NBA Top Shot Creator, Dapper Labs, Raises $305 Million from Top NBA Players and Celebrities

NBA Top Shot Creator, Dapper Labs, Raises $305 Million from Top NBA Players and Celebrities

Dapper Labs, the company behind the in-demand NBA Top Shot, a collectibles app, raises $305 million in a celebrity-stacked investor pool. Former and current NBA players such as Michael Jordan & Kevin Durant, actors Will Smith, rapper 2 Chainz, and a couple of venture capital firms joined the round.

In a report by USA Today, top NFT collectibles app, NBA Top Shot creator Dapper Labs, is raising $305 million in its latest round of financing. The funding round was led by Coatue Ventures featuring several high-profile celebrities and NBA players, including Michael Jordan, Kevin Durant, Andre Iguodala, Kyle Lowry, Spencer Dinwiddie, Andre Drummond, Alex Caruso, and Khris Middleton, among others.

Other high-profile investors in the round include Will Smith, Shawn Mendes and Andrew Gertler’s AG Ventures, Shay Mitchell, and 2 Chainz. Venture capital firms participating in the round include Andreessen Horowitz (az16), Version One, and Barstool’s investor, The Chermin Group.

Launched in July 2019, NBA Top Shot is an NBA-licensed product that lets users purchase digital packs of cards (or “moments”) that can be instantly bought and sold through a marketplace.

Dapper Labs created and manages the Flow Blockchain, an NFT marketplace that sells the NBA Top Shot collectibles. According to a person familiar with the matter, the new funding will be used to expand the NFT marketplace to other sports, including the Ultimate Fighting Championship (UFC) and the Major League Baseball (MLB) associations.

“We want to bring the same magic to other sports leagues as well as help other entertainment studios and independent creators find their own approaches in exploring open platforms,” Dapper Labs CEO Roham Gharegozlou.

Speaking to USA Today, a spokesperson from Dapper Labs confirmed the latest round of financing would set the company’s valuation at $2.6 billion.

If you are not familiar with the ongoing NFT mania: NFTs, short for non-fungible tokens, and are unique cryptographically secured collectibles such as digital art, pictures, music, video clips, GIF, etc. NFTs are stored on a blockchain, ensuring the uniqueness of these rare collectibles.

Over the past few weeks, NBA Top Shot has seen increased demands for its collectibles – reporting total gross revenue of $483 million from over 800,000 participants on the platform in March alone. The NBA Top Shot beta app also launched on the Samsung Galaxy Store back in October 2020.

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Author: Lujan Odera

Blockstream Offer Investors Exposure to Bitcoin Mining with BMN Security Tokens

Blockstream Offer Investors Exposure to Bitcoin Mining with BMN Security Tokens

Blockstream, a Bitcoin mining company, is planning to tokenize Bitcoin mining, according to a release.

1BMN To Cost $240,000

Blockstream Chief Adam Back said that this would give investors access to Bitcoin mining without investing in the traditional mining hardware.

The investment opportunity, which will be publicly-listed as a security token offering (STO), targets non-US qualified investors and gives them access to hashrate mined at Blockstream’s colocation facilities.

The mined token will be called Blockstream Mining Note (BMN for short) and represents 2,000 terahash per second of the company’s computing resources.

Each Bitcoin mined would be held in cold storage for a period of three years before they are released to their hodlers, the company notes.

One BMN would cost investors $240,000 and would go on sale on April 7. The first tranche of 62.5 BMN would be available on European digital assets investment marketplace STOKR as fungible assets.

BMN mining operations will begin officially on July 9, with subsequent BMN tranches released in Q3 2021. Interested investors can get their hands on these tokens by paying cash or through crypto-assets like BTC and dollar-pegged USDt.

Blockstream will offer the BMN token on its sidechain, the Liquid Network.

Blockstream says it aims to raise about €12.5 million (about $14.5 million) from the first tranche and will raise €85 million (about $100 million) in total.

Hashrate Tokens Appealing To BTC Investors

Hashrate tokens are recent additions to the ever-expanding crypto space. It works more like a derivative and was launched by Bitcoin miner Poolin and the largest crypto exchange by trading volume Binance in December 2020.

