Crypto Land

2023-12-12 18:00:11 Exciting News from the Innovation Hub of Bangalore, India!

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2023-12-11 17:01:03 StarkNet Foundation Set to Allocate 1.8B STRK Tokens for User Rebates and Provisons’ Committee

The Starknet Foundation has unveiled plans to distribute 1.8 billion STRK token rewards and rebates to drive the adoption and growth of the Starknet blockchain. While specific distribution plan details are not provided, the Foundation intends to involve various committees to oversee the overall allocation of the L2 tokens.

In a December 8 announcement on X (formerly Twitter), the Foundation highlighted the role of the “Provisions Committee,” a distinct committee within its ecosystem, in managing the distribution of rewards to users and community members. It added:

“The committee’s objective is to distribute ownership of the network’s native token and to reward past and future contributions by users and community members. We’ve been working on the first phase of distributions for a while now, and we are close to getting this over the line. There’ll be more formal communications on this soon.”

The committee will disburse 900 million STRK tokens in stages to acknowledge both past and future contributions made by users and community members. This distribution phase is set to commence in the first half of 2024. Open / Comment

2023-12-08 17:00:49 Grayscale CEO Claps Back At Jamie Dimon For Saying Bitcoin Should Be Banned

Bitcoin is here to stay whether big banking executives like Jamie Dimon like it or not, according to Grayscale CEO Michael Sonnhenshein.

The executive is the face of the company spearheading the world’s largest Bitcoin (BTC) and Ethereum (ETH) investment funds. Grayscale is currently negotiating with the Securities and Exchange Commission (SEC) to approve each fund’s conversion into publicly traded spot ETF products.

Despite opposition, the company won a lawsuit against the government regulator in August in a major step towards doing just that. Yet earlier this week, JPMorgan’s CEO said that if he were in charge he’d close Bitcoin down entirely.

Sonnhenshein responded with understanding, yet dismissal. In a Wednesday interview with Yahoo Finance, he said:

“I think every executive, particularly in the financial services space, is going to have their own opinions on new technologies and whether that’s crypto or Bitcoin specifically. But if you take a big step back, there is no question that this asset class is here to stay, that investor interest in this asset class is only growing.”

After a major rally above $44,000 earlier this week. Bitcoin is up over 160% year to date. Ethereum, meanwhile, is up 96% at over $2,300. Open / Comment

2023-12-05 17:01:55 Envision Joins Hands With HBAR Foundation in Latest Move to Digitize Carbon Markets

Web3 development protocol Envision Blockchain Solutions has partnered with the HBAR Foundation to create a blockchain-centric system for handling the carbon markets. The collaboration, announced in a press release on December 4, aligns with Envision Blockchain’s commitment to innovative enhancements within its open Guardian framework.

Formalized during the United Nations Climate Change Conference (COP28), the partnership will see Envision and the HBAR Foundation collaborate on a new open-sourced Managed Guardian Service (MGS) platform.

Providing more details on this, the Web3 development solution firm said the MGS platform would solely focus on creating a state-of-the-art digitized and digital measurement, reporting, and verification (dMRV) framework for the carbon markets.

Envision noted that the MGS platform and the UN Climate Change Global Innovation Hub signify a new turn in the carbon markets space.

The platform will be powered by Hedera Hashgraph’s distributed ledger technology (DLT) and its native coin, the HBAR asset, aiming to revolutionize the approach to addressing global climate change concerns. Open / Comment

2023-12-04 19:00:10 Breaking: US Space Force Urges Bitcoin Adoption To US DOD, Cathie Wood And & Deaton Reacts

Read more Open / Comment

2023-12-02 17:00:00 IRS Deals Devastating Blow to FTX With $24 Billion Tax Claim, Crypto Exchange Pushes Back

According to a November 30 filing by FTX debtors, the IRS tax claims of $24 billion filed in early November are “completely unsubstantiated” and FTX has now requested that the claims be dismissed by the bankruptcy court.

Sam Bankman-Fried’s FTX was hit with a major setback in its bankruptcy proceedings when the IRS filed the staggering tax claims last month, presenting a potentially insurmountable obstacle for the exchange as it attempts to recover funds and reimburse customers.

