Crypto Bears

2022-06-26 21:00:03 ​Spanish Government Wants Crypto Holders to Report their Transactions & Holdings from 2023

Spanish authorities will force crypto owners to declare their crypto-related operations and coin holdings. The nation’s finance chief also stated that crypto exchanges will be forced to report on their customers’ activities from next year – and warned that similar European Union-wide measures were now in the pipelines.

According to the media outlet La Vanguardia, Spain’s Minister of Finance and Public Function María Jesús Montero stated that government organs were now working on regulations that will “force cryptocurrency holders to submit” an annual declaration of their token purchase and sale operations to the Treasury.

The measures will need to be put to a vote in parliament, but will likely be bundled with other measures, such as laws pertaining to tax rates on electricity providers. They will likely also be tacked onto anti-fraud laws, making their passage through parliament a virtual shoo-in.

The minister claimed that the new crypto regulations would likely come into force on January 1, 2023.

Montero further stated that Spain was acting in “anticipation” of regulations that would soon “be carried out throughout the European Union,” adding that other countries were “already working along the same lines.”

Montero was quoted as calling crypto “a new [form of] currency” that the government “must be able to regulate” to ensure that “no type of fraud or undesirable effects” impacted the Spanish economy.

The finance chief went on to add that the regulations would also seek to force crypto “platforms and companies that facilitate the purchase or exchange of cryptocurrencies” to “submit an annual document” containing “information on crypto movements on their platforms.” Exchanges will also be obliged to provide details on the owners of all the coins on their platforms.

The Treasury will be hoping to avoid another embarrassment on the crypto tax declaration front, however. Earlier this year, tax authorities and government bodies, including the Ministry of Finance, were forced into a humiliating climbdown after an effort to make Spaniards who hold coins on overseas platforms declare their holdings ran into difficulties.

The tax body had previously told citizens who hold tokens on overseas platforms that they should disclose their crypto holdings on annual overseas assets tax declarations in March (at the end of FY2021).

The body had told crypto owners with coins held on non-Spanish platforms to add details of their holdings to an assets declaration form. But this drive was blighted by apparent clerical errors: crypto holders complained that there were no fields on the aforementioned form for crypto holdings. This eventually forced the Ministry of Finance to make an eleventh-hour U-turn and tell crypto holders they did not need to submit details of their overseas crypto holdings after all. Open / Comment

2022-06-23 23:00:49 Do you have crypto? Use it freely!

Get incomes or a salary in crypto on a TRASTRA card and withdraw euros.

TRASTRA - is a crypto debit visa card with its own IBAN able to receive euros and fully integrated SEPA transfers.

Buy/Sell Crypto;
Accepted worldwide both online and offline at millions of merchants, ATMs, and points of sale;
3,00€ fee for SEPA out (transfer of euros throughout SEPA), regardless of the amount;
Profitable referral program;
Secure multi-currency wallet);

Only for subscribers of Defi Bears Airdrop channel: answer a few questions to TRASTRA bot and get promocode 9 € to order TRASTRA Card for FREE. Only 300 card. Don't miss the chance.
>> Click here to Start << Open / Comment

2022-06-18 21:00:03 ​Bear market no issue for Binance Labs’ DeFi incubation program

Binance Labs’ parent firm Binance is also looking to hire 2,000 employees amid the latest market decline as the firm sees bear markets as a “great time to bring on top talent.”

Binance Labs, the venture capital and incubation arm of the Binance cryptocurrency exchange, continues its business as usual despite the ongoing bear market.

The VC firm is preparing to launch the fifth round of the Most Valuable Builder (MVB) accelerator program, the incubation program designed to support new projects focused on decentralized finance (DeFi) and Web3.

Organized in cooperation with BNB Chain, the program looks to provide dedicated support to developers building decentralized apps on the BNB Chain blockchain network by providing incubation and investment.

The MVB program was originally launched in May 2021, with the mission to help BNB Chain-based startups create new projects, gain exposure, receive funding and accelerate community and business growth. Some of the successful MVB-born startups include infrastructure DeFi projects like Deri Protocol and Solv Protocol, the decentralized exchange Biswap, the GameFi and metaverse platform Metasset and others.

The latest round, also referred to as the fifth cohort, is named “Uncharted Territory” as it aims to explore new opportunities and help emerging projects amid the highly volatile cryptocurrency market.

