Chief financial officer André Milanez said that the product will launch within the next si months.
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B3, the Brazilian Stock Exchange, confirmed that within six months it intends to launch its first official product aimed at the cryptocurrency market — Bitcoin (BTC) futures trading. The group's chief financial officer, André Milanez, made the announcement during a conference call on Monday.
Milanez did not provide many details on how the product will work. It is not yet known if B3 will form a partnership or if it will offer Bitcoin futures trading directly, but the timeline for launching this product was stated to be relatively short. "We plan to launch bitcoin futures in the next three to six months," he said.
Currently, in Brazil, institutional and retail investors can trade 11 ETFs through B3 with exposure to cryptocurrencies, including CRPT11 from Empiricus with Vitreo; the NFTS11 of Investo; QBTC11, QETH11 and QDFI11 all from QR Assets and META11, HASH11, BITH11, ETHE11, DEFI11, WEB311 all from Hashdex. In addition, in Brazil, there are more than 25 investment funds approved by the Securities and Exchange Commission (CVM) that offer different types of exposure to the crypto-assets market.
In January Jochen Mielke de Lima, director of information technology at B3, had already said that the Brazilian stock exchange would launch several products with exposure to cryptocurrencies in 2022, including Bitcoin futures and Ethereum (ETH) futures
At the time, the executive highlighted that the Brazilian stock exchange had been looking closely at the cryptocurrency market from a technological point of view since 2016.
According to the statement, B3 only needed to settle the question on whether the negotiations would be carried out against the U.S. dollar or against the Brazilian real. Futures contracts need a reference index, so if the team chooses Brazil's native currency, it will be necessary to compose a crypto-assets index in reais — something that does not exist now.
The B3 rep also said it is exploring ways to provide data inputs for the country’s central bank digital currency, or CBDC.
In addition to BTC and ETH futures, B3 also intends to offer services to national cryptocurrency exchanges and to be a kind of "centralizer" of custody and settlement operations, according to Jochen Mielke de Lima:
“We have around 30 national crypto exchanges, apart from the international ones that operate here. We could offer a service to facilitate and standardize their operations. I believe it has something to explore in providing custody services and in the settlement process.”Mielke, also stated that the cryptocurrency market is very similar to the regulated stock market, as it involves issuing, trading, settlement and custody. He stated therefore that B3 could help solve common problems between exchanges.
“We are identifying points of friction that we can help resolve to face up, such as helping our customers provide the best access to their end customers,” he said.
In addition, B3 plans other products based on cryptocurrencies and blockchain to launch in 2022. Among them, there are studies on a platform for asset tokenization, cryptocurrency trading, cryptocurrency custody, among others.
"Trading and access to liquidity centers: this means mitigating the complexities of accessing a fragmented, global and 24x7 market; Digital Asset Custody: providing reliable custody (hence, purpose of blockchain transactions); Over-the-counter facilitation: thIn this way, it wants to provide more security and efficiency in the movement and DVP of digital assets; Capital efficiency gains: thus, it wants to mitigate the pre-funded nature of operations and Crypto as a service: make it easier for clients to explore the crypto market with low friction," highlighted B3.
For 2022, B3 reps said they foresee the official launch of a reinsurance platform. This will work on the Corda blockchain R3, and is a partnership between the exchange and IRB Brazil.
Officials from the Reserve Bank of India (RBI) have reportedly sounded the alarm bells again over crypto adoption, which they claim will ultimately lead to the “dollarization” of the local economy.
According to a Monday report from the Indian branch of the Economic Times — which cited unnamed sources — the RBI’s concerns are focused on U.S. dollar-dominated cryptocurrencies taking away market share from the Indian rupee.
The publication notes that RBI officials, along with its governor Shaktikanta Das, provided a briefing to the Parliamentary Standing Committee on Finance this week. In it, they took a very skeptical stance toward crypto’s potential influence on the financial system. An unnamed official is quoted as saying:
“Almost all cryptocurrencies are dollar-denominated and issued by foreign private entities, it may eventually lead to dollarization of a part of our economy which will be against the country’s sovereign interest.”“It [crypto] will seriously undermine the RBI’s capacity to determine monetary policy and regulate the monetary system of the country,” they added.
The RBI was said to have been particularly irked by the notion of crypto being used in cross-border transfers instead of the rupee, while the common anti-crypto tropes of terror financing, money laundering and drug trafficking were also highlighted again.
This is the second time this month that the RBI has expressed anti-crypto action, with Coinbase CEO Brian Armstrong suggesting last week that the exchange’s abrupt stoppage of its United Payments Interface (UPI) in India was due to pressure from the RBI.
“So a few days after launching, we ended up disabling UPI because of some informal pressure from the Reserve Bank of India (RBI), which is kind of the Treasury equivalent there,” he said, adding that they basically applying “soft pressure behind the scenes to try to disable some of these payments which might be going through UPI.”
Related: Indian minister wants global crypto rules to curtail money laundering risk
It appears that the Indian government is also not looking favorably on digital assets of late, and has instead taken a relatively stifling approach to crypto since outlining intentions to regulate the sector in December.
On April 1, the government implemented a 30% crypto tax on digital asset holdings and transfers, along with several other stringent taxation guidelines that were based on gambling and lottery ticket win tax rules. In the following ten or so days after the laws went into effect, trading volume on top Indian crypto exchanges declined as much as 70%.
