Crypto Guides, Knowledge & Insights

How blockchain, NFTs, and on-demand satellites are saving Africa’s wildlife

Satellite virtualization solutions firm Exodus Orbitals Inc. has announced its partnership with the Lady Rocket Foundation to apply satellite technology and NFTs to better protect African wildlife against poaching and climate change.　　Eva Blaisdell, who goes by ‘Lady Rocket,’ is a third-generation Aviation/Space investor and entrepreneur. Her Foundation recently innovated in the field of applying NFTs to explore alternative financing sources for humanitarian and space-related initiatives through the collaboration with Saving The Survivors on the Satellite Rhino NFT series.　　And shes now back to make yet another impact. “As a 3rd generation aerospace entrepreneur, I am compelled and committed to create and drive new ventures and initiatives which will transform Space into the most rewarding human endeavor yet, while also offering solutions to challenges and tragedies taking place on Earth right now,” said Lady Rocket in a statement.　　NFTs and space come together　　For the partnership, Exodus Orbitals space-on-demand satellite mission shall be launched in 2022, and non-fungible tokens (NFTs) will be used to acquire and access observation activities for specific areas of concern through a partnership with space assets company Copernic Space.　　Using improved satellite imagery and data, the duo stands to significantly improve the protection of the hundreds of thousands of endangered animals

2021-07-27Deep Dive

South Korea Proposes New Tax Codes to Target Crypto Tax Evaders

South Korea has proposed to introduce new tax regulations to debunk tax evaders using cryptocurrency. The regulators seek to get permission for tax authorities to impound crypto assets that are stored away by tax evaders in individual wallets. The expanding crackdown on crypto comes as part of financing the rising welfare costs of the nation.　　Seize assets in Individual wallets　　Current regulations restrict authorities from seizing virtual assets held in individual digital wallets. However, the ones that are accessible through exchanges can be impounded to pay the overdue taxes. This proposal is the Korean governments initiative to review the tax codes annually and aim to evaluate and edit over 16 existing tax codes, according to Reuters.　　South Korean crypto crackdown aims to impose stricter regulation on the crypto markets to sweep the digital assets market clean, including the anti-money laundering regulations and probing for cyber and economic crimes using cryptocurrencies.　　According to President Moon Jae-in, the authorities are seeking expansion of tax regulation to cover the prior economic and social losses in the nation. Furthermore, the government has also proposed extending tax imposition on organizations that are employing outside of Seoul and decrease the corporate income tax for firms that are employing within the

2021-07-27Deep Dive

FTX and Binance Futures Reduce Leverage to 20x, Prioritizing Consumer Protection

Two of the leading cryptocurrency derivative trading platforms – Binance Futures and FTX – are reducing the maximum allowed leverage on their platforms.　　Ran by Sam Bankman-Fried, FTX is one of the leading cryptocurrency derivatives trading platform, offering high leverage of up to 100x to its customers.　　This, however, will no longer be the case as the exchange plans on trimming it down to 20x, citing consumer protection concerns.　　Speaking on the matter, SBF actually revealed that the average leverage that users are currently taking advantage of is 2x. Hence, the move will only “hit a tiny fraction of activity on the platform.”　　Quickly after that, Changpeng Zhao, CEO at Binance – the worlds leading cryptocurrency exchange, announced similar doings for their derivatives arm – Binance Futures.　　Binance Futures started limited new users to max 20x leverage last Monday, July 19th – 7 days ago. (We didnt want to make this a thingy).　　In the interest of Consumer Protection, we will apply this to existing users progressively over the next few weeks.　　Both moves come at a time when global financial regulators are taking measurable actions to interfere in the industry and somewhat put it under existing regulatory standards in traditional finance.

