Crypto Guides, Knowledge & Insights

Japan-inspired NFT Game Chainbinders Raises $5 Million in 2 Hours

Chainbinders, the worlds first liquid NFT collection backed by a reserve pool of Ethereum, raised over $5 million in the first two hours after the start of sale of their native BND utility token earlier this week, the firm said in a release to CryptoSlate.　　$3.8 million of that was raised in just 15 minutes as part of the liquidity generation event (LGE).　　The total amount of funds raised on the first day of LGE exceeded $6.2 million due in large part to the projects high production quality, innovative game-theory mechanics, and a hyper-deflationary tokenomics model.　　Inspired by Japan　　Chainbinders is the latest NFT product by Doki Doki DeGacha, a gamified NFT platform inspired by the popular Japanese Gachapon, where players receive random collectibles from vending machines.　　“Chainbinders is part game theory, part art collecting, part gacha, and part anime. Its got elements of things ranging from Final Fantasy to Nier:Automata,” Roy Blackstone, Creative Director at Doki Doki, in a statement.　　He added, “We‘re creating original IP and characters (a massive cast of 15 of them!), giving them each their own backgrounds, lore, stories, motivations, and then gamifying them on the marketplace with some clever token mechanics to make sure these NFT’s have instant liquidity and

2021-04-13Deep Dive

European Investment Bank reportedly to issue bonds with blockchain tech

The European Investment Bank, an international financial institution owned by European Union member states, is reportedly exploring blockchain technology for issuing digital bonds.　　According to a Tuesday Bloomberg report, the EIB has hired major global banks like Goldman Sachs, Banco Santander and Societe Generale to look at a potential deal involving a euro-denominated bond issued on a blockchain.　　Citing a person familiar with the matter, Bloomberg states that the EIB is planning to deploy blockchain technology for the registration and settlement of digital bonds. Investor meetings for the inaugural sale will reportely start on April 15 and continue for several weeks.　　The EIB did not immediately respond to Cointelegraphs request for comment.　　Blockchain, the underlying technology of cryptocurrencies like Bitcoin (BTC) and Ether (ETH), has been increasingly implemented in the bond market in recent years. According to HSBC, blockchain presents cost savings opportunities of “more than 10x” for the bond market, reducing the need for intermediaries and enabling issuance by smaller projects.　　As the European Union‘s investment arm, the EIB has often been at the forefront of innovation in Europe’s debt capital markets. Back in 2007, the EIB issued the worlds first green bond, labeled a Climate Awareness Bond.　　The news comes as the European Central

2021-04-13Deep Dive

Venezuelan Guards Seize 76 Bitcoin Mining Rigs Due to 'Inconsistencies' in Transport Documents

The Bolivarian National Guard of Venezuela (GNB) is known for having a tough stance against crypto mining rig counterfeits, as several operations have been assigned to combat the issues over the last few months. This time, the Venezuelan authorities seized 76 mining rigs after allegedly detecting inconsistencies in the transport documentation.　　Rigs Are Presumably ASIC Miners　　According to a press note published by the GNB, the procedure took place in a checkpoint on the Bolivar state, specifically in the Puente Angostura.　　An individual transported the bitcoin (BTC) mining equipment on a Ford vehicle Triton, and he was stopped by the military units in a routine check procedure, stated the authorities.　　However, the Bolivarian National Guard detected some “inconsistences in the documentation” required to transport the crypto mining rigs legally.　　Members of the military then proceeded to seize the 76 pieces of bitcoin mining equipment, as they suspected the documentation didnt comply with the requirements for circulation, ownership, and operation of the bitcoin mining rigs.　　Although the GNB didn‘t specify which type of mining hardware models were seized, it’s presumed that all are ASIC miners within racks because of the photo published in the press note.　　Moreover, the picture seems to show a bigger rig than the one

2021-04-13Deep Dive

There’s Certified Fair Trade Coffee, So How About Certified and Persistent NFTs?

