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Akon Launches His NFT Platform, AkoinNFT, to Support Artists

By
Adam Barry
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Musician Akon has launched his nonfungible tokens (NFTs) platform, AkoinNFT, to empower and supercharge music. AkoinNFT is a carbon-neutral NFT platform that will help artists take advantage of the new tech’s unique and powerful benefits.

AkoinNFT built on Web3 architecture

The music mogul announced that the crypto AKN had collaborated with Taqo.io to launch the NFT platform. Taqo, the team behind the tech and minting of the crypto assets, said that AKoinNFT is built on a decentralized web adopted by Ethereum, Web3 Architecture.

Over the past year, it has been challenging for creators and artists because of COVID-19, but NFTs have opened up numerous opportunities for activities to leverage a powerful blockchain tech and the multi-trillion crypto market. NFTs are avenues artists and creatives that have been unable to resume activity, can take leverage.

According to Akon, who is a five times Grammy-nominated singer, the AkoinNFT platform will create, design, mint, and distribute NFTs for creators looking to leverage opportunities in the young but fast-growing digital art trend. He said that they believe in all artists, which is the right time to collaborate to create an enhanced connection with fans. This is unsurprising since Akon is an ardent cryptocurrency champion and its power to transform the music industry. Some years back, the R&B singer announced his plans to launch his cryptocurrency network, but that plan is yet to materialize. He had announced plans to launch AkoinNFT and its crypto AKN in 2018 as a way of bringing about a “real-life Wakanda.”

NFT adoption popular among musicians

Unlike recent cryptocurrency trends, the NFT market sees massive adoption with the like of The Weekend, Snoop Dogg, and other expected to launch NFTs. The number of musicians turning to NFTs continues to grow, and last month rock band Kings of Leon gave out “golden tickets as part of the NFT album release. Also, rapper Post Malone’s AUX Live concert streaming service started mining Fyooz-based NFTs that blur the line between experience and art.

Decentraland Launched Layer-2 Integration Through Polygon Permitting Transfer Of MANA Tokens

By
Adam Barry
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0

Decentraland, a nonfungible token, and gaming title have announced a token bridge that allows users to transfer their MANA tokens from Polygon. This is the first step towards a layer-two payments and transactions solution for Decentraland.

Decentraland announce Polygon integration

The announcement comes days after two decentralized finance firms launched layer-2 integrations through the Polygon sidechain. Decentraland’s token bridge will allow MANA transfer, which is currently ranked 80Th in terms of market capitalization and is up 3750% to $1.01 on the year. Most importantly, this is the preliminary step in the larger migration anticipated as the project plans to support all Decentraland dApps including, Marketplace contracts for transaction son Polygon.

Besides the fast settlement times, this integration will ensure all transactions are free for all users. Although Polygon usually charges a fee per transaction priced at some cents, Decentraland indicated that they will leverage Biconomy.io meta-transaction. As a result, this will enable users to buy, sell, claim and trade wearables for avatars in Polygon without any transaction fees. Lastly, the integration enables users to directly buy MANA tokens using debit and credit cards through a Polygon integration with cryptocurrency on/offramp Transak. When transacting in Polygon, a user will only provide a digital signature through their wallet, and Decentraland will take care of the rest.

Polygon offering scalability solution

Polygon is a blockchain created to handle several microtransactions generate by dApp use. It has built a scalability solution leveraging a second blockchain secured by a Proof-of-Stake validators network. Therefore the migration is a win for Polygon against Ethereum in the race to offer scalability solutions. Ethereum’s sidechain is currently strained, and Polygon seeks to take advantage of the situation such as when rolling up platform Optimism pushed back release by three months.

Zapper and Aaave have announced Polygon implementations offering the project two top-100 market cap wins within a week. It is interesting to see how the situation will appear in the coming months as scaling wars heat up. Last week Stakware raised around $75 million.

