Autor Cointelegraph By Jesse Coghlan

Three new crypto ETFs to begin trading in Australia this week

Three new crypto ETFs to begin trading in Australia this week

Uverejnil používateľ | máj 10, 2022 |

Australians will soon have more options for spot cryptocurrency exchange-traded funds (ETFs) after a previous hold-up was given the green light this week and new funds entered the ETF market.The latest update came late on May 9 as Cboe Australia issued a round of market notices that three funds previously delayed are expected to begin trading on Thursday, May 12. They include a Bitcoin ETF from Cosmos Asset Management, plus Bitcoin (BTC) and Ethereum (ETH) spot ETFs from 21Shares.Cboe Australia and Cosmos did not immediately respond to a request for comment, but a spokesperson from 21Shares confirmed to Cointelegraph:“We’re listing on May 12, this Thursday. The downstream issues are resolved.”On April 26, a day before three of the first crypto ETFs were set to launch, the Cboe Australia exchange delayed the listing of all three funds due to what it said were “standard checks”.21Shares said to Cointelegraph at the time that a “service provider downstream” needed more time to support the launch of the products which was believed to be a prime broker or other major financial institution.The listing date comes just in time as a new competitor stepped into the ETF race. 3iQ, the Canadian firm with Bitcoin and Ethereum spot ETFs listed on the Toronto Stock Exchange (TSX), submitted two offer notices to the Australian Securities Exchange (ASX) on April 28.Related: BlackRock launches blockchain industry ETF, names crypto as 1 of 3 big opportunitiesThe notices revealed plans for the firm to offer units of its Bitcoin and Ethereum ETFs on the Cboe Australia exchange. It will provide exposure to the crypto assets by purchasing units of the existing funds on the TSX similar to Cosmos’ ETF which purchases the Canadian Purpose Bitcoin ETF.It’s unclear when the funds from 3iQ will be listed but with the announcement of the Cosmos and 21Shares funds listing this week, it’s unlikely 3iQ will win the competition of being the first Australian crypto ETF, the prize of which it’s believed could be over $1 billion in inflows.

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Argentina’s central bank steps in to block new crypto offerings from banks

Argentina’s central bank steps in to block new crypto offerings from banks

Uverejnil používateľ | máj 6, 2022 |

The central bank of Argentina (BCRA) has put the kibosh on financial institutions offering crypto trading only days after two of the country’s largest banks signaled they were opening up to digital assets.On May 5 the BCRA said the move was to mitigate the risks crypto poses to users and “to the financial system as a whole” citing crypto’s high volatility, use in money laundering and absence of regulatory safeguards.The news came hot on the heels of an announcement on Monday from two of the countries largest banks, Banco Galicia and Brubank, that they would allow their customers to purchase Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC) and Ripple (XRP).The decision to open crypto trading was decided by a poll conducted by Banco Galicia where 60% of respondents said they wanted easier access to digital currencies.The central bank has long taken a dim view of crypto, issuing an alert to the public in May last year on the risks, warning once again of concerns around volatility and money laundering despite the bank saying there were not yet signs of “significant levels of acceptance and use.”According to figures from data analysis form Statista, 21% of respondents in Argentina had owned or used crypto in 2021 marking the sixth-highest rate of adoption in the world and the highest rate in the Americas.Argentina’s inflation rose another 6.7% in March — the highest rate in 20 years — to hit 55.1% year-over-year according to INDEC, the countries’ statistics agency. Some Argentinians have turned to crypto in an attempt to hedge spiking inflation. In April one rural town began the process of mining cryptocurrency to fight inflation.Related: Colombia clamps down on crypto tax evasion as adoption thrivesThe change in emphasis from last May could be relate to a $44 billion extended debt plan from the International Monetary Fund (IMF), a clause of which was for Argentina to “discourage the use of cryptocurrencies”.The announcement from the central bank is at odds with plans from the Mayor of Argentina’s capital Buenos Aires. In late April Mayor Horacio Rodríguez Larreta announced plans to digitize the city with intentions to allow the option for citizens to pay their taxes in cryptocurrencies amongst other blockchain plans.

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Tumbleweeds blow through Coinbase NFT on its first day: Just $75K in volume

Tumbleweeds blow through Coinbase NFT on its first day: Just $75K in volume

Uverejnil používateľ | máj 6, 2022 |

Coinbase, one of the largest crypto exchanges by volume, opened its beta non-fungible token (NFT) marketplace to the public on May 4 with on-chain data showing a maximum of 150 total transactions on the day and $75,000 in USD volume.The transactions captured by Dune Analytics show the total amount which took place through the 0x Protocol, the infrastructure behind Coinbase’s marketplace. Whilst not all transactions are guaranteed to be from Coinbase, since 0x announced its support for NFTs in January it has yet to announce any other partners apart from Coinbase.Number of market transactions on the 0x Protocol. Dune Analytics.The number pales into insignificance compared to expectations arising from the marketplace’s waitlist. More than 8.4 million email addresses signed up for the waitlist before it moved into beta testing on April 20 with only a select few able to create profiles to buy and sell NFTs. Analytics show just over 1,200 total users have transacted on the platform up until May 5, a mere 0.014% of the waitlist.It’s been 2 weeks. Raise your hand if you’ve made a purchase on @Coinbase_NFTAs a matter of fact, raise your hand if you’ve even logged in— quit.pcc.eth (@0xQuit) May 5, 2022Market volume figures in USD aren’t hitting the mark either, May 4 saw just over $74,700 in volume transacted on Coinbase’s new marketplace. While that might please critics who claim the NFT market is in sharp decline, by comparison the largest NFT market OpenSea recorded $1.18 billion in transaction volume on the same day.Coinbase announced the waitlist for its NFT platform almost seven months ago in mid-October 2021 with some Twitter users noting that the launch took too long to open to a public who had other options like OpenSea and LooksRare listing popular collections.Related: 5 NFT marketplaces that could topple OpenSea in 2022Some users report that the marketplace in its current form doesn’t differentiate from its competitors as it needs a self custody wallet and requires gas fees. Coinbase does have future plans to change this as its January partnership announcement with Mastercard will look to make the platform friendlier to first time users with the ability to purchase NFTs via credit card.The low user numbers for its marketplace come over a week before a Q1 earnings call on May 13, Coinbase’s stock price is down 68% from its all-time high of $357 on November 10 hitting a low of $112 on April 29.