“MVB V is structured differently than previous cohorts, with BNB Chain and Binance Labs collaborating for the first time to provide infrastructure, mentorship, funding and ecosystem support to the projects,” BNB Chain investment director Gwendolyn Regina told Cointelegraph on Thursday. “The funding source of MVB will be directly from Binance Labs,” she added.

The round application deadline is July 8, 2022, while the program is scheduled to start on July 11, 2022. In late June, Binance Labs and BNB Chain plan to announce successful projects that will join the MVB accelerator program and go through coaching and workshops for six-to-eight weeks.

The new MVB accelerator program is not limited in terms of projected investment, the BNB Chain investment director noted, stating:

“We do not have an investment cap. Binance Labs will follow a thorough evaluation process for projects that are selected for incubation before making an investment decision. The support we provide for the MVB program goes beyond mere money and the fund itself.”
Regina went on to say that the latest MVB round welcomes all builders in the blockchain industry, disregarding whether they have experience in building on the BNB Chain. “We are ready to invest in projects in all stages of their development, whether it’s early stage, working prototype or a launched product that needs scaling,” she added.

The ongoing bear market poses no potential harm to the accelerator program. Rather on the contrary, BNB Chain and Binance Labs believe that extreme market conditions tend to generate stronger projects, Regina said, adding:

“Bear markets are a great way to assess and support projects that truly make a difference in the blockchain ecosystem. If anything, now is the best time to spot strong, mission-driven projects and assist their growth and development.”
BNB Chain’s stance on crypto bear markets as an opportunity for industry growth comes in line with broader views at the Binance crypto exchange.

Related: ‘Builders rejoice’: Experts on why bear markets are good for Bitcoin

The company is looking to hire 2,000 employees amid the latest market decline, with CEO Changpeng Zhao declaring that the exchange sees bear markets as a “great time to bring on top talent.”

A similar sentiment is shared by billionaire crypto investor and Dallas Mavericks owner Mark Cuban, who applied a well-known aphorism by veteran investor Warren Buffett to the current crypto market drop: “Only when the tide goes out do you discover who's been swimming naked.” Open / Comment

2022-06-16 19:00:07 ​Liquidity provider asks platforms to freeze 3AC funds to recover assets after litigation

Danny Yuan said that their team detected that $1 million was missing from their company's funds at Three Arrows Capital (3AC).

Danny Yuan, the CEO of trading firm 8 Blocks Capital, called out to platforms that are holding funds owned by 3AC to freeze the assets, as rumors of 3AC’s insolvency stay afloat.

In a Twitter thread, Yuan explained their company’s involvement with 3AC, noting that they are paying the company to use the trading accounts that they own. The agreement included the ability to withdraw funds at any given time. He explained that:

“We had known them since 2018, thought they were competent and didn’t think they were degen enough to lose billions and not employ basic risk management.”

According to Yuan, there were no problems until June 13, when 8 Blocks Capital requested a big withdrawal because of the market’s conditions. The trading firm's CEO said that there was no response from 3AC. “After a while, the market stabilized so we no longer needed the funds. We thought maybe they were just busy,” he wrote.

However, things started to turn sour when 8 Blocks Capital detected through a script that $1 million was missing from their accounts with 3AC. Yuan said that reached out to 3AC's co-founder Kyle Davies and their team to inquire about the missing funds. However, they did not get a response.

Related: DeFi contagion fears and rumors of Celsius and 3AC insolvency could weigh on NEXO price

Because rumors of 3AC's insolvency are circulating online, Yuan noted that they announced what they know about the issue to gauge the extent of the situation. After that, Yuan said that they were contacted by those who have relationships with 3AC like their firm. Through this, Yuan claims that they found out more about 3AC's situation. Yuan tweeted:

11) What we learned is that they were leveraged long everywhere and were getting margin-called. Instead of answering the margin calls, they ghosted everyone. The platforms had no choice but to liquidate their positions, causing the markets to further dump.

— Danny (Danny8BC) June 16, 2022

Yuan also highlighted that 3AC still has many assets held on various platforms, which he did not name. Because of this, Yuan publicly asked those platforms to freeze the funds of 3AC so that the firm can pay back its debts after legal proceedings in the future. Open / Comment

2022-06-12 18:00:05 ​Chainlink brings Keepers and VRF to the Avalanche blockchain

Ava Labs CEO Emin Gün Sirer said that this will simplify the experiences of Avalanche developers and users.

