Autor Cointelegraph By Brian Quarmby

Aussie crypto ETFs see $1.3M volume so far on difficult launch day

Aussie crypto ETFs see $1.3M volume so far on difficult launch day

Uverejnil používateľ | máj 12, 2022 |

With crypto markets tanking, three crypto-focused exchange-traded funds (ETFs) picked a difficult day to commence trading on local exchange Cboe Australia today. The trio’s launch marks the first crypto ETFs to go live in Australia, with two of them focused on offering exposure to Bitcoin (BTC) and the other focused on Ethereum (ETH). So far the three ETFs have generated more than $1.3 million between them, and it has been estimated that they could see around $1 billion worth of inflows moving forward. The Cosmos Purpose Bitcoin Access ETF (CBTC) from Sydney-based crypto investment firm Cosmos Asset Management offers a relatively indirect route to BTC, as it “approximately tracks the performance of the USD denominated ETF non-currency hedged units (Purpose ETF Units) in the Purpose Bitcoin ETF.”The other two ETFs were developed by ETF Securities in partnership with major Switzerland-based exchange-traded products (ETP) provider 21 Shares. The funds are called the Bitcoin ETF (“EBTC”) Ethereum ETF (“EETH”). They both track the Australian dollar (AUD) value of their respective assets. According to Cboe data at the time of writing, 21 Shares EBTC and EETH have seen 125,271 and 142,206 shares trade hands, which accounts for roughly $519,874 and $416,663 in volume respectively. Cosmos Asset Management’s fund has had a relatively slower start at 51,572 shares traded for a total of $398,135, however activity could soon pick up as given that the firm has waived fees on CBTC for two months to attract institutional interest. Speaking on the launch with Cointelegraph, ETF Securities Head of Distribution, Kanish Chugh noted that while it was a difficult time to launch amid the crashing crypto market, it also provides investors with a reasonable chance to get some skin in the game: “Given how volatile markets are now in the short term it will be hard to determine how Bitcoin and Ethereum will perform. What we are seeing though is with Bitcoin coming off more than 50% from its 2021 high, investors are considering the current volatility as providing them with an opportunity to invest. ““Our crypto ETFs are physically backed and tracks the underlying price of Bitcoin and Ethereum and we have high hopes that EBTC and EETH will be a success in the long term,” he added.In a public announcement, ETF Securities Chairman Graham Tuckwell also emphasized the significance of launching crypto ETFs in a local context given the stature of BTC and ETH.  “The market capitalization and trading volumes for these two leading cryptocurrencies are now larger than any company listed on the Australian stock exchanges, yet investors have not been able to gain access to them in a regulated manner,“ he said. Not everyone was as bullish despite the landmark moment however, with Kraken’s Managing Director for Australia Jonathon Miller hailing this “significant milestone for the maturation of the digital assets space” while pointing out investors could already buy Bitcoin. “However, it isn’t necessarily a watershed moment for accessibility. We must remember that individual investors can already buy Bitcoin directly and each layer of abstraction away from the underlying asset can add risk and cost,”

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Michael Saylor welcomes FASB vote to review crypto accounting standards