",audio:"https://s3.cointelegraph.com/audio/86482.2cfaeb6d-b07d-4179-8229-3e65d85c2c19.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:438,shares:az,tags:[{id:"1574",slug:"india",title:"India",url:"/tags/india"},{id:"6203",slug:"reserve-bank-of-india",title:"Reserve Bank of India",url:"/tags/reserve-bank-of-india"},{id:kX,slug:kY,title:kZ,url:it},{id:"9457",slug:"indian-government",title:"Indian Government",url:"/tags/indian-government"},{id:"9458",slug:"indian-crypto",title:"Indian crypto",url:"/tags/indian-crypto"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=86482regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:m$,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"twitch-co-founder-raises-24m-for-web3-gaming-firm-metatheory",url:wA,absoluteUrl:"https://cointelegraph.com/news/twitch-co-founder-raises-24m-for-web3-gaming-firm-metatheory",title:na,youtubeVideoIdCover:d,cover:wB,datePublished:hH,dateHuman:"54 minutes ago",humanDateTime:"2022-05-17 06:57",dateISOFull:"2022-05-17T05:57:25+01:00",publishedDateTimeObject:{year:B,month:x,day:hz,hour:x,minute:nn,second:a_,millisecond:e},categorySlug:F,categoryUrl:G,categoryName:H,authorName:wT,authorUrl:wU,authorAvatar:wV,previewText:"The funding round led by Web3-focused venture capital firms will be used for upcoming nonfungible tokens, comics and a play-to-earn game slated for late 2022.",twitterLeadText:"Another Twitch co-founder is building big in the Web3 gaming space and plans to release a play-to-earn game later this year adding to the company’s line-up.",badgeSlug:g,badgeName:ae,fullText:"Web3 gaming and entertainment company Metatheory founded by Twitch co-founder Kevin Lin has raised $24 million in a Series A funding round on Monday.
The round was led by crypto capital venture firm Andreessen Horowitz (a16z), with participation from Pantera Capital, the venture arm of the FTX cryptocurrency exchange, FTX Ventures, and other venture firms, according to the announcement.
Metatheory was launched in November 2021 around one year after Lin left Twitch, where he wrote in a Medium article at the time that he was creating the gaming company and also a blockchain game called DuskBreakers. Lin was quoted in this week’s announcement as saying:
“Building immersive digital experiences has always been a passion of mine, and after stepping away from Twitch to explore what’s next in the industry, I truly believe blockchain will open the door to even more possibilities and have a major impact in the gaming, storytelling and community building space.” — DuskBreakers (@DuskBreakers) May 16, 2022 \n\nDuskBreakers was released in December 2021 with the art designed by the former lead illustrator at Twitch. The Ethereum-based game implemented a “play-to-mint” model for its first 10,000 nonfungible tokens (NFTs). Those looking to grab an NFT have to play an arcade-type game to validate their entry onto a whitelist.
The DuskBreakers team plans to release comics and animations to continue its storyline, andditional NFTs and content are in the works at Metatheory with a play-to-earn game set for launch in the fourth quarter of 2022.
Related: How blockchain games create entire economies on top of their gameplay: Report
Lin is not the only Twitch co-founder with an interest in gaming NFTs. In December 2021 Justin Kan, another co-founder of Twitch, launched the Fractal NFT marketplace which focuses on blockchain gaming tokens saying that “NFTs are the future of gaming.”
Blockchain gaming is gaining interest from titans of the traditional gaming industry. Most recently, Square Enix revealed in its earnings report that it will expand NFTs into more of its games in 2022.
Microsoft’s CEO said the development of metaverse platforms was a key reason for the $69 billion acquisition of gaming giant Activision Blizzard and Sega is looking to integrate cloud technology NFTs as part of its new Super Game project, which connects its different games to each other.
",audio:"https://s3.cointelegraph.com/audio/86481.005729af-c99f-44b8-b7b4-95f4d40e2e34.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:377,shares:wW,tags:[{id:wX,slug:"andreessen-horowitz",title:"Andreessen Horowitz",url:"/tags/andreessen-horowitz"},{id:iu,slug:jB,title:iv,url:hI},{id:"672",slug:"funding",title:"Funding",url:"/tags/funding"},{id:"1021",slug:"investments",title:"Investments",url:"/tags/investments"},{id:"3071",slug:"games",title:"Games",url:"/tags/games"},{id:"5808",slug:"twitch",title:"Twitch",url:"/tags/twitch"},{id:"9519",slug:"blockchain-game",title:"Blockchain Game",url:"/tags/blockchain-game"},{id:"9594",slug:"gaming",title:"Gaming",url:"/tags/gaming"},{id:"9599",slug:"play-to-earn",title:"Play-to-earn",url:"/tags/play-to-earn"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=86481regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:nb,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"japan-s-largest-investment-bank-nomura-readies-new-crypto-subsidiary",url:wC,absoluteUrl:"https://cointelegraph.com/news/japan-s-largest-investment-bank-nomura-readies-new-crypto-subsidiary",title:nc,youtubeVideoIdCover:d,cover:wD,datePublished:hH,dateHuman:"1 hour ago",humanDateTime:"2022-05-17 06:41",dateISOFull:"2022-05-17T05:41:00+01:00",publishedDateTimeObject:{year:B,month:x,day:hz,hour:x,minute:wY,second:e,millisecond:e},categorySlug:F,categoryUrl:G,categoryName:H,authorName:no,authorUrl:np,authorAvatar:nq,previewText:"The leading Japanese bank plans on establishing a crypto subsidiary outside of Japan and will acquire about 100 personnel to work in the digital asset space.",twitterLeadText:"Nomura is just the latest in a growing list of large institutional banks to delve deeper into the crypto asset space. One of Japan’s largest financial groups plans on rolling together several crypto services into a new overseas subsidiary.",badgeSlug:g,badgeName:ae,fullText:"The largest investment bank in Japan, Nomura, is set to establish a new subsidiary company to help institutional clients invest in cryptocurrency and nonfungible tokens (NFTs).
