Crypto Guides, Knowledge & Insights

Cryptocurrency And How The Business Fits in Connecticut

A new company is heading to Connecticut with the promise of hundreds more jobs.　　Digital Currency Group is moving from New York City to Stamford. DCG describes itself as a leading investor in Bitcoin and Blockchain technology companies.　　Thats very different from the manufacturing sector, which the governor has been pushing for more of in our state.　　But he says cryptocurrency is a good match for Connecticut.　　“We are a financial center. Its not just very you know what, we havent banks, but we have insurance, but we have a hedge fund. So youre going to find a very welcome ground here,” Lamont said.　　“The fact that youre here in Stamford is part of a greater ecosystem as you point out what were doing right down there at University of Connecticut in terms of, you know, digital transformation and training when youve got a partner here in the government. Make sure you never have to look hard to get the very best talent that you need,” he added.　　Technology expert Lon Seidman sat down with NBC Connecticuts Dan Corcoran to talk about what this emerging business could bring.　　Dan: “Cryptocurrency has been gaining steam over the past few years, but I dont think everyone knows exactly what

2021-11-30Deep Dive

Report: Bitcoin (BTC) investment products declined in November

In its latest Digital Asset Management Review, CryptoCompare has reported that in November, alternative crypto-asset investment products, such as Ethereum, Litecoin and Solana have outshined those of Bitcoin ETPs, as they raked in better gains than the flagship digital asset.Bitcoin-based products perform poorly in November　　The report observes that the AUM of Grayscales Bitcoin (GBTC), which owns many of the trusts, plummeted by 10.1% to $38.1 billion, however, alternative asset Ethereum (ETH) rose by 3.6% to $12.9 billion.　　According to the report:　　“ETC Group‘s BTCE product regained the position of highest AUM ETN/ETF product with a gain of 1.2% to $1.5bn. This was followed by Purpose’s Bitcoin ETF (BTCC) and 3iQ Coinshares Bitcoin ETF (BTCQ) which fell 6.5% and 10.1% to $1.4bn and $1.2bn respectively.”　　It was also revealed that the average daily trading volumes of the entire crypto-based ETPs have fallen by 13% to $732 million in November, however, popular ETH-based exchange-traded products rallied to new heights though it was still below the highs seen during the beginning of the year.　　Interestingly, Litecoin and Solana-based exchange-traded products performed well, while Grayscales crypto basket fund, on the contrary, only returned a negative gain of -15.5%.　　The CryptoCompare report continued that several BTC-based investment products suffered major

2021-11-30Deep Dive

How to Yield BUSD with BUSDMatrix, Explained

Why has there been such a pronounced swing towards decentralized finance (Defi)？ Well, it is because of all the lucrative earning opportunities on Defi that can help you generate a decent amount of passive income. There are a number of ways you can generate generous yield with crypto sitting in your wallets. One of the most hyped is yield farming – a crypto investment strategy that can give you high returns on investment (ROI).　　For those who hold cryptocurrency in general, this is akin to earning staking returns on a proof of stake blockchain. So, why just hold on to coins when you can also generate a strong income and return on top of capital gains. This opportunity has also been hot for those who prefer not to risk capital in a volatile cryptocurrency.　　So, if you want to learn more about this exciting opportunity, continue reading!BUSD Yield Farming　　Yield farmers want to make hay while the Defi sun is shining and this is where the market has seen some insane APY numbers; yield farmers have been able to earn more than 100%+ returns! Many of the yield farming opportunities can be taken advantage of with stablecoins like BUSD. This means that you

2021-11-30Deep Dive

This DeFi founder explains why all users need a multi-chain wallet

XDEFI Wallet‘s Chrome extension is engineered to deliver the fastest possible experience for DeFi and NFTs. Unlike its competitors, it achieves this through native integrations with nine blockchains, proprietary gas pricing algorithms to ensure users never miss a block, and by automatically adding new token contracts to users’ wallets.　　Émile was in traditional finance working for Bloomberg and Reuters before moving into tech. He launched XDEFI Wallet with co-founder David in August 2020 whom he met after being hired by BCG to participate in the launch of Blockchain ventures for the De Beers group. Since then, XDEFI Wallet has grown from a team of four to around 35 and has a user base of over 70k.Interview with Emile, XDEFI CEO & Co-Founder　　What is the professional background of the XDEFI founders and what is their previous experience in crypto or DeFi？　　What problem is XDEFI solving？ Why do DeFi users need a multichain wallet？　　How many people are working on XDEFI and where is the team located？　　Does XDEFI have any notable partnerships？　　Which types of DeFi users would benefit from using the XDEFI wallet？　　What is the biggest pain point for DeFi users who are managing multiple DeFi wallets across multiple chains？　　Where do you see the

2021-11-30Deep Dive

SBI Boss Says that China Is Leading the CBDC Race – Ahead of the USA and Europe

The CEO of the Japanese financial heavyweight and crypto player SBI Holdings Yoshitaka Kitao has spoken out about central bank digital currencies (CBDCs) – and says China is currently leading the world in digital fiat technology.　　Kitao was quoted by the domestic media outlet Dime as stating:　　“China is the most advanced nation in the field of CBDC [technology], with the United States and Europe following suit.”　　He noted that in the world of trade finance, fiat was currently dominant, but asserted that this was only the case “so far.” He mused that this could quickly change if a CBDC became a “national currency.”　　Kitao, who is also a member of the Ripple board, claimed that market players must venture into “new financial markets” and develop new “financial products” accordingly.　　He noted that it was difficult for domestic banks to “work on cutting-edge fields” like CBDCs “at this point,” adding that SBIs own research unit was “working intensively and conducting research” into digital fiat-related innovation.　　The central Bank of Japan (BOJ) is currently testing its own digital yen prototype, but like most advanced economies (with the exception of China and its digital yuan project) it has yet to commit to a CBDC launch.　　Kitao also stated that

