Spanish Crypto Investors ‘Fleeing to Portugal to Escape Taxes,’ Say Lawyers
Source: Adobe/Oleksii
Increasing levels of scrutiny from the Spanish taxman are forcing Spaniards to flock to Portugal – or at least declare their legal residence of their Iberian neighbor nation. And it is a phenomenon that could one day turn Spain into what legal experts have called a “crypto desert.”
Portugal is known among crypto investors as a “tax-free haven,” where taxes are not imposed on cryptoasset holders and traders. Business Insider Spain reported that this “contrasts” with the situation across the border in Spain, where regulations continue to become stricter and stricter.
Although a recent attempt to tax citizens on their crypto holdings held abroad as part of the controversial Modelo 720 system ended in something akin to farce, the taxman is likely to tweak declaration protocols to ensure that they get a cut of trading profits in the near future.
The report quoted the lawyers Teresa Novo and Luisa Cinca, both from the Belzuz Abogados law firm – which operates in both Spain and Portugal, and specializes in corporate and tax-related matters – as stating that crypto “investors residing in Spain are transferring their official residence to Portugal.”
The lawyers warned that this group included “highly qualified” people, many of whom have “training in the areas of IT, computer engineering, and or economics,” who were specifically “looking for a country where they do not have to pay tax on all or part of their income.”
Although Portuguese law does not contain any specific rules pertaining to the taxation of income from the sale of cryptoassets, the legal experts stated that the situation is slightly more nuanced, to the extent that “it is debatable” whether token sales “should be subject to taxation in Portugal,” as they “do not result from” a legally recognized “professional activity.”
Novo and Cinca noted that the only cases whereby the Portuguese tax authority has taken money from crypto traders are cases whereby crypto traders actively chose to declare that they were working as full-time traders and volunteered information about their earnings.
A partner at another legal firm, Miñoabogados y Agalbit, noted that while capital gains and income tax laws in Spain seek to charge individuals with tax rates of between 19% and 26%, the same operations in Portugal were taxed at 0%, as they do not constitute “an economic activity” in Portugal.
Yet another lawyer was quoted as stating that an exodus of “talent and digital investment” was taking place “from Spain to Portugal,” whereby crypto folk felt that “in Spain, there is a persecution of crypto” and that “in Portugal, the opposite is true.”
The lawyer was quoted as saying:
“Portugal is attracting digital nomads with different nationalities. These people often work in the crypto ecosystem and are coming together in the technological hub of Lisbon. [The city is becoming] increasingly relevant, with a very attractive international environment in which to do business.”
Some of the legal experts concluded that Spain was running the risk of becoming a “crypto desert,” with lawyers warning that if Spain failed to “listen to the needs” of crypto advocates and “provide them greater legal certainty,” it would lose out to countries who offer more favorable conditions for crypto growth. ____ Learn more: – How the Crypto Industry is Increasingly Paying Its Share of Tax – A Small Survey Shows that US Crypto Investors Have Big Problems with Taxes
– Crypto Tax Trends in 2022: Increased Reporting, Updated Rules, and a Wealth Tax Debate – US Proposed Unrealized Gains Tax May Become ‘Penalty for Being Successful’ in Crypto – India Confirms Discriminatory Tax Rate for Crypto Investors
– Spanish Retail Giant El Corte Inglés to Open Crypto Exchange – Report – Spanish Telecom Behemoth Telefónica Weighs up Crypto Pay Options
Ethereum Developer Says Merge Delayed Until a ‘Few Months After’ June
Source: Adobe/Georgy Dzyura
Tim Beiko, a leading Ethereum (ETH) developer working on the blockchain’s transition to proof-of-stake (PoS) – known as The Merge – has said the major network upgrade will not be completed in June.
“It won’t be June, but likely in [a] few months after. No firm date yet, but we’re definitely in the final chapter of [proof-of-work – PoW] on Ethereum,” Beiko wrote on Twitter.
The comment from Beiko came after an Ethereum miner on Twitter asked him if miners would be “left out to dry” as they transition to PoS – which does not require mining – moves forward.
“I would strongly suggest not investing more in mining equipment at this point,” Beiko replied the miner by saying in a thread where he also shared a new update from Ethereum core developers about the latest Merge updates.
The highly anticipated Ethereum Merge was previously expected to happen sometime between May and June this year.
Meanwhile, speculation has also emerged online that The Merge may become even more delayed than a “few months after [June]”.
Writing on a Reddit forum for Ethereum miners, one mining pool operator who said they have been “reviewing the code and running nodes on the merge testnets,” said that they “don’t believe they will be ready until 2023.”
The comment from the pool operator was shared by another Reddit user in the r/CryptoCurrency forum, who added:
“It’s kind of a running theme in the ETH mining community how proof of stake has been ‘almost here’ for years now, but this time it’s actually true we are nearing the end.”
Meanwhile, back in February, Canada-based mining firm Hut 8 claimed that it would not be “really affected” by Ethereum’s move to PoS.