FTX asserted that the IRS has failed to provide any factual or legal rationale to justify tax claims of such an immense magnitude, especially given FTX’s financial circumstances.

The filing stated that despite ongoing discussions and repeated requests, the IRS has not substantiated the basis for maintaining tax claims that vastly exceed FTX’s estimated earnings and debts. FTX argued that the IRS claims, which currently total 47 separate claims against 31 FTX debtors, were speculative and threatened to impede customer reimbursement efforts indefinitely.

The scale of the IRS tax claims against FTX, among the largest ever levied by the agency, has prompted urgent legal action by the exchange. FTX contends that the unexpected tax claims of approximately $24 billion could critically impact its objective of restoring funds to customers and creditors affected by FTX’s shocking collapse in November 2022. Open / Comment

2023-11-29 17:00:01 Coinbase’s Custody Success: A Major Player in Nearly Every U.S. Bitcoin ETF Application

Over a dozen asset managers have applied to launch a Bitcoin spot ETF in the United States this year – and Coinbase is poised to serve as custodian for virtually all of them.

The firm’s custody arm, Coinbase Custody, is listed as a custodian in the S-1 registration forms for physically-backed Bitcoin ETPs sponsored by ARK, Bitwise, WisdomTree, Invesco, Valkyrie, Global X, and Franklin Templeton, according to Bloomberg ETF analyst James Seyffart.

That’s not all: Grayscale, owner of the world’s largest Bitcoin fund, will continue using Coinbase to manage its 600,000+ BTC upon its planned transition into an exchange-traded fund.

BlackRock, which tapped Coinbase Custody for its institutional BTC trading service last year, will also allow the firm to manage its fund’s coins.

“Coinbase looks dominant,” said Seyffart regarding the applicants’ custodians of choice. “Though i wouldn’t be surprised to see some of these ETFs have more than one custodian at some point down the line. There’s enough players — there will be competition.” Open / Comment

2023-11-26 17:01:56 CZ’s Lawyers Push Back Against Flight Risk Claims

In a court filing from November 23rd, representatives for the Dubai-based Zhao argued he posed no flight risk in part due to the fact he traveled to the United States to self-surrender and take responsibility for his crimes. Additionally, the defense for Zhao added that he has no criminal past and is recognizable worldwide.

Moreover, the defense noted that Zhao and his partner welcomed their third child a few months ago and that “preventing him from returning to them would be punitive.”

“Allowing Mr. Zhao to remain in the UAE will, in turn, allow him to take care of his family and prepare them for his return to the U.S. for sentencing,” Zhao’s attorneys wrote.

“To flee would be to risk additional charges, a likely much greater potential Guidelines range, and a host of other grave consequences to Mr. Zhao and Binance,” claimed Zhao’s defense. “To return, however, would be to potentially serve a brief or possibly no prison term and then return to his family with this matter behind him.”

1The filing comes days after Zhao pled guilty to anti-money laundering charges and stepped down from his role as CEO at the world’s largest crypto exchange. Open / Comment

2023-11-23 17:00:46 Belgium Moves to Accelerate EU Blockchain Infrastructure Project

The Belgian government has unveiled plans to accelerate the development of a blockchain infrastructure project in Europe during its Council of the European Union presidency in early 2024. Mathieu Michel, Belgium’s Minister of State for Digitalization, shared with Science|Business media on November 21 the four key objectives the country aims to accomplish during its upcoming presidency.

These goals include establishing a public blockchain for pan-European Union infrastructure and initiatives to address challenges related to the digital economy, online anonymity, and artificial intelligence (AI). Michel highlighted the idea of building innovative blockchain applications on a common infrastructure overseen by the government, considering the growing number of countries exploring blockchain-based applications.

The Minister of Digitalization also proposed a strategic overhaul of the European Blockchain Services Infrastructure (EBSI) project, which was established by the European Commission in 2018. The project collaborated with the European Blockchain partnership of 27 EU member states, including Liechtenstein and Norway. Open / Comment