Michael Saylor welcomes FASB vote to review crypto accounting standards

Uverejnil používateľ | máj 12, 2022 |

Bitcoin proponent and MicroStrategy CEO Michael Saylor has welcomed the U.S. Financial Accounting Standards Board (FASB) vote to review accounting rules for digital assets and commodities. As it stands under current FASB guidelines — which is the source of authoritative Generally Accepted Accounting Principles (GAAP) — companies must report digital assets such as BTC as “intangible assets” on their balance sheets. This is due to crypto not meeting the agreed definition of “cash and cash equivalents, financial instruments, financial assets, and inventory” amongst the agency. As crypto is deemed as an intangible asset, companies are required to measure the assets at their lowest price during a given reporting period, which often results in “impairment losses” on balance sheets even if the firm hasn’t closed its position. The FASB held a meeting to vote on the crypto accounting review earlier today, and while it is yet to publish the results via its website, it appears that Saylor was watching the live stream as he reported the vote went through 7-0 and stated “congratulations to the Bitcoin community.”Congratulations to the #Bitcoin community. This morning, by unanimous vote of 7-0, the Financial Accounting Standards Board (FASB) agreed to add a project to review Accounting for Exchange-Traded Digital Assets and Commodities.— Michael Saylor⚡️ (@saylor) May 11, 2022“This is amazing. One step closer to making it easier for corporates to own Bitcoin on their balance sheet and account for it in a cogent manner,” responded Kraken’s Director of Growth Marketing Dan Held. While it is unclear when the review will take place, or what the outcome could be, a shift to a definition resembling anything in the ballpark of “traditional financial assets” would make it a lot easier for firms to accurately report their holdings instead of reporting them at their lowest prices under intangible assets. For example, both Tesla and MicroStrategy have reported impairment losses on their BTC stashes at various quarterly reports over the past 12 months. This is despite not realizing a loss through a sale and the price of BTC often indicating that their positions are in the green. Cointelegraph also reported yesterday that New York-based digital marketing and radio station company Townsquare Media posted a Q1 impairment loss of $400,000 on its BTC holdings. This is despite being able to sell its position for $1.2 million profit on the last day of Q1 on March 31. Related: Michael Saylor assuages investors after market slumps hurts MSTR, BTCBTC and MSTR tankingIf MicroStrategy was reporting today however the impairment loss would be actual. MicroStrategy reported the average purchase price of its mammoth 129,218 BTC holdings at $30,700 in its Q1 report released last week, suggesting the firm would post a loss if it were to sell today. According to Forbes estimates, Saylor’s net worth — which is largely comprised of BTC and MicroStrategy stock (MSTR) – has dropped from $1.6 billion in March to just shy of $1 billion this week. Data from Coingecko shows that BTC has dropped 27.9% since March.1 to sit at $29,741 at the time of writing, while MSTR has dropped 63.7% to $168.20 within that same time frame according to TradingView. Although Saylor has outlined on numerous occasions that irrespective of price, the company will continue to buy and hodl.

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Nifty News: Azuki founder under fire, CryptoPunk sells for a major loss…

Nifty News: Azuki founder under fire, CryptoPunk sells for a major loss…

Uverejnil používateľ | máj 11, 2022 |

The founder of the $723.5 million Azuki NFT project who goes by “Zagabond” online caused a sh*tstorm yesterday after revealing that they had previously worked on three noabandoned NFT projects. After facing strong backlash from the NFT community, they have since apologized for their “shortcomings.” The three projects in question are Tendies and CryptoPunks copycats CryptoPhunks and Cryptozunks. Zagabond suggested all three had failed due to a lack of community support , and other factors such as team members leaving or high gas fees on Ethereum (ETH). After releasing the blog via Twitter, most replies were in support of Zagabond’s honesty on the trial and error path that led to Azuki NFTs, however other sections of the NFT community weren’t as pleased.Really don’t understand all the FUD.Just like with trading, if one of your projects is underperforming and doing poorly, you should cut your losses.Why continue to build on a failed project and waste more time and effort?— fomo maxi (@fomomaxi) May 9, 2022User zachxbt didn’t mince their words when they posted: “So does Web 3.0 = rugging three projects in less than a year?” before going to recount some alleged misdeeds relating to the Cryptozunks developers pretending to be women in a bid to market the project. Other users like dxv_eth alleged that Zagabond had agreed to build a marketplace for the Cryptozunks project and also purchase Metaverse in a bid to strengthen the ecosystem, but failed to do so before eventually ghosting the community. After being slammed by the community and holding a Twitter Spaces chat, Zagabond issued an apology earlier today, noting that: “I realized my shortcomings in how I handled the prior projects which I started. To the communities I walked away from, to Azuki holders, and to those who believed in me — I’m truly sorry.”Madonna x BeepleIconic pop-musician Madonna and NFT heavyweight Beeple have teamed up to launch a tokenized art collection that humbly depicts the singer as the mother of creation, evolution and technology. There are three different NFT art pieces in total, all of which depict Madonna giving birth to various either trees, butterflies or mechanical centipedes. Beeple and MadonnaThe NFTs are set to go up for auction via SuperRare on May 11 and Madonna stated that all of the proceeds will go towards three different non-profit organizations called National Bail Out, V-Day and Voices of Children.Since the beginning of time…….. Leaning into a new virtual world with @beepleCheck back here on Wednesday May 11 at 3pm PST / 6pm EST for the nativity. NFTs dropping on @superrare.All proceeds to benefit these organizations: @NationalBailOut@vday @voices_org_ua pic.twitter.com/ab2RkP47kv— Madonna (@Madonna) May 9, 2022