The Financial Times reported on Tuesday that people with knowledge of Nomura’s plans said the firm will bring together several crypto services under one single company with a staff of about 100 people by 2023.
Nomura is one of Japan’s ten largest banks, with $569 billion in assets under management as of Q1 2022.
Nikkei Asia, a Japanese news outlet, reported that the subsidiary company will be established abroad, but the board will start off seated by Nomura transplants while the company acquires talent in the Web3 and blockchain space. It will initially be led by Jez Mohideen, head of wholesale digital operations of Nomura.
The bank appears to be feeling mounting pressure to become more intimately acquainted with the burgeoning blockchain technology and digital asset industry. One Nomura executive told the Financial Times that “If we don’t do this, then it’s going to be more difficult down the line to be competitive.”
The move to expand crypto services comes at an interesting juncture for Nomura. Just last week on Thursday, Bloomberg reported that the bank began offering Bitcoin (BTC) derivatives trading to Asian clients. Trades are executed on CME Group’s platform, which handled 6,944 Bitcoin futures contracts on May 16.
Additionally, crypto prices are down across the board since last week’s major sell-offs due to a panic caused by the crash of the Terra platform.
Related: Japanese e-commerce site adopts BTC and XRP payments for used cars
Nomura must now also combat the prospect of losing most of its quarterly profits due to a $345 million writedown on a transaction that the FT also reported on Tuesday, which happened during the 2008 economic downturn. The bank has not specified which transaction it was. A writedown is a reduction in the value of a transaction or asset.
",audio:"https://s3.cointelegraph.com/audio/86480.7eba0442-bd26-4b17-bd61-ce96681dab3f.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:612,shares:wZ,tags:[{id:"193",slug:"japan",title:"Japan",url:"/tags/japan"},{id:iu,slug:jB,title:iv,url:hI},{id:"483",slug:"banks",title:"Banks",url:"/tags/banks"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=86480regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:nd,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"miami-and-new-york-city-coins-tank-despite-mayoral-endorsements",url:wE,absoluteUrl:"https://cointelegraph.com/news/miami-and-new-york-city-coins-tank-despite-mayoral-endorsements",title:ne,youtubeVideoIdCover:d,cover:wF,datePublished:hH,dateHuman:"2 hours ago",humanDateTime:"2022-05-17 05:07",dateISOFull:"2022-05-17T04:07:54+01:00",publishedDateTimeObject:{year:B,month:x,day:hz,hour:s,minute:hB,second:nr,millisecond:e},categorySlug:F,categoryUrl:G,categoryName:H,authorName:wQ,authorUrl:wR,authorAvatar:wS,previewText:"“People will stop mining the coin if they can’t make money off of it,” according to Michael Bloomberg, who referred to the two previously hyped city coins. ",twitterLeadText:"Investors are shying away from MiamiCoin #MIA and NewYorkCityCoin #NYC, with the prices down 92% and 80% from their respective all-time highs a few months ago. ",badgeSlug:g,badgeName:ae,fullText:"Despite being publicly endorsed by the respective mayors of both cities, MiamiCoin (MIA) and NewYorkCityCoin (NYC) have plunged 90% and 80% since their all-time highs.
According to data from CoinGecko, the price of MIA has dropped 92% since its ATH of $0.055 on Sept. 20 to sit at $0.004 at the time of writing. While NYC’s value has fallen by 80% since its March 3 high of $0.006 to trade at $0.0014.
With investors getting burned across many other crypto assets as of late, demand for MIA and NYC coins has almost completely dried up.
Trading volume for the duo over the past 24 hours has totaled a mere $70,190 and $45,663, respectively. In comparison, when MIA and NYC were at ATH levels, they generated $1.6 million and $260,000 worth of 24 volumes apiece.
Miami mayor Frances Suarez has spoken about the potential use cases of MIA on multiple occasions and most recently announced in February that the local government had disbursed $5.25 million from its reserve wallet to support a rental assistance program.
New York City mayor Eric Adams also welcomed NYC with open arms in November after he stated that “we’re glad to welcome you to the global home of Web3! We’re counting on tech and innovation to help drive our city forward.”
The assets were developed by the CityCoins project, a Stacks layer-on blockchain-based protocol aiming to provide crypto fundraising avenues for local governments such as Miami and New York City, its two and only partners so far.
A key incentive — despite potential regulatory gray areas — is that CityCoins’ smart contracts automatically allocate 30% of all mining rewards to a custodied reserve wallet for the partnered city, while miners receive the remaining 70%.
As of January this year, the value of Miami and New York City’s reserve wallets had hit around $24.7 million and $30.8 million, respectively, according to CityCoins community lead Andre Serrano, suggesting there had been relatively strong community demand to mine the asset at the time.
Related: ‘Philly is ready’ for CityCoins, says city council
However, while the governments have benefited from the partnerships, the user/investor side of things appears to share mining rewards, and a supposed 9% annual BTC yield from “stacking” (essentially staking) the assets on the Stacks blockchain is not enticing enough to drive strong demand.
