Crypto Market Highlights April 7, 2022
Crypto Market Highlights: General News
- Crypto-related ‘Miami Bull’ statue finally has been revealed by Miami Mayor Francis Suarez at Bitcoin Conference. The Bull was commissioned by Miami-born fintech firm TradeStation and presented in Miami to celebrate its culture of innovation as it further stakes its claim as the world’s new epicentre of crypto and fintech. The statue is an artistic and modern interpretation of the Charging Bull that sits near Wall Street, which serves as a symbol of wealth and prosperity.
- Bitcoin payment service BitPay now supports the Lightning Network, allowing merchants to accept payments from Lightning wallets and enabling more cost-effective, cheaper bitcoin transactions via the Layer 2 protocol. BitPay has been a bitcoin payment processor for merchants since 2011, making it one of the industry’s earliest companies. With this feature enabled, users may use Lighting to pay for goods and services from a wide range of merchants who accept bitcoin payments through BitPay, a network that reaches hundreds of millions of users in more than 200 countries across the world.
- Sky Mavis, the creator of the famous P2E NFT game Axie Infinity, has raised $150 million in a new fundraising round led by Binance. The fundraising aims to recover lost funds from the recent exploit on Axie Infinity’s Ronin Bridge, which resulted in a $600 million loss. Animoca Brands, a16z, Dialectic, Paradigm, and Accel also participated in the fundraising round.
- Binance Labs has invested in STEPN by FindSatoshi Lab, and they will use this opportunity to help develop its app and further grow the community. Other StepN investors include Sequoia Capital, Alameda Research, Folius Ventures, Solana Ventures, 6th Man Ventures, Sfermion and many others.
- Grayscale Investments adds Avalanche (AVAX), Polkadot (DOT), Cosmos (ATOM) to its funds while removing SushiSwap (SUSHI) and Synthetix (SNX). Grayscale has adjusted its three fund portfolios: Digital Large Cap Fund, DeFi Fund and GSCPxE Fund.
- India parliament member, Sushil Kumar Modi, has suggested a 50% crypto tax rise. Before that, the Indian Finance Bill 2022 with new 30% crypto tax rules was approved by Rajya Sabha, the upper house of the Indian parliament, to make it a law today that will come into effect starting on April 1. Cryptocurrency exchanges in India have seen trading volumes drop between 15% and 55%. Apart from that, traders cannot offset their losses against profits and each trading pair will be considered independently for the tax deduction.
- Kakao Piccoma, a Japanese digital comics subscription service and a subsidiary of the Korean internet corporation Kakao, has acquired a 50% controlling share in Sakura Exchange Bitcoin, a Japanese cryptocurrency exchange. This puts Kakao as the company’s largest shareholder, and the transaction is likely to let Kakao offer cryptocurrency services on its Piccoma webtoon platform, as well as grow aggressively into Web3.
- Starbucks is experimenting with NFTs this year, according to interim Starbucks CEO Howard Schultz. “Sometime before the end of this calendar year, we are going to be in the NFT business,” Schultz said at the company’s Open Forum held Monday. Further information will be released in the coming weeks.
- Binance US announced that it had raised $200 million in a seed round. According to a statement released on Wednesday, the company has a pre-money valuation of $4.5 billion. Binance US is targeting an IPO in two to three years from April 6, CEO Brian Shroder said. RRE Ventures, Foundation Capital, Original Capital, VanEck, and Circle Ventures are among its investors. Gaingels, an LGBTQIA+/Allies investment syndicate, and Gold House, a non-profit focused on enabling more multicultural representation and societal equity, were also among the investors in the round.
- The European Commission is seeking insight from financial services experts on the possible implementation of a digital euro. The European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union announced ] that it would be preparing an assessment of the central bank’s digital currency based on the expected impact on financial service providers, retail users, and chambers of commerce in a statement. The commission will consult with industry experts on problems such as international payments, privacy, the impact on the financial sector and financial stability, use cases alongside cash payments, and anti-money laundering and refute financing legislation.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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