They serve as a roundabout way high-net investors can gain Bitcoin exposure without owning the digital asset or setting up a mining business. This makes it easier for liquidity to flow into the Bitcoin mining market. They are usually traded on over-the-counter (OTC) secondary markets before moving into the exchanges.

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Author: Jimmy Aki

Traditional Auction House Now Accepts Bitcoin and Ether on ‘Demand from Consumers’

Traditional Auction House Now Accepts Bitcoin and Ether on ‘Demand from Consumers’

Goldin Auctions partnered with crypto exchange Gemini to facilitate crypto payments.

Goldin Auctions, the trading card, and sports memorabilia auction house announced this week that it would now accept cryptocurrency. The traditional auction house hopped on the crypto bandwagon following the success of auction house Christie’s.

“We now accept Bitcoin as payment,” tweeted Goldin Auctions which is known for high-value items.

In a separate tweet, the auction house said, in addition to standard payment and payout methods, they allow the same in both BTC and Ether. This decision is made on “demand from consumers,” said Ross Hoffman, Goldin’s chief executive officer.

“Look, we think a big macro theme that we’re seeing is folks that are hedging,” he told Bloomberg. “One, against inflation, and two, there’s interest in alternative investing.”

Cryptocurrency and sports collectibles, according to him, have “a pretty large overlap.”

They have already accepted two payments in crypto a couple of weeks back, the most notable one for a Jay-Z card that was sold for $103,200.

“It’s pretty amazing how easy the tech is to integrate,” Hoffman says. “We had the idea [to accept crypto] two weeks ago, did the integration, and accepted our first payment in Bitcoin last week.”

This isn’t the first time Goldin has forayed into the blockchain industry. Earlier this year, the auction house partnered with YouTuber Logan Paul to auction a box of Pokemon cards.

Goldin also announced a partnership with crypto exchange Gemini on Tuesday following a $40 million investment in the auction house from The Chernin Group (TCG) and several prominent individuals and firms, including Dwyane Wade, Mark Cuban, Kevin Durant, Mark Wahlberg, and many more.

“We are excited to team up with Goldin Auctions and help them facilitate crypto payments for collectors and sellers on their platform,” said Tyler Winklevoss, CEO of Gemini.

Commenting on “some volatility” involved with crypto assets, Hoffman said, “whatever risk there is [will] be offset by the benefit of bringing in more members.”

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Author: AnTy

R3’s Corda Releases Ethereum-Based XDC Bridge for Interoperability

Corda, a decentralized blockchain offshoot of software company R3, recently announced that it had built a decentralized bridge to permissionless blockchains on the Ethereum ecosystem.

XDC To Facilitate Exchange On Corda

The announcement sees them collaborate with permissioned hybrid blockchain protocol eXchange inFinite (XinFin) to improve the global trade finance space. XinFin’s utility token XinFin Digital Contract (XDC) would be used for payment settlement in the Corda network.

The interoperable bridge built by a team of former Royal Bank of Scotland (RBS) employees designated LAB577 will make the Corda blockchain talk to other blockchain networks. This will greatly engender the transmission of private user data on the Corda network. The limited dataset will also make its way to the XDC secure network.

In a press release shared with us, Director of the team Richard Crook noted the importance of this Corda-XinFin interoperable bridge, saying that one of the blockchain’s trilemma would be put to bed.

“The first currency across is XDC, but this lays the groundwork to connect Corda to ERC-20s and other cryptocurrency networks.”

“What you would see here is the age-old challenge of interoperability being solved.”

R3 has been in the crypto space for some years. During its inception in 2015, the R3 team pointed to the potential blockchain technology like Bitcoin would bring to the financial sector. Even though large financial houses initially signed up for the project, fears about competitors getting their hands on company data saw interests wane.

This led to the creation of Corda- a system that enables data and value transfer between parties without giving out vital data. The Corda project has been hugely successful, and they created a payments platform that supported Ripple Labs’ XRP token in 2018.

KYC Will Come To XinFin

This innovation joins a growing number of new generation interoperable blockchains. Cosmos, a permissionless blockchain platform on the Ethereum network, recently launched its Inter-Blockchain Communication Protocol (IBC).

Crook noted that the XDC-powered bridge between Corda and other DLT-based platforms would incorporate more inter-chain enabled assets in the coming months.

