Bitcoin News and Finance: What You Need to Know

Kraken is planning to hand out more than $10 million in aid for clients affected by the military conflict in Ukraine. The amount covers the fees paid by Ukrainian residents in almost a decade and will also include those withheld from Russian traders in the first half of 2022. Kraken Exchange to Give $1,000 in Bitcoin to Each Eligible Ukrainian Customer U.S.-based crypto exchange Kraken is preparing to distribute $10 million to Ukrainian customers suffering from the Russian invasion. Between March 10 and July 1, clients who created an account from Ukraine prior to March 9, 2022, at “Intermediate” or “Pro” level verification, will be eligible to receive $1,000 in bitcoin ( BTC ), the platform announced in a blog post and on social media. Kraken will distribute over $10 million worth of to aid clients in 🇺🇦Ukraine. Tranche 1 recipients will be credited $1000 of #BTC , withdrawable tomorrow. The package is funded by historical Ukraine revenues and H1 2022 revenues from Russia-based ...

PRESS RELEASE. Reef, a layer 1 Substrate based blockchain for DeFi, NFTs, and gaming, announced today it’s launching a new NFT division focused on connecting with graffiti and electronic artists while scaling up it’s blockchain to be more NFT-friendly. In the last two months, Reef has been working behind the scenes to kickstart its contribution to the NFT landscape. They’ve hired Philip Galaviz, an influential figure in the Denver music and art scene, to join the team as Head of NFT. Philip has worked with Digitally Imported Radio, Global Dance, and numerous electronic music artists, and is building a cultural arts and music program via IRL collaborations. As Head of NFT, Philip will spearhead Reef’s business development and expand its offerings to a wide range of artists, beginning with electronic and graffiti artists, and album cover designers. Philip and the Reef team pushed the first stage of their NFT wave at ETHDenver with a packed beginners workshop, metawall, NFT contest, a...

Following the record 7.5% high for January, the U.S. Labor Department’s Consumer Price Index (CPI) data shows February’s CPI metrics rose to 7.9%. The CPI data published on Thursday is a new 40-year high and month over month, inflation jumped by 0.8%. President Joe Biden is blaming the inflation spike on Russia’s invasion, as he previously warned “there will be costs at home.” February’s CPI Data Jumps to 7.9%, US Stocks Suffer In the U.S., there’s been a significant increase in the prices of goods and services in the American economy every single month. American citizens continue to see a decrease in purchasing power when leveraging U.S. dollars for a number of goods and services. The Consumer Price Index (CPI) is a government-crafted metric that records a market basket of consumer goods and services Americans purchase on a regular basis. The data is published on a monthly basis by the U.S. Labor Department, an entity that is responsible for governing occupational safety and publis...

Dubai has adopted its first law to regulate the crypto sector. It has also established a dedicated regulator to oversee crypto activities and related service providers. Crypto Sector Regulated in Dubai The emirate of Dubai has adopted its first law to regulate crypto assets and established a regulator to oversee crypto activities and regulate crypto service providers. The official Twitter account for Sheikh Mohammed bin Rashid Al Maktoum announced Wednesday that the first virtual assets law has been approved in Dubai and the Dubai Virtual Assets Regulatory Authority (VARA) has been established. Sheikh Mohammed commented: The goal [is to] establish the UAE and Dubai’s position as a key player in designing the future of virtual assets globally. The ruler of Dubai, Sheikh Mohammed, is also the vice president and prime minister of the United Arab Emirates (UAE), a federation of seven emirates. He previously held the positions of head of Dubai Police and Public security, as well a...

A Cornell University economics professor says that President Joe Biden’s executive order on the regulation of cryptocurrency could benefit the industry. “Ultimately what these sorts of regulations provide to the industry is legitimacy,” said the professor. Cornell Professor on Crypto Industry Benefiting From Biden’s Executive Order Eswar Prasad, professor of economics at Cornell University, shared his thoughts on U.S. President Joe Biden’s crypto executive order and what it means for the industry in an interview with CNBC, published Thursday. Prasad is the Nandlal P. Tolani senior professor of trade policy and professor of economics at the Charles H. Dyson School of Applied Economics and Management at Cornell University. He previously served as chief of the financial studies division in the International Monetary Fund (IMF)’s research department and head of the IMF’s China division. The Cornell professor has repeatedly warned about the risks cryptocurrency poses to monetary and ...

