Popular Crypto tax tool platform reduced the strength of its employees by a very big number amid the ongoing economic downturn in the world.
CoinTracker is a Crypto Tax Calculator. Crypto investors can easily connect the majority of the top Crypto exchanges like Coinbase and Binance to calculate crypto taxes easily. In the last year, this platform showed a significant appearance in the Crypto sector because of increasing new crypto tax rules on crypto investment in several countries.
In June 2023, This company raised $100 million at a valuation of $1.3 billion and invited global talents to join the company.
We’ve been saddened by the continued news of layoffs across crypto, tech, and beyond. Many of our friends, former colleagues, and partners have been affected.
We invite anyone looking for work to consider applying to CoinTracker. (1/7)
Recently this company laid off 19 employees from the company, which is equal to 20% of the total staff of the company.
Perhaps the company didn’t announce this information officially but the CEO of this company confirmed this news.
Mass layoffs
In the recent few months, Crypto industry saw layoffs of huge numbers of employees from many companies e.g Coinbase, Genesis, and Huobi crypto exchanges reduced their workforce by a very big number.
Here layoffs of employees are going on among not only Crypto companies but international tech companies like Amazon, Meta, Amazon, Alibaba, Credit Suisse, Cineplex, Tencent, Better.com, and Twitter, reduced a very big part of the workforce.
Global recession & opportunities
According to the majority of the financial experts, the current phase of the economic market is under a critical situation and here big countries’ Central Banks are showing their monopoly, which is resulting in a very big problem for small countries.
Due to high inflation, the price of crypto & stock assets are dumping badly and these are creating a better opportunity to buy the best asset at discount.
Just a couple of days ago, a popular financial advisor Robert Kiyosaki suggested people buy Gold, Silver & Bitcoin amid the global recession.
Q: WHATIS WORSE THAN A GREAT DEPRESSION? A: a global recession. UNFORTUNATELY we are in GLOBAL RECESSION. Hang on. Rough landing for world. BAD NEWS Bankruptcy, Unemployment, Homelessness soar. Retirements toast. GOOD NEWS. Bargains everywhere. Gold, Silver, BC PRICELESS.
Toyota collaborated with Astar Network to explore the potential use case of blockchain technology.
Crypto adoption surging rapidly despite the downfall in the price of the majority of the crypto assets and it is because of the potential of blockchain technology which can provide huge numbers of use cases. To this date, the majority of tech companies are using blockchain technology & Crypto networks to verify & process data with high speed.
On 1 Feb 2023, the Astar Network team confirmed that Automotive giant Toyota is sponsoring a Web3 hackathon on the multi-chain smart contract network Astar Network.
— Astar, Future of Smart Contracts for Multichain (@AstarNetwork) February 1, 2023
Under this plan, devs will develop a decentralised autonomous organisation (DAO) tool on the Astar network. That tool will be available for the employees of Toyota. The Astar Network-based solution will help to push yield management.
This is not the first time for Astar network to go with practical-level development work, earlier Astar collaborated with Japanese largest phone network company NTT Docomo.
Astar network founder Sota Watanabe said that the team is focussing to develop a unique Proof-of-concept tool for Toyota employees and that tool will be a good product because Toyota employees will interact with that tool daily.
“If a good tool is produced, Toyota employees will interact daily with Astar Network.”
Astar network founder further noted that the team will try to bring more ways to bring the use of blockchain technology in the future cars.
Astr price action
This news acted as a catalyst for Astr, the native coin of the Astar network. The current price of the Astr coin is $0.06 and this price is 10.8% high over the last 24 hours’ trade price.
DekaBank will provide Crypto services with the help of a Crypto platform.
DekaBank Deutsche Girozentrale is a Asset Management and Capital Market Solutions for Sparkassen-Finanzgruppe. This company was established in 1918 and at that time the basic goal of this company was only to become a hub for payments within the German savings banks system. So now the current age of this bank is more than 104 years.
