Bitcoin News and Finance: What You Need to Know

Sotheby’s, the world’s largest auction house, will start accepting cryptocurrencies for physical art. The first auction for which bitcoin and ether will be accepted is Banksy’s Love is in the Air image at the Contemporary Art Evening Auction. The piece is estimated to sell for between $3 million and $5 million. Sotheby’s Accepts Bitcoin and Ether Sotheby’s announced Tuesday that it will start accepting cryptocurrency via Coinbase. According to the auction house, this is the first time cryptocurrencies will be accepted for payments for physical art. Established in 1744, Sotheby’s described itself as the world’s largest marketplace for art and luxury. With a network of specialists spanning 40 countries and 44 departments, “we host over 600 auctions annually and offer a cross-category selection of items available for immediate purchase via both digital and physical shopping experiences as well as private sales,” its website details. Artprice.com ranks Sotheby’s as the number one aucti

Faced with challenges on many fronts, the European Central Bank is now deepening the analysis of how to digitalize its currency. A decision on whether to issue a digital euro, which has the potential to become a major CBDC, is expected around mid-2021, a high-ranking official of the central bank has confirmed. Eurozone’s Central Bank to Decide on the Digital Euro Project Within Months Occupied with planning a “cautious exit” from the social, economic and health emergency forced upon the European Union by the Covid-19 crisis, the ECB is also compelled to think about a digital version of the euro, the fiat currency of Europe’s monetary union. The U.S. Federal Reserve is preparing to present prototypes of a digital dollar in July, Facebook-backed, dollar-pegged diem is set to launch this year, and China has already offered its citizens to apply for a digital yuan wallet. Luis de Guindos, Vice President of the ECB On this backdrop, the central bank of the Eurozone is now increasi

PRESS RELEASE. Redshaw Advisors will support XELS mission of increasing participation in carbon markets in Japan and beyond. Tokyo, Japan — XELS , a revolutionary blockchain-based carbon offset platform has announced that it has joined forces with renowned carbon brokerage and risk management firm Redshaw Advisors. Under the collaboration, Redshaw Advisors will provide strategic advisory, consulting, and procurement of carbon credits for XELS. Immutable Carbon Offsets Initially focused on the voluntary carbon credit segment, XELS launched its blockchain platform and eponymous digital asset earlier this month. The startup’s tokenized offset credits, which exist on an immutable public ledger, are designed to boost both transparency and participation in carbon markets. Unlike traditional carbon credits, XELS cannot be modified or double spent, and the process of “burning” used tokens ensures the credit is retired forever. Anyone with access to a computer and an internet connection

As blockchain technology disrupts traditional industry standards, the list of progressive investors willing to stake their money has increased significantly. Leveraging this ongoing investment trend, both upcoming and ongoing projects are attracting millions of dollars from private investors, shaping a new era of decentralization. Globe DX Successfully Closes Fresh $18 Million Funding Round A new derivative exchange, Globe Derivative Exchange (Globe DX) , has successfully closed its recent seed funding round. Backed by top-class blockchain VCs such as Pantera Capital, Y Combinator, CMT Digital, Draper Dragon, Wave Financial, Republic Crypto, and Okex, Globe DX closed the private round, raising a total of $18 million. Derivatives spearhead the crypto exchange ecosystem, accounting for a large share of the total revenue generated by crypto businesses. Thanks to a platform loaded with unique features, Globe DX’s recent pre-sale attracted massive participation from VCs. With more than

Opponents of the government’s plan to tax gains from cryptocurrency trading outnumber supporters among South Koreans in their 20s, a new survey shows. Representatives of other age groups are more open to the proposed taxation of investments in virtual assets. Nearly Half of Young Koreans Reject Tax on Crypto Profits According to the poll, a little more than half of South Koreans support the taxing of profits from cryptocurrency trading, local media reported on Monday. In numbers, 53.7 percent of the respondents back the authorities’ initiative to levy taxes on capital gains from deals with digital money, while 38.3 percent oppose it. However, young people in the country, or the most active cryptocurrency users, are more likely to disagree. 47.8 percent of the respondents aged between 20 and 29 stated that they were against the planned tax, outnumbering those that are in favor, 47.5 percent. The largest share of supporters is among citizens in their 40s (62.1 percent), followed by

