Bitcoin Industry

2023-05-13 21:45:00 ​US lawmakers target perceived risks of crypto adoption in El Salvador with reintroduced bill

The legislation appeared to be another attempt at the Accountability for Cryptocurrency in El Salvador Act, originally introduced after the country’s Bitcoin Law was enacted.

Two United States Senators from opposite sides of the political aisle have reintroduced legislation from 2022 aimed at mitigating perceived risks posed by El Salvador’s adoption of Bitcoin as a legal tender.

Congressional records show Idaho Senator James Risch and New Jersey Senator Bob Menendez introduced “a bill to require reports on the adoption of cryptocurrency as legal tender in El Salvador” on May 11. The legislation appeared to be a second attempt at the Accountability for Cryptocurrency in El Salvador Act, which Risch introduced in February 2022, mere months after El Salvador’s Bitcoin Law came into effect.

According to a May 12 report from the Washington Examiner, Risch introduced the bill as part of efforts to fight using cryptocurrency as legal tender, claiming it could “weaken economic and financial stability and empower malign actors.” Bitcoin has been accepted as legal tender in El Salvador alongside the U.S. dollar since September 2021.

If passed, the bill could require federal agencies in the United States to report on El Salvador’s cybersecurity and financial stability capabilities, and how these may have led to the passage of the country’s Bitcoin Law. The International Monetary Fund also warned the Central American ​​nation in February to consider the risk of BTC as a legal tender on the country’s financial integrity and stability.

The previous version of the Bitcoin-focused legislation introduced in the Senate passed through a committee in April 2022. Lawmakers in the House of Representatives also introduced a companion bill, but according to congressional records, the legislation has not moved in more than a year. Open / Comment

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2023-05-10 23:30:00 ​Arbitrum's DAO to receive over 3,350 ETH revenue from transaction fees

Proceeds come from base fees and surplus revenue generated from network transactions. The incentive follows a recent clash between Arbitrum's team and its community.

Ethereum layer-2 blockchain Arbitrum will distribute ETH tokens worth nearly $6.2 million to its decentralized autonomous organization (DAO), the project announced May 9 on Twitter. ARB holders must claim the rewards.

The funds to be collected are base fees and surplus revenue generated from network transactions. According to Arbitrum's tweet, a total of 3,352 ETH will be collected by its DAO. As internet-native organizations, DAOs are collectively owned and managed by their members. They have treasuries and make decisions through proposals voted on by the group.

Arbitrum is a popular scaling network used by many decentralized applications (dApps) and blockchain developers. All users pay a fee during transactions on Arbitrum One.

The cost of sending ETH on Arbitrum is currently at $0.25 and swapping tokens is $0.68 at the time of writing. Data from CryptoFees shows that Arbitrum's users paid $387,423 in fees over the past seven days.

Each fee paid on Arbitrum One is divided into two sections — L1 fee and L2 fee. According to the protocol, the L1 fee covers the cost of posting a transaction on the Ethereum network and the L2 fee covers the cost of running the network.

A revenue breakdown reveals around 582 ETH of surplus funds generated from the L1 fee, nearly 1,308 ETH from base fees and 1,462 ETH surplus from the L2 fee. Combined, this represents revenue of 3,352 ETH for Arbitrum's DAO.

According to the proposal discussion on Arbitrum's governance forum, the protocol will create a mechanism for revenue distribution that will be triggered periodically by a smart contract. Only delegated ARB tokens will be eligible for revenue distribution, and holders must claim their rewards. Open / Comment

2023-05-10 18:00:06 ​AirDAO launches its AirBond Marketplace

AirDAO has launched the AirBond Marketplace after recently holding an airdrop to celebrate the anniversary of its blockchain. The airdrop rewarded the AirDAO community for supporting AirDAO’s blockchain since launching on April 16th, 2019.

Active users who contributed to the AirDAO ecosystem were eligible to receive airdrop rewards. There were five eligibility criteria for the airdrop, with AirDAO rewarding AMB stakers, Node Operators, and users of its blockchain, bridge, and DEX. Eligible participants received BOND tokens — the native token of the AirBond Marketplace. BOND tokens are AMB that is vested and tradable for AMB on the beta of the marketplace.