Michael Bloomberg, an urban technology researcher at Cornell Tech, recently suggested to Quartz that the coins could even become useless to the cities if extra utility isn’t added capture investor appetite:
“People will stop mining the coin if they can’t make money off of it, and the only way they make money off of it is convincing greater fools to participate.” ",audio:"https://s3.cointelegraph.com/audio/86478.87f765ab-c966-4d85-be02-fcec6708f455.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:1211,shares:w_,tags:[{id:ak,slug:mW,title:kR,url:jv},{id:iu,slug:jB,title:iv,url:hI},{id:"1025",slug:"partnership",title:"Partnership",url:"/tags/partnership"},{id:"1400",slug:"miami",title:"Miami",url:"/tags/miami"},{id:"1716",slug:"new-york",title:"New York",url:"/tags/new-york"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=86478regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:kU,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"stablecoin-supplies-and-cash-reserves-in-question-amid-crypto-exodus",url:wG,absoluteUrl:"https://cointelegraph.com/news/stablecoin-supplies-and-cash-reserves-in-question-amid-crypto-exodus",title:nf,youtubeVideoIdCover:d,cover:wH,datePublished:hH,dateHuman:w$,humanDateTime:"2022-05-17 04:33",dateISOFull:"2022-05-17T03:33:00+01:00",publishedDateTimeObject:{year:B,month:x,day:hz,hour:u,minute:33,second:e,millisecond:e},categorySlug:F,categoryUrl:G,categoryName:H,authorName:wT,authorUrl:wU,authorAvatar:wV,previewText:"The fallout from Terra’s collapse continues as outflows from Tether hit an average of $1.1 billion a day over the past week.",twitterLeadText:"Tether saw billions of dollars in outflows the past week, amounting to almost double its last reported cash reserves as the stablecoin fallout from Terra’s collapse continues.",badgeSlug:g,badgeName:ae,fullText:"Cryptocurrency investors and traders have cashed out $7.7 billion from the stablecoin Tether (USDT), resulting in its market capitalization falling by 7.8% over the past seven days to $76 billion.
The amount withdrawn from the top stablecoin is nearly double the $4.1 billion it held in cash reserves at the end of 2021, according to Tether’s latest reserves report from December 2021.
To maintain Tether’s peg with the United States dollar, the company behind the token backs USDT with assets such as cash, bonds and Treasury bills, the purpose being that each token is backed by at least $1 worth of assets.
According to the latest reserves report, the company had a total assets amount of at least $78.6 billion, around $4 billion or 5% of which was cash.
However, the firm seems to be able to maintain its cash reserves despite the “bank run” scenario caused by the collapse of the algorithmic stablecoin TerraUSD (UST), which had investors fleeing not only stablecoins but the entire crypto market for fear of collapse.
A separate transparency report updated daily shows that 6.36% of Tether’s assets are currently held in cash which would amount to roughly $4.8 billion if Tether’s reserves closely match the USDT market cap.
On Thursday, market panic caused USDT/USD to trade under $0.99 on major exchanges, causing Tether to issue a statement at the time stating that it will honor all redemptions to $1.
https://twitter.com/Tether_to/status/152472463333705728
The same day, Tether’s chief technology officer Paolo Ardoino said in a Twitter spaces chat that the majority of the company’s reserves are in U.S. Treasuries and that over the last six months it has reduced its exposure to commercial paper.
Related: Untethered: Here’s everything you need to know about TerraUSD, Tether, and other stablecoins
Tether has received scrutiny for its secrecy regarding the assets in its reserve and only published its first reserve breakdown in May 2021. The published reports are still vague as to the exact assets the company invests in.
This obscurity, coupled with the recent short-lived de-pegging, had some investors rushing to swap their Tether for another popular U.S. dollar stablecoin, USD Coin (USDC), on the notion that USDC was audited and already fully backed by cash and U.S. Treasuries.
A blog post on Friday by Circle’s chief financial officer Jeremy Fox-Geen made in response to the stablecoin fallout reaffirmed that USD Coin was fully backed by cash and U.S. Treasuries for the 50.6 billion USDC in circulation.
Data from CoinGecko further shows investors finding a safe harbor in USDC. A 6.3% leap in the USDC market cap took place between May 3 and Tuesday, representing $3.1 billion of inflows over that time.
",audio:"https://s3.cointelegraph.com/audio/86476.2f1e4eef-3370-446f-871b-82e1d9ffc304.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:2309,shares:k_,tags:[{id:iu,slug:jB,title:iv,url:hI},{id:"732",slug:"assets",title:"Assets",url:"/tags/assets"},{id:"2551",slug:"market-capitalization",title:"Market Capitalization",url:"/tags/market-capitalization"},{id:"7646",slug:xa,title:aE,url:"/tags/tether"},{id:"8557",slug:"market-capitalization-news",title:"Market Capitalization News",url:"/tags/market-capitalization-news"},{id:"9259",slug:"stablecoin",title:"Stablecoin",url:"/tags/stablecoin"},{id:"9578",slug:"usd-coin",title:aF,url:"/tags/usd-coin"},{id:xb,slug:ns,title:aA,url:xc}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=86476regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:ng,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"coinbase-unveils-web3-mobile-dapp-and-defi-wallet-and-browser",url:wI,absoluteUrl:"https://cointelegraph.com/news/coinbase-unveils-web3-mobile-dapp-and-defi-wallet-and-browser",title:nh,youtubeVideoIdCover:d,cover:wJ,datePublished:hH,dateHuman:w$,humanDateTime:"2022-05-17 04:10",dateISOFull:"2022-05-17T03:10:29+01:00",publishedDateTimeObject:{year:B,month:x,day:hz,hour:u,minute:Z,second:xd,millisecond:e},categorySlug:F,categoryUrl:G,categoryName:H,authorName:no,authorUrl:np,authorAvatar:nq,previewText:"Coinbase is rapidly expanding its product offerings this month as some select users can now access DeFi and other DApps on Ethereum through the Coinbase app.",twitterLeadText:"Coinbase has rolled out yet another product this month. Now some users can access Dapps on Ethereum through the new browser feature and exchange funds through a new co-custodial hot wallet on Coinbase’s mobile app.",badgeSlug:g,badgeName:ae,fullText:"America’s largest crypto exchange Coinbase has rolled out Web3 application functionality including a hot wallet and browser for a limited set of its mobile app users.