Cryptocurrency regulation is still an ongoing topic for the Spanish government and regulators, with some not too friendly measures against crypto ads or enhancing tax rules. However, adoption is on the rise in different industries, and the healthcare sector is joining the frenzy. Patients Could Pay With Digital Assets Starting June 1 According to Forbes Negocios , the Spanish healthcare group Biziondo, specializing in spine treatments, will accept bitcoin ( BTC ) and other crypto asset payments within its clinical facilities across Spain. After seeing a rising adoption of what they called a “bitcoin revolution” globally, the management became interested in blockchain technology and not depending wholly on the traditional banks or intermediaries for payments. David Izquierdo, general manager of Biziondo, commented on the announcement: It is clear that the bitcoin revolution has already started. In an economic context in which, in 2020, 60% of the world’s money was printed by Euro

South Korean political parties are now battling to catch younger votes amid the tough stance among higher government spheres toward digital currencies. As voters are disappointed by how parties are handling the issue, one of them has taken a step forward by talking about the forthcoming crypto tax. The Democratic Party’s Expectations on Cryptocurrencies According to Dailian , South Korea’s Democratic Party members suggested that delaying the crypto taxation policy set to go live in 2022 should not be entirely discarded. The party, which is the ruling one in the country, believes a crypto tax is “premature.” Moreover, Koh Yong Jin, the Secretary of the ruling party of the National Assembly’s Strategy and Finance Committee, stated they’re contemplating ways to postpone the timing of the new financial rules on cryptocurrencies. “I’ll hear if it’s right to delay,” he said. On the other hand, Jang Kyung-tae, the head of the National Youth Committee of the Democratic Party, pointed out

Leading yield farming platform DeFi Yield Protocol has launched its highly anticipated DYP Earn Vault. The Vault is an automated yield farming contract fully integrated with Compound Protocol and supports five markets, including ETH , WBTC, USDC, USDT , and DAI. Earn Rewards on DYP Earn Vaults Users can provide an asset to the DYP Earn Vault and begin earning impressive yields on their assets. One of the unique features of the Vault is the integration with Compound protocol. When users deposit funds into the Vault, the funds are forwarded to Compound protocol in exchange for respective cTokens held within the smart contract. Interests generated from Compound is then distributed to investors. DYP Earn Vault offers investors different lockup durations for each of the supported markets. Users can lock their tokens for 3,30,60 and 90 days, with the average interest increasing with the length of the lock period. Apart from interest generated from Compound Protocol, the DYP Earn Vault a

Ghana’s Securities and Exchange Commission (SEC) recently warned residents of the West African country to avoid cryptocurrency transactions of any form. In the warning, the regulator reiterated that “cryptocurrencies are illegal in the country and are not regulated by the commission hence Ghanaians should stay away from them.” Risks Associated With Crypto In remarks made during an interview , Paul Ababio, the Deputy Director-General of the (SEC) asserts that “there are risks associated with cryptocurrencies and people have lost funds to such transactions.” However, despite issuing the warning, Ababio does hint that his organisation might eventually decide to regulate the crypto space. (The) Bank of Ghana does not treat it as a form of payment, it is not a legal tender but we will be engaging further to come out with frameworks. However, until that happens, the regulator urges Ghanaians to “desist from participating (in cryptocurrency transactions.)” Paul Ababio, Ghana’s Deputy

The Thai government has reportedly imposed a new cryptocurrency requirement. Crypto exchanges will be required to verify users’ identities using a machine that requires the customers to be physically present. Thailand’s New Crypto Rules The Thai Anti-Money Laundering Office (Amlo) has announced that starting in July “local digital exchanges must verify their customers’ identities through a ‘dip-chip’ machine that requires clients to be physically present,” the Bangkok Post reported. Currently, the account opening process at crypto exchanges is done entirely online. To approve a new account, exchanges must ensure that the documents submitted by customers comply with the regulations set by the Thai Securities and Exchange Commission (SEC) for the know-your-customer (KYC) process and suitability test. Furthermore, the documents must also be verified by relevant government agencies. The application will be rejected if the customer submitted fake documents or resides in a country wher