AirDAO is a community-governed layer one blockchain and ecosystem of web3 dApps, powered by the native token, AMB. AirDAO brings the benefits of Web3 to a global audience with a suite of powerful products in an intuitive, all-in-one interface that makes DeFi more accessible to the average user.

The AirBond Marketplace is now live, and airdrop winners can trade their BOND tokens for AMB.

DYOR: Telegram | Twitter Open / Comment

2023-05-07 20:01:16 The Ethereum Foundation just sold $30M in Ether — But will ETH price fall this time?

Ethereum Foundation's previous big sale of ETH preceded a bear market, but there's little evidence that such sales affect the general market trend.
On May 6, Ethereum Foundation transferred nearly $30 million in Ether to the Kraken cryptocurrency exchange, causing jitters in the market about a potential selloff event.

ETH price fell 4.8% to $1,900 on the day, but the decline has been negligible so far amid a wider recovery trend.
Ether's price recovered modestly to $1,920 on May 7 after testing its 50-day exponential moving average (50-day EMA; the red wave) near $1,850 as support a day ago.

Notably, the 50-day EMA has capped Ether's downside attempts so far in 2023, barring the early March selloff that saw the price briefly falling below the red wave. Meanwhile, testing it as support has prompted the ETH price to pursue a breakout above $2,000.

As a result of this support, ETH bulls may attempt to take the price above $2,000 again. Open / Comment

2023-05-04 23:50:00 ​Bitcoin crowdfunding is Lightning: El Salvador school program hits 1 BTC in donations

The My First Bitcoin education program reaches 1 BTC in donations, with Bitcoin Beach matching contributions, fueling expansion.

There’s a beacon of light in the bear market tunnel. The Salvadoran nonprofit program Mi Primer Bitcoin, or My First Bitcoin, has raised over 1 Bitcoin in donations — not from venture capitalists and investors but from generous Bitcoin education advocates worldwide.

Donations flooded in from countries like Venezuela, Poland and Canada as hundreds of people worldwide sent satoshis (Bitcoin’s smallest denomination) over the Lightning Network to fund the expansion of My First Bitcoin’s Bitcoin Diploma program.

Cointelegraph reached out to John Dennehy, founder of My First Bitcoin, to understand how the crowdfunding campaign reached 1 BTC in less than three weeks. Dennehy told Cointelegraph, “Bitcoin’s greatest potential is empowering the individual, and making it easy to donate value is a big part of that.”

“Bitcoin crowdfunding makes it possible for anyone to participate, which is revolutionary when compared to the existing fiat system that restricts who can participate. This is a way to level the playing field.”

Unlike PayPal or GoFundMe, Bitcoin’s censorship-resistant, self-sovereign properties make it one of the most efficient ways to send money online. Plus, it’s far cheaper. Money is sent over the layer-2 Lightning Network, which costs a fraction of legacy payment services. Dennehy explained:

The crowdfunding campaign was boosted by the efforts of Bitcoin Beach, the Bitcoin circular community in El Zonte on El Salvador’s Pacific coast. Bitcoin Beach was the spark that led to BTC being declared legal tender in El Salvador in 2021. On April 27, Bitcoin Beach declared it would match all donations to the project until midnight on April 27. Open / Comment

2023-05-01 23:00:00 ​FTX investor Temasek pours $10M into algorithmic currency system Array

The new algorithmic currency system aims to provide a more “stable, efficient and scalable” asset than common coins like Bitcoin.

Singapore’s government-owned investment firm Temasek continues investing in cryptocurrency projects even after losing hundreds of millions of dollars to the collapsed FTX crypto exchange.

Temasek has invested $10 million in Array, the developer of an algorithmic currency system based on smart contracts and artificial intelligence.

Announcing the news on May 1, Array said that the raise is its second funding round, which is believed to bring the firm’s valuation to more than $100 million.

The new Temasek-backed algorithmic currency system aims to provide a more “stable, efficient and scalable” asset than traditional cryptocurrencies like Bitcoin. The system is expected to have a variety of use cases, including payments, remittances as well as investments.

Array’s smart contract platform, ArrayFi, is designed to enable decentralized applications built on top of its network and driven by its proprietary AI algorithm ArrayGo. Based on the bonding curve smart contract, ArrayGo operates independently without any human or institutional control and is triggered solely by market actions, the firm said.

