Autor Cointelegraph By Zhiyuan Sun

iTrustCapital surpasses $5B in crypto IRA transactions

iTrustCapital surpasses $5B in crypto IRA transactions

Uverejnil používateľ | apr 20, 2022 |

Cryptocurrency individual retirement accounts (IRA) provider iTrustCapital revealed Wednesday that the total transaction volume on its platform had surpassed $5 billion, marking a 60% increase in nine months.As told by iTrustCapital, many of its users, ranging from millennials to working professionals to senior citizens, are trading cryptocurrencies for the first time. The firm only charges a 1% buy-sell fee on cryptocurrency transactions. There are no monthly fees, and investors only need to deposit $1,000 to open an account. Through the platform, users can trade over 25 cryptocurrencies 24 hours a day, seven days a week. It also provides insurance coverage for deposits in the amount of $320 million, as per an agreement with Coinbase Custody. In the United States, IRAs enable individuals to save for retirement through tax-free capital accumulation or on a tax-deferred basis. Those with IRAs do not need to pay taxes on asset capital gains held within these accounts but may need to pay taxes on withdrawals when they reach retirement age, depending on account type. Early withdrawals are permitted with a 10% penalty, though this may be waived in certain circumstances, such as when using funds to pay for college. Since iTrustCapital’s inception four years prior, the firm has attracted more than 35,000 clients with its crypto IRAs.Related: Crypto IRA iTrustCapital raises $125M, pushes valuation over $1BCointelegraph previously reported that more than one-quarter of the surveyed U.S. millennials plan to use cryptocurrencies to fund their retirement. Some investors have observed that one doesn’t have to pay the same amount of taxes when buying and selling crypto in retirement accounts compared with traditional trading accounts. This perceived advantage could attract more crypto investors to retirement plans such as IRAs. 

Čítaj viac
Silvergate Bank revenue soar in Q1 as institutional crypto trading activity falls

Silvergate Bank revenue soar in Q1 as institutional crypto trading activity falls

Uverejnil používateľ | apr 19, 2022 |

On Tuesday, Silvergate Bank, a crypto-fiat gateway network designed for financial institutions, announced its results for the first quarter of 2022. During this period, its revenue and net income grew by 93% and 94% year over year, respectively, to $59.9 million and $24.7 million. The company is most notable for its Silvergate Exchange Network, or SEN, which facilitates U.S. dollar and euro transfers between cryptocurrency exchanges and institutional investors.Despite its growth however, institutional interest in crypto took a significant hit in Q1 due to the ongoing bear market. As told by Silvergate, the amount of SEN transfers it facilitated decreased from $167 billion in Q1 2021 to $142 billion in Q1 2022. Simultaneously, as part of broader industry trends, Bitcoin (BTC) and Ethereum (ETH) spot trading fell 33% year over year to $1.046 trillion in Q1 2022. Nevertheless, the company also saw a sharp increase in its cryptocurrency storage segment. Partly due to an annualized cost of deposit of 0.00%, institutional investors placed an average of $14.7 billion in digital assets in Silvergate’s hands, compared to $6.4 billion in Q1 2021.Cointelegraph previously reported that Silvergate purchased Mark Zuckerberg’s stablecoin project, Diem, for $182 million after it became defunct. Silvergate currently sees expanding its stablecoin infrastructure as a key area of growth. At the moment, like with traditional banks, the company derives a vast majority of its revenue from interest income. That is, using borrowers’ deposits as collateral to issue loans, purchase interest-bearing securities, or depositing them in interest-bearing accounts at other banks.

Čítaj viac
Atari claims its namesake token is now 'unlicensed' as it terminates blockchain joint venture

Atari claims its namesake token is now 'unlicensed' as it terminates blockchain joint venture

Uverejnil používateľ | apr 18, 2022 |

In a statement published by former video-game giant Atari on Monday, the firm says it has, effective immediately, terminated all license agreements with its joint venture partner ICICB Group and its subsidiaries. Previously, the two had jointly created the Atari Chain and the namesake Atari Token (ATRI). However, the company has had a change of heart regarding the deal, and announced it was disclaiming interest in the joint venture, stating “ICICB is not authorized to represent Atari or its brands in any manner.””Atari disclaims any interest in the […] Joint Venture, currently promoted as Atari Tokens, and related websites, whitepapers and social media channels are unlicensed, unsanctioned and are outside the control of Atari.”Moving forward, Atari plans to create, distribute and solely manage a new proprietary token focusing on gaming, community and utility. But it appears there will be some form of respite for ATRI investors. As told by Atari, the company has taken a “snapshot” of ATRI holdings as of April 18, 2022, at 6:00 pm CET. Atari will then implement a future exchange of a new token for the ATRI tokens held as of that time.”Only tokens present in wallets as of the snapshot and in amounts equivalent to those captured at the snapshot will be eligible. Any tokens acquired after the snapshot will not be eligible,” the company said.Atari has been an active player in the crypto space, with a keen focus on developing nonfungible tokens. At the time of publication, the ATRI “legacy” token is down 9.47% in the past 24 hours, lowering its market cap to $26 million.