2021-07-27Deep Dive

Almost Half of Singaporeans Own Cryptocurrencies: Independent Reserve Survey

A new survey conducted by the Independent Reserve revealed that 43% of the residents of Singapore own digital assets. 46% asserted they would purchase virtual currencies in the next year.　　Singaporeans Are Keen on Crypto　　The Australian trading venue Independent Reserve (IRCI) surveyed 1,000 participants to determine the level of cryptocurrency adoption in Singapore. Per the statistics, 43% of the locals already own crypto.　　Taking a closer look, the results showed that the younger generations are especially keen on Bitcoin and altcoins as 66% of them answered they are hodlers. 46% of the participants said they intended to enter the crypto space in the next 12 months.　　Mass awareness of digital assets in Singapore is also at high levels. 93% of the locals said they have heard of Bitcoin, which positioned it undisputedly in the first position. 40% described the primary cryptocurrency as an “investment asset,” while 25% opined it is “digital gold” and a “store of value.”　　The youngest participants in the survey – those between 26 and 35 – were among the biggest proponents of cryptocurrencies. About 75% of them believe that the asset class will soon be a subject of mass institutional adoption.　　The Chief Executive Officer of Independent Reserve – Adrian Przelozny

2021-07-27Deep Dive

Twitter & Amazon inclines to adopt Crypto currencies and Blockchain technologies

Twitter re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon. We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”　　Recall that the companys cloud-computing unit, Amazon Web Services, has been offering a blockchain service popularly known as “managed Blockchain.” With this move, it is most likely that Amazon would soon commence accepting Bitcoin and other Crypto currencies as means of payment for its products.　　This possibly could be the end results of the unique remarks from Amazon CEO Andy Jassy (then CEO of AWS) back then in 2017, who has been noted to have said that the company wasnt particularly focused on blockchain technology at the moment, but duly acknowledged that Amazon was on the other hand, “watching it carefully”, possibly, to come in at the ripe moment. Hence, we believe that with the increasing popularity for Blockchain technology and Crypto currency as well as the increasing institutional adoptions; no other time, could be more better for Amazon to join the innovative technology other than this moment; in adopting Bitcoin

2021-07-27Deep Dive

Coinbase: Bitcoin ETF Approval 'Only a Matter of Time'

The cryptocurrency giant Coinbase has sounded a bullish note on the prospect of the Securities and Exchange Commission approving a Bitcoin ETF—a long-awaited development that is expected to increase overall demand for Bitcoin　　According to a forthcoming report for institutional investors seen by Decrypt, Coinbase believes there are signs that U.S. policy towards crypto is “softening” and that an ETF approval is likely inevitable.　　“We believe that given clear public interest and favorable market developments, it is only a matter of time before the U.S. SEC approves a Bitcoin ETF,” stated the report.　　The report did not provide a precise timeframe for when Coinbase believes an ETF might be approved, but cited ETF-issuers predictions that this will occur this year or in 2022.　　While the crypto industry has eagerly awaited a Bitcoin ETF—which would let investors gain access to Bitcoin via shares on traditional exchanges—the SEC has stymied those hopes since 2017, when it first rejected an ETF on the grounds the underlying Bitcoin market could be subject to manipulation.　　In its report, Coinbase acknowledges that “at least a dozen applications to list a Bitcoin ETF have been knocked back” by the SEC but adds that the company believes a much larger market for Bitcoin

2021-07-27Deep Dive

Bitcoin Investment Products See 3rd Week of Outflows

Investors pulled money out of digital-asset funds as bitcoin dipped below $30,000 last week, according to a report by CoinShares. Outflows coincided with negative sentiment that preceded a near-24% price jump in bitcoin over the past seven days.　　Mondays crypto price rally – bitcoin jumped above $38,000 – could encourage digital-asset inflows because many investors have been on the sidelines since the sell-off in May.　　Overall, digital-asset products saw outflows for the third consecutive week, totaling $28 million in the seven days through July 23.　　“Bitcoin saw a majority of the outflows, which totaled $24 million, the largest outflows since mid-June,” according to CoinShares. Ethereum products saw outflows of $7.3 million.　　However, net flows year-to-date remain positive with inflows of $4.1 billion, albeit well off the cumulative peak of $4.7 billion in early May.　　Multi-asset investment products saw another week of inflows totaling $3.1 million, which suggests investors are diversifying their cryptocurrency exposure.　　Chart shows weekly digital asset fund flows.　　Source: CoinShares