Z Holdings, the internet subsidiary of the Japanese conglomerate holding company Softbank, is planning to launch a global non-fungible token (NFT) marketplace this spring. Z Holdings’ “NFT Mall” aims to target 180 countries and leverage the firm’s Paypay service in order to attract Web3, metaverse, and NFT patrons. Z Holdings Doesn’t Want to ‘Miss out on Huge Growth Opportunity’ Softbank’s internet firm Z Holdings plans to launch an NFT marketplace called “NFT Mall,” according to a Bloomberg interview with the company’s co-CEO Kentaro Kawabe. The firm’s parent company merged Line and Yahoo Japan into Z Holdings last year. Kawabe’s statements from the interview indicate that Z Holdings plans to leverage Web3, metaverse, and NFT in order to bolster the company’s growth. “It’s possible Web3 will herald a world where life is completely different and we don’t want the company to miss out on the huge growth opportunity,” Kawabe, the co-chief executive officer of Z Holdings stated duri...

The regulatory arm of the United Arab Emirates (UAE)’s special economic zone, the Dubai International Financial Centre (DIFC), has unveiled a consultation paper outlining its proposed regulatory regime for crypto tokens. Changes to the Draft Legislation The Dubai Financial Services Authority (DFSA), the financial regulatory agency of UAE’s special economic zone, the Dubai International Financial Centre (DIFC), has released a consultation paper proposing a regulatory regime for crypto tokens. The DFSA said the public has until May 6, 2022, to comment on the regulatory agency’s proposal “for a regulatory regime for persons wishing to provide financial services activities in respect of crypto tokens.” Once the public consultation phase is over, DFSA will then make the changes to the draft legislation as it sees fit. The paper explains: Following the public consultation, we will decide which changes to the proposed regime are necessary and amend the proposed draft legislation as app...

The Avalanche Foundation has announced a new incentives program to support the use of subnets. The organization announced that the program, dubbed “Multiverse,” will connect developers with a fund of up to $290 million, approximately 4 million AVAX, to incentivize the growth of subnets, a trait that allows AVAX to spur multiple networks that share common computing resources. Avalanche ‘Multiverse’ to Incentivize Subnet Usage The Avalanche Foundation has just announced a new incentives program that seeks to put subnets, a core trait of the Avalanche protocol, in the sights of developers. The organization has agreed to put up to $290 million (4 million AVAX) toward bringing applications to create their own native subnets in the Avalanche ecosystem. Subnets are deployments that allow developers to define rules that can vary from the rule of the Primary Avalanche blockchain. These are flexible enough to be configured to only be validated by a group of nodes and to follow specific rule...

PRESS RELEASE. Recently, blockchain payments startup Basqet announced the launch of its cryptocurrency payments gateway which will allow businesses to accept Bitcoin and other cryptocurrencies as payment. Basqet said it is launching a public beta and will be going live with 118 businesses already signed up to start accepting payments in Bitcoin and several other cryptocurrencies. Prior to the launch of its beta launch, the team at Basqet also revealed that they had done about $1.3 million dollars in transactions with a handful of businesses. According to Bunmi Eleshin, Senior Product Manager at Basqet “we are creating a missing link between people who hold cryptocurrency and businesses who want to accept crypto as a means of payment. And we are doing it without merchants having to experience a loss due to crypto’s price volatility”. Since Bitcoin entered mainstream media there has been a lot of discussion about crypto being the evolution of money, and Basqet could take crypto ad...

The United Arab Emirates (UAE) is getting closer to issuing a regulatory and supervisory framework that will govern the country’s virtual asset industry, the Securities and Commodities Authority (SCA) has said. FATF Recommendations A UAE securities regulator, the SCA has said it is getting closer to “issuing the regulatory and supervisory framework related to virtual assets issued for investment purposes.” In addition, the regulator revealed in a statement that it had consulted the “concerned authorities” during the development of the regulatory framework that addresses the risks of money laundering and terrorist financing that relate “to virtual assets and virtual asset service providers.” Such consultations have been concluded the statement adds. The regulator meanwhile said the development of this framework had been done in order to ensure the country’s crypto industry adheres to the Financial Action Task Force (FATF)’s recommendations. As a result, licensed exchanges “can app...