Blockchain oracle platform Chainlink (LINK) launched two of its services, Chainlink Keepers and Chainlink Verifiable Random Function (VRF) and integrated them into the Avalanche Primary Network, a special subnet within the Avalanche (AVAX) platform.

In the announcement sent to Cointelegraph on Thursday, the Chainlink team highlighted that the integration with Avalanche is done to support developers within the platform. Chainlink Keepers will enable developers to automate smart contract functions in a decentralized manner. On the other hand, Chainlink VRF will provide a random number generator (RNG) that can be used in many decentralized applications (DApps) that require randomness.

Emin Gün Sirer, the founder and CEO of Ava Labs, expressed his belief that integration is a big milestone for those who are building in Avalanche. According to Sirer, this will "simplify both the developer and user experiences." Apart from this, the Avalanche executive noted that this will also improve functionalities and designs within DApps. He stated that:

“The Avalanche Community is full of tireless builders, and their ability to rapidly build and ship applications at scale just became even easier."
Chainlink Co-Founder Sergey Nazarov also expressed his sentiments over the new development. He explained that the integration will allow developers to make smart contract apps with end-to-end automation and apply a verified RNG to any application within the platform.

Related: DeFi protocols declare losses as attackers exploit LUNA price feed discrepancy

Back in February, Chainlink launched the second version of its VRF function. With the function, the Chainlink platform provides random numbers and presents cryptographic proof that the number was determined by combining block data and an oracle's private key.

Earlier in June, Chainlink also launched its price feeds feature on the Solana (SOL) blockchain. This function enables developers within the Solana platform to use the BTC/USD, ETH/USD and USDC/USD price feeds within their applications. Open / Comment

2022-06-07 20:00:15 ​Crypto com's Cronos launches $100M accelerator for DeFi and Web3

The Cronos Accelerator Program is backed by $100 million to help crypto projects seeking mentorship, funding and growth in the seed and pre-seed stages.

Cronos, a blockchain ecosystem built by major crypto exchange Crypto com, announced the launch of an accelerator program to fast-track advancements across the decentralized finance (DeFi), Web3 and Metaverse space, among others.

Driving the initiative, the Cronos Accelerator Program is backed by $100 million to help crypto projects in the seed and pre-seed stages seeking mentorship, funding and growth. According to the announcement, projects shortlisted for the accelerator program will be matched with compatible mentors.

Some of the prominent investment partners backing the Cronos Accelerator Program include Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz and Dorahacks. Cronos plans to onboard other partners in the future. Providing further clarity into the program, Cronos managing director Ken Timsit added:

“In the current climate, it is more important than ever to put our heads down and start building aggressively.”
Timsit aims to enhance the potential of projects by providing end-to-end support across the project’s operations. As part of this initiative, Cronos' Web3 startup accelerator arm Cronos Labs conducts weekly workshops that cover various aspects of building crypto projects.

Aspiring projects get the opportunity to procure between $100,000–$300,000 seed investment in addition to having the option for additional grant funding. In addition to mentorship and other marketing initiatives, projects will be able to integrate into Crypto com’s ecosystem including a DeFi wallet, crypto exchange and nonfungible token marketplace.

Related: Philippines to explore blockchain use cases, launches training program

The Department of Science and Technology (DOST) in the Philippines recently launched a training program for researchers to check the feasibility of blockchain technology within the healthcare, financial support and emergency aid industries.

Enrico Paringit, a DOST official, highlighted the department’s intent to “build non-cryptocurrency applications” and simultaneously produce blockchain development specialists for ramping up the government’s in-house initiatives. Open / Comment

2022-06-02 22:00:03 ​Balancer launches on Ethereum L2 network Optimism

Automated market maker and decentralized finance (DeFi) protocol Balancer has officially deployed on Optimism, the highly touted Ethereum layer-2 scaling solution, in a move designed to enhance user functionality by increasing scalability and reducing fees.

Balancer’s Optimism deployment was carried out in conjunction with Beethoven X, a decentralized investment platform on the Fantom Network that forked from Balancer v2. Together, both teams are said to have developed a decentralized exchange that is set to compete in the Optimism ecosystem.

Balancer Labs CEO Fernando Martinelli said his project's Optimism deployment reflects the belief that layer-2 scaling solutions will be effective in reducing transaction fees and network congestion.