3iQ Partners With Coinshares To Introduce Bitcoin (BTC) ETF In Canada

By
Adam Barry
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0

3iQ entered a pact with Coinshares to launch Bitcoin (BTC) ETF (Exchange Traded Fund) in Canada.

The company submitted the final prospectus with the SRA (Security Regulatory Authorities) in 3 territories and 10 provinces in Canada to introduce Bitcoin ETF. It expects to commence trading of ETF on TSE (Toronto Stock Exchange) in April.

Jean-Marie Mognetti, CEO of CoinShares, said both are putting in joint efforts to ensure digital assets access to all types of investors. The ETFs will trade under the ticker BTCQ.U in US Dollars and BTCQ in CAD.

In April 2020, 3iQ introduced the first Bitcoin fund in Canada. Investments in this fund have reached over $1 billion since the launch. The combined assets of 3iQ and Coinshares are $7 billion. Mognetti said Coinshares followed the incredible growth of 3iQ, which received the approval to list Bitcoin vehicles in Canada.

NinePoint partners to launch ETF

The investment firms in Canada took a lead role in introducing crypto ETFs in North America. NinePoint partners plan to launch ETF. In February 2021, Purpose Investments, which is based in Toronto, unveiled ETF.

In March 2021, Evolve Funds submitted a prospectus with the regulators in Canada seeking approval to commence Ether ETF trading.

On Monday, the market value of cryptocurrency for the first time reached $2 trillion. According to the morning time in Singapore on Tuesday, Ether reached $2,151.25, an all-time high.

The largest digital currency – Bitcoin, accounts for more than 50% of the cryptocurrency market capitalization. It is the leading currency in helping the cryptocurrency to amass market capitalization of $2 trillion in just over 2 months.

Bitcoin alone appreciated more than 100% in 2021. After hitting a record high of more than $61,000, Bitcoin trades at $58,800 on Tuesday. Ether played a vital role in enhancing the market cap of cryptocurrency. The developers depend on the software platform – Ethereum Blockchain to build their apps.

The excitement in using Ethereum in DeFi (decentralized finance) applications is growing at a fast pace. DeFi applications are blockchain-based financial services like lending. In theory, they will eliminate the need for brokerages and banks.

Fears Over Canada’s Purpose Bitcoin EFT Posing Strong Competition To Grayscale

By
Adam Barry
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Grayscale’s Bitcoin Trust’s shares have for the first time experienced a great turn after trading at a discount, performing better than spot BTC this whole month. The CTO of on-chain analytics provider, Glassnode Rafael Schultze-Kraft, disclosed detail about the latest phenomenon on Twitter in early April.

The notional discount

The official spoke about the notional discount witnessed and outlined that the institutional fund manager’s Bitcoin Trust had made a commendable step. The “notional discount” stood averagely at a figure of about -6%. Schultze-Kraft calls upon investors to check out how Grayscale’s BTC shares discount coincided with the Purpose Bitcoin ETF’s unveiling.

The launch of this ETF took place in Canada, according to sources, and has managed to accumulate about 16,000 BT from the time it was launched back in February. The official translates the figure to about $940 million, calling upon investors to be cautious about where they make their investments.

Glassnode’s CTO is one among several leaders who have been making speculations about the unveiling of the first Bitcoin ETF  in North America. Th4ese leaders express fears that the move could end up impacting Grayscale negatively.

Grayscale has held the top spot for long

According to business analysts, Grayscale has remained unchallenged over the past, but the wind might change direction. Canada witnesses a new ETF willing to charge about 40bp, and that interests investors a great deal. One shouldn’t overlook the various funds within the United States, which are currently characterized by some low fee structures.

At the start of this month, Brazil’s Securities and Exchange Commission approved the two cryptos ETFs, a move deemed by many people as quite unusual. Schultze-Kraft speaks out on the Trust’s Bitcoin holdings, affirming that they have remained in a flat position over the past few weeks.