Instagram to support flow NFTsAfter Dapper Labs announced the $725 million ecosystem fund to boost growth on its Flow blockchain this week, the team has also revealed that it has signed a partnership that will see Flow-based NFTs supported on Instagram. A summary of what’s happened for Flow Blockchain:1. @instagram will support @flow_blockchain NFTs2. $725m $FLOW ecosystem fund3. @billboard launching NFTs #onFlow powered by @onunblocked this weekend Feels like things are just warming up tho. What’s next?— Flowverse – Discover Flow Blockchain (@flowverse_) May 11, 2022

Dapper Labs CEO Roham Gharegozlou noted on Twitter earlier today that the move will be “game-changers” for NFT projects on Flow such as NBA Top Shot, NFL All Day and UFC strike as it will offer them massive exposure to a global audience.It also marks the one of the first major blockchain partnerships for Instagram. The social media company will also roll out support for NFTs on Ethereum and Solana. The CEO also clarified that the $725 million worth of funding will be “mostly investment capital” and not grants handed out to projects that want to build on the ecosystem. CryptoPunk sells for huge lossAn NFT from one of the original NFT projects CryptoPunks was sold for a whopping 86% loss on May 8. CryptoPunk #273 sold for hefty $1.003 million in October, worth 265 ETH at the time, but has since fallen from grace amid a tumultuous time for the crypto and blockchain sector, going for a mere $139,836 on Sunday morning. Larva Labs’ CryptoPunks boomed in popularity throughout 2021, and the project was recently acquired by Yuga Labs in March, the team behind the widely successful Bored Ape Yacht Club NFTs. The move doesn’t appear to have done much for the market in the short term however. 8 of the last 10 Cryptopunks that have been sold have been sold at a loss, led by this one — Cryptopunk #273.It was bought six months ago for $1,026,499, it sold early this morning for $139,530. pic.twitter.com/vSAonBerbl— Darren Rovell (@darrenrovell) May 8, 2022

Related: Otherside NFTs fall below mint price while cheaper ETH sees sales volume boostOther Nifty News:Meta CEO Mark Zuckerberg said that the company is starting to test digital collectibles on photo and video sharing platform Instagram this week, signaling a move toward adding NFTs.Billionaire investor Mark Cuban has tipped commercial smart contract adoption as the next catalyst to drive the crypto and blockchain sector, as he argued that networks that only offer NFTs and DeFi for the sake of it will eventually crumble.

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dYdX releases an app: Why haven't more DeFi protocols followed suit?

dYdX releases an app: Why haven't more DeFi protocols followed suit?

