Crypto
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What really goes on at a crypto OTC desk?
Over-the-counter, or OTC, trading refers to any trading that is not done via an automated exchange. What exactly is OTC trading? Who does it, and why? To learn more about what an OTC desk is and how these “under the radar” exchanges operate, Magazine spoke to a few insiders to get the scoop. The most popular conception of OTC trading revolves around massive off-market deals, like when companies such as MicroStrategy make multimillion-dollar purchases using OTC desks run by the likes of Coinbase or Kraken. OTC trading is, however, not the exclusive domain of the rich, as it can also refer to peer-to-peer platforms like LocalBitcoins, which has been helping individuals trade BTC both in-person and via bank transfer since 2013. Even some crypto ATMs can be categorized as OTC trading, as these...
Polygon and others extend helping hand to Terra blockchain projects
Numerous developers have been left in uncertainty in the aftermath of the Terra (LUNA) collapse. These Terra-based projects, which are already under a lot of pressure, may be able to save their communities and projects by migrating to other networks. In a move that is expected to benefit both the Polygon (MATIC) community and Terra projects, Polygon Studios’ CEO Ryan Wyatt tweeted on Monday that Polygon is working with a number of Terra projects to assist them migrating to the Polygon Network. The Polygon community, according to Wyatt, “is ready to welcome the developers and communities of these Terra projects.” He also stated that Polygon would provide the capital and resources needed to assist them in their migration. Polygon founder Sandeep Nailwal added his two cents ...
Life-changing money: The 10 most expensive NFTs sold to date
Nonfungible tokens, or NFTs, are turning out to be a treasure store with prices striding into the millions of dollars. Instances of an NFT garnering more than $69 million or a tweet fetching $2.9 million are not a fantasy, but an incredible reality. In 2021, an NFT by digital artist Beeple, or Mike Winkelmann, sold for a whopping $69 million, making NFTs a media hotshot and opening the floodgates for a string of other NFT sales, many of these in millions of dollars. Prompted by the plentiful talk about NFTs, stars like Paris Hilton, Lindsay Lohan, Eminem, Grimes and many more have hopped onto the NFT bandwagon. In 2022, NFTs have been garnering attention from investors, artists and collectors alike. Let’s take a glance at the 10 most expensive NFTs sold to date: Beeple’s Crossroads — $6.6 ...
Digital euro could come as soon as 2026 — ECB official
Fabio Panetta, an executive board member of the European Central Bank, or ECB, has said that a digital euro could come within four years, potentially designed with a person-to-person payment solution. In a Monday speech at the National College of Ireland, Panetta said the ECB could start the development and testing of solutions toward providing a digital euro for members of the European Union in 2023, a phase that could take up to three years. He added that making the digital currency legal tender and for use in P2P payments could help promote adoption. Panetta also commented on the recent market volatility for cryptocurrencies, with TerraUSD (UST) depegging from the U.S. dollar and the price of many major coins including Bitcoin (BTC) dropping. According to the ECB official, stablecoins, ...
Weekly Report: Flamingo Casino Club shuts down, Talos becomes a unicorn, HIVE Blockchain consolidates its shares, and more
Flamingo Casino Club, which offered users fraudulent NFTs, has been asked by five US states to cease operations Crypto trading firm Talos became a unicorn at $1.25 billion after raising $105 million, it said Tuesday Bitcoin miner HIVE Blockchain to enact share consolidation, aiming to enhance institutional visibility IOSCO predicts the crypto sector could get a regulator within the next year Chile to ponder further before issuing a digital peso, central bank says Virtual casino parading metaverse-linked NFTs asked to cease operations in five states The states of New Jersey, Kentucky, Wisconsin, Alabama and Texas have alleged that the Flamingo Casino Club is running a scam by offering NFTs linked to a metaverse casino. In effect, regulators in the respective states issued emergency orders o...
Goldman Sachs and Barclays invest in UK crypto trading platform Elwood
Banking giants Goldman Sachs and the United Kingdom’s Barclays have joined a $70 million Series A funding round for the institutional crypto trading platform Elwood Technologies, founded by billionaire British hedge fund manager Alan Howard. Joining the round was crypto-friendly German bank Commerzbank, crypto investment manager Galaxy Digital and Dawn Capital, as reported by the Financial Times on Sunday. The fundraising round valued the company at around $500 million, according to the report. Despite the recent fall in crypto markets, Elwood said it’s betting that traditional financial institutions such as hedge funds and banks will still be interested in investing in cryptocurrencies. Elwood’s funding round was already agreed to and in motion before the latest drop in prices, which has ...