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has made some gloomy predictions about the economy and the future of cryptocurrency. Besides warning that we are in the biggest bubble in world history, Kiyosaki has predicted that the government will seize all cryptocurrencies. Robert Kiyosaki Warns of the Biggest Bubble, Depression, Hyperinflation The author of Rich Dad Poor Dad, Robert Kiyosaki, has made several gloomy predictions and bleak warnings over the past couple of days. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. On Tuesday, he tweeted to his 1.8 million followers, “Do you have a plan B?” The famous author proceeded to warn that we are in the biggest bubble in world history, citing bubbles in stocks, real estate, commodities, and oi...

On March 7, the publicly-listed mining firm Hive Blockchain Technologies announced the company inked a deal with Intel to purchase new ASIC mining chips. Additionally, Hive has formed an agreement with an original design manufacturer (ODM) and a non-binding letter of intent with Compute North. Hive said the company plans to deploy 100 MW of mining capacity to Compute North’s renewable energy facilities in Texas. Hive to Purchase ASIC Chips From Intel, Aims to Deploy 100 MW in Texas The blockchain company and mining operation Hive (TSX.V: HIVE) (Nasdaq: HIVE ) has revealed it has entered a supply agreement with Intel Corporation (Nasdaq: INTC ). Hive will obtain Intel’s new ASIC mining chips that will be leveraged in custom-built equipment made for the company. The blockchain firm says it has a manufacturing agreement with an ODM that specializes in “electronics manufacturing.” “Hive’s engineering team will draw on its expertise in hardware and software implementation and will work...

The central bank of Pakistan does not see many good use cases for crypto. However, the regulator cites “a lot of misuses” of cryptocurrency around the world, “including human rights violations, trafficking of people, money laundering, and many other things.” Pakistani Central Bank Governor’s Stance on Crypto The governor of the State Bank of Pakistan (SBP), Reza Baqir, talked about cryptocurrency during a panel discussion at the 13th Karachi Litera­ture Festival Sunday, Dawn newspaper reported. Asserting that crypto lacks good use cases, the Pakistani central bank governor remarked: When we look at the value proposition offered by crypto right now, the use cases that have been brought forward have just been exchanges. The SBP governor proceeded to talk about the risks associated with cryptocurrencies. Noting that “There is no way that the regulator or a law enforcement agency has visibility on who is doing transactions and for what purpose,” he opined: Therefore, around the ...

BSCPad and ADAPad Public Sale On March 14th. Cryptocurrencies and DeFi are experiencing a period of blistering growth: The total value locked (TVL) of tokens in DeFi protocols rose 357% to $255.39 billion among all blockchains. Over $2.5 trillion in cryptocurrencies was traded in January 2022 alone. Global crypto market cap is now over $2 trillion. Within the space, crypto lending has become the most dynamic niche. Over $35 billion TVL is in DeFi lending protocols, which is dominated by Ethereum with a 54% share of TVL as of January 2022. The problem is that Ethereum is slow, expensive, and lacks scalability: Ethereum can only manage 10 to 15 transactions per second, which means orders pile up faster that they can be posted and are delayed. Gas costs when demand is high can be exorbitant, reaching over $50 per transaction on average in January 2022. Ethereum’s market share is rapidly eroding after peaking at 97% in January 2021, as developers and crypto investors flock to m...

Griffin Gaming Partners, a venture capital firm specializing in gaming-related investments, has revealed the launch of its second gaming-related fund. The fund, which was reportedly oversubscribed, managed to raise $750 million to support gaming initiatives, including Web3-based and blockchain endeavors. Griffin Gaming Partners has now amassed more than $1 billion AUM. Griffin Gaming Partners Raises Sizable Gaming-Related Fund Griffin Gaming Partners has announced the launch of its second gaming-related fund, which will focus on investing in seed and growth rounds of companies dedicated to building blockchain-powered or traditional games. The fund, which was reported to be oversubscribed raising $750 million, is one of the biggest funds dedicated to interactive entertainment investments. According to numbers coming from the firm, gaming has become a ubiquitous form of entertainment, surpassing movies, music, and books combined. Per reports, the sector is expected to grow by 248% ...