Now that the frothiness seems to be coming out of the art-collectibles-gaming corner of the crypto space, its probably a good time for the non-fungible token (NFT) industry to focus on fixing some of its core issues.　　We previously reported on how the underlying content in NFTs (the image or the music or the video of which a token ostensibly proves ownership) isn‘t always stored reliably. “I always tell people there are two major points when launching a NFT project: own your smart contract and know where your NFT metadata lives. If any one of these platforms die, you don’t want your token to disappear,” Carolin Wend, chief operating officer at Mintbase, told CoinDesk by email.　　Conscientiousness about the persistence of NFT content has grown but there‘s still not a clear best practice in the industry. There’s no easy way for a buyer to verify his or her NFT content will persist into the future, and there should be.　　In the analog commercial space theres a long history of self-regulating industries that help users feel good about the things they buy. For example, an Underwriters Laboratories seal on an electronic product shows it has been checked against reasonable danger of shock and fire.

2021-04-13Deep Dive

NYSE celebrates historic 'first trades' with NFT series

The NYSEs NFTs will celebrate the first trades made in the shares of Spotify, Unity, DoorDash, Snowflake, Roblox, and Coupang.　　The New York Stock Exchange, or NYSE, has jumped on the NFT bandwagon by minting nonfungible tokens celebrating the first trade made in the shares of prominent U.S. companies.　　In an April 13th announcement, NYSE‘s president, Stacey Cunningham, described NFTs as a “new, fun way to mark the moment” of a company’s first trade on the NYSE.　　The first six NYSE NFTs commemorating the first trades for Spotify, Snowflake, Unity, DoorDash, Roblox, and Coupang, with Cunningham confirming “there will be many more NYSE NFTs to come.”　　The first NFTs are already listed on Crypto.com‘s NFT marketplace, with the tokens hosting a 10-second video clip presenting information about the company’s first trade — including its time, date, and listing price.　　NYSE‘s announcement received a mixed response on social media, with Twitter user “Aaron” saying he “had to check the calendar just to make sure it wasn’t April 1st” upon reading the news.　　Alex Gausman, the founder of nonfungible token fractionalization platform, NFTX, noted he could not find the contract address for NYSE‘s tokens, adding: “That’s like the least cool/artistic thing ever. Just buy the stock.”　　While NYSEs NFT

2021-04-13Deep Dive

HKD Launches Hong Kong’s First NFT Trading Platform

Hong Kong Digital Asset Exchange becomes the first exchange to launch NFT (Non-Fungible Token). This will also make it the first digital asset exchange to bring blockchain technology to Hong Kong.　　The globalization of the crypto market is an inevitable wave. HKD.com has used this opportune time to introduce the first NFT trading platform in Hong Kong. This platform is aimed at giving artists a way to publish, promote and sell art pieces. Several product categories available on the forum will include digital art, encrypted art collections, and more.　　Need for a digital trading platform in Hong Kong　　According to the press release, users of this platform will be able to trade tokens using public offerings or competitive bidding processes. HKD.com offers support to several fiat currencies and popular cryptocurrencies, and through this initiative, they will have an OTC trading platform for fiat currencies.　　The platform will also serve as a physical store and gallery to give artists a comprehensive service. The founder and CEO of HKD.com, Kelvin Yeung, stated that the Hong King market lacked a solid trading platform for digital assets. To help local artists, HKD.com launched the NFT trading platform to promote the development of digital artworks.　　NFT is one of the

2021-04-13Deep Dive

Why MicroStrategy decided to paid its Board of Directors in Bitcoin

Per a Form 8-K filed with the U.S. Security and Exchange Commission (SEC), software company MicroStrategy (MSTR) will pay its board of directors in Bitcoin. The decision was taken on April 11, 2021, and its applicable to all non-employee directors.　　As the document says the executives will receive all fees for their service to MicroStrategy in Bitcoin and not cash. The company is taking a step further in its “commitment” to strengthen the thesis of Bitcoin as a store of value. As the form 8-K claims:　　In approving bitcoin as a form of compensation for Board service, the Board cited its commitment to bitcoin given its ability to serve as a store of value, supported by a robust and public open-source architecture, untethered to sovereign monetary policy.　　The modification contemplates only changes to the payment method, but fees to the directors will remain unchanged and nominally denominated in USD.　　The company will convert the fee from fiat currency to BTC using an unnamed payment processor. Then, the executives will receive Bitcoin in their personal digital wallet.　　MicroStrategy rises with Bitcoin　　Back in August 2020, MicroStrategy became the first publicly-traded company that modified its treasury strategy to adopt Bitcoin. Its CEO Michael Saylor has become a well-renown