Commenting to Cryptonews.com at the time, Sue Ennis, Vice President of Corporate Development and Investor Relations at the company said the Hut 8 team is “pretty close to the [Ethereum] developer community,” while adding:
“And we’re hearing on the ground that proof-of-stake is so pretty far off, because it’s obviously not a technology issue; it’s a governance issue.”
____ Learn more: – Ethereum Devs Call Mainnet Shadow Fork a ‘Huge Success’, Propose Fixes for Bugs – Top Narratives About Ethereum and Its Merge with Its Proof-of-Stake Beacon Chain
– Ethereum Miners Can Transition to These Coins and Boost Their Values – Axie Infinity’s Ronin Hack Exposes Risks of Proof-of-Stake and Centralization – Analysts – Hayes Says He Aims to Rebalance Portfolio in Favor of Ethereum, Sets New Price Target for ETH
– Buterin Claims Ethereum Simplicity is Still Possible, as Developers Warn of Increasing Complexity – Ethereum Staking Sees Accelerating Growth Ahead of Merge
– The Ethereum Economy is a House of Cards – Why Ethereum is Far From ‘Ultrasound Money’
Opera's Crypto Browser Enters iOS, Worldcoin's Open Source, LUNA Gift + More News
Source: iStock/AdrianHancu
Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
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Adoption newsWeb browser Opera announced that its Crypto Browser for iOS is out and available for download from its website, and that it comes with a built-in non-custodial crypto wallet that supports several blockchain networks. In addition, the browser will give users access to Web 3-based non-fungible tokens (NFTs) and decentralized apps, including 7,000 services based on the Polygon (MATIC) ecosystem.Self-custodial crypto software platform Exodus Movement announced that customers now have the ability to buy crypto using their bank accounts within the Exodus mobile application. This is enabled through the fiat on-ramp service Ramp Network, and it enables customers to exchange USD, EUR, or GBP for over 25 cryptoassets within the app, they added.The Emirates airline will launch NFTs and metaverse experiences for its customers and employees, with the launch of the first projects anticipated in the coming months. The company also announced that its Emirates Pavilion at the Expo 2020 site will be used to introduce new projects, including those relating to the metaverse, NFTs, and Web3.Portugal-based financial institution Bison Bank received a license from the Banco de Portugal, the country’s central bank, to operate as a virtual asset service provider (VASP). Although it is the fifth VASP to be authorized by the central bank, it is only the first bank-owned entity on the list.Altcoins newsMajor crypto exchange Coinbase-backed startup Worldcoin announced that they are open-sourcing the stack. In the coming weeks and months, the team will open-source most of their work from the last two years and will post deep–dives explaining each component, the announcement said. Everything will be published with permissive or responsible legal licenses, it added.Stablecoin newsTerra (LUNA) blockchain developer Terraform Labs gifted the Luna Foundation Guard (LFG) LUNA 10m (USD 81m). The LFG is tasked with collateralizing the network’s algorithmic stablecoin terra USD (UST).Investments newsIn a letter to investors, analytics platform MicroStrategy CEO Michael Saylor called his multibillion-dollar bitcoin (BTC) trove “a tremendous success” in driving shareholder value. He added that this strategy was complementary to the company’s decades-old analytics business, and that they would “continue to vigorously pursue both strategies.”Tech entrepreneur, author, and Bitcoin proponent Jeff Booth is launching Ego Death Capital, an investment fund aimed at providing funding to entrepreneurs who are working to grow the bitcoin ecosystem. Nico Lechuga and Andrea Pitt have joined as co-founding partners, while bitcoin advocates Lyn Alden and Preston Pysh will join as advisors. “The onboarding of billions of people to the Bitcoin ecosystem will come from creating products that solve real needs,” Booth wrote in a letter introducing the fund.Digital asset gateway Fasset raised USD 22m in a Series A funding round co-led by Liberty City Ventures and Fatima Gobi Venture. The project aims to expand its offerings in Islamic and emerging markets which include Indonesia and Pakistan.DeFi newsDecentralized finance (DeFi) and decentralized exchange (DEX) aggregator 1inch announced it has deployed its Aggregation Protocol and the Limit Order Protocol on the Fantom (FTM) blockchain.Legal newsRobert Taylor was indicted for operating an illegal Bitcoin ATM business in at least 46 locations in New York City, USA, mostly in laundromats, as well as locations in New Jersey and Miami, aimed at individuals engaged in criminal activity, according to the Manhattan District Attorney’s Office. Between 2017 and 2018, he converted more than USD 5.6m of his customers’ cash into bitcoin while charging a fee of between 10% and 20% without a valid regulatory license, it said.Nessa Risley of North Carolina, USA, a user of the Uniswap (UNI) swapping service, alleges in a class-action lawsuit that a lack of know-your-customer procedures on the platform allowed scammers to execute pump and dump schemes, resulting in her losing funds. She states that the protocol’s failure to register as a broker-dealer with the US Securities and Exchange Commission and comply with securities laws has put investors at risk.Career newsBinance announced that its Director of Sanctions Compliance Chagri Poyraz has been promoted to Global Head of Sanctions since joining in early January. He is responsible for ensuring Binance meets and maintains sanctions compliance globally, as well as for building a sanctions control framework similar to traditional banks, they added.