On 31 Jan 2023, A press release confirmed that DekaBank established a partnership with Switzerland-based cryptocurrency platform METACO.
This German Bank provides services to 5.2 million securities accounts and now these 5.2 million accounts will get Crypto services easily via the METACO Harmonize platform. Bank customers will be able to hold & trade crypto assets easily but banks will mainly focus to provide the best Crypto custody service to the customers.
At present, the Bank provides services to 1.5 million retail customers & more than 500 institutional customers. In short, the new service will push crypto adoption among small & also big investors.
BREAKING‼️ | 🇩🇪 German banking giant DekaBank to offer #Bitcoin and crypto to 1.5m retail customers and +500 institutional clients.
Andreas Sack, the executive at DekaBank, also shared his thoughts on this new service of the Bank and said that Crypto & blockchain technology is a new way to represent the potential of assets, currencies & real estate.
Further Bank executive said:
“Today we make another important step towards laying the foundation for giving our institutional investors and millions of people in Germany access to this transformational opportunity.”
It is worth it to note that competition among the banks to provide Crypto services is increasing. Just two weeks ago, German-based bank “German Neobank N26” announced a more convenient way to buy Bitcoin with full safety. For Crypto service, Bank collaborated with the Bitpanda platform in October 2022.
🎉 Say hello to N26 Crypto! 🎉 Welcome to the new way of trading crypto—the convenient way. No waiting times and no need to download a new app—just open your N26 app and go. Easy! Ready to give N26 Crypto a try? Let us know in the comments. pic.twitter.com/HJ0JurzIJa
The regulators from the United Kingdom (UK) initiated an investigation against the trustees of the Effective Ventures Foundation.
Effective Ventures Foundation was significantly funded by FTX’s former CEO & co-founder Sam Bankman-Fried (SBF) in April 2022. At that time SBF grabbed huge popularity for this foundation. SBF donated a huge amount of funds to this organisation and collected huge sympathy from the whole Crypto sector. This foundation is registered in England, Wales, the Netherlands, and the U.S. and provides support to organisations aligned with their goals.
Recently the UK regulators initiated an enquiry against the Effective Ventures Foundation, to figure out whether the trustees fulfill their duties, as well as examine the relationship between trustees and donors.
The Interim CEO of Effective Ventures, Howie Lempel, talked about this investigation officially and confirmed that the foundation will fully cooperate with the investigation. Lempel also confirmed that the foundation has no fund exposure to FTX exchange, so the foundation will operate its work smoothly without any financial pressure.
FTX bankruptcy & Charity donations
Under the leadership of SBF, the FTX exchange lost a huge amount of money because of the misuse of the funds. In the first week of Nov 2022, Exchange failed to give withdrawal of funds to all the users, and finally on 19 Nov exchange filed for bankruptcy with more than 100s of its affiliated companies.
Just a few weeks ago, FTX current CEO Johan Ray III ordered all the people, companies, and entities, including charity foundations, to return the funds to the exchange, which was sent by the FTX exchange on behalf of FTX former officials unethically.
FTX exchange also warned that it will take suitable legal action, if the linked parties will not return the money, in favour of the FTX customers who lost all of their funds on the exchange.
The popular financial advisor explained why the price of precious metals & Bitcoin is increasing amid the ongoing economic downturn in the world.
Robert Kiyosaki is a popular writer & author of financial management-related books. In the whole world, Kiyosaki is famous for his book “Rich Dad Poor Dad”. Kiyosaki mainly suggests people invest in real estate properties, Gold, Silver & also in Bitcoin. In the past, Kiyosaki suggested people buy Bitcoin many times.
On 1 Feb 2023, Robert Kiyosaki took to Twitter to explain why the price of Gold, Silver & Bitcoin is increasing, which is a clueless thing for the category of poor & middle-class people.
Kiyosaki noted that poor people & middle-class families are getting poorer because of bad debt. Indirectly Kiyosaki pointed toward the downfall of the value of fiat currencies because of economic debt.