However, Schultze-Kraft doesn’t see the latest move as a surprising one. According to him, it would have been easy for anyone to recognize that it made little sense subscribing to the new $GBTC shares. The official stated this information considering that the existing shares had traded at a discounted rate for a while. Grayscale’s assets currently stand at about  $45.6 billion, and that is in about 13 Trusts.

IRS Free To Probe Circle In Efforts To Investigate Tax Cheats

By
Adam Barry
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0

A U.S. federal court has given the Internal Revenue Service a nod to search for information regarding tax cheats in Circle. The body targets U.S. taxpayers and will focus specifically on those traded in crypto worthy $20,000 or more between 2016 and 2020.

Circle’s business progress

Circle was unveiled back in 2013, and the big names behind it included Sean Neville and Jeremy Allaire. The two official’s leadership resulted in the unveiling of a Bitcoin wallet one year later. The Bitcoin wallet would later become the firm’s crypto payments application known as Circle Pay.

Many changes have been taking place, and one of those was the firm’s move to unveil USD Coin in collaboration with Coinbase. The USD Coin has risen relatively fast and is currently falls in second place in stable coins based on market cap.

Circle has been moving fast in making moves targeted at maintaining its top position in the game. One incredible move involved the purchase of Poloniex in 2018, which happens to be a renowned digital asset exchange. The firm later disclosed its plan to spin out Poloniex to transform it into a new company.

Hubbert’s take

Attorney General David Hubbert, who has worked with the Department of Justice’s Tax Division, has been pushing for fairness in taxes payment. He recently spoke out to persons who undertake cryptocurrency transactions, urging them to try their best to meet the tax obligations. He asserted that no person was exempted from the payment of taxes, claiming that they planned to become more vigilant.

The IRS has vowed to collaborate with the Department of Justice in pushing cryptocurrency owners to do the right thing. Everyone needs to pay his/her fair share of taxes according to the body.

The Department of Justice has disclosed details about Judge Richard Stearns’ take on the matter. Stearns concluded that some cryptocurrency users didn’t comply with the taxation requirements. The judge asserted that every person had an obligation to comply fully with the federal tax laws put in place.

Circle Internet Financial is in the spotlight, and analysts await to see what happens.

Tesla Inc (NASDAQ:TSLA) Leaves Customers Confused After Double Charging Their Accounts

By
Adam Barry
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0

A few customers who experienced duplicate debit charges from Tesla Inc (NASDAQ:TSLA) want the company to move with speed to resolve the matter at hand. The affected persons include Christopher T. Lee, Tom Slattery, and Clark Peterson. All the persons mentioned above reside in Southern California, and they had only ordered one brand-new Tesla electric each, only to face the double charges.

Customers lost a lot of money

Sources indicate the customers’ bank accounts as having lost tens of thousands of dollars. Critics have spoken against the company, citing that the moved money was without warning or authorization. The company has been accused of moving quite slowly in resolving the matter, leaving customers in a state of utter confusion.

Customers continue pushing for refunds as interested parties continue looking into the matter. Some of the things that might prove helpful in the long run include the bank statements and the motor vehicle purchase agreement.

It is a big issue that has affected a lot of people, according to sources. Two other customers who wanted their identities kept anonymous for reasons best known to them have also made similar claims. The customers learned about the double charges, something that pushed them into great distress. One of them revealed that the situation pushed him to face finance charges on credit bills and some overdraft fees.

Tesla adds to the confusion

Tesla remains tight-lipped on the matter despite the continued efforts to have it comment on the issue. Journalists have been pushing the company to answer critical questions such as how the whole duplicate charges thing happened, how fast it could move about making refunds, and the best move the customer could make.

The founder of a financial crime prevention tech firm known as d Featurespace Dave Excell speaks out on the matter, outlining the double charges as pretty common in business. The official mentions the most affected segments to be the banking and e-commerce sectors.

Excell advises the affected persons to speak to the merchant as the first option to resolving the matter at hand. The other option would be to call the bank to reverse the transaction, but that would take longer.