Crypto Community Welcomes Musk’s Twitter Bid as Obstacles Emerge
Elon Musk. Source: a video screenshot, TED / YouTube
Twitter’s board does not welcome Tesla chief Elon Musk’s bid to buy all the shares of the company and is reportedly preparing a ‘poison pill’ defense strategy that would prevent a hostile takeover.
One option considered by the board to stop Elon Musk from buying Twitter is a so-called shareholder rights plan that would allow existing shareholders to purchase more shares at a discount. The result would be a dilution of the stake held by the party seen as ‘hostile’. Another option considered is reportedly to call the offer too low.
The information was obtained by Bloomberg, citing anonymous sources “with knowledge of the matter.”
According to these sources, Twitter’s board could announce its ‘poison pill’ already later on Friday.
The information is notable given that Jack Dorsey, Twitter’s former CEO who welcomed Musk’s interest in Twitter earlier this month, still remains on the company’s board until his expected departure later this year.
Musk and Dorsey are thought to have views on freedom of speech issues and the role of bitcoin (BTC) and crypto that – at least to some extent – align.
So far, at least one major investor in Twitter, the Saudi Arabian investment conglomerate Kingdom Holding Company, controlled by Prince Alwaleed bin Talal, has rejected the bid, saying it does not represent “the intrinsic value” of the company.
The comment, which was made on Twitter, quickly received a reply from Musk:
Free speech, but without the crypto scams
Meanwhile, during an on-stage interview on Thursday at TED2022 in Vancouver, Canada, Musk said that he wants to turn Twitter into “an inclusive arena for free speech,” while hinting that speech has become too restricted on Twitter as of late.
“We want to have the perception and the reality that speech is as free as possible,” Musk said, adding: “A good sign as to whether there’s free speech is: is someone you don’t like allowed to say something you don’t like? And if that is the case, then we have free speech.”
And while defending free speech on the platform, Musk also said that work needs to be done to filter out “spam and scam bots.”
“They make the product much worse. If I had a dogecoin for every crypto scam I saw, we’d have 100 billion dogecoin,” Musk said.
A ‘white knight’ to the rescue?
Still, it appears that Musk is not the only one interested in buying up Twitter.
According to the New York Post, sources “close to the situation” said the private equity giant Thoma Bravo is also considering a bid for Twitter.
“They are making a push,” the source reportedly said about the investment firm, which already owns a number of other tech companies such as IT security firm McAfee and software firm Landesk.
According to one of the sources, Thoma Bravo could potentially come to the rescue as “a white knight” for Twitter and its CEO Parag Argawal as they seek ways to avoid a takeover by Musk.
It remains unclear how much Thoma Bravo might bid for the company and when it could happen, the New York Post article said.
Twitter could be ‘a payments business’
Commenting on the potential deal in an interview with CNBC on Thursday, Jack Mallers, CEO of the bitcoin payments app Strike, said he supports the deal.
He noted that Musk now has an opportunity to turn Twitter into “a payments business,” and said it would have “a lot of advantages over incumbents like Chase.”
“If I’m Elon Musk and I had a global audience and a global network in Twitter […] what’s to stop me from Twitter users checking out at Starbucks, what’s to stop me from users remitting money through Twitter? He has an opportunity to build payment experiences,” Mallers said.
Meanwhile, the popular economist and crypto trader Alex Krüger also offered his opinion, saying in a tweet on Friday that it is “crystal clear” that Twitter’s board should accept the offer.
Similarly, Ben DiFrancesco, founder of the crypto engineering consultancy ScopeLift, said that he sees Musk’s bid as “extremely good,” and that it would be “great for shareholders.”
“The only reason to decline is a zealous commitment to censorship. If that’s who’s running the company, then just shut it down,” DiFrancesco wrote on Twitter.
Others, including Jackson Palmer, the co-creator of Musk’s favorite cryptocurrency Dogecoin, made it clear that they are now not in favor of Musk’s takeover bid.
“It takes some pretty impressive mental gymnastics to associate any type of ‘freedom’ with the richest man in the world initiating a hostile takeover and forcing one of the largest public social media platforms private,” said Palmer, who last year distanced himself from the crypto community he once was a part of.
Lastly, according to Sam Bankman-Fried, CEO of the crypto exchange FTX, a decentralized version of the social network could be an alternative solution to the issue of how much moderation is needed on social media.
“Tweets go on-chain, encrypted; the sender chooses who has access to them,” Bankman-Fried wrote. He added that the model could also be monetized and that non-fungible tokens (NFTs), payments, and even dogecoin could be integrated on-chain.
It would be “hard, but not that hard” to build, the exchange CEO and well-known crypto billionaire said.
Following yesterday’s bid, shares of Twitter fell 1.7% on Thursday. The price drop is believed to reflect a view in the market that the deal may not go through after reports that Twitter’s board will fight against it.
