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Cardano Becomes Crypto Valley's Second-Biggest Unicorn: Report

Following its torrid price rally, Cardano is now the second-biggest cryptocurrency unicorn that has a presence in Switzerlands “Crypto Valley” (behind only Ethereum), according to this years CV TOP 50 report that was compiled in partnership with accounting giant PwC.　　It is currently valued at $40.6 billion, followed by Polkadot ($29.3 billion) and Aave ($3.9 billion).　　Image by cvvc.com　　Last year, for comparison, Cardano did not even make the list of unicorns. Its valuation was only $869 million.　　Presently, Zugs Crypto Valley has 11 unicorns, having added five more of them since the previous report.　　The most attractive place for crypto companies　　The total value of the top 50 companies that are based in the worlds biggest crypto hub is close to $255 billion. They received $3.7 billion in funding from investors as of late February 2021.　　Regulatory-friendly Crypto Valley—which also includes Liechtenstein—is now home to 960 companies. Despite significant challenges presented by the pandemic, they have increased the total number of employees to 5,180.　　Cryptocurrency brokerage and custodian Bitcoin Suisse remains Crypto Valleys top employer, with its headcount now exceeding 100 workers.　　Image by cvvc.com　　Last month, it announced its partnership with the Zug canton that lets all citizens and local companies pay taxes in Bitcoin and Ethereum.

2021-03-05Deep Dive

User Data Issue Threatens to Blight New South Korean Crypto Regulation

A South Korean regulator has warned of a wrinkle in forthcoming crypto exchange-governing – just days from its promulgation. At worst, the issue could leave sensitive data about customers compromised due to a legal problem.　　As previously reported, a key amendment to the existing Act on Reporting and Use of Certain Financial Transaction Information will come into force on March 25, forcing exchanges to abide by anti-money laundering protocols and use real-name banking platforms that are verified by social security numbers.　　This will require users – even existing customers – to submit their real names, proof of identity, and social security details to exchanges later this month. However, the amendment also requires exchanges to apply to the regulatory Financial Supervisory Service (FSS) for operating permits. The FSS will review applications in a six-month process that concludes in September.　　But per a report from Kookmin Ilbo, another financial regulator, the Financial Intelligence Unit (FIU), which will police exchanges as of March 25, is concerned about the fate of user data from exchanges who ultimately fail to obtain licenses. South Korean law requires that companies purge their databases and safely delete sensitive user data within six months of no longer needing to access it.　　However, in

2021-03-05Deep Dive

How to Spend Bitcoin Using Apple Pay

In brief　　BitPays prepaid Mastercard lets you spend Bitcoin via Apple Pay, in apps, via the web, and at physical retailers.　　Once approved, you can order the physical card and use the digital version immediately.　　Living entirely off of your Bitcoin stash without dabbling directly in fiat currency might sound like living the dream to crypto fans, but actually spending Bitcoin in the wild isn‘t always as easy as you’d like.　　Not all retailers, online or off, support payment services that include Bitcoin or other crypto functionality, but the tide is gradually shifting on that front.　　Case in point: in February 2021, BitPay announced that US cardholders of its prepaid Mastercard—which converts your Bitcoin to fiat currency at the point of sale—can add the card to Apple Pay, thus allowing it to be used for payments on iPhone, Mac, iPad, and Apple Watch. Now you can use Bitcoin and other supported coins to make payments both online and at retailers that accept Apple Pay.　　Using Apple Pay to spend your Bitcoin is easy enough, although getting set up requires a bit of legwork. Heres a step-by-step look at how to do it.　　How to apply for a BitPay Card　　Youll need to download the BitPay app on your

2021-03-05Deep Dive

Former Bitcoin opponent says crypto is an effective hedge against currency debasement