But even as the blockchain protocol values decentralization, XDC co-founder Atul Khekade notes that the platform ensures that regulatory guidelines are being followed.

Khekade said that all intending validators would need to undergo regulatory know your customer (KYC) protocols to be eligible. This will see them lock 10 million XDC tokens (valued at $300,000) to become a validator, and they must duly attach a KYC node to the network.

The need for regulatory goalposts is increasing by the day as the crypto industry continues to attract institutional demand. A growing number of criminal elements have become attracted to the crypto space, forcing global regulatory bodies to clamp down on crypto activities in some regions.

Like the US Securities and Exchange Commission (SEC), regulatory agencies have since directed crypto-facing businesses to incorporate necessary security protocols obtainable in the traditional financial space.

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Author: Jimmy Aki

Teeka Tiwari Presents Crypto’s Next Trillion-Dollar Coin Event Today

Teeka Tiwari is hosting a crypto investment webinar on March 31.

The crypto analyst and former hedge fund manager will reveal the next cryptocurrency he believes could reach a $1 trillion market cap. The webinar is called Crypto’s Next Trillion-Dollar Coin.

Bitcoin recently broke the $1 trillion barrier. What will be the next cryptocurrency to shatter that ceiling? Find out on March 31 during Teeka Tiwari’s latest webinar.

About Crypto’s Next Trillion-Dollar Coin

Crypto’s Next Trillion-Dollar Coin is a crypto investment webinar scheduled for March 31 at 8pm ET.

The webinar is hosted by Teeka Tiwari and his team at the Palm Beach Research Group, a Florida-based financial publishing company.

Teeka will identify the next cryptocurrency he believes will reach a $1 trillion market cap during the webinar.

Bitcoin surged earlier this year, smashing through a $1 trillion market cap. The price of bitcoin (BTC) has sat in the $50,000 to $60,000 range ever. Now, Teeka believes he has identified the next cryptocurrency to reach that will reach this mark – and he’s sharing that tip during the March 31 webinar.

Crypto’s Next Trillion-Dollar Coin is a free webinar. Anyone can sign up through the official website. Just enter your email address into the online form. You will receive marketing communication from Teeka in the lead-up to the event. You will also receive a link to the webinar just before it’s scheduled to begin.

What Will You Learn During the Crypto’s Next Trillion-Dollar Coin Webinar?

During the Crypto’s Next Trillion-Dollar Coin webinar, Teeka will discuss what he believes will be the next coin to reach a $1 trillion market cap.

Teeka will tell viewers the name and ticker symbol of that coin. Viewers who share Teeka’s opinion could buy the coin today and hold it for the long term. If Teeka is right, readers could make huge returns.

Teeka will also discuss his justification for the recommendation during the webinar. He’ll explain why he expects that coin to shatter the $1 trillion market cap boundary.

Other topics Teeka could cover during the webinar include:

  • Why one coin will be the next to break the $1 trillion market cap limit
  • What makes that coin different from other cryptocurrencies
  • How one coin is launching the decentralized app (dApp) store marketplace that could position it for future dominance
  • The name and ticker symbol of Teeka’s recommendation

For perspective, the next largest cryptocurrency in the world after bitcoin is Ether (ETH), the digital token that fuels Ethereum. ETH 4.43% Ethereum / USD ETHUSD $ 1,926.53
Volume 30.13 b Change $85.35 Open $1,926.53 Circulating 115.28 m Market Cap 222.09 b
4 h Traditional Auction House Now Accepts Bitcoin and Ether on ‘Demand from Consumers’ 4 h R3’s Corda Releases Ethereum-Based XDC Bridge for Interoperability 5 h Teeka Tiwari Presents Crypto’s Next Trillion Dollar Coin Event Today

Ether has a market cap of around $213 billion as of March 31, 2021. For ETH to reach a market cap of $1 trillion, it would need to quintuple in value over the next few months or years. That’s certainly doable – we’ve seen similar gains in the crypto space, even among the largest coins like bitcoin. BTC 0.04% Bitcoin / USD BTCUSD $ 58,924.59
Volume 65.26 b Change $23.57 Open $58,924.59 Circulating 18.67 m Market Cap 1.1 t
3 h Blockstream Offer Investors Exposure to Bitcoin Mining with BMN Security Tokens 4 h Traditional Auction House Now Accepts Bitcoin and Ether on ‘Demand from Consumers’ 4 h R3’s Corda Releases Ethereum-Based XDC Bridge for Interoperability

It’s possible Teeka will discuss ETH during the webinar. It’s also possible he’ll recommend another, lesser-known cryptocurrency as the next coin to break the mark.