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Learn more: – Elon Musk Offers to Buy 100% of Twitter, Calls it ‘Best and Final Offer’ – Musk Not Joining Twitter’s Board But Wants ‘Significant Improvements’, Teases DOGE Payments Integration
– Elon Musk Won’t Sell Bitcoin, Ethereum, Dogecoins as Inflation Soars and Recession Risk Grows – Elon Musk Should Listen to Cathie Wood on Bitcoin
– VCs Fight Back as Jack Dorsey, Elon Musk Attack ‘Web3’ Narrative – Facebook, Watch Out! Aave and Twitter’s Bluesky Move Towards New Social Media Standard
Bitcoin and Ethereum Fail Near Key Resistance, XRP Outperforms
Bitcoin price struggled to clear the key USD 41,500 resistance zone.Ethereum topped near USD 3,150, XRP outperformed and climbed above USD 0.78.SOL, AVAX, and LUNA are down 4%-7%.
Bitcoin price started a recovery wave above the USD 41,200 level. However, BTC failed to gain strength for a clear move above the USD 41,500 resistance. It is currently (04:24 UTC) trading above USD 40,200 and is down 3% in a day.
Similarly, most major altcoins have also corrected lower. ETH failed above the USD 3,120 pivot level and declined almost 3% in a day. XRP was able to climb above USD 0.750 and become the best performer among the top 100 cryptoassets by market capitalization today. ADA is down almost 3% and is trading near USD 0.95.
Total market capitalization
Source: www.tradingview.com
Bitcoin price
After a close above the USD 41,000 level, bitcoin price extended its increase. BTC was able to surpass the USD 41,200 resistance, but it struggled above the USD 41,500 level. As a result, there was a bearish reaction below the USD 41,000 level. The price even declined to USD 40,000 before recovering. On the downside, an initial support is near the USD 39,500 level. The next major support is near USD 29,200, below which the price might start another decline.
An immediate resistance on the upside is near the USD 40,500 level. The next key resistance is now forming near the USD 41,200 level.
Ethereum price
Ethereum price also followed a positive path after it failed to stay above the USD 3,120 pivot level. ETH reacted to the downside and declined below the USD 3,050 level. The next major support is near the USD 3,000 level, below which the price could accelerate losses.
If there is a fresh increase, the price might face resistance near the USD 3,100 level. The next key resistance might be near the USD 3,120 level, above which the price could attempt a move above USD 3,150.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) failed to clear the USD 1.0 resistance zone. The price is down almost 3% and there was a brief move below the USD 0.95 support. If the bears remain in action, the price could slide towards the USD 0.90 level.
BNB failed to clear the USD 425 resistance zone. The price started another decline and tested the USD 412 level before recovering toward USD 418. If there are additional losses, the price could decline toward the USD 405 level.
Solana (SOL) topped below the USD 110 level. It is down almost 5% and is struggling to stay above the USD 100 level. If there is a close below the USD 100 level, the price could accelerate losses.
DOGE is consolidating near the USD 0.142 support level. If the bulls struggle to protect USD 0.142, the price could continue moving down. The next major support is near the USD 0.135 level.
XRP price outperformed and stayed above the USD 0.72 support zone. It is now up 7% and there was a move above the USD 0.78 level. The next key resistance is USD 0.80. XPR is unchanged for a week.
Other altcoins market today
Many altcoins are down over 4%, including LUNA, AVAX, NEAR, MATIC, ATOM, LINK, ETC, MANA, APE, EGLD, THETA, and FTM. Out of these, LUNA is down 7% and is trading near USD 82.
Overall, bitcoin price failed near a key downtrend resistance at USD 41,500. If BTC fails to stay above USD 39,500, there is a risk of a sharper decline.
Bitcoin, Ethereum Fluctuate as US Inflation Hits 8.5%, Slightly Above Expectations
Source: Adobe/noskaphoto
The price of both bitcoin (BTC) and ethereum (ETH) moved higher before reversing lower today as inflation for March accelerated to 8.5% compared to the same month last year, slightly exceeding analysts’ expectations. The number was also up markedly from February’s reading of 7.9%.
“The all items index continued to accelerate, rising 8.5 percent for the 12 months ending March, the largest 12-month increase since the period ending December 1981. The all items less food and energy index rose 6.5 percent, the largest 12-month change since the period ending August 1982,” the US Bureau of Labor Statistics wrote in its latest inflation report.
While the headline inflation came in slightly above expectations, core CPI came in slightly below it. Analysts’ expectation for the headline inflation last month was 8.4%, while the core CPI was expected at 6.6%, once again marking the highest inflation in the US since the early 1980s.
Headline inflation is the commonly quoted inflation number that includes all consumer prices, while core CPI excludes prices on food and energy.
US headline inflation rate last 10 years:
The BTC price initially reacted to the slightly higher-than-expected inflation reading by moving about 0.7% higher in the first 10 minutes after the release, while ETH saw a spike of about 1.5%. However, the market later reversed to the downside, with BTC once again dipping testing the key USD 40,000 level.