The popular financial author & advisor suggested people get started with silver coin investment, which starts at $30 per silver coin.
Q: Why are gold, silver, Bitcoin going higher? A: Because US poor and middle class getting poorer & deeper in bad debt. Please don’t get poorer. At least buy one silver coin. Only $30 and start to get richer.
Earlier this, on 28 Jan 2023, Kiyosaki said that a global recession is the worst thing over a bad depression and unfortunately we are in a global recession.
Kiyosaki suggested people buy silver, gold & Bitcoin at perfectly bargained prices because huge numbers of people are going through unemployment as a part of huge numbers of layoffs from big companies.
Q: WHATIS WORSE THAN A GREAT DEPRESSION? A: a global recession. UNFORTUNATELY we are in GLOBAL RECESSION. Hang on. Rough landing for world. BAD NEWS Bankruptcy, Unemployment, Homelessness soar. Retirements toast. GOOD NEWS. Bargains everywhere. Gold, Silver, BC PRICELESS.
The legal fight between the LBRY & the United States Securities regulatory body resulted in a very big win for the Crypto industry.
The United States Securities and Exchange Commission (SEC) is a top financial regulatory body in the US. This regulatory body mainly regulates the spot money market & those companies which provide services in the form of security tokens. Over the years, the SEC Agency showed that it was not supportive of Crypto companies because of the unclear crypto regulatory framework in the United States.
On 31 Jan 2023, the Court ruled in favor of the LBRY coin team against the SEC agency and finally, the SEC agency admitted that the sale of LBRY Credits (LBC) tokens in the secondary market doesn’t constitute a security.
Popular US attorney John Deaton was the main leader in this case in support of LBRY and he helped the LBRY team to reach a better outcome.
Many experts noted that it was not all about the LBRY vs SEC fight, instead, it is a very big victory for the crypto industry against the bitter regulatory approach of the US authorities.
Jeremy Hogan, the partner at Hogan & Hogan, also responded to this case and congratulated Deaton & LBRY.
First word from the SEC v. LBRY hearing:
The SEC admitted on the record that the token itself is not a security.
A few Crypto Twitter users started to talk about the Ripple vs SEC Lawsuit, where Ripple is fighting to prove that XRP was not a Security & also Ripple executives never violated the securities Act.
One of the Crypto Twitter users noted that this outcome may degrade the SEC agency against Ripple in the XRP Lawsuit.
If the SEC admitted LBRY isn’t a security then they know for sure that #XRP is definitely not a security 😁
Reportedly Nigerian people are moving toward Bitcoin & Crypto adoption, as the deadline of the old currency exchanges has ended.
Nigeria is a top Crypto & blockchain technology adoptive country. In the field of blockchain technology adoption, Nigeria stands on top of the countries with its e-Naira ( Nigerian Central Bank Digital Currency). The Central Bank of Nigeria noted that the country failed to push the adoption of Nigerian CBDC among the citizens.
In the present time, people in Nigeria are under a very big hurdle because the date to exchange their old fiat cash notes has ended. People were facing problems exchanging their notes because of the very long queue in the Banks.
A report noted that in the recent few days, the search frequency of “buy Bitcoin‘ on global Google trends surged rapidly.
The current population of Nigeria is approximately 200 million and in a few weeks, the country will conduct an election. These things are showing that a big part of Nigeria is looking to use Bitcoin as an alternative & decentralised payment system to fight against the current situation.
Many people took to Twitter to explain the problem that they are facing for the last three months, which was a limited period for the citizens to exchange their old notes against new notes.
Mr. Kingsley Moghalu, a former presidential aspirant, noted that such decisions had been taken to stop any kind of Vote buy activities, in order to conduct fair elections. He noted that such decisions had resulted in a very big issue for the common citizens.
