finance

Chicago DeFi Alliance Launches to Save Decentralized Finance

Source Node: https://cointelegraph.com/news/chicago-defi-alliance-launches-to-save-decentralized-finance
Time Stamp: April 8, 2020 8:58 AM - Modified On: May 21, 2021 - Published By:
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Amid the apparent ongoing collapse in decentralized finance (DeFi) lending, a group of major trading and cryptocurrency companies in the United States are launching an alliance to support the sector.Introduced on April 7, the Chicago DeFi Alliance (CDA) aims to provide DeFi-focused startups and entrepreneurs with support and guidance in complying with trading regulations and other applicable requirements.Chicago DeFi Alliance to share its expertise to boost DeFi liquidity and marketsAccording to a blog post by crypto fund Volt Capital, a founding member the CDA initiative, the alliance also includes major

Italian Red Cross Builds COVID-19 Medical Post With Donated Bitcoins

Source Node: https://cointelegraph.com/news/italian-red-cross-builds-covid-19-medical-post-with-donated-bitcoins
Time Stamp: April 8, 2020 7:07 AM - Modified On: May 21, 2021 - Published By:
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On April 5, Italy’s “blood donation day,” the Italian Red Cross constructed an advanced medical post using funds generated through a crypto fundraiser.The Italian Red Cross has raised nearly $32,000 through cryptocurrency donations in less than one month. Roughly $22,000 has been used to finance the construction of the initiative’s first advanced medical post in the town of Castel Gandolfo near Rome. The funds were spent by the initiative to purchase a pneumatic tent that will house the medical post, in addition to other materials. The tent was erected during Italy’s

SoFi Acquires Payment Processor Galileo in $1.2 Billion Deal

Source Node: https://cointelegraph.com/news/sofi-acquires-payment-processor-galileo-in-12-billion-deal
Time Stamp: April 8, 2020 3:58 AM - Modified On: May 21, 2021 - Published By:
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California-based and crypto-friendly financial firm Social Finance — SoFi — is acquiring the digital payment platform Galileo.In an April 7 press release, SoFi announced that it has signed an agreement to pay $1.2 billion for Galileo Financial Technologies. According to a CNBC report, the payment will consist of $75 million in cash, $875 million in stock, and $250 million in seller financing debt.SoFi CEO Anthony Noto addressed how the partnership will help in the current financial market:“Together with Galileo, we will partner to build on our companies’ strengths to drive

Blockchain Traceability Overtakes Payments Among Major Corporations

Source Node: https://cointelegraph.com/news/blockchain-traceability-overtakes-payments-among-major-corporations
Time Stamp: April 8, 2020 3:06 AM - Modified On: May 21, 2021 - Published By:
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Multi-billion dollar companies are more likely to use blockchain for traceability and provenance than for payments and settlement, according to a new analysis of the Forbes Blockchain 50.The now annual Blockchain 50 list was published in late February and includes fifty of the biggest brands in the world who are using blockchain, each with annual revenue in excess of $1 billion in annual revenue. Research from Dutch firm Blockdata, which incorporated its own data in the analysis, found that fifteen have solutions that tackle traceability and provenance, while 13 are using

Japanese Tax System Not Equipped to Handle Cryptocurrencies

Source Node: https://insidebitcoins.com/news/japanese-tax-system-not-equipped-to-handle-cryptocurrencies/256762
Time Stamp: April 7, 2020 9:49 AM - Modified On: May 21, 2021 - Published By:
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Japan is planning to enforce new cryptocurrency regulations in the country in May but its existing tax system may not be properly equipped to handle digital currency transactions. According to a top government official, the system still needs some tweaks before it can manage crypto taxes.Japanese taxation regime needs a changeRepresentative Shun Otokita of the Japan Innovation Party held a Q& A session at the Financial Statements Committee on April 6. Therefore, he talked about the value of market research before introducing a separate tax regime for digital currencies. He