At 14:30 UTC, BTC was down 1.3% since the announcement, trading at USD 39,850. Meanwhile, ETH was down by 0.5% over the same time period to USD 3,019.
At the same time, the S&P 500 stock index was up by 0.85% for the day.
Ahead of the release of the inflation number, crypto markets were already trimming losses after heavy selling on Monday. Similarly, S&P 500 stock index futures in the US also pointed up slightly after a red day yesterday.
According to Marcus Sotiriou, an analyst at the UK-based digital asset broker GlobalBlock, the recent weakness in the crypto market can mainly be put down to the current macro headwinds at hand.
“With soaring inflation, retail investors do not have enough money to invest significant amounts in what they deem as ‘risky’ assets like cryptocurrencies,” he said in an emailed note.
Today’s inflation report comes after energy prices in particular have risen strongly in the wake of Russia’s full-scale attack on Ukraine, which began on February 24.
The figure was also released after White House spokesperson Jen Psaki yesterday said the administration expects headline inflation for March to be “extraordinarily elevated.”
Psaki added that they expect to see “a large difference between core and headline inflation,” and that this comes as a result of disruptions to global energy and food markets as a result of the war in Ukraine.
Commenting ahead of the release of today’s inflation number, the former Twitter CEO and current CEO of payments firm Block, Jack Dorsey, hinted that the official response to the high inflation is one of “deception and zero accountability.”
“It’s not the party, it’s the system,” he said.
Commenting to the Wall Street Journal ahead of the release, Blerina Uruci, US economist at investment management firm T. Rowe Price Group Inc., said inflation now has “strong momentum across the board,” and that it affects both goods and services.
“To me, this is a red flag. The other red flag is Russia’s invasion of Ukraine and the rise of Covid in China. Those pose risks that the so-called normalization of supply chains takes longer to materialize,” Uruci was quoted as saying.
Meanwhile, other analysts say they believe the high inflation reading in March represents a peak for the current cycle of elevated inflation.
“[We] believe CPI will peak in March (also peaking on a quarterly basis with Q2 @ 7.9% yr/yr) as higher year-ago base effects take hold and the pace of overall economic growth slows which should lead to price growth easing on a sequential basis this summer,” Sam Bullard, managing director, and senior economist at banking giant Wells Fargo, said in a note on Sunday cited by U.S. News. ___ Learn more: – When Bitcoin Meets Inflation – Get ‘Mentally Ready’ for Lower Bitcoin Prices as Rates Rise, Bitcoin 2022 Panelists Warn
– How War in Ukraine Is Increasing Inflationary Pressure Across World’s Regions – Fed Can’t Stop Prices From Going Up Anytime Soon, But There’s Good News, Too
– ‘New Inflationary Era’ Upon Us, Central Bank Action Will be Unpopular – BIS’ Carstens Warns – War in Ukraine to Make Countries Rethink Currency Dependencies – BlackRock CEO ___ (Updated at 14:38 UTC with the latest market data.)
Margex Teams Up With ChangeNow – The No KYC Dynamic Duo of Crypto Exchanges
Did we mention that all you need is a credit card to purchase crypto? Oh, and a wallet to send it to!
Disclaimer: The following article is part of Cryptonews Deals Series and was written as a promotional article in collaboration with the sponsor of this offer. If your company has an exclusive promotion that you would like to share with our readers, we invite you to reach out to us. Let’s build together.
We’ll start by stating how simple it is to create an account and start buying/trading crypto on Margex. So, we are doubly excited to announce that crypto derivatives trading platform Margex has teamed up with crypto swap service ChangeNow, because the goal of this partnership is to offer you easier access to crypto. Who doesn’t love simplicity – especially in the world of crypto?
Margex – About Us
In short, Margex’s key benefits are the ability to trade anonymously, margin trading at 100x leverage, and an innovative Price Manipulation security feature, along with currency purchasing options for multiple coins. If you want to learn more about Margex, there’s an in-depth look at the exchange here. That’s where ChangeNow comes in.
ChangeNow is a platform that allows you to buy crypto using your credit card. Your crypto is received as quickly as the blockchain can process it. Where does your crypto go from there? You can choose to send it to whatever wallet you choose. They also offer a native, non-custodial wallet, meaning that the exchange does not collect or store your crypto. Being a non-custodial exchange adds to the transparency and security of the platform because you are in control of your assets.
Now, given this new powerhouse of a partnership, buying crypto via fiat on Margex will not only be easier but have the added benefit of being able to purchase a variety of coins/tokens. See, Margex has always provided fiat purchases – but only for BTC. Of course, you can always buy BTC and exchange it for another currency. With ChangeNow added to your fiat purchasing options – you may choose from a variety of coins and tokens. That’s right – decentralized finance (DeFi) as well.
When you’re using Margex to buy crypto, you will now see (in the drop-down menu of the upper-right corner) a second option for buying crypto – not just Bitcoin. ChangeNow is the second option in that drop-down menu. After selecting ChangeNow a new window will open and you will now be on the ChangeNow exchange window for fiat purchases. The Margex wallet address will already be populated in the ‘Recipient Wallet’ field, or you can add in your preferred address. When you are on ChangeNow’s purchasing page, you will be able to change currency purchasing options. ChangeNow offers over 50,000 buy/sell options.