It seems the Naira redesign policy has become a debate about stopping vote-buying politicians versus ordinary citizens being able to carry on normal life with legal tender currency. For some,stopping vote buying means citizens can suffer too. A truly difficult situation. Nigeria!
Alhaji Atiku Abubakar, a presidential candidate from one of the major parties, shared his opinion on this situation and suggested the Central Bank extend the timeline for the Currency exchange because the majority of the citizens were under a very big hurdle.
The overcollateralized stablecoin from the Cardano team has been launched on the Cardano mainnet.
Djed is an algorithmic concept based stablecoin, which was initially introduced by the Cardano founder Charles Hoskinson in 2021. Despite the failure of the top-ranked algorithmic stablecoin TerraUSD, Hoskinson planned to make Djed stablecoin the best stablecoin in terms of collateral reserves & also functioning on behalf of smart contract abilities.
On 31 Jan 2023, Coti network, a layer-1 blockchain network developer team and also the developer of the Djed stablecoin, announced on Twitter that Djed is now live on the Cardano main network.
Just a few days ago, we reported that Djed stablecoin was expected to go live on 1 Feb 2023, as Djed was already executed under a process to go live. To bring Djed’s stablecoin adoption rate fast, Djed established partnerships with 40 new teams. To this date, Djed stablecoin is available on Cardano’s Defi protocols MinSwap, Wing riders, and MuesliSwap.
So far to this date, Djed is not available on any centralized crypto exchange but Bitrure Crypto exchange announced that it will add support for Djed stablecoin soon in near future.
ADA price action
Ada is a native coin on the Cardano Blockchain network. The current trade price of the ADA coin is $0.3881 & this price is 2.16% high over the last 24 hours.
In the present time, Crypto Market is moving under a bullish moment and the current trade price is 55.85% high over the last 30 days of trade price.
If you are looking for a good destination for your crypto investments, the Philippines can serve very well as a jurisdiction in this case. The country steadily applied measures to attract more capital associated with cryptos. But, that doesn’t mean that the state is reckless about any preventive measures. It follows major world-recognized standards and keeps the parity between the interest of interpreters and the state. The licensing rules of the Philippines envisage the special registration procedure – this is a kind of equivalent to the Philippines crypto exchange license that has to be in place if you want to start your crypto trading project here. Prifinance attorneys are prepared to help you and give a brief but informative guide about the local «licensing» nuances.
H2 Core Points about the Philippines Crypto Regulation
Even if the jurisdiction offers very advantageous conditions for doing crypto business, the local regulator (the Central Bank of the Philippines) warns about the major threats associated with the cryptos:
open options for unlawful use;
possible sharp price fluctuations;
drastic risks of unauthorized transfers;
no compulsory insurance.
These issues can be easily addressed to convince the regulator that the registration is possible – that is made through the complex of measures:
creating a separate corporate entity that will serve as a future cryptocurrency exchange;
implementing effective policies (AML/CTF, KYC, monitoring, record-keeping, and reporting);
finding sufficient and appropriate IT facilities that will be capable to track all the operations carried out through the future platform and also ensure proper notification;
hiring professional staff, including a compliance manager and director;
developing clear policies for customers with an emphasis on providing enough details about the services offered.
H2 How the Registration Goes: Brief Points
Each application passes two stages. Firstly, the regulator screens the application and decides whether (1) it suits preliminary to all the formal requirements and (2) all the must-have details (like the information about the founders and beneficiaries) have been submitted.
And the second stage, the regulator checks each compliance point more precisely. Namely, such aspects as AML/CTF compliance, KYC and other policies, the availability, and suitability of IT resources, staff competencies, etc. Even if registering a crypto exchange in the Philippines is comparatively easy, the process still has nuances and requires professional support at each of its stages.
