ADDX bags $58M to reduce min. private investment by 10x via smart contracts

ADDX, a blockchain and smart contract-based digital securities platform from Singapore raised $58 million from mainstream financial institutions to fund its goal of reducing minimum private investment sizes via tokenization and fractionalization. The Monetary Authority of Singapore regulates ADDX as a digital securities exchange that aims to democratize private markets. The Pre-Series B funding round saw participation from the Stock Exchange of Thailand (SET), UOB, Nasdaq-listed Hamilton Lane and Thailand’s Krungsri Bank, which has brought total funds raised by ADDX to around $120 million. As explained in the announcement, ADDX…

Read More

Will the Ethereum 2.0 update reduce high gas fees?

Purpose of Ethereum 2.0 The primary goal of the Ethereum 2.0 update is to improve scalability so that the network can handle more transactions without delays or high fees.  While the full effects of the update will not be felt until it is fully rolled out, some of the possible use cases for Ethereum 2.0 include: Supporting the large-scale enterprise adoption of blockchain technology in private corporations and businesses; Creating more decentralized autonomous organizations (DAOs)  and governance models based on smart contracts and trustless interactions; Ethereum token launches that will…

Read More

Crypto tax rules will reduce US budget deficit by $11B over ten years — White House

The United States government’s budget for the 2023 fiscal year included roughly $11 billion in revenue over the next decade from modernizing rules around digital assets. According to U.S. President Joe Biden’s FY2023 budget, which was released by the White House on Monday, modifying the tax rules on digital assets will reduce the deficit by $10.9 billion from 2023 to 2032. The White House said it will “modernize rules” to include certain taxpayers reporting holdings of digital assets in foreign accounts, amending mark-to-market rules to include digital assets and requiring…

Read More

Ethereum traders reduce their bullish bets as ETH struggles reclaim $3K

Ether (ETH) is still in troubled waters after failing to break a 5-week long descending channel top for the third time in a row. The March 2 test of the $3,000 resistance was followed by a 17.5% correction in 5 days, which signals that buyers are somewhat reluctant to defend the price. To date, Ether suffers from high network transaction fees, even though it dropped from $19 in mid-February to the current $13 per transaction. While this is less than peaks seen previously, $13 per transaction is still incompatible with…

Read More

DeFi may turn to DAO governance to reduce regulatory risks in 2022: Report

KuCoin Labs, the investment and research arm of crypto exchange KuCoin, has released its annual report, predictin that decentralized finance (DeFi) will still be a significant trend in the crypto industry in 2022 and governance will be run through decentralized autonomous organizations (DAOs). With the DeFi ecosystem continuing to be plagued by criminal whales, the risks of financial loss within the sector are becoming more apparent. Because of this, calls to regulate decentralized finance began taking flight in 2021, and the sector has started to face enforcement actions over the past year. As…

Read More

Bitcoin needs to clear $51K to reduce the chance of new sell-off from BTC whales

Bitcoin (BTC) whales are the center of attention again this week as large transactions flow back to exchanges. Data from on-chain analytics platform CryptoQuant on Dec. 24 shows that relatively, whales are increasing their presence as potential sellers. Action stations as Bitcoin climbs to $51,000 According to CryptoQuant’s Exchange Whale Ratio indicator, the proportion of large inflows to exchanges out of total inflows is now at a one-year high. Inflows sped up significantly as BTC/USD rose to $51,000 overnight on Thursday, and the implication could be that large-volume investors plan…

Read More

Bitfarms estimates Argentinian facility will reduce BTC mining costs by 45%

Canadian Bitcoin mining firm Bitfarms has updated its plans for expansion in South America, revealing it has secured an eight-year contract to draw up to 210 megawatts, or MW, of electricity for $0.022 per kilowatt-hour, or kWh. According to an April 19 announcement, Bitfarms has made significant progress in solidifying the terms for its Argentinian operation since first signing a non-binding memorandum to build a 60 MW power plant in October 2020. In addition to expanding securing a 250% increase in power capacity and agreeing to a 10% increase in…

Read More

Alliance of major firms aims to reduce crypto’s carbon footprint

A group of more than 20 firms comprising crypto, finance, technology, energy, and non-government organizations has banded together to focus on the environmental impact of cryptocurrency. In an announcement today, the Crypto Climate Accord — reportedly inspired by the 195-signatory Paris Climate Agreement — said it aims to address the “large and growing energy consumption of cryptocurrency and blockchain, and the climate impact of their energy use.” Launched by nonprofits Energy Web Foundation, the Rocky Mountain Institute, and the Alliance for Innovative Regulation, the group’s partners include high-profile firms in…

Read More

Solana-powered AMM Raydium proposes SushiSwap integration to reduce fees

Major decentralized exchange SushiSwap is the latest to consider action to mitigate Ethereum’s extreme transaction fees, and it involves a potential port to the Solana blockchain. A proposal, which was posted to the SushiSwap forum on Feb. 22 under the codename ‘Bonsai,’ suggests building out the platform on the Solana ecosystem. The integration is intended to mitigate Ethereum’s skyrocketing transaction fees, which have spiked to new all-time highs over the past 24 hours. The proposal would involve integrating SushiSwap with Raydium’s platform, with the Solana-based automated market maker having launched on Feb. 21.…

Read More

Bison Trails launches Global Blockchain Sync to enhance node operations, reduce lag times

Bison Trails, a leading blockchain infrastructure company, has launched a new protocol that allows customers to scale their node operations without the lag times that normally accompany such functions. Beginning Tuesday, Global Blockchain Synch, or GBS, will allow Bison Trails customers to address the lag times associated with launching a new node operation. The company has claimed this will significantly reduce downtime risk, slashing penalties and costs while at the same time boosting scale and optimized participation. Joe Lallouz, Bison Trails’ CEO, explained the problem: “A significant pain point when…

Read More