In conclusion, this partnership is a great on-ramp for anyone who wants to buy into crypto but isn’t quite sure how. The process is secure, fast, and simple. It is also beneficial for the more seasoned investor who wants to broaden their portfolio’s tools, or wants a fresh face in terms of exchanges. Simply put, you won’t feel the type of purchasing freedom anywhere else, thanks to a powerhouse of a partnership like this!
Are you ready to start buying and/or trading using Margex? Check out the Special Offer that we have below. Don’t miss out on this deal!
Special Offer: Join and get a USD 50 bonus to pay trading fees. Deposit 0.004+ BTC to get an additional USD 100 bonus! To get your deposit bonus, simply send the promocode CRYPTONEWS to our team in live chat.
See our original post with details on our promotion here.
Coinbase Faces Criticism Again for Listing ‘Dead’ and ‘Stupid’ Tokens
Source: Coinbase
The major US-based crypto exchange Coinbase is again facing criticism from the community after it released a new list of tokens it said are “under consideration for listing.” The list includes projects that a community member described as “stupid” and “virtually completely dead.”
Among the tokens that Coinbase revealed it is considering for listing in the second quarter of this year were largely unknown Ethereum (ETH)-based ERC-20 tokens such as StudentCoin (STC), Polkamon (PMON), and Big Data Protocol (BDP). In addition, there are 42 other ERC-20 tokens and 5 Solana (SOL)-based tokens.
Sharing his take on Twitter today, the popular crypto influencer Cobie called Big Data Protocol a project that was “virtually completely dead prior to [the] listing blog post.”
He added that Big Data Protocol was a project that earlier got some attention when Tron (TRX) founder Justin Sun and crypto trading firm Alameda Research “farmed it with billions.” However, everything came to a full stop when the smart contract “accidentally locked people’s assets” because of a bug in the code.
“Nobody really heard about it ever again after that week,” Cobie said.
On the same note, Cobie also attacked StudentCoin, calling it “a great 2017-ICO-style name.”
“What does it do? Did they rebase supply or did it dump 80% and never recover?? Nobody knows, except Coinbase Listings Team,” Cobie said.
The outburst from the popular influencer today came after he has long criticized Coinbase over their listing practice. Last month, he jokingly said the exchange might just add something “stupid like ‘StudentCoin’ next.”
Today, that prediction appears to have come true.
Eric Wall, chief investment officer at crypto hedge fund Arcane Assets jokingly replied to the tweet, that: “Obviously Coinbase added StudentCoin because of this tweet to reverse-farm Cobie for likes or something.”
Similarly, other leading members of the crypto community also called out the exchange.
Business is booming for Coinbase
Despite the backlash, listing the ever-increasing number of what many consider to be questionable tokens may have been good for Coinbase’s business.
The company, which is now publicly listed on the Nasdaq stock exchange under the ticker COIN, reported its highest quarterly revenue ever in the 4th quarter of 2021 of USD 2.5bn.
The revenue is up from just USD 585m during the same quarter in 2020, while the company’s net income has risen from USD 177m in the 4th quarter of 2020 to USD 855m in the 4th quarter of 2021.
Coinbase quarterly revenue and net income:
Source: TradingView
According to Coinbase’s blog post announcing the token list, the exchange’s goal is to “list every asset possible that meets our standards for legal, compliance and technical security.”
It further says that their listing considerations “do not take into account” the market capitalization or popularity of a project.
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Learn more: – Coinbase Ranks Top Among Crypto Exchanges, ‘Oligopoly’ Seen on Horizon – Coinbase Halts India’s UPI Support After Regulatory Uncertainty
– Coinbase Launches New Debit Card Amid Intensified Competition Among Exchanges, Platforms – NFT Entertainment Accelerates: BAYC Film Trilogy and Snoop Dogg’s NFT Collection on Cardano
– Coinbase Reportedly Nears Mercado Bitcoin Purchase as Binance Readies Rio Expansion – ADA Rallies as Coinbase Offers 3.75% APY for Staking Cardano
– As More Russians Support Massacre in Ukraine, Here’s How Some Big Crypto Companies Respond – Two Crypto Lawsuits to Watch: Meta and Coinbase Enter New Legal Battles
Disclaimer: The text below is an advertorial article that was not written by Cryptonews.com journalists.