H2 How Prifinance Attorneys Can Assist You More
If your current objective is to start your crypto exchange in the Philippines, Prifinance attorneys are prepared to support you with covering all the peculiarities that the law of the Philippines introduces, including through these legal services:
help to buy or create a new entity that will serve as a crypto exchange;
consult you on matters of local taxation;
arrange all the information needed to incorporate a new crypto exchange in the exact form prescribed by the local regulations;
handle all pre- and post-registration settlements with the local regulators on your behalf;
open EMI and/or bank accounts for your crypto trading project;
make the future operation of your new crypto exchange easier thanks to transparentclear and compliant policies.
Forward the details of your case along with the business ideas you have for this project – get instant support from Prifinance attorneys in the course of their realization.
Addressable, an innovative end-to-end solution for Web3 marketing, announced today that it secured $7.5 million in a seed funding round, led by Viola Ventures and Fabric Ventures, with participation from Mensch Capital Partners and North Island Ventures. The funding will be used to accelerate adoption and expansion of Addressable’s best-in-class solution, including support for additional blockchains and social media integrations.
“Marketing is all about knowing your audience, but since crypto wallets are anonymized by design, Web3 marketers rarely know their audience’s age, country or purchasing history,” says Dr. Asaf Nadler, co-founder and chief scientist at Addressable. “In the face of anonymity, our solution allows Web3 marketers to associate anonymous blockchain audiences with social media activity, ultimately addressing the most significant barrier to Web3 growth today.”
Addressable’s SaaS solution provides Web3 marketing teams with a powerful platform to launch campaigns and more effectively target new audiences by matching blockchain activity with social profiles. This precise targeting reduces cost-of-acquisition dramatically compared to the broad targeting of existing web2 tools. Leading Web3 companies like Polygon, Bancor, Immutable, and Kryptomon are already using Addressable’s technology to acquire new users in an era when traditional Web2 marketing campaigns are no longer effective.
“In the Web3 era, the key barrier to growth is the inability of marketers to deliver their messages to their targeted audiences, simply because they don’t know much about them”, says Leon Stern, director of growth at Polygon – an Addressable customer. “Most users aren’t attentive on Discord – they’re on social media, and you need to effectively get their attention there. This is where the value of Addressable lies.”
Addressable was founded by Tomer Sharoni, Tomer Shlomo and Dr. Asaf Nadler, data analytics veterans with more than 20 publications on blockchain, machine learning and big data.
“We are witnessing an increasing number of Web3 companies investing in meaningful and sustainable user growth through social media, where almost all users spend their time,” says Tomer Sharoni, Addressable’s CEO. “Our unique ability to pinpoint Web3 audiences on social media is the missing piece for mass adoption of Web3. In today’s blockchain ecosystem, we’re the only Web3 marketing SaaS platform addressing user acquisition at scale.”
“Effective user acquisition became the major concern for Web3 businesses over the turbulent past year”, said Richard Muirhead, Chairman and Managing Partner at Fabric Ventures. “Addressable’s Web3 marketing platform combines a compelling go-to-market opportunity for any web3 business with a user-centric approach for which this sector craves. We are excited to take part in Addressable’s journey and to welcome them into the Fabric family”.
“Addressable is solving a huge problem for web2 and Web3 companies that want to understand their Web3 audiences”, says Omry Ben David, General Partner at Viola Ventures. “Its platform enables marketers to connect the dots between on-chain blockchain data with off-chain social media accounts and use precision targeting for a crisper value proposition and thus superior ROI and conversion. Coupled with an A-class founding team, we believe Addressable is best positioned to lead the marketing stack category in web3”.
About Addressable Addressable is an innovative end-to-end Web3 marketing solution. The company’s best-in-class SaaS platform provides Web3 marketing teams with a powerful platform to effectively target new audiences by matching blockchain activity with social profiles. Addressable is a trusted partner of leading Web3 companies including Polygon, Bancor, Immutable, and Kryptomon. Founded by data analytics veterans Tomer Sharoni, Tomer Shlomo and Dr. Asaf Nadler, Addressable has raised $7.5 million in a seed funding round led by Viola Ventures and Fabric Ventures.