Max Keiser: Selling Bitcoin Now for ‘Fiat Debt-Coupons’ Is a Crime

Source Node: https://cointelegraph.com/news/max-keiser-selling-bitcoin-now-for-fiat-debt-coupons-is-a-crime
Time Stamp: April 7, 2020 6:48 AM - Modified On: May 21, 2021 - Published By:
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Bitcoin (BTC) will be the only exit from the “global reset” of finance which will allow central banks to even destroy the banking system itself.That was just one conclusion from Simon Dixon, CEO of cryptocurrency funding platform BnkToTheFuture, in the latest episode of financial news program the Keiser Report on April 7. Dixon: “World’s largest regulated Ponzi scheme” is dyingDiscussing the global coronavirus epidemic and its impact on global finance, Dixon warned that the health aspect of the crisis was by no means its worst.“I don’t want to be dramatic, but

Bitfinex Launches Staking in Response to Customer Demand

Source Node: https://cointelegraph.com/news/bitfinex-launches-staking-in-response-to-customer-demand
Time Stamp: April 7, 2020 4:50 AM - Modified On: May 21, 2021 - Published By:
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Major cryptocurrency exchange Bitfinex has become the latest exchange to offer staking services to customers.Announced April 3, Bitfinex will offer staking rewards up to 10% per annum on crypto assets underpinned by a Proof-of-Stake algorithm."We're committed to engaging our existing users and the wider community with new products and innovations," said Bitfinex’s CTO, Paolo Ardoino. "The Bitfinex Staking Rewards Program provides our users with another avenue to increase their holdings on our platform."Bitfinex introduces staking in response to customer demandArdoino states that Bitfinex’s clients asked for staking to be introduced,

CoinGecko CEO: ‘Hard for CoinMarketCap to Stay Neutral’

Source Node: https://cointelegraph.com/news/coingecko-ceo-hard-for-coinmarketcap-to-stay-neutral
Time Stamp: April 7, 2020 1:57 AM - Modified On: May 21, 2021 - Published By:
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Just one week after exchange Binance announced its acquisition of CoinMarketCap (CMC) — one of the most-referenced crypto data websites — some prominent figures in the crypto community are speaking out.Bobby Ong, Co-founder and Chief Executive Officer (CEO) of CoinGecko, gave an interview to My Two Gwei on April 6. Among the topics discussed was the crypto data website’s $400 million acquisition and the role it may play in the future. Ong highlighted his company to “uphold data integrity” in the face of “many new exchanges… faking their volume.” One of

Investigating Digital Assets in Japan Stymied by Nature of Crypto

Source Node: https://cointelegraph.com/news/investigating-digital-assets-in-japan-stymied-by-nature-of-crypto
Time Stamp: April 6, 2020 10:06 PM - Modified On: May 21, 2021 - Published By:
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According to top government officials in Japan, the current national tax system is not yet capable of accepting declarations of digital assets, potentially leading to outflows overseas.In a Q&A session at the Financial Statements Committee on April 6, Representative Shun Otokita of the Japan Innovation Party pointed out the importance of market research for the introduction of separate taxes for crypto currencies.Otokita was concerned with the current high-tax system in Japan. He acknowledged that it would be difficult to quickly change the tax code to apply to digital assets, and

Charities Are Turning to Bitcoin Amid the Global Fight Against Coronavirus

Source Node: https://cointelegraph.com/news/charities-are-turning-to-bitcoin-amid-the-global-fight-against-coronavirus
Time Stamp: April 6, 2020 2:41 PM - Modified On: May 21, 2021 - Published By:
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In the war against the novel coronavirus, cryptocurrencies are emerging as a much-needed tool for charity and fundraising projects. Already there are a number of large nonprofits accepting Bitcoin donations. Plus, some blockchain and crypto firms are contributing medical supplies to hospitals in an attempt to curb the virus, while others are setting up fundraisers and charities that are aimed at helping its victims.As a number of nonprofits continue to accept cryptocurrency donations, they are starting to realize that crypto transactions significantly reduce costs in terms of fees. Here are