What is the App Store of Blockchain?

In the weeks leading up to the highly-anticipated webinar, Teeka Tiwari and his team have teased the trillion-dollar coin with certain hints.

In a recent email, a Palm Beach Research Group team member explained that the cryptocurrency that creates the “app store of blockchain” could be the world’s biggest cryptocurrency.

That team member, Greg Wilson, used Apple as an example. Apple didn’t just create the iPhone for developers. They also created the iOS App Store, and they take a cut of every app sold in that store.

Greg Wilson is the Palm Beach Daily editor, a free financial newsletter from Palm Beach Research Group.

In the email, Greg shares the story of a young man named Nick D’Aloisio. When Nick was 12, he released his first app onto Apple’s app store. The app store had just launched, and developers were experimenting with different ways to make money through it.

By the time he was 17, Nick had sold his app (Summly) for $30 million.

There were many similar stories from the early days of the app store. Apple encouraged these stories, and the app store helped make Apple’s iPhone into the giant it is today.

How a dApp Store Works

Teeeka’s trillion-dollar cryptocurrency might be building an app store for decentralized apps or a dApp store.

Decentralized apps are already here. They’re apps built on the blockchain. There are productivity apps, finance apps, communication apps, and video game dApps built using blockchain.

As blockchain technology becomes more usable, dApps are surging in popularity. We’ve already seen how one blockchain, the bitcoin blockchain, can disrupt the modern financial system. Other apps are disrupting their own fields, using blockchain’s transparency and security to change the world.

Here’s how Greg explains the dApp revolution and how it relates to Nick D’Aloisio’s original story from the Apple app store:

“D’Aloisio’s road to riches marked the beginning of an explosion in apps…Today, we’re seeing a similar trend in the blockchain space, the underlying technology of cryptos.”

Blockchain-based apps could do more than just disrupt the financial space. They could disrupt entire industries. Teeka’s trillion-dollar cryptocurrency play could be the dApp store that hosts all of these apps.

How Decentralized Apps (dApps) Work

Decentralized apps (dApps) are already changing the world. Over the last few years, we’ve seen a surge in dApp development as developers compete for market share.

Decentralized apps work in a similar way. Developers build software on the blockchain, and the blockchain runs that software in a secure, transparent, and immutable way.

Developers might build on a blockchain like Ethereum, for example. Ethereum functions like a super-computer. The Ethereum blockchain runs the software, fueled by ETH-based tokens.

Ethereum is one of many blockchain platforms open for developers. Binance Smart Chain (BNB), Solana (SOL), Polkadot (DOT), Cardano (ADA), Cosmos (ATOM) are just to name a few others, although Ethereum is the most popular, other platforms have unique advantages.

Examples of dApps

There are all types of dApps available today. Some are financial apps disrupting the global financial system through decentralized finance (DeFi) technology. Others are gaming apps, messaging apps, or NFT marketplaces.

Some of the biggest dApps available today include:

Uniswap: Uniswap (UNI) is one of the best-known and most popular dApps available today. Uniswap allows you to trade cryptocurrencies seamlessly. Instead of transferring money to an exchange, finding a matching trade on the marketplace, and withdrawing your coins, you can make the same exchange in seconds via Uniswap.

Chainlink: Chainlink (LINK) is an open standard for an oracle system. It’s a dApp that other dApps can use to prove certain data. A gambling app might use Chainlink to verify sports scores, for example. Chainlink secures the data feed to and from smart contracts, making smart contracts more secure.

Brave: Brave is a web browser with over 10 million users. Brave aims to disrupt the online advertising space using Basic Attention Tokens (BAT). It’s the first web browser where users can earn crypto for viewing ads – instead of selling their ad viewing for free.