2021-11-30Deep Dive

Binance Finally Restores Dogecoin Withdrawals

Dogecoin withdrawals on Binance are now available again after a few weeks of issues that holders have faced on the trading platform.　　Previously, Elon Musk has had a heated battle on Twitter with Binances CEO, Chan Zhao. The Tesla and SpaceX CEO accused Binance of not providing a proper service for its users that have to struggle due to exchange-side issues.　　According to Binances official Twitter account, the withdrawal problem for Dogecoin that has gone on for more than two weeks was related to the network upgrade of the project. But at the same time, the exchange has denied that the problem was on its side by stating that the withdrawal issue was caused by an update and not their sophisticated wallet mechanism.　　The exchanges CEO, CZ, later said that not a single entity was at fault and both networks had no idea about the rare issue that appeared due to the network upgrade. He also stated that “no ones getting fired.”　　During the Binance withdrawal issue period, Dogecoin lost approximately 13% of its value. The reason behind this is less likely to be tied to exchange problems, though. The global cryptocurrency market correction and risk-off on financial markets, in general, are more likely

2021-11-30Deep Dive

Israel Is Stepping Up Its Central Bank Digital Currency Efforts: Report

In brief　　Israel is advancing its research into a possible central bank digital currency (CBDC), the countrys central bank governor said today.　　But Israel is still not 100% sure it will release a CBDC.　　Israel is fast-tracking its research and development efforts for its own central bank digital currency (CBDC), Reuters reported today, citing the Bank of Israel governor.　　Amir Yaron, who has been the central banks governor since 2018, said Monday that although the Bank of Israel had not decided yet on issuing a digital shekel, it was “committed to being at the forefront of economic and technological knowledge” regarding a CBDC, the report said.　　A CBDC is a digital version of a fiat currency (like the US dollar or Israeli shekel), backed by a central bank. Some CBDCs employ a blockchain, the technology that underpins cryptocurrencies such as Bitcoin.　　But CBDCs are different to cryptocurrencies like Bitcoin and Ethereum because they are permissioned (i.e. privately controlled) and centralized. Countries around the world are currently researching the benefits of developing their own CBDCs.　　Israel in May said that a digital shekel could help its economy—and that it was trialing the Ethereum blockchain for its own CBDC.　　Today Yaron added that “central banks have a unique role

2021-11-30Deep Dive

To Regulate or Not Regulate Cryptos？

On Monday, Nirmala Sitharaman, Indian Finance Minister, said that the government has no proposals of recognizing Bitcoin (BTC) as a currency or legal tender. According to the Times of India, the minister pointed out that the officials also had no plans outlined to collect data on BTC transactions.　　A new bill in India is set to ban all private cryptocurrencies in the nation and will be introduced in the upcoming winter session of its Parliament. According to the Times of India, ‘The Cryptocurrency and Regulation of Official Digital Currency Bill 2021’ is among the 26 bills to be introduced in that batch.　　The bulletin listing details of the bill is as follows: “To create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India. The bill also seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”　　With the announcement, the government was paving the way to create the central bank digital currency (CBDC) mentioned in the bill and expected to be launched at any time in 2022.　　To Regulate or Not Regulate Cryptos？　　In the last few months, mixed reports

2021-11-30Deep Dive

India Has No Plans To Recognize Bitcoin As Legal Tender, Finance Minister Sitharaman Asserts

The crypto bill is one of the 26 bills on the Indian legislative agenda. Even so, the Finance Minister confirmed the proposal to make Bitcoin a legal tender isnt part of it.　　Finance Minister Nirmala Sitharaman, in a written reply to the lower house of parliament, revealed there is no proposal to recognize Bitcoin as a legal tender in the country.　　However, some reports claim the Indian government may propose a bill to treat Bitcoin as an asset while at the same time banning it as a legal tender. The minister also informed the house that the Government of India does not “collect data on Bitcoin transactions”.　　The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 seek to illegalize all private digital assets in the country. Despite that, the bill seeks to exempt specific cryptocurrencies to promote the underlying technology of cryptocurrencies. The goal is to “create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India,” the report reads in part.　　Crypto Uncertainty in India Continues　　India has so far had a love-hate relationship with cryptocurrencies. In 2018, the Reserve Bank of India (RBI) banned banks from facilitating crypto-related transactions. In 2020, however,

2021-11-30Deep Dive

South Korean lawmakers inch closer to deal to delay crypto tax by one year

In what could be a big win for the local crypto industry, South Korean lawmakers are close to delaying taxation on digital assets for another year.　　Representatives from the Tax Subcommittee in the National Assembly, South Koreas legislative body, reached a bipartisan agreement on Nov. 29 by approving an amendment that could postpone the crypto tax by one year. If the amendment passes in a parliamentary session on Dec. 2, taxation will begin on January 1, 2023, not 2022 as previously planned.　　Democratic Party lawmakers who have been pushing for this delay decried flaws in the information gathering procedures that would be implemented by the National Tax Service (NTS).　　One such procedure would be to assume a 0 KRW ($0) cost basis for crypto assets that have been dormant on private wallets where the acquisition price could not be proven. This would create a significant tax burden for long-term holders who have been holding coins on private wallets before the tax legislation comes into effect. They would be effectively taxed on the full asset price, not just the gains made.　　Representative Kim Young-jin, Chairman of the Tax Subcommittee, also pointed out the problem of demanding that citizens pay taxes on cryptocurrencies while the government

2021-11-30Deep Dive

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