Optimism is a layer-2 scaling solution designed to bring faster and lower-cost transactions to Ethereum. The network is said to support all decentralized applications on Ethereum via Optimistic Rollups, a scaling solution that operates in parallel with the main Ethereum chain.

Currently, Optimism has over $320 million in total value locked (TVL) on its chain from 38 projects, according to industry data. Its TVL peaked north of $510 million in late April. It currently ranks 19th in overall network value.

The number of projects launching on Optimism has increased considerably in recent months, partly due to expectations that the network was preparing to airdrop new tokens. Optimism has reported a surge in demand from users wanting to position themselves for the OP governance token airdrop, which will occur in multiple phases. It has been reported that nearly 250,000 addresses are eligible to receive the airdrop. Open / Comment

2022-06-01 23:00:01 ​Binance Labs’ $500M fund to catalyze crypto, Web3, blockchain adoption

Binance Labs plans to allocate the latest $500 million fund to projects across various stages — incubation, early-stage and late-stage growth.

Binance Labs, the investment arm of crypto giant Binance, launched a $500 million fund in partnership with global investors including DST Global Partners and Breyer Capital to drive innovation across the crypto, Web3 and blockchain landscape.

Binance Labs plans to allocate the latest $500 million fund to projects across various stages — incubation, early-stage and late-stage growth.

Sharing his take on accelerating the adoption of the crypto ecosystem, Changpeng “CZ” Zhao, CEO of Binance, revealed the importance of a connection between values, people and economies:

“The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web3 across DeFi, NFTs, gaming, metaverse, social, and more.”
Binance Labs was established in 2018 and has since invested in and incubated more than 100 projects globally. Some of the prominent companies in its portfolio include 1inch, Axie Infinity, Dune Analytics, Elrond, Polygon and The Sandbox.

Fun fact, Binance Labs had also invested $3 million in Terra’s layer-0 blockchain back in 2018.

Related: Binance gets approval to operate in Italy, will open office in Milan

Speaking to Cointelegraph, Binance Labs' executive director of investments and M&A Ken Li said that there are 14 projects that are participating in the Season 4 of the Incubation Program and they will receive the first funding from the new fund.

The eligible startups are Grindery, NuLink Network, FilSwan and Starton from the infrastructure sector; CODA and OpenLeverage from the DeFi sector; CoralApp, AlterVerse Inc, ChapterX and Gamic Guild from the gaming and metaverse sector; Qwestive and Reveel from the SocialFi sector; Playbux (MyCashBack) and Ambrosia Finance from the crypto fintech sector.

Several former Binance executives led funding rounds in helping multi-strategy blockchain investment fund Old Fashion Research (OFR) invest in over 50 blockchain projects in just one year.

As Cointelegraph recently reported, the fund was founded by Ling Zhang, the former vice president of mergers and acquisitions and investments at Binance and Wayne Fu, former Binace head of corporate development. Open / Comment

2022-05-30 21:10:00 ​NFT Land is the biggest trend on the crypto market right now with an average annual price of $14,500. But don't get overhyped on just every NFT Land — countless projects add them, but only a few bother to add real utility behind owning one.

Cryptobots is a legendary crypto game from 2017 that rewards players with 3200 valuable NFT Lands for playing on the "Battle for the Lands" Testnet of their new game. The utility for Cryptobots NFT Lands is over the roof — you can set up one of 5 businesses, mine resources, rent it out, and more!

Currently, Cryptobots are not selling their NFT Lands — you can only earn them!

Join the Testnet and earn the NFT land with real utility in one of the most promising P2E games of 2022!

Sign up for "Battle for the Lands" https://t.me/+C86kPKxyX2k2OTUy Open / Comment

2022-05-30 01:00:00 ​Kanpai Pandas is storming through this bear market So far they’ve got:

⁃ A box secured at the Alligiant Stadium for 15 years and taking holders weekly
⁃ Private Poker tournaments flying out holders to vegas
⁃ 18 VIP tickets for holders to UFT 276
⁃ Absolutely crazy VIP parties across the world

Oh and they are heavily backed by crypto twitter…. so if I were you I’d mint one right now and don’t say I didn’t warn you

Discord: https://discord.gg/AuM4PgTw
Twitter: twitter.com/kanpaipandas Open / Comment