Axie Infinity: Axie Infinity (AXS) is a dApp game built on the blockchain. Some have described it as like a blockchain-based version of Clash of Clans. Users raise, battle, and trade creatures called Axies, earning real crypto for their conquests.

Other dApps: Decentralized app development has exploded. As dApp development grows, we’ll see dApps disrupting all types of industries.

Invest in the dApp Store Instead of Individual Apps

As blockchain technology grows, there will be winners and losers in the space.

One company will create the best blockchain-based bank. Another will create the best blockchain-based communication platform. Eventually, one or two companies will become dominant in these niches, and their coins will become valuable. Other dApps will disappear, and the value of their tokens will plummet.

However, Teeka seems to recommend investing in the dApp store as a whole instead of individual apps.

Instead of buying cryptocurrencies or digital tokens for dApps, you can buy the digital token that fuels the entire app store. No matter which dApps win, you win because you own the digital token for the dApp store.

Here’s how Greg Wilson explains the benefits of investing in the app store instead of individual apps:

“If it can do what Apple did, Daily editor Teeka Tiwari believes it will be [the] next trillion-dollar coin. It will take crypto to [the] next level… and send smaller coins up 25x or even 50x – just like Apple did for some breakout apps on its platform.”

Based on the hints sent over the last few weeks, Teeka could recommend a dApp store token as his next trillion-dollar cryptocurrency. Or, he could surprise viewers with something totally different.

How Much Money Could Viewers Make?

In marketing material leading up to the webinar, Palm Beach Research Group has dazzled viewers with stories of enormous returns.

Picture 3

As mentioned above, Greg and Teeka believe the trillion-dollar cryptocurrency could send other coins skyrocketing by 25x to 50x. As a dApp’s userbase grows, the value of its native token will inevitably rise.

Meanwhile, the official webinar’s sales page mentions gains as high as 38,055%. By investing in the right crypto at the right time and then selling that crypto at the optimal time, you could have made gains as high as 38,055%:

“Bitcoin breaking the $1 trillion barrier sent other cryptos into escape velocity, delivering stunning returns like 1,201%, 1,728%, 3,237%, 3,976%, 17,613%, [and] 38,055%.”

Greg and Teeka believe dApp store development is in the same place mobile app development was in 2008. They believe the industry is on the cusp of going mainstream, and that could mean huge returns for investors who buy the recommended cryptocurrency today.

When Will Crypto’s Next Trillion-Dollar Coin Webinar Take Place?

The webinar is scheduled to take place on Wednesday, March 31, at 8pm ET.

There are no physical tickets to the event, and there’s no way to attend the event in person. It’s purely a webinar, and all viewers will be watching the event over the internet.

How to Attend the Webinar

The Crypto’s Next Trillion-Dollar Coin webinar is an online event available to anyone who signs up through the online form.

There’s no cost to sign up, although you must agree to receive marketing communication from Teeka and Palm Beach Research Group.

There’s no “catch” to the webinar. You genuinely get to view the webinar for free without buying anything, signing up for any newsletters, or paying any hidden fees. You’ll receive advertisements for other Palm Beach Research Group products, but you are not obligated to buy those products.

Who is Teeka Tiwari?

Teeka Tiwari is a former hedge fund manager who works as an editor for Palm Beach Research Group.

Teeka has been an advocate for bitcoin since 2016, just before bitcoin surged in popularity. Teeka recommended buying bitcoin when it was under $1,000. He also recommended buying bitcoin as prices plummeted down to the $5,000 range in 2018 to 2020. Today, Teeka’s followers are reaping the benefits of that recommendation.

Teeka leads a range of newsletters for Palm Beach Research Group, including a crypto-focused advisory named Palm Beach Confidential. Viewers of the Crypto’s Next Trillion-Dollar Coin webinar may receive advertisements for Palm Beach Confidential.

About Palm Beach Research Group

Palm Beach Research Group is a financial publishing company based in Delray Beach, Florida. The company employs investment analysts from across different industries, offering specialty and general investment newsletters.

Some Palm Beach Research Group newsletters target crypto investing – like Teeka Tiwari’s Palm Beach Confidential. Others target commodity investing, high-risk investing, and other strategies.