A Goldman Sachs senior chairman has asked why crypto is not having a moment despite “the inflating U.S. dollar” and governments demonstrating that they can and will freeze accounts under certain circumstances. “Not seeing it in the price, so far,” he said. Goldman Sachs’ Blankfein Has a Question About Crypto Lloyd Blankfein, who is currently senior chairman of the Goldman Sachs Group, tweeted about crypto Sunday. Blankfein previously served as Goldman Sachs’ chairman and chief executive officer from 2006 through September 2018. He explained that he is keeping an open mind about crypto. However, he questioned why it is not “having a moment” given “the inflating U.S. dollar” and governments showing that they “can and will under certain circumstances freeze accounts and block payments.” He opined, “Not seeing it in the price, so far…” Recently, the Canadian government froze accounts tied to the Freedom Convoy trucker protest. Furthermore, since Russia began its invasion of Ukraine...

Four U.S. senators are introducing a bill to place sanctions on Russia’s gold. “This legislation would deter the purchase of Russian gold and close this loophole that allows the Russian Federation to soften the financial impact of sanctions,” the senators explained. “By sanctioning these reserves, we can further isolate Russia from the world’s economy and increase the difficulty of Putin’s increasingly-costly military campaign.” US Lawmakers Seek to Sanction Russia’s Gold U.S. Senators John Cornyn (R-TX), Maggie Hassan (D-NH), Bill Hagerty (R-TN), and Angus King (I-ME) announced Tuesday the introduction of the “Stop Russian Government and Oligarchs from Limiting Democracy (Stop Russian GOLD) Act.” “The free world’s sanctions are devastating Russia’s economy — and as long as Putin continues his horrific invasion, we must keep up the pressure,” Senator King tweeted. He added that he has joined Senators Cornyn, Hassan, and Hagerty “to introduce sanctions on Russia’s gold reserves.” ...

The Financial Crimes Enforcement Network (FinCEN) has issued an advisory on Russian efforts to evade sanctions that includes a number of crypto-related red flags. However, the bureau admitted that it has not seen “widespread evasion” of its sanctions using cryptocurrency. FinCEN Warns About Sanctions Evasion The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, issued an advisory Monday providing regulated financial institutions with “red flags on potential Russian sanctions evasion attempts.” Him Das, acting director of FinCEN, said: “It is vitally important for U.S. financial institutions to be vigilant about potential Russian sanctions evasion, including by both state actors and oligarchs.” He further noted: Although we have not seen widespread evasion of our sanctions using methods such as cryptocurrency, prompt reporting of suspicious activity contributes to our national security and our efforts to support Ukraine and its people....

Leading cryptocurrency exchange Binance has announced the launch of its own payments processing company, Bitfinity. Bitfinity will act as the default fiat-to-crypto payments ramp for the exchange, as well as for other blockchains. With this launch, Binance also targets the expanding Web3 economy, partnering with Paysafe and Checkout.com. Bitfinity Launches to Help Merchants Accept Crypto Binance, one of the largest exchanges by volume traded, recently announced the launch of Bitfinity, its own payments technology company. Bitfinity will become the de facto fiat-to-crypto payments processor of the exchange, supporting more than 50 currencies and all major payment methods, including Visa and Mastercard. This new processor also aims to make merchant onboarding easier, with merchants being able to use Bitfinity’s API to receive cryptocurrency-based payments directly. Binance stated that another objective is to present users with a more friendly system for crypto payments. On the launc...