Square Enix plans to issue tokens and invest heavily in Web3 gaming
Gaming giant Square Enix has revealed in its Q1 earnings report that it will expand nonfungible tokens (NFTs) into more game products as part of its medium-term business strategy in 2022. Square Enix (SE) is a Japanese game developer with $3 billion in assets under management, according to its latest earnings report. The firm owns the Final Fantasy property and sold the Tomb Raider franchise for $300 million on May 3. The report states that the firm piloted NFTs on the Shi-San-Sei Million Arthur game starting in February this year. The success of the pilot program will lead to the second season of the game’s NFTs and will ultimately see the firm pursue broader activities in the NFT and blockchain industries. Among the top priorities of its blockchain domain initiatives, SE plans on establi...
Crypto capital gains one of four key areas for Australian Tax Office
The Australian Taxation Office (ATO) has outlined crypto capital gains as one of four key areas of focus in 2022. A capital gain or loss refers to the price difference between the time an asset was purchased and the time it was sold. The percentage owed to the ATO varies between income brackets and duration of ownership, but in general, the rate is reduced for assets held longer than 12 months. The ATO, which has fired off many warnings to crypto investors over the past few years, has also directly mentioned nonfungible tokens (NFTs) as an asset class that will be scrutinized for correct tax reporting. According to a Monday announcement, alongside capital gains from crypto, property and shares, the ATO will also look at record-keeping, work-related expenses and rental property income/...
UK Treasury en route to legalizing stablecoins amid Terra’s UST crash
United Kingdom’s Department of Treasury, or Her Majesty’s Treasury, has reportedly decided to go ahead with regulating stablecoins as legal tender. While welcomed by the crypto community, the decision comes as a shocker due to its proximity to the recent fall of one of the most popular algorithmic stablecoin, TerraUSD (UST). A local report from The Telegraph highlighted the Treasury’s intent to regulate stablecoins across Britain, which was revealed during the Queen’s Speech. During the speech, Prince Charles announced the introductions of new legislation across various sectors, including measures to drive economic growth to improve living standards in the region, adding: “A bill will be brought forward to further strengthen powers to tackle illicit finance, reduce economic crim...
Accessibility is the main barrier to crypto adoption — Here are the solutions
Accessibility is a pain point for cryptocurrency adoption that has been discussed for years, yet still, it is pertinent as ever. This issue was most recently recognized by the United States government as we’ve seen Treasury Secretary Janet Yellen discuss during her remarks on digital assets policy and regulation. There are barriers that are limiting accessibility to cryptocurrencies, such as financial education and technological resources, and it is our duty as developers and leaders in this revolutionary industry to address them. Studies have shown that only 33% of adults across the globe are financially literate. With many projects in the decentralized finance (DeFi) space focusing on providing individuals without access to traditional financial institutions and tools for earning, ...
The meaningful shift from Bitcoin maximalism to Bitcoin realism
There was a time when all cryptocurrencies traded against Bitcoin (BTC). Speculators ventured into other coins when they saw assuring tokenomics or promising hype, but Bitcoin was their settlement coin of choice. Things have changed. Stablecoins now constitute a critical $150 billion pillar in the cryptocurrency market. Perpetual futures over-amplify market sentiment and, more often than not, dominate price action. Much more capital, including from institutional funds, has come into the market lately with only a moderate impact on Bitcoin’s price. So, some former bulls now dismiss Bitcoin as boring. Is this the end of Bitcoin maximalism? Probably not. But, perhaps, it’s time for more realism. Related: Gold, Bitcoin or DeFi: How can investors hedge against inflation? Bitcoin in a sea of mem...
Binance CEO CZ to support Terra community but expects more transparency
Changpeng “CZ” Zhao, the CEO of crypto exchange Binance, recently questioned the idea of hard forking the Terra blockchain as a means to revive the once-thriving LUNA and UST ecosystems. Following up on the same, CZ revealed his perspective on the appropriate course of action for falling projects across the crypto community. “This won’t work,” said CZ while dismissing the validators’ idea of a hard forking to TERRA2, which would involve providing a new version of LUNA to all holders based on a snapshot of the holdings before the market collapsed. CZ suggested: “Reducing supply should be done via burn, not fork at an old date, and abandon everyone who tried to rescue the coin. I don’t own any LUNA or UST either. Just commenting.” Instead, he suggested that the Terra community should f...