You can contact Palm Beach Research Group via the following:

  • Email: [email protected]
  • Phone: 1-888-501-2598
  • Mailing Address: 55 NE 5th Avenue, Delray Beach, FL 33483
  • Email Form:


Teeka Tiwari is hosting a webinar on March 31 at 8 pm ET called Crypto’s Next Trillion-Dollar Coin.

During the webinar, Teeka will reveal his top cryptocurrency recommendation, which is a coin he believes will rise to reach a $1 trillion market cap in the near future. That coin appears to be linked to decentralized app development, and it could be creating the “dApp store” of the future.

Anyone can attend the webinar for free. just enter your email address into the online form, then view the webinar on March 31 at 8 pm ET.

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Author: Andrew Tuts

Coinbase’s Listing will Send Other Crypto Companies’ Valuations “Much Higher,” says Kraken CEO

Coinbase’s Listing will Send Other Crypto Companies’ Valuations “Much Higher,” says Kraken CEO

The US exchange is “gearing up” to go public itself. Jesse Powell, meanwhile, sees per Bitcoin worth a Lambo by the end of the year and one Bugatti probably by next year-end.

While Jesse Powell, CEO, and founder of cryptocurrency exchange Kraken, believes Bitcoin is going to infinity in his recent interview with Bloomberg, he provided more clarity.

According to him, because of all the money printing that’s going on, it’s hard to comprehend in terms of dollars, “it might be easier to understand if we measure it like in terms of Teslas.”

“By the end of the year, I think it’ll be one bitcoin per Lambo, and probably by the end of next year, it’ll be one bitcoin per Bugatti,” Powell said. One Lamborghini costs in the range of $200,000 to $500,000, while a Buggati’s price starts well over a million dollars.

Tesla started accepting Bitcoin as payment this month following a $1.5 billion investment last month. And thanks to Tesla CEO Elon Musk, “everyone who owns a piece of the S&P 500 now owns a piece of Bitcoin,” and in a single stroke distributing bitcoin to more people than anyone else on the planet,” he added.

And for those who are still on the sidelines, Powell said, they owe themselves to “really take a look at the fundamentals and try to understand why that is. And if you’re not understanding that, I think you must not understand how the existing financial system works and how much benefit there is to the world.”


As for other assets, Powell spoke about Ethereum’s PoS transition, in the process of which millions of Ether are being locked for an indefinite amount of time which is constraining the supply.

Powell predicted, “north of two thousand dollars a coin for eth by the end of this year.” ETH is currently trading above $1,800 and made ATH at $2,035 last month.

Powell also mentioned Polkadot DOT 8.89% Polkadot / USD DOTUSD $ 37.13
Volume 3.53 b Change $3.30 Open $37.13 Circulating 924.82 m Market Cap 34.34 b
5 h Teeka Tiwari Presents Crypto’s Next Trillion Dollar Coin Event Today 6 h Coinbase’s Listing will Send Other Crypto Companies’ Valuations “Much Higher,” says Kraken CEO 1 d Cosmos (ATOM) Enhances Interoperability with Inter-Blockchain Communication (IBC) Protocol Rollout
, “which is sort of the next Ethereum,” and said, “you’ll see a lot of things that were on Ethereum be ported over to Polkadot for lower transaction fees.”

He also touched on NFTs, for which there is already a “huge market” as “collectibles business has been around since the dawn of humanity.” Now, it is just moving into the digital format with “tremendous commercial application.”

So, “NFTs are here to stay. Whatever you think about, you know the collectibles segment,” he added.

Valuations Will Go Higher

Talking about Coinbase’s upcoming trading debut in April, Powell said their direct competitor going public is “very exciting.”

While Coinbase was worth about $100 billion pre-IPO, it would “probably be a pop after that.” And because cryptos “really are the future of finance” and can replace everything that exists in the traditional system, “these valuations are very reasonable right now, and they can go much higher.”

This listing, Powell said, will provide them with an example and how to value Kraken.

“Historically, the crypto space has been all private. So we’ve kind of just got to speculate about how the public markets would value these businesses. And I think it’s going to be an indicator for the entire private market. And I think it’s going to send valuations of other crypto companies much higher.”

Kraken itself is on track to go public next year, in the second half, but Powell cautioned that during this time, “anything could happen in the crypto space,” so there’s no guarantee.