Brandon Topham, the head of enforcement at South Africa’s financial sector regulator, has insisted that his organization has not issued warnings to some global exchanges because they deal in crypto. Rather, the warnings have been made because the exchanges are not registered to offer derivatives in the country. Exchanges Not Registered to Offer Derivative Products An official with the South African financial sector regulator, the Financial Sector Conduct Authority (FSCA), has said his organization has been targeting global cryptocurrency exchanges operating in the country because they “offer a derivative product with crypto as the underlying or reference asset.” As previously reported by Bitcoin.com News, the South African regulator has in the past issued public warnings against global crypto exchange platforms like FTX, Binance, and Bybit. In some cases, the regulator’s warnings have forced some crypto exchanges operating in the country to terminate certain services. While the ...

A new fundraising platform whose objective is to help to raise funds for Ukrainians and the Ukraine military recently claimed to have raised 2 million of the stablecoin tether. Some of the donated crypto assets have been sent to the Ukrainian army and to a humanitarian fund that finances volunteers. Ukraine’s Crypto Donations Whitepay , a fundraising platform that seeks to assist Ukrainian civilians and the country’s military forces, recently said it had raised 2 million USDT . According to a tweet posted by the fund on March 6, some of the USDT has since been transferred to the Ukrainian Army to cater to its medical needs. Some of the funds have been transferred to the humanitarian fund that finances the volunteers. The announcement by Whitepay, which was founded by the Estonian cryptocurrency exchange Whitebit and a Ukrainian fintech and crypto entrepreneur, Gleb Udovychenko , came as some reports said Ukraine had received cryptocurrency valued at $50 million in just one week...

Cryptocurrency exchange Binance has fully resumed EUR and GBP deposits and withdrawals via the SEPA payment network and Faster Payments Services (FPS). Binance is also offering all verified users zero fees for depositing EUR via SEPA and GBP via FPS to “celebrate the return of SEPA and FPS.” SEPA and FPS Back on Binance Cryptocurrency exchange Binance announced Monday that at 11:00 a.m. UTC for both desktop and app: Binance and Paysafe will fully reopen EUR and GBP deposits and withdrawals respectively via the SEPA payment network (SEPA) and Faster Payments Services (FPS). “Binance retail users across Europe, with the exception of Netherlands and Switzerland, will be able to make EUR transfers directly via SEPA,” the exchange detailed. The announcement adds that to “celebrate the return of SEPA and FPS,” Binance is “offering all verified users zero fees for depositing EUR via SEPA and GBP via FPS” until March 31 at 11:59 p.m. UTC. Binance temporarily suspended EUR deposits vi...

At the end of the trading day on Monday, Wall Street was roiled once again as major stocks plunged during the day’s trading sessions. Most news outlets indicate the Russia-Ukraine war is causing the bleak outlook and reports show strained financial conditions worldwide are currently the tightest since 2020. Meanwhile, bond markets during Monday’s trading sessions indicate increased inflationary pressures may be on the horizon. Global Investors Grow Concerned About Strained Financial Conditions Equities traders did not have a pleasant day during Monday’s trading sessions as the S&P 500, Nasdaq, NYSE, the Dow, and many other stocks plunged in value . The price shocks and economic fallout is no longer being blamed on Covid-19, as fingers are pointing at the ongoing Russia-Ukraine conflict in Europe. While reports say the military warfare has been brutal, economic sanctions are also taking a toll on the Russian economy. Moreover, economists have noted the sanctions are affecting ...

Apple co-founder Steve Wozniak says Bitcoin is “the only one that’s pure-gold mathematics.” He is skeptical of most other cryptocurrencies. In addition, Wozniak is a fan of the metaverse but is less enthusiastic about non-fungible tokens (NFTs). Apple’s Steve Wozniak Praises Bitcoin Apple co-founder Steve Wozniak talked about cryptocurrency in an interview with the Insider, published last week. He said: There’s so many cryptocurrencies that come out now. Everybody has a way to create a new one, and you have a celebrity star with it. It seems like they’re just collecting a bunch of money from people who want to invest at the very earliest stage, when it’s worth pennies. Wozniak also noted that some people buy cryptocurrencies because they are not aware of the potential windfalls. “Then they just fold,” he said. While he’s a fan of the metaverse, he’s less enthusiastic about non-fungible tokens (NFTs) and cryptocurrencies, the publication conveyed. He said that for the most part,...