Through Gitcoin, which is the largest fund-raising and construction platform for Web 3.0, creators and builders of Web 3.0 projects can obtain funding from community users. As of the end of March, there are over 2,400 projects and 312,000 active developers on Gitcoin, with a fundraising amount of USD 54.6 million. Gitcoin Grants is a regular crowdfunding event held by Gitcoin that allows community users to invest in promising new projects without any quota. Gitcoin Grants Round 13 (GR13), which started on March 9 and ended on March 24, featured more than 800 projects that were classified by tags. In particular, there were over 20 projects under the zkTech tag.
zkTech projects refer to projects focusing on zero-knowledge proof (ZKP) that are early-stage, open-source, or public goods. ZKP is playing an increasingly important role in the blockchain space. For instance, Zcash, a noted privacy-preserving project, uses ZKP to protect users’ transaction privacy. Meanwhile, ZKP has also been recognized for its importance for Ethereum scaling. Vitalik has praised ZK Rollup, a ZKP-based project, on many occasions and even considers it to be a long-term solution for Ethereum’s Layer 2 (https://zeroknowledge.fm/120-2/). According to statistics from L2BEAT (https://l2beat.com), among the top 10 Layer 2 projects (by TVL), four are ZK projects, including zkSync, dYdX, and Loopring. Today, we will cover over 20 ZK projects under the zkTech tag and dive into the ZK world.
Community Education
Project: learn.0xparc.org
Website: https://0xparc.org/
The 0xPARC Foundation promotes R&D and education & ecosystem development on Ethereum and other decentralized applications. Projects it funds, provides operational support for, or is otherwise involved in include Dark Forest, EthUniversity, Reboot, and Project Sophon. 0xPARC collected learning resources from learning groups that apply ZK makes them available at learn.0xparc.org. Offering resources such as Prerequisite Materials, Lectures, and Demos, the website is a platform of learning resources featuring constant updates. It aims to provide the best resources for ZK enthusiasts. The funds 0xPARC receives from GR13 will be mainly used to support administrators and volunteers in maintaining the resources of the entire project.
Project: ZK Travel Scholarships
Website: https://0xparc.org/
Similar to student grants, the project was also founded by the 0xPARC Foundation. 0xPARC plans to work with Stanford Center for Blockchain Research to fund cryptography students or researchers, enabling them to attend ZK conferences or other crypto events. The project aims to bring researchers closer to the blockchain community by engaging them in Ethereum and blockchain community events and conferences, thereby enabling the ongoing basic research for the long-term application of blockchain.
Project: Blaine Bublitz
Website: https://github.com/phated
Blaine Bublitz is a special project that directly funds the work of Blaine Bublitz, an active ETH/ZK infrastructure and ecosystem developer who has contributed to the development of several open-source ZK tools.
Project: ZK HACK
Website: https://www.zkhack.dev/mini.html
ZK Hack is a short-term online event platform featuring introductory workshops and advanced puzzle-solving competitions. Participants can learn how to use ZK tools on this platform.
Project: MoonMath Manual to zk-SNARKs
Website: https://leastauthority.com/
Least Authority, a consulting firm focusing on security services, provides MoonMath Manual to zk-SNARKs for an audience with minimal experience in cryptography and programming, helping readers implement complex ZK designs from step to step.
Project: zkApe
Website: https://zkape.substack.com/
zkApe, a Turkish newsletter about zero-knowledge, releases project developments, updates, publications, and podcasts about zero-knowledge technology from time to time.
Development
Project: Circom
Website: https://iden3.io/circom
Circom is a major circuit programming language and a compiler that allows programmers to design and create their own arithmetic circuits for ZK proofs. The first version of Circom was developed in 2018 by Jordi Baylina from iden3, a tech team focusing on Ethereum scaling solutions. As a major development tool for ZK technology, Circom has been successfully used for building several projects, including Tornado Cash, Dark Forest, Polygon Hermez, and many more.
Circom is a novel domain-specific language that aims to provide developers with a holistic framework to construct arithmetic circuits through an easy-to-use interface and abstract the complexity of the proving mechanisms. In particular, CircomLib is an open-source library of templates provided with hundreds of circuits such as comparators, hash functions, digital signatures, binary and decimal converters, etc. All templates defined in the Circom libraries have been manually proved and are guaranteed to be safe by construction. Circom helps programmers work in a modular fashion by defining small pieces and combining them to create large circuits that describe complex real-world problems. In addition, users can also create their own custom templates.
Project: CirC
Website: https://circ.dev/
CirC is a compiler infrastructure that supports compilation from high-level languages to circuits. For instance, it has been used to compile to .
Project: ZKxZK
Website: https://0xparc.org/blog/zk-ecdsa-1
ZKxZK is an open-source effort funded by the 0xPARC Foundation that aims to implement efficient proof-of-concept ZK circuits for Elliptic Curve Cryptography (ECC) and Pairing Based Cryptography (PBC) through Circom. The funds obtained from GR13 grants will be mainly used for renting servers to run the required programs.
Project: ZKML
Website: https://github.com/0xZKML/zk-mnist
ZKML plans to develop zkSNARK circuits about machine learning through Circom. The project was conceptualized and launched during the first learning group of 0xPARC in 2021.
Project: Zk Block
Website: https://zkblock.app/
This project sets out to help developers focus on developing quality ZK Dapps by building a unified ZK template (called zkblock) that supports the latest web development technologies and ZK’s common code base.