Paysafe Joins Hands To Coinbase To Offer Hassle-Free Payment Solutions

By
Adam Barry
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0

To expand its wings in the U.S, Paysafe, one of the leading specialized payment platforms, pairs up with Coinbase. With this partnership, Skrill, a popular digital wallet offering a wide range of digital payment & money transfer solutions maintained by Paysafe, will get a white label solution from Coinbase. This will facilitate Paysafe’s customers spread across 30 U.S states and are using its Skrill to invest in digital currencies that include Ethereum, Litecoin, Bitcoin, Bitcoin cash, etc., and streamline their trade. Coinbase, which is enjoying this year thanks to rapid rise, is looking at a $100 billion IPO.

Earlier, Skrill Visa Prepaid Card was launched by Skrill. It has also launched Skrill Knect and Skrill Money Transfer. With the merge with Coinbase, Skrill customers can utilize the digital wallet to buy & sell different digital currencies.

Doing the Payment

A digital multicurrency wallet, Skrill supports over 40 currencies and makes transfers & storing money swift and easy. The platform can be used by anyone having age over 18 with a registered mail address. The money can also be transferred to an account operating in other countries by using a mail address or a phone number. Moreover, in some places, users are empowered with a Skrill Card linked to their accounts. This Card enables users to make payments where the payment system does not support Skrill. As a cherry-on-top, the Card can also be used at ATMs to withdraw money.

Users with Skrill digital wallet will also be able to use Bitcoin to buy any other digital currency, thereby empowering its users to have swift and hassle-free transactions. It will transform their passion for fiat currencies. As a result, users will witness hassle-free transactions and lesser fees. Ergo, users can easily load money to their Skrill wallet and do cryptocurrency transactions.

The Rise

U.S. crypto expansion for Skrill will enhance American consumers’ capabilities as more states are expected to add to its list. For the people who either run a local business or a global company, Paysafe’s digital payment solutions will help them grow. Backed by cutting-edge technology, Paysafe ensures security and promises risk & fraud-free transactions.

Coinbase To Enter Indian Market

By
Adam Barry
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0

Coinbase, one of the U.S’s leading U.S. cryptocurrency exchanges, is set to expand its presence. But surprisingly, the company plans to craft its position in India (initially in Hyderabad), a country with an uncertain regulatory for the digital currency.

This business step-up that will commence from Hyderabad will come with a bucket of services that include IT, software development, engineering, & customer support. And this is the reason on March 25, Coinbase announced that it’s looking to accommodate India’s IT professionals. Alas! Coinbase’s careers portal reflected no new jobs in India. Besides India, Coinbase has also announced that it will hire people in the Philippines, Ireland, Canada, Japan, Singapore, and the U.K to spread its wings.

The Other Side

This news came when the country is still in dilemma over the use of digital currency, and its lawmakers are planning to criminalize the transaction related to crypto-assets by bringing a bill in the parliament. However, Nirmala Sitharaman, the country’s finance minister, refuted these claims a few weeks ago.

But she also said that the RBI will soon announce statements regarding the central bank-issued digital currency (CBDC), thereby hinting that the country’s upcoming regulations for crypto-assets will be crafted to highlight its CBDC. As per MCA notification, companies need to showcase profit and losses transactions related to crypto-assets. These rules are applicable from the upcoming financial year, 2021-22. The question that is arising in everyone’s mind – How will the Indian government react to the presence of one of the largest exchanges in the world – Coinbase?

Coinbase that is expected to do an IPO via a direct listing in the following month on private markets is expected its surge its shares to over $100 billion. Currently, the company’s shares stand at $343.58. Coinbase provides a window for the users (over 43 million globally) to sell & buy cryptocurrencies, like Ethereum, XRP, Bitcoin, Litecoin, etc if the company succeeds in setting up a business presence in India, it will boost the country’s economy.

More

In addition, to hire talent in India and start operations, Coinbase has also supported many Indian startups. For instance, the company’s investment arm Coinbase Ventures in December last year invested in CoinDCX an Indian cryptocurrency exchange in $13.5 Mn Series B round.