The app will allow select users to access decentralized applications (DApps) on the Ethereum network such as Uniswap and OpenSea.
Today, we're starting to make it dramatically easier for users to access engage in web3 right from the @coinbase app! #NoMoreKeys #JustGettingStarted #KeepBuilding https://t.co/7K3lZ6kKAs
— RishiDean.eth (@rishidean) May 16, 2022 \n\nThe May 17 announcement by Coinbase’s director of product management Rishi Dean said eligible users would be able to begin trading on nonfungible token (NFT) marketplaces, making swaps on decentralized exchanges (DEXs) and interacting with decentralized finance (DeFi) lending protocols to borrow and lend funds.
Along with the mobile browser that provides access to DApps, there is a hot wallet that customers can use to exchange funds. Unlike decentralized hot wallet apps such as MetaMask, the Coinbase hot wallet will have a co-custodial setup. This means that the private key for the wallet will be stored by the company and can be personally stored by the user.
The wallet and DApp functionality are operated with multi-party computation (MPC) technology, which secures the privacy of senders and receivers while ensuring the accuracy of a transaction.
Dean stated that sharing custody of the keys is a security feature designed to protect users from device-related problems. He wrote, “This means if you lose access to your device, the key to your Dapp wallet is still safe and Coinbase can assist in recovery through our live support.”
Coinbase announced to allow some users to access Ethereum-based dapps directly from the Coinbase app, like opensea like Uniswap and Sushiswap, Curve and Compound. The ‘key’ is splited between you and Coinbase and Coinbase can assist in recovery. https://t.co/T9TtScaziu
— Wu Blockchain (@WuBlockchain) May 17, 2022 \n\nCoinbase’s expanded wallet functionality is promising for Web3 developers who may find it difficult to onboard new users to show off their work. The exchange boasts about 90 million registered users, according to Statista.
Related: Coinbase CEO says funds are safe amid bankruptcy protection fears
This is the second major product rollout this month. The exchange launched its long-awaited Coinbase NFT marketplace on May 4 to a lackluster showing of just $75,000 in sales volume from just 150 transactions on its first day.
Coinbase’s Q1 earnings report show that the exchange is struggling during the down market by posting its first net loss since going public last year. Revenue dropped 27% to $1.1 billion from $1.6 billion year-on-year since Q1 2021, while monthly users fell from 11.4 million in Q4 2021, to 9.2 million.
",audio:"https://s3.cointelegraph.com/audio/86474.ab0bd30f-cf73-4e90-913a-cf6b2f143385.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:2086,shares:xe,tags:[{id:af,slug:"coinbase",title:"Coinbase",url:"/tags/coinbase"},{id:iu,slug:jB,title:iv,url:hI},{id:"2372",slug:"mobile-wallet",title:"Mobile Wallet",url:"/tags/mobile-wallet"},{id:"6048",slug:"hot-wallet",title:"Hot wallet",url:"/tags/hot-wallet"},{id:xf,slug:xg,title:k$,url:la},{id:"9528",slug:"nft",title:"NFT",url:nt}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=86474regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:kV,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"portugal-to-lose-crypto-tax-haven-status-as-state-announces-gains-duties",url:wK,absoluteUrl:"https://cointelegraph.com/news/portugal-to-lose-crypto-tax-haven-status-as-state-announces-gains-duties",title:ni,youtubeVideoIdCover:d,cover:wL,datePublished:hH,dateHuman:"5 hours ago",humanDateTime:"2022-05-17 02:16",dateISOFull:"2022-05-17T01:16:55+01:00",publishedDateTimeObject:{year:B,month:x,day:hz,hour:t,minute:au,second:xh,millisecond:e},categorySlug:F,categoryUrl:G,categoryName:H,authorName:no,authorUrl:np,authorAvatar:nq,previewText:"The small Iberian nation is set to reverse a long-standing tax law that excluded crypto gains on the grounds that they are not legal tender.",twitterLeadText:"So much for the Golden Visa. Portugal’s Finance Minister has confirmed that he and the Secretary of State for Tax Affairs will push through a new law levying taxes on capital gains made through crypto investments.",badgeSlug:g,badgeName:ae,fullText:"To the chagrin of many Golden Visa seekers, Portuguese Finance Minister Fernando Medina has confirmed that his country will begin taxing cryptocurrency but has not committed to a date.
The move to start taxing crypto was seconded by Secretary of State for Tax Affairs António Mendonça Mendes on Friday, according to Sapo, a local news outlet.
There is not yet an effective date for the tax to start or a set rate, however. It will be levied on investment gains made from cryptocurrencies like Bitcoin (BTC), the largest crypto by market cap. This would reverse the tax law that was established in 2016 which stated that since crypto is not legal tender, gains cannot be taxed.