But, Powell assured that the exchange is “gearing up” for that by involving in discussions and “doing more acquisitions,” as their clients are constantly looking for ways to participate in the upside and the performance of the business, something that the SEC doesn’t allow.

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Author: AnTy

UK Tax Authority HMRC Updates Guidance on Crypto Taxation

Meanwhile, Britain’s financial services minister said the focus is on regulating stablecoins, and intervention in the wider crypto markets is “less immediately pressing.”

HM Revenue and Customs (HMRC), UK tax authority, published fresh guidance on the taxations of crypto assets, an update to late 2019 issued guidance that aims to provide clarity on the taxation of cryptocurrency assets.

the update involves the trading of tokens, conversion to fiat currency, mining transactions, and staking for both individuals and corporations.

According to the guidance, If a company or business is carrying out activities that involve tokens, they are liable to pay tax on them whether buying and selling them, exchanging them for other assets, mining, or providing goods or services in return for tokens.

When it comes to mining transactions, it will be a taxable trade based on a range of factors such as degree of activity, organization, risk, and commerciality.

“Staking” has been addressed as a type of mining “which weights the entitlement to newly forged tokens.” Yet again, the taxability of them depends on several factors like mining.

The guidance says, if the mining activity of the business does not amount to a trade, the pound sterling value of any crypto assets awarded for successful mining will be taxable as miscellaneous income subtracting the expenses.

Profits will be “calculated according to the relevant tax rules” if the activity does amount to a trade.

When it comes to individuals, HMRC says that “only in exceptional circumstances” would it expect “individuals to buy and sell exchange tokens with such frequency, level of organization and sophistication that the activity amounts to a financial trade in itself.”

If the miner, either business or individual, keeps the awarded assets, they may have to pay Capital Gains Tax when they dispose of them later.

Not the Pressing Concern

On Tuesday, Britain’s financial services minister said they would first focus on regulating stablecoins than the broader crypto market.

“We need to manage risks to competition,” John Glen told a City & Financial conference.

“There is the potential for some firms to swiftly achieve dominance and crowd out other players, due to their ability to scale and plug into existing online services.”

According to him, the case for intervention in the wider crypto markets is “less immediately pressing” while saying it is a “once-in-a-generation opportunity” to make “vast strides in the efficiency of financial services.”

Separately, Britain’s financial watchdog said imposing existing electronic money rules that authorize cashless payments on stablecoins won’t be suitable.

“The e-money regime isn’t a perfect match for crypto,” said Alex Roy, head of consumer distribution policy at the Financial Conduct Authority, at the same conference.

In other news, this week, the Iowa House of Representatives also passed a bill to legally recognize smart contracts. Democratic Representative Steve Hansen suggested the bill’s implementation would lead to broader regulation of crypto.

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Author: AnTy

International FX Exchange & Ripple Partner, Mercury to Boost Remittances in South Africa Using ODL

International FX Exchange & Ripple Partner, Mercury to Boost Remittances in South Africa Using ODL

Mercury’s international payments firm to utilize RippleNet On-Demand Liquidity (ODL) platform to ease remittance payments between the United Kingdom and South Africa.

On Tuesday, Ripple confirmed Mercury, which has been using the RippleNet ODL platform and its associated XRP digital asset since 2019, to reduce transaction times and fees to a minimum in South Africa. Mercury was added to the first cohort of South Africa’s Intergovernmental Fintech Working Group (IGFW), the inaugural fintech regulatory sandbox in the African state.

Mercury-RippleNet ODL was one of the six chosen projects for an inaugural 50 companies that applied to enter the sandbox. Of the six, Mercury is only one of two companies leveraging blockchain to enhance global remittances and payments in South Africa.

Consisting of top financial regulators such as South Africa’s National Treasury, the South African Reserve Bank, and Financial Sector Conduct Authority, IGFW has previously called for strict regulations to be put in place to curb unregulated crypto transactions.

In April 2020, IGFW stated domestic crypto transactions are accepted in the country but under strict adherence to the FATF “Travel Rule” recommendations. This gave rise to the regulatory sandbox –later in the year – the IGFW stating at the time,

“Payments using crypto assets will, in the interim period, be subjected to a regulatory sandbox approach.”