Čítaj viac
Monero community reaches consensus for July hard fork

Monero community reaches consensus for July hard fork

Uverejnil používateľ | apr 18, 2022 |

As told by Monero (XMR) developers over the weekend, on July 16, the Monero network passed a community consensus to initiate a mainnet hard fork at block height 2,668,888. The popular privacy coin’s hard fork will include increasing the chain’s ring size from 11 to 16, adding view tags to outputs to reduce wallet scanning time, introducing bulletproofs and implementing fee changes.Raising the number of ring signatures is meant to ensure that transactions have a larger anonymity set, making it harder to reverse engineer the sources of a transaction. One developer pointed out that view tags could reduce network scanning times by up to 40% in deriving the output public key for its anonymous transactions. Changes were approved for Monero’s maximum block size to grow at 14x per year instead of 32x (which affects its fee value). Finally, Bulletproofs, a zero-knowledge proving system, will be used for range proofs in Monero. The feature will result in faster encryption and verification on the blockchain.Cointelegraph previously reported that privacy coins have been surging lately as it appears that family funds and individuals investors are increasingly holding XMR as a hedge amid recent market turmoil. The topic of privacy coins has been controversial among the crypto community. Some point to their ability to ensure greater anonymity during transactions, while others raise concerns about using XMR to shield illicit transactions and its alleged embracement by extremist groups. Last year, Kraken delisted XMR for its U.K. customers, citing regulatory pressure. 

Čítaj viac
What is driving institutions to invest in crypto? BlockFi's David Olsson explains

What is driving institutions to invest in crypto? BlockFi's David Olsson explains

Uverejnil používateľ | apr 18, 2022 |

In an interview with Cointelegraph reporter Joe Hall last Tuesday, David Olsson, global head of institutional distribution at BlockFi, shared his insight on the state of institutional adoption of cryptocurrencies. BlockFi is a financial services company that offers retail wealth management products, such as crypto-backed loans, interest accounts, Bitcoin (BTC) rewards credit cards, etc. Meanwhile, for institutional investors, BlockFi’s proprietary platform provides financing for capital efficiency, the ability to borrow coins for hedging and shorting, and institutional-grade trading infrastructure.When asked about any exciting trends among institutional clients adopting crypto, Olsson told Cointelegraph, “Out of the 80% of Top 50 hedge funds in the world we’ve spoken to, they all are embarking on some sort of crypto journey, such as starting a trading desk or investing in crypto native firms run by 25 to 30-year-olds that know how to extract alpha from crypto markets and manage the risks.” “It really is a generational story. The early asset managers don’t have the natural, digital native perspective of someone that’s younger. But we see a tremendous amount of interest.”Olsson told Cointelegraph that hedge funds have been preparing for quite a while to venture into crypto, given the significant increase in liquidity and institutionalization of the space over the years. According to a study conducted by Fidelity last year, 70% of surveyed financial institutions plan to invest in crypto in the next year, while 90% said they plan to do so in the next five years. “Bitcoin has returned more than 100% per year on avg. over the last 10 years, compared to around 10% per year for equities in the U.S. So it’s just becoming too big in terms of mindshare for people to ignore,” Olsson added.”Crypto can fix the plumbing of the financial system worldwide, starting with eliminating expensive fees from banks.”But Olsson also pointed out that some institutions don’t feel 100% comfortable, as jurisdictions with high liquidity for crypto don’t always have the regulation to back them. “For adoption to increase, you need an institutional infrastructure, which means KYC [Know Your Customer], AML [Anti-Money Laundering] mechanism, which means financial transparency, cyber security, all the things that clients care about.”As Cointelegraph previously reported, demand from major investors could still be running high, with 30,000 BTC moved off Coinbase on Friday.

Čítaj viac

Získaj BONUS 8 € v Bitcoinoch

nakup bitcoin z karty

Registrácia Binance

Burza Binance

Aktuálne kurzy