Crypto.com Announce the Launch of a decentralized blockchain, Crypto.org Chain, And NFT Platform For Artists

By
Adam Barry
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0

Crypto exchange Crypto.com has announced a new open-source, decentralized public blockchain called the Crypto.org Chain aimed at DeFi, NFTs, and payments.

Crypto.com launches CRO token

In the announcement, the exchange said that they launched Cryptoi.org Chain after almost two years of R&D, two testnets, and a mainnet dry run with close to 275 million transactions processed month. Most importantly, Crypto.org Coin (CRO) will be the public blockchain’s native token. In February, the exchange burned over 70 billion CRO, which, at the time, was around $10 billion, ahead of the mainnet launch. So far, the new chain has processed almost 7,000 transactions in payments, NTFS and DeFi.

Kris Marszalek, Crypto.com’s CEO, said that decentralization is important. He said that people currently face bad options such as using one blockchain where they can pay high fees in a congested, slow, but decentralized setting or using a fast and low cost but is completely centralized.

Launch of an NFT platform for artists, athletes, and musicians

The cryptocurrency currently has over 10 million users and has made considerable offerings this month including, the non-fungible token (NFT) platform launch, with exclusive content from musicians, artists, and athletes. Most importantly, anyone can buy, resell, and trade NFTs featuring work from By George, Snoop dog, Lionel Richie, and Klarens Malluta, kCamp, Alex Mansoor, Kloud, Mr. Brainwash, Opus, and others.

Some of the work dropped with the launch of the platform, and users can pay with more than 20 cryptocurrencies including, Ether (ETH), Dogecoin (DOGE), and Bitcoin (BTC).  Marszalek said that he expects to increase the number of uses on the platform to over 100 million from the current 10 million by 2023. Singer Mansoor said that tech is at its best if it helps people connect in various ways, and NFTs are one of the most innovative ways of creating deeper bonds with others.

Besides this, the exchange recently announced that it had joined the Visa network for expansion of its crypto credit card reach.

Kiwisaver Growth Strategy Allocates 5% Of Its Assets To Bitcoin

By
Adam Barry
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0

The New Zealand Wealth Funds Management runs a $350 million retirement plan known as the KiwiSaver Growth Strategy. Reports show Bitcoin as having remarkable similarities to gold, and that factor led the KiwiSaver Growth Strategy to allocate about 5% of its assets to the above cryptocurrency. 

Grigor speaks out about the investment

The chief investment officer at New Zealand Funds Management, James Grigor, is one of the many leaders who have lately noticed the similarity between gold and bitcoin. The official has, in several instances, outlined that anyone enthusiastic about gold investments should feel the same way about bitcoin because of the close similarity between the two. Grigor disclosed their plans over the next five years, outlining that they would focus on featuring BTC in more KiwiSaver products.

In October, the firm took to buying Bitcoin, marking its first time to purchase the crypto in question. Sources indicate Bitcoin going at about $10,000 in terms of valuation at the time. 

At the start of this month, Bitcoin’s price shot up to stand at about $61,000, a case scenario that entitled KiwiSaver a 6x return in only five months. Grigor spoke about KiwiSaver, disclosing the setup as having relied majorly on the traditional asset classes. 

However, the official expressed great optimism into the future, outlining that they hoped to take advantage of the new opportunities that would come their way. The leader considers Bitcoin to be the kind of asset capable of offering investors the most outstanding retirement benefit considering its aggressive compounding. 

The place of pension funds

The family offices and the hedge funds have been somewhat inclined to Bitcoin recently. However, investors need to look at matters from all perspectives. For example, it is easy to tell that the pension funds top the list when focusing on the relatively slow segments in embracing the digital asset class. 

Matters change with time, considering how the pension funds have gradually started embracing digital assets. Sources show the fast growth of the allocations in question, and the world might experience a significant shift soon. 

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