On Portugal's plans to tax crypto, a ⬇️,
- Finance Minister said crypto would be taxed in a loose statement with few details 3 days ago - Portugals bureaucracy moves hyper slow, legislation like this takes a long time to move, never mind be implemented, IMO 2+ years
Medina said in a working session in parliament that his rationale for the tax came about by comparing Portugal to countries that “already have systems” in place. Additionally, Sapo reported that Medina noted that it doesn’t make sense for an asset that creates capital gains to not be taxed. He said:
“There cannot be gaps that cause there to be capital gains in relation to the transaction of assets that do not have a tax.”It appears that Medina will not impose a stifling rate of taxation on crypto gains. He explained that it is important to create and implement a system that makes taxation “adequate,” but which does not “end up reducing revenue to zero, which is contrary, in fact, to the objective for which it exists.”
At the Parliamentary working session, Mendes said that taxation of cryptocurrency is more complicated than most other assets because “there is no universal definition of cryptocurrencies and crypto assets.” He continued by stating:
“We are evaluating what regulations [fit] this matter [...] so that we can present not a legislative initiative to appear on the front page of a newspaper, but a legislative initiative that truly serves the country in all its dimensions.”Up until now, Portugal has been seen as a crypto tax haven that offers a permanent residency visa known as the Golden Visa because it grants holders special tax exemptions and a path to citizenship. The Golden Visa program was started as a means of attracting foreign investors. Industry observer Anthony Sassano saw the funny side:
All the crypto investors in Portugal right now pic.twitter.com/Fgt1kRHVFg
— sassal.eth (@sassal0x) May 16, 2022 \n\nRelated: Crypto capital gains one of four key areas for Australian Tax Office
In February, an emigrant to Portugal praised the western Iberian nation for its adoption rate of crypto among merchants and even suggested Bitcoin could become legal tender there one day in an interview with Cointelegraph. However, he may have much to think about now that the tax law regarding crypto is set to be reversed.
",audio:"https://s3.cointelegraph.com/audio/86473.ead9f651-6aae-4558-bade-9096bd9b8341.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:1902,shares:hJ,tags:[{id:"396",slug:"taxes",title:"Taxes",url:"/tags/taxes"},{id:xi,slug:"portugal",title:"Portugal",url:"/tags/portugal"},{id:"7692",slug:"safe-haven",title:"Safe Haven",url:"/tags/safe-haven"},{id:kX,slug:kY,title:kZ,url:it}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=86473regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:is,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"us-federal-judge-approves-of-justice-dept-criminal-complaint-on-using-crypto-to-evade-sanctions",url:wM,absoluteUrl:"https://cointelegraph.com/news/us-federal-judge-approves-of-justice-dept-criminal-complaint-on-using-crypto-to-evade-sanctions",title:nj,youtubeVideoIdCover:d,cover:wN,datePublished:fF,dateHuman:xj,humanDateTime:"2022-05-16 22:25",dateISOFull:"2022-05-16T21:25:31+01:00",publishedDateTimeObject:{year:B,month:x,day:au,hour:iw,minute:a_,second:xk,millisecond:e},categorySlug:F,categoryUrl:G,categoryName:H,authorName:nu,authorUrl:nv,authorAvatar:xl,previewText:"An unnamed individual allegedly sent more than $10 million in Bitcoin to an exchange in a country for which the U.S. currently imposes sanctions.",twitterLeadText:"One individual allegedly sent over $10 million in Bitcoin to US-sanctioned countries. The Department of Justice is looking into the case. ",badgeSlug:g,badgeName:ae,fullText:"The United States Department of Justice may move forward on a criminal prosecution case against a United States citizen who allegedly violated sanctions through cryptocurrency.
According to a Friday opinion filing in U.S. District Court for the District of Columbia, the unnamed individual, who is the subject of a criminal investigation by the Justice Department allegedly sent more than $10 million in Bitcoin (BTC) from a U.S.-based crypto exchange to an exchange in a country for which the U.S. currently imposes sanctions — suggesting Russia, Cuba, North Korea, Syria or Iran. The filing alleged the individual “conspired to violate the International Emergency Economic Powers Act” and conspired to defraud the United States.
The individual allegedly “proudly stated the Payments Platform could circumvent U.S. sanctions” using BTC and knew about sanctions on the country. According to the filing, the U.S.-based crypto exchange had the user’s information through Know Your Customer (KYC) compliance policies.
“The Department of Justice can and will criminally prosecute individuals and entities for failure to comply with [Office of Foreign Assets Control]’s regulations, including as to virtual currency,” said agistrate Judge Zia Faruqui in his opinion. “Prohibited financial services include any transfer of funds, directly or indirectly [...] from the U.S. or by a U.S. person/entity, wherever located, to the sanctioned entity/country. And lest there be any doubt, financial service providers include virtual currency exchanges.”
Faruqui added:
“The question is no longer whether virtual currency is here to stay (i.e., FUD) but instead whether fiat currency regulations will keep pace with frictionless and transparent payments on the blockchain.”Related: US Treasury Dept sanctions 3 Ethereum addresses allegedly linked to North Korea
The Treasury Department’s Office of Foreign Assets Control, or OFAC, is responsible for administering sanctions for the United States. Following Russia’s military invading Ukraine, the government office warned U.S. residents not to use digital assets to benefit certain Russia-based entities and individuals and added Russia-based darknet marketplace Hydra, crypto mining services provider BitRiver and digital currency exchange Garantex to its list of “Specially Designated Nationals,” a designation which generally prohibits Americans from doing business with them.
