auction House has decided to accept cryptocurrency for the first time during a Banksy auction on May 7-8. Phillips’ entry into the crypto space is a bit behind, in comparison to world-renowned auction houses Christie’s and Sotheby’s. In fact, Sotheby’s announced last week it was auctioning a physical piece of artwork created by the notorious Banksy. Sotheby’s detailed on Tuesday that it would leverage the exchange Coinbase in order to sell Banksy’s “Love is in the Air” image. The “Love is in the Air” print has an estimated worth of around $3-5 million. The Banksy possessed by Phillips is the street artist’s famous print called the “Laugh Now Panel.” Banksy’s art “Laugh Now” contains a picture of a monkey in the artist’s signature monochrome stenciled style. The monkey is wearing a sandwich board around his neck and it says: “Laugh now, but one day we’ll be in charge.” According to Phillips, the “Laugh Now Panel” created by Banksy has an estimated worth of around $2.8 to $4.1 million. The art panel is also on tour right now in Beijing, Shanghai, Shenzhen, Taipei, Taichung, and Hong Kong ahead of the June auction. The First Major Auction House in Asia Accepting Bitcoin and Ether “This marks the first time a major auction house in Asia will accept Bitcoin or Ether as a payment option for a physical work of art,” Phillips announcement says. Banksy has been a disruptor in the art world with his distinctive oeuvre characterized by dark humor, satire, and political commentary,” the company’s announcement stresses. Phillips further says: Many of Banksy’s iconic original murals were transformed into canvas and editioned prints by the artist, allowing for the dissemination of his mischievous and satirical messages to wider audiences. By offering participants this new payment option to acquire Laugh Now Panel A, Phillips connects Banksy’s bold creations with tech-savvy collectors eager to quickly adapt to new technological advances. The Banksy auction follows Phillips getting into the non-fungible token art space when it sold Mad Dog Jones’ multi-generational NFT, REPLICATOR for over $4 million. Like Sotheby’s, the Asian auction house Phillips will leverage Coinbase as well to conduct the crypto transaction settlement. The auction of “Laugh Now” will be conducted in Hong Kong dollars and then the buyer will have the option to choose to pay via the crypto exchange’s payment service. What do you think about Phillips accepting cryptocurrency for the Banksy art auction this June? Let us know what you think about this subject in the comments section below. View the full article

The infamous meme-based cryptocurrency dogecoin is on the move again just before the upcoming Saturday Night Live episode featuring Elon Musk. While dogecoin is up 81% today a lot of cryptocurrency veterans have been warning newbies about the digital currency that was meant to be a joke. Meanwhile, others believe that dogecoin has a lot of potential, and could be a long-standing competitor in the world of crypto assets. Dogecoin Markets See a Pre-SNL Rise The cryptocurrency that literally began as a joke, dogecoin (DOGE) is nearing a $100 billion market capitalization on Saturday. DOGE is a crypto asset that was developed and launched in December 2013 by software engineers Billy Markus and Jackson Palmer. The dogecoin logo features the face of the Shiba Inu dog and the logo is popular due to the original Doge meme that went viral on the internet. Currently, the crypto asset is on a tear up 81% during the last seven days and a whopping 1,073% during the last month. DOGE/USD chart on Saturday, May 8, 2021. This has drawn a lot of attention and not only that, but Tesla’s Elon Musk has been tweeting about the Shiba Inu meme coin for quite some time now. Musk called dogecoin his “favorite” crypto once and some people assume he may mention DOGE on the upcoming Saturday Night Live show airing on May 8. A few other celebrities have also been saying good things about dogecoin on Twitter including Gene Simmons, Snoop Dogg, and Mark Cuban. But not everyone is so nice to the Shiba Inu meme-based crypto asset as veterans have warned people about the asset’s risks. One issue with DOGE is the fact that there are billions of units in circulation and as of today, the supply is around 129,517,138,098 DOGE. Dogecoin can also still be mined with ASIC mining rigs. Furthermore, unlike crypto assets like bitcoin with a hard supply cap of 21 million, the Dogecoin network is inflationary as Jackson Palmer decided to remove the protocols cap which was 100 billion DOGE. Another reason people dislike dogecoin (DOGE) is because of the whales holding the coin. The Mysterious Dogecoin Whales and the ‘Punchline’ This DOGE address for instance holds 36 billion coins at the time of publication and some believe the owner is a whale and others think it may be an exchange. The top seven addresses in the dogecoin-rich list own quite a bit of the supply. Into the Block statistics show the concentration by large DOGE holders is 65% which is much higher than most networks. Data for “Holders’ Composition by