George Ball, who serves as Chairman of Sanders Morris Harris, believes cryptocurrencies like Bitcoin are an “attractive” part of a well-balanced portfolio.　　Financial industry veteran George Ball believes investors would be prudent to allocate a “small part” of their portfolio to cryptocurrencies — marking a major departure from his previous stance towards digital assets.　　In an interview with Yahoo Finance, Ball described cryptocurrencies like Bitcoin (BTC) as an “attractive” option for investors looking to hedge against currency debasement. His comments came as Congressional lawmakers mulled a $1.9 trillion relief bill that would put provide up to $1,400 in direct stimulus payments to Americans impacted by Covid-19.　　“Ive never said this before, and Ive always been a blockchain, cryptocurrency and Bitcoin opponent. But if you look now, the government cannot stimulate markets forever, the liquidity flood will end,” Ball said.　　He continued:　　“With the cryptocurrencies, I think there is a fundamental hydra-headed shift that makes them attractive as a part, a small part, of almost any portfolio.”　　If higher inflation leads to currency debasement over the long term, Ball said, “then the cryptocurrencies have a great deal of allure.”　　Ball, who served as Chairman of Prudential Financial between 1982 and 1992, began to change his tune on Bitcoin

2021-03-05Deep Dive

BIS and SWIFT Intensify Race With Crypto For Cross-Border Payments

Major players of the traditional financial industry are looking for new ways how to keep their positions, threatened by the emerging cryptoasset and decentralized finance (DeFi) industries.　　The Bank for International Settlements Innovation Hub (BISIH) and the Society for Worldwide Interbank Financial Communication (SWIFT) have teamed up to host a hackathon to highlight the potential of the new ISO 20022 payments standard and application programming interfaces (APIs) to make cross-border payments “faster, cheaper and more transparent.”　　The participating teams are invited “to develop and showcase solutions that improve cross-border payments, using the ISO 20022 standard for payments messages and APIs,” the organizers said in a statement.　　“By 2025, SWIFTs global cross-border payments community will fully transition to ISO 20022, as part of an enhanced SWIFT platform,” according to the organizers. By then, “more than 90% of [High-Value Payments Systems] value worldwide will move on ISO 20022 rails.”　　Three winning teams will showcase their solutions at the forthcoming BIS Innovation Summit on March 23-25. The eight-day virtual hackathon that starts on March 11 invites the teams to apply ISO20022 and APIs to address opportunities in cross-border payments. Participants are allowed to adapt their existing product to make use of ISO 20022, or build and demonstrate

2021-03-05Deep Dive

Japan Edges Closer to its First IEO – an NFT Platform

Japan is about to welcome its first initial exchange offering (IEO) – and yes, you guessed it, as with almost everything else that is currently happening in the crypto world, its non-fungible token (NFT)-flavored.　　Per a press release from the crypto exchange Coincheck, which will host the IEO, and a joint release from the companies behind the launch, the project also has a manga bent.　　In a plan first formulated back in August last year, the IEO involves the launch of a platform named Hashpalette, a joint venture that involves the Tokyo Stock Exchange-listed firm Link-U, a software developer for manga-related apps, and HashPort, a business consulting provider that makes use of blockchain technology.　　Coincheck will issue and list the projects palette token (PLT), which is initially launching in testnet phase on its own Palette Chain network, but will have cross-chain operability on the Ethereum (ETH), Neo (NEO) and Ontology (ONT) protocols.　　The exchange said that it would “provide technical support” to the project and has also joined the Hashpalette consortium, which includes members such as crypto exchanges OKCoin Japan and Huobi, as well as IOST, the ICON Foundation, the crypto-keen internet marketing company and crypto exchange operator Ceres and the equally crypto-keen mobile

2021-03-05Deep Dive

Former Goldman CIO Urges Tesla to Get Out of Bitcoin as Stock Plunges 30 Percent

Former Goldman Sachs executive Gary Black, who has served as the chief investment officer of the banks asset management unit, says that Tesla could reignite its fading momentum by getting out of its Bitcoin position in a recent tweet.　　He is certain that the e-car manufacturer should use the cash from this sale to authorize a stock buyback.　　While claiming that such a decision would find overwhelming support among Teslas shareholders, Black concedes that the company is “highly unlikely” to do away with its cryptocurrency trove.　　Bitcoin has nothing to do with Teslas rout　　Teslas stock has plunged over 30 percent since its announced $1.5 billion purchase on Feb. 8.　　Image by tradingview.com　　However, its sell-off obviously has nothing to do with the cryptocurrency that has already made it more profits than a whole year of car sales. In fact, all top electric vehicle stocks are under severe pressure as of now.　　Stock market investors are currently concerned over rising bond yields that could threaten risk-on assets (particularly, such high-growth companies as Tesla).　　Bitcoin and the tech-heavy Nasdaq Composite dived sharply after Federal Reserve Chairman Jerome Powell signaled that the central bank wouldnt hike interest rates earlier today.　　The benchmark 10-year Treasury yield jumped above 1.5 percent earlier today

2021-03-05Deep Dive

Bitcoin Correlation With S&P 500 at 5-Month High: Is This Bearish for BTC?