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Gucci the latest luxury brand to accept crypto payments in store

Gucci the latest luxury brand to accept crypto payments in store

Uverejnil používateľ | máj 5, 2022 |

The Italian high-end fashion label Gucci has announced it will begin accepting cryptocurrency payments by the end of the month in five of its United States stores, with plans to extend the service to all of its 111 stores in North America.Gucci will accept 12 cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Wrapped Bitcoin (WBTC), Litecoin (LTC), Shiba Inu (SHIB), Dogecoin (DOGE) and five U.S. dollar stablecoins according to Vogue Business.Customers paying with crypto in-store at the pilot locations in New York, Los Angeles, Miami, Atlanta and Las Vegas will be sent an email with a QR code to pay via their digital asset wallet. Employees have started to undertake training and education on crypto, non-fungible tokens (NFTs) and Web3 in preparation for the launch.Gucci has recently been on a Web3 adoption spree with two NFT collections launched in 2022 — the “SUPERGUCCI” collection in February in collaboration with toy brand SUPERPLASTIC, and the “Gucci Grail” collection in March targeting owners of existing blue chip NFT projects such as Bored Apes, Pudgy Penguins and World of Women.Its first ever NFT was a 4-minute film titled Aria that took inspiration from its clothing collection of the same name that sold for $25,000 in June 2021 in an online auction hosted by Christie’s.Gucci has further expanded into Web3 through its purchase of virtual land in The Sandbox in February developing a virtual retail experience mirroring its Vault e-store.Believe in the power of imagination, @gucci #GucciVault pic.twitter.com/NnHtF7kqk1— The Sandbox (@TheSandboxGame) February 9, 2022The Gucci Vault is an online concept store representing “Gucci’s presence in the Metaverse” featuring a curated selection by its Creative Director of rare vintage Gucci pieces.​​Related: Is there a future for digital fashion in the Metaverse?Crypto is luxuryHigh-end brands have been jumping into the crypto and Web3 space. In March the fashion label Off-white started accepting payment with six cryptos in its flagship stores in Paris, Milan and London.Off-white is majority-owned by LVMH which has seen its share of Web3 adoption, releasing NFTs under its Hennessy, Bulgari and Louis Vuitton brands in the past.LVMH’s luxury watch brand Hublot released a limited edition collection that could only be purchased using Bitcoin, more recently the brand partnered with cold wallet provider Ledger launching a limited edition watch and Ledger Nano X in February.Watch brands Franck Muller and Norgain along with fashion label Phillip Plein all accept crypto, and even car dealerships and car manufacturers are accepting digital assets for high-end vehicles. The luxury fitness company Equinox Group started accepting crypto payments for its New York City based clubs on May 3, with yearly memberships starting just under 1.4 ETH or $4,044.

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Kazakhstan ramps up power consumption reporting requirements for crypto miners

Kazakhstan ramps up power consumption reporting requirements for crypto miners

Uverejnil používateľ | máj 5, 2022 |

The government of Kazakhstan has laid out new reporting requirements for cryptocurrency mining operators with a keen eye on how the industry’s energy usage affects the local power grid.The order published by the country’s Minister of Digital Development earlier this week compels digital mining businesses to provide comprehensive information 30 days before starting operations.The electricity consumption and “technical specifications” for connection to the power grid must be provided before commencing operations. The amount and type of mining equipment used, the customs cargo declarations for that equipment and any investments planned for the next 12 months must also be included.Kazakhstan was flooded with an influx of crypto miners after the Chinese government cracked down on the practice in mid-2021. The increased use of mining rigs in the country strained the energy supply forced the Kazakhstan government to take action, cutting off power to miners at times.The new reporting requirements also state that miners must submit information about the legal entity carrying out the operation, who must be a resident of the Republic of Kazakhstan, along with contact information, as well as physical and IP addresses used in its activities.The same information will need to be updated and submitted in a mandatory quarterly report, companies winding up mining operations will need to report when they’ve done so.The recent order is an update to an existing order by the Minister in October 2020 laying out rules for providing information about digital mining activities.Related: ‘We are the number two crypto miner in the world, and we see practically no financial return,’ says Kazakhstan President TokayevProposals to hike power prices and increase taxes on crypto miners were brought forward in February, suggesting a 335% electricity price increase along with removing the value-added tax (VAT) exemption on mining equipment and instead taxing each individual piece.Kazakhstani authorities have been attempting to root out illicit crypto mining operations in the country due to the load they place on the energy grid. In March, 106 illicit crypto mining operations were shut down following raids by the Financial Monitoring Agency which seized over 67,000 pieces of equipment at the time.The most recent update to the Cambridge Bitcoin Electricity Consumption Index (CBECI) in August 2021 shows Kazakhstan was housing over 18% of the world’s BTC hash rate, second behind the United States.

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