The Federal Reserve’s top supervisory official has called on bank regulators to pay more attention to cryptocurrencies and stablecoins. His comments followed a number of major banks announcing that they will be offering products based on cryptocurrencies, particularly bitcoin, to their clients. Bank Regulators Should Focus More on Cryptocurrency, Says Fed Supervisor The Federal Reserve’s vice chairman for supervision, Randal Quarles, talked about cryptocurrency last week at a conference hosted by the Options Clearing Corporation. He urged bank regulators to pay more attention to stablecoins and cryptocurrencies. Quarles took office as a member of the Board of Governors of the Federal Reserve System in 2017 and was sworn in as Vice Chair for Supervision on Oct. 13 that year. He is also chair of the Financial Stability Board (FSB). His comments followed several banks in the U.S., such as Morgan Stanley and Goldman Sachs , announcing that they will offer their wealthy clients acces

Investment management firm, Marlton, has applauded the recent decision to authorize the purchase by Digital Currency Group (DCG) of up to a total of $750 million worth of shares of Grayscale Bitcoin Trust (GBTC). This latest action follows Marlton’s recent call for DCG and the Grayscale board to do more to narrow the discount on GBTC shares. Support for Purchase Authorization In a statement , Marlton’s Managing Member, James C. Elbaor says this DCG action is “a more constructive approach to alleviating the dramatic discount between the market price of GBTC shares and net asset value.” He added: We continue to believe GBTC maintains a competitive advantage as the world’s largest Bitcoin fund, and appreciate that GBTC has recognized the need to take meaningful steps that are aligned with stockholder value creation and ensuring the best path forward. As previously reported by Bitcoin.com News, Martlon’s Elbaor argued in an open letter that a modified Dutch auction tender offer for

PRESS RELEASE. Bitcoin.com Exchange is thrilled to announce the listing of ILV, being available to trade on the 3rd May 2021 at 15:00 UTC. ILV was created by the Illuvium team, as the token to reward players in their open-world RPG adventure game built on the Ethereum Blockchain. ILV will start trading with USDT and BTC pairs. What is Illuvium? Illuvium is an open-world fantasy battle game built entirely on top of the Ethereum blockchain. It’s often referred to as the first actual AAA game on Ethereum. The world of Illuvium is a world full of beauty and wonder inhabited by creatures known as Illuvials. From a visual perspective, Illuvials go way beyond crypto kitties, one of the earliest and most famous examples of non-fungible tokens. These illuvials are designed as high-quality 3D art made by some of the leading artists in the space. While venturing through the vast landscape of Illuvium, players can capture Illuvials by beating them in battle and then nursing them back to h

The American multinational financial services corporation based in Boston, Massachusetts, Fidelity Investments has announced the introduction of a new comprehensive data and deep analytics solution for digital assets. The new product is called Sherlock and it’s meant for institutional clients so they can streamline “fundamental and technical data” tied to cryptocurrencies. Fidelity Investments Introduces Crypto Analytics and Tools Platform Called Sherlock The data and analytics space tethered to the cryptocurrency world is exceptionally hot right now, as firms like Skew, Glassnode, Messari, Dune Analytics, Cryptoquant, and others have been turning heads. This past weekend, Bitcoin.com News reported on the Skew acquisition, as the analytics firm joined the Coinbase family of businesses. Skew’s data will be leveraged for Coinbase Prime customers, the San Francisco exchange’s institutional clients. Sherlock benefits according to Fidelity Investments. On Monday, Fidelity Investment

On April 26, 2021, the Danish multinational banking and financial services corporation Danske Bank published a press release explaining that the institution has changed the threshold for personal customers and standard interest rates for business customers in Denmark. The Bank plans to lower the threshold for charging negative interest on deposits from DKK 100,000 to DKK 250,000 ($16k to $40k USD). Denmark Savers Will Feel the Brunt of Negative Rates This Summer A number of large financial institutions in Europe have been embracing negative interest rates. Bitcoin.com News recently reported on ECB President Christine Lagarde’s opinion of the situation and how she defended negative interest rates. Lagarde noted that it might bother savers, but people need to put the global economy ahead of savers. Moreover, the Bank of England (BoE) wants British banks and building societies in the region to have negative bank rate solutions ready by August 2021. At the end of April, following fin