As a member of the sandbox, Mercury aims at enhancing the future of blockchain-based payments/ transfers to “cut the time and cost of sending money into and out of South Africa using RippleNet-ODL service.”

South African tax regulator, South Africa Revenue Authority (SARS), recently announced plans to audit crypto investors amidst the country’s rising demand for crypto.

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Author: Lujan Odera

PayPal CEO: Bitcoin’s ‘Just Another Funding Instrument’ As He Buys A Pair Of Cowboy Boots With BTC

PayPal CEO: Bitcoin’s ‘Just Another Funding Instrument’ As He Buys A Pair Of Cowboy Boots With BTC

Bitcoin’s usage as money was also demonstrated by FTX CEO Sam Bankman-Fried, who bought a Tesla semi-truck with BTC.

Dan Schulman, chief executive officer of PayPal Holdings, used the company’s latest “Checkout with Crypto” feature to make his latest purchase with Bitcoin.

As we reported, PayPal announced a new way for its customers to check out with crypto to pay for select online purchases on Tuesday.

“Seamlessly woven into the PayPal checkout flow,” crypto holdings are converted to US dollars easily and quickly at checkout with no additional fees as the digital asset conversion spread will be built into the conversion from crypto to US dollars.

Shulman basically wants to drive mainstream adoption of cryptos by enabling the usage of them to make purchases at businesses around the world.

This, he said, “is the next chapter in driving the ubiquity and mass acceptance of digital currencies.”

To demonstrate this, the 63-year old bought a pair of cowboy boots with Bitcoin on PayPal.

Schulman converted 0.00540884 BTC valued at the time at about $55,279 to pay for his boots selling for $299.

As of writing, with 97% gains YTD, BTC is trading around $58,000, up more than 15x from last March’s lows.

“That’s pretty cool,” Schulman said in a two-minute video the company posted of him purchasing Lucchese ostrich boots.

“You can just use your crypto balance as a funding source like you would your PayPal balance, or your credit card or your debit card. It’s just another funding instrument.”

On Tuesday, Sam Bankman-Fried, CEO of crypto exchange FTX also took to Twitter to share that the company bought a Tesla semi-truck with BTC after electric car maker CEO Elon Musk announced last week that they now accept Bitcoin as payment.

This tweet was promoting his product Blockfolio through which and using Swipe wallet, the purchase was made.

The exchange recently launched FTX Card powered by Swipe Visa debit card for USA residents to pay for goods through crypto assets without connecting it to a bank account.

“Elon Musk thoughts on having a BTC–>Tesla shop inside of Blockfolio?” added Sam.

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Author: AnTy

Goldman Sachs to Start Offering its Wealthy Clients Access to Bitcoin Starting Next Quarter

Goldman Sachs to Start Offering its Wealthy Clients Access to Bitcoin Starting Next Quarter

The bank’s VP says there is “a large contingent of clients” looking for ways to participate in the crypto space and sees Bitcoin as a hedge against inflation.

Goldman Sachs plans to start offering its first investment vehicles for Bitcoin and other crypto-assets to its wealthy clients in the next quarter.

CNBC reported the news on Wednesday, citing an internal company memo seen by it.

In an interview this week, Mary Rich, the new global head of digital assets for Goldman’s private wealth management division, which targets individuals, families, and endowments with at least $25 million to invest, said,

″We are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private wealth clients, and that is something we expect to offer in the near-term.”

Throughout the first quarter, Goldman Sachs has been working towards offering crypto products as it rebooted its bitcoin trading desk from 2018, filed for an ETF to provide indirect exposure to BTC, and reported “rising” client demand.

Another big name Morgan Stanley is reportedly on track to place clients into its bitcoin funds starting in April.

The investment banking giant is, according to Rich, is looking to offer a “full-spectrum” of investments in digital assets that ultimately range from physical bitcoin to derivatives and traditional investment vehicles.

It is basically all about demand for Bitcoin from the customers, and “there’s a contingent of clients who are looking to this asset as a hedge against inflation, and the macro backdrop over the past year has certainly played into that,” Rich said.

She further said that “a large contingent of clients” also feels like we’re at the dawn of a new Internet and are looking for ways to participate in the crypto space.

While the ecosystem is still at its “very nascent stages,” she said, “it will be part of our future.”

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Author: AnTy