Bitcoin and traditional financial markets have been highly correlated over the past couple of months. This was clearly displayed over the past couple of weeks where the cryptocurrency followed stocks closely.　　BTC and S&P 500 Correlation Surging　　Data from the cryptocurrency analytics resource skew shows that the realized correlation between Bitcoins price and the S&p 500 has surged to a 5-month high. The last time it was at these levels was back in November 2020.　　Bitcoin – S&P 500 Realized Correlation. Source: Skew　　There are plenty of reasons for which this might be the case, but perhaps the most obvious one is the involvement of institutional investors in the cryptocurrency field.　　It was reported on numerous occasions that institutional interest in the nascent asset class is surging as big-name companies flooded the market to get their slice of the pie. Grayscale, which is one of the main avenues for smart money to access exposure to BTCs price without having to worry about custody, saw its asset under management skyrocket over the past few months.　　In fact, as CryptoPotato reported earlier in February, the companys CEO, Michael Sonnenschein, said that institutional interest in Bitcoin is accelerating in 2021.　　In any case, there are a few implications of the

2021-03-05Deep Dive

How 8 billionaires, from Elon Musk to Warren Buffett, feel about bitcoin

Bitcoin is once again dominating financial discourse and making headlines as it sees tremendous gains.　　The cryptocurrency first went mainstream — and drew both attention and huge gains — in 2017. Just as quickly, it (and other cryptocurrencies) slumped the next year.　　But bitcoin has always had an elusive appeal; its creator, known as “Satoshi Nakamoto,” is still a mystery. Celebrities from Gwyneth Paltro to Snoop Dogg hopped on the cryptocurrency train.　　And now, with bitcoins latest rally of 300% growth in 2020 and some experts forecasting an even more successful 2021, some skeptics are changing their minds.　　Millennials are getting on board, and some investors see it is a strong alternative that doesnt feel the effects of pandemic-induced inflation.　　While the cryptocurrency is still volatile, it has many strong ultrawealthy fans. But it has also drawn critics and doubters.　　Heres how 8 billionaires feel about bitcoin.　　 Elon Musk has expressed mixed feelings.　　Musk has tweeted some contradictory things. Photo: Amy E. Price/Contributor/Getty Images　　He recently tweeted a meme that suggested being tempted by bitcoin. Crypotcurrency advocate and entrepreneur Michael Saylor replied and told Musk he should consider converting Teslas balance sheet from dollars to bitcoin; Musk then inquired if transactions that size were even possible.　　But Musk didnt

2021-03-05Deep Dive

DeFi Taxes 2021: How to Pay Tax on Borrowing, Lending, Yield Farming, and Liquidity Pool Funds

Key Takeaways　　Capital gains tax and income tax apply to DeFi earnings depending on the activities and platforms in question.　　Liquidity pool tokens are typically subject to capital gains, while native tokens are more commonly subject to ordinary income tax.　　You can take out a crypto loan to pay taxes without triggering another tax event by selling crypto -- just be careful of margin calls.　　Taxes are one of the more opaque issues in crypto, with many investors still unsure how to calculate taxes on earnings or whether they owe taxes at all. The DeFi space, in particular, has many moving parts when it comes to taxation and asset classes.　　Crypto Briefing has put together a brief guide that lays out how users DeFi income might be taxed, as well as ways they can save money come tax season.　　DeFi Taxes Ordinary Income vs. Capital Gains　　Users will need to pay either capital gains tax or ordinary income tax on any profits from loaning crypto on DeFi platforms. Check the DeFi platforms documentation to see whether capital gains or income tax applies.　　Platforms paying crypto directly to users wallet balance are generating ordinary income for their users. If users loan BTC and receive BTC in return, users

2021-03-05Deep Dive
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