2021-07-27Deep Dive

Binance Delists AUD, EUR, and GBP Margin Trading Pairs Amid Regulatory Hurdles

As regulatory pressure intensifies, leading cryptocurrency exchange Binance has today announced that it would no longer provide support for three fiat currency pairs on its margin trading platform.　　Binance to Delist All AUD, EUR & GBP Margin Pairs　　In an official blog post published on Monday, Binance announced that it would delist all margin trading pairs for the Euro (EUR), Australian dollar (AUD), and British pound sterling (GBP).　　The exchange disclosed that it will suspend these margin trading pairs on August 10 and will immediately conduct automatic settlements, including canceling all pending others. On August 12, Binance will officially delist the cross and isolated margin pairs from its platform.　　The announcement further warns investors of the risks associated with margin trading.　　“Margin trading carries a substantial risk and the possibility of both significant profits and losses. Past gains are not indicative of future returns. All of your margin balances may be liquidated in the event of extreme price movement,” Binance cautioned.　　 Binance Faces Increasing Regulatory Heat　　The new development comes amid an ongoing regulatory crackdown on Binance, as the exchange continues to restrict support for some of the trading services it offers to clients.　　Binance has been served various warning notices by financial regulators operating in virtually

2021-07-27Deep Dive

Tesla Reveals Bitcoin Holdings Worth $1.3 Billion in Q2, $23 Million BTC Impairment

Elon Musk‘s electric car company, Tesla, is holding bitcoin worth $1.311 billion. The company did not buy or sell any bitcoin during the second quarter but recorded bitcoin-related impairment of $23 million. Tesla’s action reaffirms Musks prior statement that neither he nor Tesla had sold their coins.　　Teslas Q2 Bitcoin Holdings　　Elon Musks Tesla released its second-quarter earnings report Monday. The companys Q2 2021 unaudited balance sheet shows a net digital asset value of $1.311 billion as of June 30.　　Tesla‘s Q2 unaudited balance sheet showing the company’s net digital assets. Source: Tesla　　Tesla Neither Purchased Nor Sold Bitcoin in Q2　　Tesla did not buy or sell any bitcoin in the second quarter. The companys Q2 unaudited statement of cash flows still shows that the only cryptocurrency purchase made was the $1.5 billion BTC purchase in Q1.　　The cash flow statement also shows that the only time Tesla sold its bitcoin was in Q1 for $272 million. Tesla CEO Elon Musk previously explained that the sale was to prove the liquidity of bitcoin, tweeting on June 13: “Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.”　　Tesla‘s Q2 unaudited cash flow statement showing the company’s purchase and sale of bitcoin.

2021-07-27Deep Dive

IMF Claims Bitcoin Threatens Economic Stability

The International Monetary Fund (IMF) hasnt warmed up to crypto.　　Its high-profile economists, Tobias Adrian and Rhoda Weeks-Brown, argue that widespread Bitcoin adoption could lead to macroeconomic instability in a recent post.　　They believe that businesses would have to spend significant resources to integrate a cryptocurrency instead of focusing on “productive” things.　　The introduction of Bitcoin could make prices fluctuate due to Bitcoins high level of volatility.　　Adrian and Rhoda Weeks-Brown also point to widespread crime and fraud in the cryptocurrency market:　　“Households and businesses could lose wealth through large swings in value, fraud, or cyber-attacks. While the technology underlying cryptoassets has proven extremely robust, technical glitches could occur. In the case of Bitcoin, recourse is difficult as there is no legal issuer.”　　Environmental sustainability was also among the top concerns raised by the IMF in the blog post.　　El Salvador, a tropical nation in Latin America, became the first country to adopt Bitcoin as an official currency alongside the U.S. dollar.　　However, the IMF—which is talks to give El Salvador a $1 billion loan—was quick to criticize the move.　　According to a recent poll, a whopping 96 percent of Salvadorian entrepreneurs oppose mandatory Bitcoin acceptance.

2021-07-27Deep Dive