DeFi & Ethereum News

2022-08-31 07:56:02 Iran implements rules allowing businesses to use crypto for import trade transactions

Iran will allow any local business that imports goods to pay for their transactions via cryptocurrency in lieu of the dollar or euro. The administration of Iran has passed a set of regulations on trade transactions with cryptocurrencies, according to Reza Fatemi Amin, minister of industry, mines, and trade.

Amin made the announcement at an automotive industry exhibition in Tehran on August 29, where he noted that the new law defines regulations on cryptocurrencies, including how to supply fuel and energy for cryptocurrency mining and how to grant licenses. The minister said any imports of goods can be processed via cryptocurrency transactions instead of the dollar or euro under an agreement between the Ministry of Industry and the Central Bank of Iran.

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2022-08-30 06:57:02 Ava Labs CEO Responds to CryptoLeaks Report on Law Firm Deal ‘Conspiracy Theory Nonsense’

Ava Labs CEO Emin Gün Sirer has rejected a report from CryptoLeaks that makes several strong allegations. The report says that Ava Labs and law firm Roche Freedman struck a deal that saw Ava Labs stock and cryptocurrencies given in return for pursuing actions against crypto companies.

The CEO of Ava Labs, Emin Gün Sirer, has rejected a report from CryptoLeaks that the company had struck a deal with a law firm to actively damage companies in the industry. Sirer called the report “conspiracy theory nonsense” and “inflammatory.”. The CryptoLeaks report talks about Roche Freedman, a law firm that it says “widely sues people in crypto, currently running at least 25 class actions.”.

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2022-08-29 07:46:02 NearPay Brings Virtual Crypto Cards And A Wallet For iOS As Well As Android Users

NearPay a crypto finance protocol has now launched virtual crypto cards and a wallet for iOS and Android users. NearPay is now made available on all platforms which include the Web, iOS and Android. The platform lets its users buy digital assets using credit cards or even through a bank transfer.

The entire process of transacting has been made easier, as users can send, receive and exchange a digital asset without hassle. The finance protocol has attempted to bring a modern digital banking experience across the industry. Additionally, there is a provision to instantly use a virtual Visa debit card that allows one to spend digital assets for online purchases with an option to automatically convert crypto into fiat currency.

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2022-08-28 07:10:02 Coinbase Will List Ethereum PoW Token if It Meets Listing Criteria

Coinbase has said it will list any potential Ethereum proof of work token after the Merge as long as it meets its listing criteria. The publicly listed exchange made this known in an August 25 tweet, adding that it is fully committed to supporting the Ethereum network migration to a proof-of-stake network.

According to Coinbase, its “goal is to list every asset that is legal and safe to list.” Thus, the exchange will evaluate every ETH fork token after the merge “on a case by case basis in alignment with our standard asset listing policy.” It further assured customers that all potential forked Ethereum tokens would go through the same listing review process as any other asset on the exchange. Coinbase recently announced the launch of a utility token called Coinbase Wrapped Staked ETH (cbETH) for its users.

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2022-08-27 07:57:02 Animoca Tightens The Reigns in Japan With $45M Web 3-Focused Funding

Animoca Brands’ Japanese subsidiary, also known as – Animoca Brands KK – has raised $45 million. Its parent company, Animoca Brands Corporation Limited, and MUFG Bank, Ltd. (MUFG) led the investment. Promoting Web 3 adoption to multiple partners and ramping up the value and utility of their branded content while simultaneously boosting the NFT ecosystem in Japan are also some of the prime areas of focus.

The blockchain gaming powerhouse is strengthening its presence in one of the leading economies in Asia – Japan. According to the official blog post, the freshly raised capital will be deployed to secure licenses for well-known intellectual properties and build internal capabilities. The development comes as the Japanese government looks to reevaluate the crypto tax rules applicable for corporations in the 2023 financial year. The two crypto lobbying groups of the island country..

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2022-08-26 10:34:02 Ethereum staking deposits decline with over 70% stakers in loss

Market Analysts have tied the cause of the decline to the speculations of an Ethereum fork and fears about the Merge. With the Merge all but confirmed to happen before Sep. 20, the amount of new value staked Ethereum (ETH) on the beacon chain is at its lowest levels, with around 230 ETH deposited daily.

According to Glassnode data, the volume of Ethereum staked daily declined significantly in July and has yet to recover. The decline coincided with ETH’s price recovering from the record market crash in the second quarter following the collapse of Terra LUNA. The slowdown in ETH 2.0 stakes is even more evident in August, with the current weekly deposit at 162 ETH — the lowest to date. Glassnode data also showed that the number of new unique addresses depositing on ETH 2.0 was relatively low and muted.

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2022-08-25 07:50:01 SudoRare developers reap $815,000 from rug pulling project

Adding to the growing list of exploits, SudoRare developers have shut down operations after withdrawing $815,000 (519 ETH) from the AMM protocol. A Twitter user Sungjae flagged the rug pull after 173 ETH was transferred to 3 wallet addresses each. In a follow-up tweet, security firm PeckShield confirmed the rug pull and highlighted that the team had deleted all communications channels.

The developers withdrew over 1 million LOOKS from the LooksRare liquidity pool and swapped them for 154 ETHand 60,000 USDC. SudoRare attracted as much as $815,000 in its liquidity pool given it offered investors high-yield opportunity. Users who took the bait, could not reap their yield as the protocol disappeared in just six days of launch. Its been an unfortunate precedent for the crypto market, as each week records another rug pull using similar tactics.

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2022-08-24 08:50:03 IMF Sees Significant Increase in Correlations Between Bitcoin and Asian Equity Markets

Officials at the International Monetary Fund (IMF) say that the correlation between the performance of the Asian equity markets and crypto assets such as bitcoin and ethereum has increased significantly. The International Monetary Fund (IMF) published a blog post on Monday on cryptocurrency regulation and how crypto is now “more in step with Asia’s equities.”

Anne-Marie Gulde-Wolf, deputy director of IMF’s Asia and Pacific Department, Nada Choueiri, the mission chief for India, and Tara Iyer, an economist in the global financial stability analysis division of the IMF’s Monetary and Financial Markets Department, authored the post. The IMF officials noted that for example, “the return correlations of bitcoin and Indian stock markets have increased by 10-fold over the pandemic, suggesting limited risk diversification benefits of crypto.” In addition.

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