Time Held” indicates that dogecoin holders do not hold as long as they would with assets like BTC or BCH. 54% of DOGE owners have held for over a year and 21% for less than a month according to Into the Block stats. Dogecoin (DOGE) stats according to data from Into the Block and markets.Bitcoin.com on Saturday, May 8, 2021. Many editorials and opinion pieces have been published warning people about investing in dogecoin. One article called “Dogecoin’s a Joke, Don’t Make Yourself the Punchline” published on kiplinger.com gives the meme-based currency a scathing critique. Others believe dogecoin is the future and that it could actually make it into mainstream acceptance. A recently published study written by protos.com indicates that some big DOGE whales have “strong hands.” “Dogecoin’s five biggest whales are now sitting on over $3 billion worth of the meme-inspired cryptocurrency— up from a measly $40 million at the start of the year,” the report notes. “One of the dogecoin whales, which we’ve dubbed “Bs4,” is alone holding more than 3.1 billion DOGE, the equivalent of $1 billion at today’s prices.” The protos.com report adds: Some believe Bs4 could belong to one of Elon Musk’s sons. The Tesla billionaire tweeted he’d bought some dogecoin for his birthday one day after that billion DOGE deposit. The study by protos.com further explains that its been following five dogecoin whales and two of them have been selling. “The other three whales are yet to withdraw any DOGE at all. Either they have very strong hands or they’ve lost access to the associated private keys,” the report’s author stresses. “At press time, these five Dogecoin whales control roughly 6% of Dogecoin’s supply (about 8 billion DOGE),” the protos.com report concludes on April 19. What do you think about the dogecoin craziness and the meme coins believers and skeptics? Let us know what you think about this subject in the comments section below. View the full article

Spacex and Tesla CEO Elon Musk sees dogecoin as his “private stimulus for the people” that represents “legit hope for people” hit by the coronavirus pandemic. While the price of dogecoin has been pumping alongside a number of other cryptocurrencies, Musk cautioned, “Cryptocurrency is promising, but please invest with caution.” Elon Musk Sees Dogecoin as His Stimulus for the People Elon Musk has been tweeting about dogecoin and cryptocurrency investing leading up to him hosting Saturday Night Life (SNL) on May 8 with Miley Cyrus as the musical guest. Responding to a tweet on Friday suggesting that “Dogecoin was in a way Elon’s private stimulus for the people,” Musk said, “That’s how I feel about it.” The tweet includes an image of a sign that says, “Dogecoin represents legit hope for people kicked by pandemic. Change my mind.” Dogecoin’s price is currently $0.7172 at the time of writing; its market cap is $92.88 billion. The meme coin’s price has increased more than 98% this month and almost 7,000% since the beginning of the year. As investors pile into dogecoin ahead of Musk’s SNL, the Tesla technoking tweeted Thursday night: Cryptocurrency is promising, but please invest with caution. His tweet included a video posted by TMZ back in February of him talking to reporters about dogecoin and cryptocurrency investing. In the video, Musk was asked whether dogecoin “can really be the next currency for the world.” He replied, “I think it should be the will of the people.” He was then reminded of some problems with dogecoin that do not exist with bitcoin, such as its unlimited supply. Musk proceeded to caution investors. “First of all, I think people should not invest their life savings in cryptocurrency,” he warned. While stating that people could invest in cryptocurrencies if they want to speculate and have the resources to do so, the Tesla CEO reiterated: Don’t take too much risk on crypto. What do you think about Elon Musk’s comments on cryptocurrency investing and dogecoin? Let us know in the comments section below. View the full article

The new chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has shared his view on how the SEC plans to regulate cryptocurrencies, particularly bitcoin. He calls bitcoin “a digital, scarce store of value” and stresses the need to put in place some investor protections for this asset class. New SEC Chairman Talks About Bitcoin, Crypto Regulation SEC Chair Gary Gensler talked about cryptocurrency policies and bitcoin in an interview with CNBC Friday. Gensler taught classes at the Massachusetts Institute of Technology (MIT) in financial technology, cryptocurrency, and blockchain technology. He was confirmed as the new SEC chairman last month. Replying to a question about how he would regulate cryptocurrencies, the chairman replied, “To the extent that something is a security, the SEC has a lot of authority.” Noting he will refer to cryptocurrencies as “crypto tokens,” the former MIT professor emphasized that “a lot of crypto tokens … are indeed securities.” He then referenced work done by the prior chairman and the SEC under his leadership. “The prior SEC brought