Uverejnil používateľ | máj 11, 2022 |

Crypto derivatives trading platform dYdX has officially launched an app via Apple’s iOS store, joining just a select number of fellow decentralized finance (DeFi) protocols that have built apps for smartphone adoption. According to a May 10 announcement, dYdX’s app is now ready for use, with the project noting that more than 200,000 people had already signed up for the beta before the full launch. The app offers gas-free deposits and trading, and will provide the same functionality as the web version. “The app offers the same functionality and unparalleled product experience that are available on our main exchange website with the added convenience of being able to trade on your iPhone,” dYdX said.We are excited to announce that our iOS app is now available to the public! This makes dYdX one of the first DeFi protocols to launch a dedicated mobile app and puts our user experience even more on par with centralized exchanges. Visit https://t.co/YMo3oz5Wz5 to download it! pic.twitter.com/4PE41avSvd— dYdX (@dYdX) May 10, 2022The Ethereum Layer 2-based platform primarily offers derivatives products such as perpetual contracts, but also has plans to roll out synthetics, spot and margin trading as part of its pledge in late April to become “100% decentralized” by the end of 2022. The app also supports a long list of well-known crypto wallets such as MetaMask, Coinbase Wallet, Trust Wallet App and Huobi Wallet to name a few. Lack of DeFi appsThere are numerous crypto, digital wallet and NFT firms that have rolled out mobile apps, but it appears that the DeFi sector is yet to fully capitalize on this area. Looking at the Australian IOS store for example [where the author of this piece is based], it lists a small sample of DeFi projects such as Snowball, Argent, and Cake DeFi alongside dYdX. While regulatory compliance could be an issue for DeFi platforms in this instance, it could also be Apple’s stringent policies that are stopping projects from launching in the store.For example, Apple prohibits the inclusion of payment rails beyond those offered by the firm, while it also charges a flat 30% commission on in-app purchases of digital goods and services. Another reason that may be putting the DeFi sector off was highlighted by Coinbase CEO Brian Armstrong in late 2020. At the time, he noted that Coinbase was having trouble providing or linking to DeFi services via its app, as Apple would not allow the exchange to offer crypto “transactions in non-embedded software within the app.”  As a result, Coinbase, among other firms, were only allowed to provide such services via external links to websites, resulting in an app that had limited functionality compared to the website. Related: KuCoin to launch DeFi products in 2022 with fresh $150M raiseBoth dYdX’s app and website are not available for U.S. citizens and this may also be due to regulatory compliance issues — or fear thereof — surrounding DeFi derivatives products. There appears to be a gray area surrounding DeFi derivatives in the U.S., with former Commodity Futures Trading Commission (CFTC) Commissioner Dan M. Berkovitz highlighting in June last year that DeFi platforms most likely need to be registered and regulated under the CFTC to offer derivatives or futures contracts. “Not only do I think that unlicensed DeFi markets for derivative instruments are a bad idea but I also do not see how they are legal under the CEA,” he said.

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Commercial smart contract adoption next market driver: Mark Cuban

Commercial smart contract adoption next market driver: Mark Cuban

Uverejnil používateľ | máj 10, 2022 |

Billionaire investor Mark Cuban has tipped commercial smart contract adoption as the next catalyst to drive the crypto and blockchain sector. The Dallas Mavericks owner and crypto proponent was commenting on the current “lull” state of the crypto market in comparison to the internet or dot com bubble in the early 2000s, which saw a lot of over-hyped and relatively similar companies collapse. The crypto market is painting a fairly grim picture of late with nearly all of the top 100 digital assets facing double-digit losses over the past seven days. There are likely to be several factors behind the bearish sentiments, such as the Federal Reserve’s recent policy updates. However, on Twitter earlier today Cuban also pointed to a current “imitation phase” in crypto/blockchain as opposed to genuine innovation.“Crypto is going through the lull that the internet went through,” he said. Crypto is going through the lull that the internet went through. After the initial surge of exciting apps, NFTs, DeFi, P2E, we saw the imitation phase as chains subsidized the movement of those apps to their chains (ala bandwidth and storage subsidies by startups in the 2000s)— Mark Cuban (@mcuban) May 9, 2022In Cuban’s view, the blockchain projects that purely “copy what everyone else has” by bridging over NFTs to DeFi protocols will die out eventually, as he argues that they are not required on every chain. Instead, he opined that smart contract platforms geared towards commercial usage and replacing software as a service (SAAS) apps will thrive long term: “What we have not seen is the use of Smart Contracts to improve business productivity and profitability. That will have to be the next driver. When businesses can use Smart Contracts to gain a competitive advantage, they will. The chains that realize this will survive.”In terms of recent institutional backing of smart contract platforms, CoinShares’ crypto funds report for all of 2021 shows that Ether (ETH), Solana (SOL), Polkadot (DOT), and Cardano (ADA) were the options of choice for the heavy hitters last year. Related: Mark Cuban proposes using Dogecoin to solve Twitter’s crypto ad problemAccording to the report, funds offering exposure to ETH were the resounding favorite, garnering a whopping $1.38 billion, next in line were Solana funds at $219 million, Polkadot products generated $116 million, and Cardano funds also pulled in $115 million.

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