“In order to ensure the value of the token remains stable and predictable for investors and traders indefinitely, a traditional bonding curve is implemented manually,” the Array team noted in a Medium blog post. The bonding curve is implemented into a smart contract that governs the issuance and trading of the native token Ara (ARA).

According to Array’s first Twitter Space conducted in February, the company’s bonding curve mathematics aims to ensure that Array users are protected against “pump-and-dump” schemes.

Temasek’s investment in Array comes several months after the Singapore government openly admitted that the company suffered reputational damage due to investing in the collapsed crypto exchange FTX. In November 2022, Singaporean Deputy Prime Minister Lawrence Wong argued that Temasek suffered a lot more than just financial losses due to investing in FTX. Open / Comment

2023-04-28 22:30:00 ​Revolut taps Koinly for automated cryptocurrency tax reports

Revolut has partnered with Koinly to integrate cryptocurrency tax report services for users.

As cryptocurrencies increasingly fall under the purview of global tax authorities, fintech Revolut has integrated an automated tax reporting service for its users.

The digital financial services provider has partnered with cryptocurrency tax solution Koinly to allow users to generate cryptocurrency tax reports to work out gains and losses. Revolut users will be able to synchronize their cryptocurrency transaction history with Koinly to expedite tax calculations.

Koinly’s global head of partnerships Jane McEvoy tells Cointelegraph that the partnership has been a work in progress since the start of 2023. The service works with more that 50 different partners around the world, which has enabled the company to cater to a wide range of users with different cryptocurrency tax preferences and requirements.

Koinly’s head of tax Danny Talwar added that the use of crypto tax software is becoming increasingly popular as tax authorities around the world hone in on the sector.

“Many crypto traders have multiple exchanges and wallets, meaning keeping tax records are a nightmare. With strict and onerous record keeping requirements globally, crypto tax software saves time and automates tax reporting.”

Talwar previously highlighted the importance of cryptocurrency tax services in helping citizens in the United States take advantage of “tax loss harvesting.“ Speaking to Cointelegraph ahead of the U.S. tax deadline in April 2023, Talwar said taxpayers would do well to take advantage of depressed cryptocurrency markets to reduce their tax liabilities.

Revolut serves over 28 million users across several jurisdictions worldwide following the acquisition of a banking license in Lithuania in late 2018. The digital bank has been offering cryptocurrency custody services since December 2017. Open / Comment

2023-04-25 22:30:00 ​Genesis settlement disrupted by new creditor demands, DCG says.

Under the initial settlement plan, Genesis creditors were expected to receive 80% recovery of funds lost due to the bankruptcy.

Troubled digital currency company Genesis Capital saw its settlement disrupted by creditors in two months after the initial agreement, raising concerns about the timing of the process.

Genesis’ parent company, Digital Currency Group (DCG), took to Twitter on April 25 to issue a statement on Genesis filing a motion for mediation. The firm said that Genesis’ settlement could be troubled due to renewed demands from creditors.

In February, Genesis Capital submitted a comprehensive settlement to the bankruptcy court after reaching an “agreement in principle” with DCG and its creditors. Under the proposed restructuring plan, Genesis creditors eUnder the initial settlement plan, Genesis creditors were expected to receive 80% recovery of funds lost due to the bankruptcy.xpected 80% recovery of funds lost due to the firm’s collapsed operations.

A few months later, Genesis creditors eventually raised their demands, significantly disrupting the ongoing court process, according to DCG.

“While it is difficult to understand the rationale given the limited engagement from Genesis creditors since the February court filing, our understanding is that a subset of creditors have decided to walk away from the prior agreement,” DCG wrote.

DCG noted that it remains committed to reaching a fair settlement deal for all and will have to take into account any new demands against previous concessions. The firm stated:

“We do not know if the hundreds of thousands of individual creditors are aware of this development, but the latest maneuver will prolong the court process.”

As previously reported, Genesis filed for Chapter 11 bankruptcy in the Southern District of New York in January 2023. In the filing, the company estimated liabilities of $1 billion to $10 billion and assets in the same range. Open / Comment

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