numerous enforcement actions to sort of bring some of these security or investment contract tokens to into the rules,” Gensler said. The SEC chair then turned his focus to bitcoin, stating that it is “about half of this $2 trillion asset class right now.” He opined: It’s a digital, scarce store of value, but highly volatile, and there’s investors that want to trade that … for its volatility, in some cases just because it is lower correlation with other markets. I think that we need greater investor protection there. Gensler noted that currently there is no “federal regime overseeing the crypto exchanges,” unlike with stock and derivatives markets. He emphasized that if investors want to trade cryptocurrencies, then the SEC needs to “have in place some investor protection.” He noted that this is “a gap in our system right now” that needs to be addressed. Speaking solely about bitcoin and not any other tokens, Gensler explained that the SEC’s “sister agency, the Commodity Futures Trading Commission [CFTC] has limited anti-fraud and anti-manipulation authority.” Nonetheless, he reiterated that “There’s no federal authority to actually bring a regime to the crypto exchanges.” The new SEC chair further noted: We will be working with Congress, and if they see fit, to try to bring some protection for people that want to invest in this speculative asset class. What do you think about SEC Chair Gensler’s comments on bitcoin and crypto regulation? Let us know in the comments section below. View the full article

New York Attorney General Letitia James is seeking a court order to immediately shut down the operations of cryptocurrency exchange Coinseed. The attorney general previously filed a lawsuit against the crypto exchange but the platform allegedly continued to operate and dupe investors. US Authorities Take Urgent Action Against Coinseed The Office of Attorney General Letitia James announced Friday that the attorney general “has taken legal action to immediately halt the continued illegal and fraudulent operations of the cryptocurrency trading platform Coinseed Inc.” A motion was filed late Thursday “asking the court for a temporary restraining order, a preliminary injunction, and the appointment of a receiver to immediately block Coinseed and its CEO from making any further unauthorized trades and safeguarding investors’ monies,” the notice reads. The receiver will “oversee all assets in an effort to safeguard investments as Attorney General James’ lawsuit proceeds.” James filed a lawsuit in February against Coinseed and its two top executives, including founder and CEO Delgerdalai Davaasambuu. They allegedly “violated New York state laws and illegally squandered investors’ monies.” However, in the months since the lawsuit was filed, “the greed perpetrated by Coinseed and its CEO has not only continued, but grown,” the announcement describes, adding that “Coinseed and its CEO have continued their fraud and the Office of the Attorney General (OAG) has learned of new fraudulent conduct.” Within the last three months, the OAG “has received over 130 complaints from investors who are concerned about protecting their assets due to Coinseed’s fraudulent conduct.” According to the lawsuit filed, the platform allegedly “defrauded thousands of investors across the nation.” The attorney general elaborated: This company has continued to operate illegally — holding investors’ funds hostage and conducting unauthorized trades in investors’ portfolios, while depleting accounts and transferring virtual currency to an offshore, unregulated trading platform. “We filed this motion to immediately halt Coinseed’s unlawful activity and protect the investments that are left,” she concluded. What do you think about the NY attorney general’s action against Coinseed crypto exchange? Let us know in the comments section below. View the full article

Hundreds of banks in the U.S. will reportedly start offering access to bitcoin to their customers this year, thanks to a partnership between Fidelity National Information Services and the New York Digital Investment Group. Hundreds of banks have enrolled to participate in the program as they see funds moving from bank accounts to crypto exchanges. Hundreds of Banks to Offer Bitcoin Service Customers of hundreds of banks in the U.S. will soon be able to buy, hold and sell bitcoin through their existing accounts, CNBC reported Wednesday. This will be made possible thanks to a partnership between fintech giant Fidelity National Information Services (FIS) and the New York Digital Investment Group (NYDIG), the bitcoin investment arm of $10 billion New York-based Stone Ridge Asset Management. The two firms said that the collaboration is “to enable U.S. banks to offer bitcoin in the coming months,” the publication conveyed. FIS is a vendor to banks with nearly 300 million checking accounts. Patrick Sells, head of bank solutions at NYDIG, said that hundreds of banks are already enrolled in the program. While noting that the firm is in talks with some of the biggest banks in the country about offering the bitcoin service, he said most banks that have enrolled are smaller banks. He was quoted as saying: What we’re doing is making it simple for everyday Americans and corporations to be able to buy bitcoin through their existing bank relationships. If I’m using my mobile application to do all of my banking, now I have the ability to buy, sell and hold bitcoin. Yan Zhao, president of NYDIG, explained that banks used to steer clear of bitcoin but they are now asking about providing crypto investment services because they can see their customers moving money out of their bank accounts to crypto exchanges. She opined: This is not just the banks thinking that their clients want bitcoin, they’re saying ‘We need to do this, because we see the data.’ They’re seeing deposits going to the Coinbases and Galaxies and Krakens of the world. Rob Lee, head of digital banking at FIS, expects major banks like JPMorgan Chase and Bank of America to come under pressure to offer crypto investments to retail banking customers when they see hundreds of smaller banks provide the crypto service. Some major investment banks have already begun providing wealthy clients access to bitcoin investments. Morgan Stanley announced in March that it will begin offering bitcoin funds to wealthy clients. Goldman Sachs then said that it will offer a full spectrum of bitcoin investments. JPMorgan is also reportedly looking at its own product in conjunction with NYDIG. Zhao added: Most people can’t invest in things that institutional investors get to invest in. With bitcoin available through your bank to be purchased with as little as $1, now you have an attractive asset that’s available to be owned by anyone in any amount. We think that’s huge for economic empowerment. FIS will handle the link to lenders while NYDIG, not banks, will take care of bitcoin custody and trade execution, the publication noted. Zhao explained that the cryptocurrency will not be FDIC-insured. Sells further shared that NYDIG plans to provide other services, including debit card rewards paid in bitcoin, and a new type of bank account that is FDIC insured, but pays interest in bitcoin. What do you think about banks offering access to bitcoin for retail customers? Let us know in the comments section below. View the full article

Tecra gives you a unique chance to invest in technological projects and promising startup ideas listed on its crowdfunding platform Tecra Space. Through implementation of blockchain solutions, such as tokenization, smart contracts, NFT, original cryptocurrency TecraCoin, DEX, and many more. The project strives to provide a next-level experience for those interested in getting the most out of the world of crypto. Find out how you can profit from investing your crypto assets in early stage businesses and innovative projects with Tecra Space. Tecra’s Next Level Crowdfunding Tecra is a high-technology startup company active in the blockchain ecosystem. The innovative model offered by the company addresses specific problems ingrained in traditional project financing – such as lack of transparency, high fees or intellectual property risk. Tecra’s revolutionary solutions can be encapsulated in one simple phrase: crowdfunding 2.0. It is a deliberate and thought-through combination of traditional crowdfunding and blockchain technology, which brings transparency to the investment process and creates a thriving environment for both entrepreneurs and investors. In order to ensure efficiency and self-reliance, Tecra’s ecosystem was designed to consist of three central blockchain-based projects: Tecra Space (a tokenization platform), TecraCoin (cryptocurrency) and Tecra DEX (decentralised exchange). Each of the projects is complementary to one another and plays a vital part in creating a well-functioning environment for creators and investors. The company’s project received official approval from the European Union and is aided by the Smart Growth Grant for research on implementation of blockchain technology and development of Tecra’s own DEX platform. Tecra offers a new use for cryptocurrency – investing crypto assets in promising early-stage businesses. Investors can not only safely cash in on their crypto investment, but also become a part of creating something meaningful from the ground up, as Tecra Space lets you support a variety of commercially-viable startups in the high-technology sector and projects that offer solutions for sustainable development. A New Type of Crowdfunding Platform Tecra Space is an innovation in the field of crowdfunding. It not only provides a platform for promising projects and startups, but also offers solutions that are not available in traditional project financing. The introduction of blockchain technology to crowdfunding has many perks, such as: Automatization of investment process through implementation of smart contracts. Lower fees. Improved security and transparency. Increased accessibility and global reach. Clarity of intellectual property rights with the use of tokenization. All elements of Tecra’s ecosystem have been applied with deliberation and serve a specific