Project: zkREPL
Website: https://zkrepl.dev/
zkREPL is an online playground for zero-knowledge circuits based on zk-SNARK. With zkREPL, both beginners and experts can freely practice and build new and creative ZK designs. zkREPL is also a web-based SNARK development environment. Members of the community may use the tool to collaborate on building circuits of increasing complexity. Moreover, the project also serves as a testbed for new developer experience features. For instance, on zkREPL, users can mouse over any variable to see its value, like a continuous debugger for zero-knowledge circuits.
Application
Project: ZeroPool
Website: https://zeropool.network/
ZeroPool is a multi-chain DApp that allows sending fully anonymous, cheap, non-custodial transactions. ZeroPool recently has partnered up with Gnosis Chain (formerly xDai Chain), which will build privacy functions into EVM and cross-chain bridges through ZeroPool technology.
Project: Otter Cash
Website: https://otter.cash/
Otter Cash is similar to Solana’s Tornado Cash, but transaction fees on Otter Cash are much cheaper (less than USD 1).
Project: zkC.R.E.A.M
Website: https://zkcre.am/
zkC.R.E.A.M allows the average Japanese citizen to vote in a completely anonymous fashion while maintaining the integrity and verifiability of the final vote tallies. The project has received a grant from the Ethereum Foundation, and the DEMO has been released on its official website. zkC.R.E.A.M will later announce a user-friendly desktop version, as well as a mobile client.
Project: ZK Data Marketplace
Website: https://modulozero.xyz/
ZK Data Marketplace is a ZK-based data market. Here is how the market works: Sellers first promise that the data they sell meets certain computational properties, then buyers lock the tokens in custody, and finally sellers encrypt the data using buyers’ public key and submit a ZK proof to make sure that the data is consistent with the promise. If the data turns out to be valid, sellers receive tokens and buyers get data.
Decentralisedvoting is an infant project that has only released its whitepaper so far. It plans to implement a decentralized anonymous voting system based on PLONK’s circuit and MPC. The project uses keys to generate and share vote tallies, thereby enabling more DAOs to transition to a decentralized governance structure.
Conclusion
GR13’s zkTech projects are mainly divided into three categories. In particular, community education projects account for about one third of the total, including learning group materials and grants provided by 0xPARC, as well as ZK HACK’s online events. Development tools also account for about one third, which primarily cover infrastructures such as the Circom circuit programming language and some code bases. This is the case probably because ZK comes with a high threshold in terms of development. As such, there are only a few developers and development tools. Therefore, the community hopes to integrate more resources and train more ZK developers through different ways to improve the relevant development tools.
Elon Musk Offers to Buy 100% of Twitter, Calls it ‘Best and Final Offer’
Elon Musk. Source: A video screenshot, Youtube, Bloomberg.
Tesla CEO Elon Musk has reportedly offered to buy 100% of Twitter at a price of USD 54.20 per share, after taking a stake of 9.2% earlier this month.
Musk’s offer would value Twitter at close to USD 43.4bn, up from a current market capitalization of USD 36.7bn. It would also mean that the company would no longer be a publicly listed company, and instead become one of America’s most valuable privately-owned companies.
Musk reportedly called the offer his “best and final offer,” the Wall Street Journal reported, quoting the largest shareholder of Twitter as saying that “If it is not accepted, I would need to reconsider my position as a shareholder.”
Writing in a letter to Twitter Chairman Bret Taylor that was disclosed in a securities filing, Musk said:
“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy.”
Musk is known as an active Twitter user and free-speech proponent who has previously voiced dissatisfaction about the way Twitter handles freedom of speech issues on its platform.
Meanwhile, Twitter is also the main social media platform used by the crypto community to share ideas and discuss developments in the space.
The outspoken CEO has also used the social media platform extensively to tweet about crypto, including his views on bitcoin (BTC) and – arguably his favorite coin – dogecoin (DOGE).
DOGE immediately jumped on the news today, rising by more than 6% before giving back some of its gains. As of 11:20 UTC, the ‘meme coin’ traded for USD 0.1438, up 3.8% for the past 24 hours.
Recently, Musk bought a 9.2% stake in Twitter, becoming the company’s largest shareholder. Following the investment, Musk was offered a seat on the company’s board by Twitter CEO Parag Agrawal, but declined the offer.
Following the Msk’s rejection of Agrawal’s offer for a seat on the board, the CEO shared a note that he sent to Twitter employees, saying “There will be distractions ahead […].” The note was interpreted by some to mean that Twitter’s top management could already sense that Musk was planning a takeover of the company.
Twitter’s stock closed at USD 45.85 on Wednesday. Musk’s offer would indicate a rise of approximately 18% for the stock from current levels.
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Reactions:
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– VCs Fight Back as Jack Dorsey, Elon Musk Attack ‘Web3’ Narrative – Elon Musk Should Listen to Cathie Wood on Bitcoin
– Facebook, Watch Out! Aave and Twitter’s Bluesky Move Towards New Social Media Standard – Post-Dorsey Twitter Adds Tipping in Ethereum
____ (Updated at 11:31 UTC: updates throughout the entire text.)