",audio:"https://s3.cointelegraph.com/audio/86470.cbeb4cb8-287c-4ba2-9cce-cc4ec7d04b9c.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:2421,shares:k_,tags:[{id:am,slug:nw,title:nx,url:ny},{id:"321",slug:"law",title:"Law",url:"/tags/law"},{id:"2122",slug:"united-states",title:"United States",url:"/tags/united-states"},{id:"3084",slug:"crimes",title:"Crimes",url:"/tags/crimes"},{id:"3122",slug:"department-of-justice",title:"Department of Justice",url:"/tags/department-of-justice"},{id:"9335",slug:"sanctions",title:"Sanctions",url:"/tags/sanctions"},{id:kX,slug:kY,title:kZ,url:it}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=86470regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:jA,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"california-regulator-will-revisit-long-running-ban-on-crypto-donations-on-may-19",url:wO,absoluteUrl:"https://cointelegraph.com/news/california-regulator-will-revisit-long-running-ban-on-crypto-donations-on-may-19",title:nk,youtubeVideoIdCover:d,cover:wP,datePublished:fF,dateHuman:xj,humanDateTime:"2022-05-16 22:00",dateISOFull:"2022-05-16T21:00:00+01:00",publishedDateTimeObject:{year:B,month:x,day:au,hour:iw,minute:e,second:e,millisecond:e},categorySlug:F,categoryUrl:G,categoryName:H,authorName:nu,authorUrl:nv,authorAvatar:xl,previewText:"“This has been on our radar since late last year,” said California’s Fair Political Practices Commission communications director Jay Wierenga.",twitterLeadText:"Politicians campaigning in California might count on crypto in their future if a state regulator makes some important amendments. ",badgeSlug:g,badgeName:ae,fullText:"A California state regulator may be looking at overturning a ban on cryptocurrency donations to political campaigns which has been in effect since 2018.
According to its May 2022 agenda, California’s Fair Political Practices Commission, or FPPC, has scheduled a “pre-notice discussion” on Thursday on the use of cryptocurrencies f campaign contributions in the state. The commission said it will be considering drafting amendments to its regulations requiring that “no contribution may be made or received in cryptocurrency.”
In September 2018, the FPPC voted to ban both sending and receiving crypto contributions for political campaigns in the state of California, due to concerns the donations \"might be utilized to circumvent contribution limits and prohibitions, or by foreign entities to contribute to campaigns.\" FPPC’s communications director Jay Wierenga told Cointelegraph that the commission “look[s] at trends and [tries] to stay ahead of them,” citing a March opinion in which its legal division said a campaign selling nonfugible tokens to raise funds must count \"the entire amount received” as a “reportable contribution.\"
“This has been on our radar since late last year,” said Wierenga. “Crypto [has] obviously has grown in usage and visibility since 2019. So the Commission wants to review it and determine if any changes should be made, or not.”
According to Wierenga, the current ban on crypto political campaign contributions has not affected candidates running for office in California at a federal level, just state and local. For example, Aarika Rhodes, an elementary school teacher running to represent California’s 32nd congressional district currently held by Democrat Brad Sherman, has openly called for her supporters to donate Bitcoin (BTC) via the Lighting:
Our campaign has officially adopted Lighting for campaign contributions.⚡️
This revolutionary technology creates accessibility and looks towards the future. I am excited to provide this option to our supporters across all 50 states. #Bitcoin
Related: Crypto-focused PAC has used $9M to support Democratic candidates since January
Commissions and other governing bodies in U.S. states are responsible for determining whether to enforce bans on crypto political donations for state and local campaigns. South Carolina’s House of Representatives ethics committee said in 2018 that the definition of a campaign contribution did not include cryptocurrency, and Colorado capped the amount of donated in crypto to the same levels as fiat.
\n\n\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/86468.9be7f09e-f233-4bbc-aa96-1138be53e146.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:805,shares:nz,tags:[{id:am,slug:nw,title:nx,url:ny},{id:"387",slug:"politics",title:"Politics",url:"/tags/politics"},{id:"389",slug:"california",title:"California",url:"/tags/california"},{id:"405",slug:"donations",title:"Donations",url:"/tags/donations"},{id:kX,slug:kY,title:kZ,url:it}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=86468regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:fG,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"do-kwon-proposes-terra-hard-fork-to-save-ecosystem",url:nl,absoluteUrl:xm,title:kW,youtubeVideoIdCover:d,cover:nm,datePublished:fF,dateHuman:xn,humanDateTime:"2022-05-16 20:15",dateISOFull:"2022-05-16T19:15:00+01:00",publishedDateTimeObject:{year:B,month:x,day:au,hour:nA,minute:aZ,second:e,millisecond:e},categorySlug:F,categoryUrl:G,categoryName:H,authorName:xo,authorUrl:xp,authorAvatar:"https://s3.cointelegraph.com/storage/uploads/view/6e22893c9440c0f1195057c18dab00aa.jpg",previewText:"Terraform Labs will put the proposal up for a governance vote on May 18 Asia time. ",twitterLeadText:"70% of 1 billion in new LUNA tokens will be airdropped to \"classic\" users of the Terra blockchain if the proposal passes. ",badgeSlug:g,badgeName:ae,fullText:"On Monday, Do Kwon, co-founder of the troubled Terra Luna blockchain, announced a revised plan to restore the ecosystem after a combination of significant market volatility and inherent protocol design flaws wiped out a vast majority of the blockchain's market cap. As told by Kwon, Terraform Labs will put forth a new governance proposal on May 18 to fork the Terra Luna blockchain called Terra (token name: LUNA).