2021-04-13Deep Dive

How to Minimize Your Crypto Taxes

As a U.S. investor, 25% to 50% of your hard-earned money may go toward taxes, depending on your jurisdiction. That means your tax strategy is every bit as important as your investment strategy.　　Most governments want to encourage investment, so they offer long-term capital gains incentives. In other words, you pay less tax the longer you hold an asset without selling it.　　The U.S. capital gains tax rates are 0%, 15%, or 20%, with most citizens paying 15% for long-term capital gains. In certain countries, tax on capital gains goes down to zero percent, or close to zero percent, rapidly.　　A popular strategy for investors is to go for the long-term capital gains incentive on your taxes, which means waiting to reap the benefits from your crypto assets.　　Global crypto tax opportunities　　There‘s only one special tax haven reserved for the largest of crypto whales: Puerto Rico. As an American, moving to Puerto Rico allows you to pay 0% capital gains tax, which means you’ll keep all of your profits on crypto assets.　　However, this strategy makes more sense for the whales than the shrimps of the crypto world.　　Puerto Rico is Americas tax haven, but the savings you make on your crypto will be diminished by

2021-04-13Deep Dive

EU’s Investment Bank Poised to Deploy Blockchain for Bond Sale

The European Investment Bank plans to harness the power of blockchain to sell bonds, potentially boosting use of the digital-ledger technology as a tool for the regions debt market.　　The European Union‘s investment arm hired Goldman Sachs Group Inc., Banco Santander SA and Societe Generale AG to explore a so-called digital bond in euros, which would be registered and settled using blockchain, according to information from a person familiar with the matter, who asked not to be identified because they’re not authorized to speak about it.　　Investor meetings for the inaugural sale will start April 15 and continue for some weeks, the person said.　　The EIB has often been at the forefront of innovation in Europes debt capital markets, being among the first to issue green and sustainability bonds, as well as debt benchmarked against a new euro short-term rate called ESTR. The move comes after European Central Bank President Christine Lagarde said the institution she leads could launch a digital currency around the middle of this decade.　　A spokesperson for the EIB declined to comment further when contacted by Bloomberg News.　　Not Mainstream　　A number of issuers globally including the World Bank, China Construction Bank Corp., JPMorgan Chase & Co. and National Bank of Canada

2021-04-13Deep Dive

German digital stock exchange will list physical Litecoin ETP

The group already has Bitcoin and Ether ETPs listed on the Deutsche Börse Xetra.　　London-based ETC Group, the firm responsible for listing the first crypto exchange-traded product on Germanys Xetra digital stock exchange, will offer a new listing for Litecoin.　　In an announcement today, the ETC Group said its physical Litecoin exchanged-traded crypto, under the ticker ELTC, will be launching on Deutsche Börse Xetra on April 14. According to the firm, the exchange-traded product, or ETP, will be the first Litecoin (LTC) product on the exchange following approval from Germanys Federal Financial Supervisory Authority, or BaFin.　　“The current economic uncertainty has underlined the attraction of crypto assets for investors as they offer opportunities for diversification from traditional assets such as equities and bonds, and strong hedging qualities against inflation,” said ETC Group CEO Bradley Duke. “Traditional markets will remain volatile for some time, fueling demand for alternatives such as cryptocurrencies.”　　He added:　　“In contrast to previous rallies in cryptocurrencies, the current one is the first to be supported by both retail and institutional investors, making this the ideal time to launch ELTC.”　　The ETC Groups Litecoin ETP represents the third exchange-traded crypto from the group in the last year. In June, the firm listed a Bitcoin

2021-04-13Deep Dive

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