WeWork founder reinvents himself with $70M crypto carbon credit platform

Three years after being ousted as CEO of WeWork, Adam Neumann has jumped on the crypto bandwagon, raising $70 million in the first major funding round for his climate tech venture Flowcarbon. The project aims to make carbon trading more accessible by putting carbon credits on the blockchain. Neumann is an Israeli-American businessman and investor famous for his role in founding coworking space provider WeWork in 2010, a company once heralded as the future of work spaces. However, it all came crashing down in 2019 when the company attempted to…

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Web3 no longer just about crypto and DeFi, says Polkadot founder Gavin Wood

Although Web3 has become a sort of buzzword in the cryptocurrency community, its application and utility extend far beyond the world of blockchain, according to Polkadot founder Gavin Wood.  In an exclusive interview with Cointelegraph at the World Economic Forum’s Annual Meeting in Davos, Switzerland, Wood talked about Web3 applications and whether the all-encompassing concept needed to evolve past its current usage. “I don’t think Web3 needs to evolve, really, from its origins too much yet but maybe in the future, it will,” he said before explaining the merits of…

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Trust and clarity are missing in discussions of carbon emissions and crypto

The need for a clear, balanced concept of the issue was a constant theme at the panel discussion of crypto’s carbon footprint at the 2022 World Economic Forum. There was general agreement that there has been a rush to judgment on the consensus mechanisms of crypto mining and education, and careful policymaking can counteract it. “Crypto tribalism” on social media is an impediment to environmentally sound crypto mining, FTX.US president Brett Harrison said, comparing the situation to politics. “A vocal minority obscures the majority,” he said, while there is a…

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Crypto funds under management drop to a low not seen since July 2021

Digital asset investment products saw $141 million in outflows during the week ending on May 20, a move which reduced the total assets under management (AUM) by institutional funds down to $38 billion, the lowest level since July 2021.  According to the latest edition of CoinShare’s weekly Digital Asset Fund Flows report, Bitcoin (BTC) was the primary focus of outflows after experiencing a decline of $154 million for the week. The removal of funds coincided with a choppy week of trading that saw the price of BTC oscillate between $28,600…

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What do UK’s recent regulatory aims for crypto mean?

In April, the United Kingdom’s Economic and Finance Ministry, also known as Her Majesty’s Treasury, announced its intention to put the United Kingdom at the forefront of technology by bringing stablecoins under the country’s payments regulation — a bold move that looks especially intriguing in contrast to the recent shock, caused by TerraUSD’s (UST) depegging. Later, in May, during the annual Queen’s Speech, Prince Charles informed the Parliament about two bills that will support “the safe adoption of cryptocurrencies” and “create powers to more quickly and easily seize and recover…

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Central African Republic to launch official crypto hub ‘Sango’

Shortly after approving Bitcoin (BTC) as legal tender in the Central African Republic (CAR), the local government is moving to provide the digital currency infrastructure. CAR President Faustin-Archange Touadera took to Twitter on May 24 to announce the upcoming launch of the country’s first major crypto initiative dubbed “Sango.” The creation of the CAR’s crypto hub comes soon after the National Assembly unanimously adopted Bitcoin as legal tender, Touadera noted. Following the unanimously adoption by the National Assembly of the #BTC legal tender status, we are pleased to showcase the…

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Coinbase introduces crypto to Fortune 500 while FTX CEO featured in TIME 100

In an industry milestone, cryptocurrency exchange Coinbase has become the first corporation within the crypto and blockchain space to be featured on the prominent Fortune 500 list. A 68-year-old annual tradition, the Fortune 500 list is synonymous with ranking the leading corporations in the United States by total revenue, as well as other quantifiable metrics such as percentage profit margins, assets and the number of employees, among others. Retail giant Walmart captured the top spot for the tenth consecutive year with $572,754 million in revenue and a growth of 2.4%.…

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Russia’s updated crypto mining bill cuts tax amnesty for Bitcoin miners

In less than a month, the draft of a crypto mining bill in the Russian parliament has lost several key points, such as the obligation for mining operators to join a special registry and a one-year tax amnesty for all those who’ve registered. As the reasoning goes, the previous draft would lead to federal budget losses.  The fresh draft of the law “On mining in Russian Federation,” dating to May 20, appeared in the database of the lower chamber of the Russian parliament, the State Duma. The document bears several…

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Fed report finds most Americans who own crypto tend to be high income hodlers

The United States Federal Reserve Board has included data on cryptocurrency in its new Economic Well-Being of U.S. Households in the 2021 report. The Fed’s ninth annual report looked at survey results from 11,000 people questioned in October and November 2021.  The report indicated financial wellbeing is the highest it has been since reporting began, with 78% of U.S. adults “doing okay or living comfortably financially.” That is an increase of 3% over the last three years. As a diagnostic of financial fitness, the report cites the 68% of Americans…

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Crypto remittances must have allure of cash without regulatory constraints — Jeremy Allaire

Digital cash systems built on the blockchain must retain the qualities of physical money in order to attract more users in developing countries — and must be able to do so without regulatory constraints — according to Circle CEO Jeremy Allaire.  In a panel discussion at the World Economic Forum’s Annual Meeting, titled “Remittances for Recovery: A New Era of Digital Money,” Allaire discussed all the features that make physical cash an ideal medium for exchange. There’s a reason why “cash is king,” he said, referring to physical money’s portability, privacy…

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