However, the new chain will not be linked to the TerraUSD (UST) stablecoin. Meanwhile, the old Terra blockchain will continue to exist with UST and will be called Terra Classic (LUNC). Under Kwon's plan, if passed, the new LUNA blockchain will go live on May 27.
Under the proposal, new LUNA tokens will be airdropped to LUNC holders, UST holders and essential developers of the Terra Classic blockchain. In addition, Terraform Labs' wallet with the address terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6 will be removed from the whitelist for the airdrop, thereby making Terra a fully community-owned chain. The proposed supply of LUNC is capped at 1 billion, with 25% going to the community pool, 5% to essential developers and 70% going to LUNC and UST holders at various snapshots of events in May, subject to vesting conditions.
Earlier today, the Luna Foundation Guard, the ecosystems' steward, disclosed that it used up an overwhelming portion of its cryptocurrency reserves trying to defend UST's peg during market sell-off. As a result, it is unlikely that the Terra ecosystem can salvage itself without the help of external capital. Changpeng Zhao, CEO of Binance, said that he would support Terra's community but would like to see more transparency from the entity as to recent events.
2/ It has been inspiring to partake in the dynamic discourse regarding the best next steps for Terra. Taking feedback from the community and thoughtful proposals, I would like to suggest the following for the path forward.https://t.co/E13VI8bkLh
A thread on our reasoning:
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0,"default","USD","EUR","GBP","JPY","RUR","KRW","TRY","CNY","_self","0.00",null,4,1,3,1000000000,"1.00 b",5,"Language","en","1",2022,50,"EOS","NEO","latest-news","/category/latest-news","Latest News","22","1.00","4","57",100000000,"100.00 m","0.03","Note that all trading strategies are to be used at your own risk. Before trading, we recommend to make sure that you have a clear understanding of cryptocurrencies and how they are traded.","xxs","xs","sm","md","lg","55","0.02","2","58",10,"17",79,"52",138,"0.09","0.96","News","28","adbutler","6","19","60","11","27","72","23","26","24","37","53","56","article",16,"Bitcoin","Ethereum","cointelegraph.com","es",6,"Terra",48,"34","en.LanguageType.1","Tether","USD Coin","https://cointelegraph.us3.list-manage.com/subscribe/post-json?u=2c088712615955cd2f82aa968id=7376af3992","https://cointelegraph.us3.list-manage.com/subscribe/post-json?u=2c088712615955cd2f82aa968id=aad9f6b505","7",51,"/bitcoin-cash-price-index","/ltc-price-index","/xrp-price-index","/xmr-price-index","_blank","18","20","21","29","54","38","69","70","2.78 b","0.06",15,25,47,"BTC","\n\n\n ","/bitcoin-price","ETH","\n\n\n\n\n\n\n\n ","/ethereum-price","3","LTC","Litecoin","\n\n\n ","15","BNB","Binance Coin","\n\n\n \n","/binance-coin-price-index","SOL","Solana","\n\n\n\n\n\n\n\n \n\n \n","/solana-price-index","XRP","Ripple","\n\n \n","BCH","Bitcoin Cash","\n\n\n ","XMR","Monero","\n\n\n\n \n","8","DASH","Dash","\n\n\n\n \n","/dash-price-index","9","\n\n\n \n","/eos-price-index","ZEC","Zcash","\n\n\n\n\n \n","/zec-price-index","12","ADA","Cardano","\n\n ","/ada-price-index","13","\n\n\n\n \n","/neo-price-index","14","TRX","TRON","\n\n\n \n","/tron-price-index","16","XLM","Stellar","\n\n\n\n \n","/stellar-price-index","USDT","\n\n\n \n","/tether-price-index","MIOTA","IOTA","\n\n \n","/iota-price-index","ONT","Ontology","\n\n\n \n","/ontology-price-index","MKR","Maker","\n\n\n \n","/maker-price-index","BSV","Bitcoin SV","\n\n\n \n","/bsv-price-index","DOGE","Dogecoin","\n\n\n \n","/doge-price-index","ETC","Ethereum Classic","\n\n\n\n\n\n\n\n\n\n\n\n\n \n","/etc-price-index","XTZ","Tezos","\n\n\n\n\n\n\n \n\n \n","/xtz-price-index","XEM","NEM","\n\n\n\n \n","/nem-price-index","USDC","\n\n\n ","/usdc-price-index","CRO","Cronos","\n\n\n\n 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\n","/pancakeswap-price-index","LUNA","\n\n\n\n\n \n","/terra-price-index","VET","VeChain","\n\n ","/vechain-price-index","36","AVAX","Avalanche","\n\n\n \n","/avalanche-price-index","SAND","The Sandbox","\n\n\n\n\n\n\n \n\n ","/the-sandbox-sand-price-index","61","MANA","Decentraland","\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n ","/decentraland-mana-price-index","62","AXS","Axie Infinity","\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n \n\n ","/axie-infinity-axs-price-index","63","DAI","Dai","\n\n\n\n \n\n\n\n \n\n","/dai-price-index","65","FTT","FTX Token","\n\n\n\n\n\n\n ","/ftx-token-ftt-price-index","64","NEAR","Near Protocol","\n\n\n ","/near-protocol-price-index","68","FTM","Fantom","\n\n\n ","/fantom-ftm-price-index","ALGO","Algorand","\n\n\n ","/algorand-algo-price-index","67","HBAR","Hedera","\n\n\n ","/hedera-hbar-price-index","66","HT","Huobi Token","\n\n\n\n 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