function. What does each of them bring to the table? Tokenization. Investors can obtain project tokens as a confirmation of the agreement with a project creator. That way, investors will have a stake in the success that the business sees after the project is successful. The project tokens can later be exchanged and traded on the dedicated exchange platform. Smart contracts. Implementation of smart contracts helps to automatize and optimise both fundraising and distribution of funds for project realization. The funds are released to project creators in tranches only once previously set milestones have been reached. This provides investors with greater oversight over the projects, increasing transparency and making the crowdfunding process much more legitimate. NFT will serve as a form of investor packages for backing up a project. Non-fungible tokens will be given to investors for their financial contributions, and each of them will provide a unique set of limited-edition perks and benefits. Tecracoin. Fundraising campaigns are conducted on the platform with the use of TCR, are tax-free, which is a complete novelty for crowdfunding. The value of the currency is connected to the success of projects, which is to say it is expected to steadily rise with time and the number of projects that pass to the commercialisation phase. TecraCoins are also a source of numerous benefits. All coin holders registered on Tecra’s platform are rewarded with a bonus commission on every project with a successfully conducted fundraising campaign. Additionally, Tecra provides various functionalities that help optimise the TCR capital, such as a staking service TecraCoin Smart Deposit. Tecra DEX. Supported by the EU grant, the specialists at Tecra’s headquarters are currently working on developing an effective and accessible decentralised platform for the exchange of digital assets by the use of token economy. It will be the place to trade cryptocurrency and tokens, which play a pivotal role in Tecra’s ecosystem. Tecra DEX is currently at the development stage and the launch is estimated for the first half of 2022. Aside from the DEX there are also plans to launch a centralised exchange (CEX), which will offer various functionalities, friendly interface and, importantly, a high trading volume thanks to a large community gathered around the projects on Tecra Space. Further benefits of implementation of blockchain on a crowdfunding platform include lower fees. While upkeeping blockchain does generate costs, simultaneously it allows the platform to drastically reduce transaction fees. This is good news for both project creators and investors, as it makes fundraising less expensive and more profitable. Simplicity of Investment on Tecra Space Despite bringing a lot of new solutions and functionalities to the crowdfunding platform, the investment process on Tecra Space is designed to remain simple and straightforward. Tokens of the projects are obtained with the use of TCR, which in turn can be easily acquired for both cryptocurrency (USDT, ETH, BTC) and fiat money. After you are in possession of tokens, you will be able to manage them on your Tecra Space account, or exchange them on DEX once the service is available. As the project enters the development phase, the investors will be able to monitor the progress and have control over the allocation of raised funds, in order to ensure the project creators are keeping their promises. Finally, after every successful campaign creators will be obliged to repurchase a certain number of the tokens from the market, and a small percentage of the raised capital will be distributed among all the TCR holders as a bonus commission fee. Become Part of Innovative Projects Very soon the first campaigns on Tecra Space will begin their fundraising. The platform is only beginning its activity but it will provide investors with a large variety of startup and other project ideas characterised by innovation and big commercial potential. The first project to begin its crowdfunding campaign in May will be a large-scale photovoltaic farm by Expanse Plus. The creators offer an idea compatible with sustainable development in a highly profitable photovoltaic sector, all the while providing an innovative solution to optimize the use of land – the solar panels will be mounted on the rooftops of big production halls. Another project set to begin fundraising this year is the game project by Spacewalkers. The game studio is planning to release a series of games based on world created in a best-selling sci-fi novel Interregnum. The game will be distributed on the largest gaming platforms, such as steam, playstation and xbox. You can read all about these projects and more on Tecra Space platform. All the projects which have been submitted to the platform are listed in a dedicated tab “Project dock”. That is the place where potential investors can see what is in the store for them, and where in the future they will be able to vote on projects they are most interested in supporting. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article