Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
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Tax news
- A group of 130 nations, representing more than 90% of global GDP, has agreed to a global minimum tax (GMT) on corporations (a minimum rate of at least 15%), the Organisation for Economic Co-operation and Development (OECD) announced today. The remaining elements of the framework, including the implementation plan in 2023, will be finalized in October, they said, adding that the GMT is estimated to generate around USD 150bn in additional global tax revenues annually. Also, if widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions. (Learn more: No Crypto in G7 Wrap-up, but Traders, Miners Will Still Want to Take Note)
Investments news
- 2TM Group, the parent company of Mercado Bitcoin (MB), a Latin America-focused crypto exchange, said that MB has raised USD 200m from the SoftBank Latin America Fund, valuing 2TM Group at USD 2bn. MB’s client base reached 2.8m in 2021, or “more than 70% of the entire individual investors base on Brazil’s stock exchange,” they said, adding that during the first five months of the year, the exchange also saw its trade volume increase to USD 5bn, surpassing the total for its first seven years combined.
- Blockchain games and non-fungible tokens (NFT) creator Animoca Brands said it has closed a second and final tranche of USD 50m in its USD 139m unicorn capital raise, conducted at a pre-money valuation of USD 1bn. Investors in this second tranche included Blue Pool Capital, Coinbase Ventures, Samsung Venture Investment Corporation, and others. The new capital will be used to fund strategic investments and acquisitions, product development, and licenses for popular intellectual property, they added.
- NFT mining platform and marketplace Mintable has announced the completion of its Series A funding round, raising USD 13m from investors including the payments integration platform RippleX, according to an emailed press release. The funds will be used to grow the platform’s reach through different initiatives, as well as expand its platform support for more blockchains.
- Calaxy, the open social marketplace “for creators, by creators,” co-founded by NBA player Spencer Dinwiddie, said it has raised USD 7.5m in funding through private investment and grant support. “We have created a platform that enables creators to monetize their content and interact with their fan-base in a more personalized and intimate way,” Solo Ceesay, Chief Operating Officer & Co-Founder at Calaxy, was quoted as saying in an emailed press release.
Stablecoins news
- The rapid growth of stablecoin issuance could, in time, have implications for the functioning of short-term credit markets, Fitch Ratings said. Potential asset contagion risks linked to the liquidation of stablecoin reserve holdings could increase pressure for tighter regulation of the nascent sector, the major credit rating agency said today.
Mining news
- Arcane Crypto’s subsidiary Arcane Green Data Services said it has entered into a lease agreement for hosting capacity for Bitcoin (BTC) miners of up to 2.5 MW. Its start-up is divided between August and Q1 2022 and has a duration of three and a half years, with an option to extend the contract for two years.
Regulation news
- Starting today, Wyoming, USA, recognizes decentralized autonomous organizations (DAOs) as a new type of limited liability company. As reported, the state’s bill allows extending both state and federal recognition to DAOs, similarly to those enjoyed by other businesses.
- Crypto exchange Binance announced that it has deployed CipherTrace Traveler. It is described as a commercial solution designed to help Virtual Asset Service Providers (VASPs) achieve compliance with the Financial Crimes Enforcement Network (FinCEN)’s and the Financial Action Task Force (FATF)’s Travel Rule regulations.
- The FinCEN has included cryptocurrencies on its national priorities list as part of the Cybercrime Priority, along with terrorist financing, fraud, transnational criminal organization activity, and others. The statement adds that regulations will be issued at a later date “that will specify how financial institutions should incorporate these Priorities into their risk-based AML [anti-money laundering] programs.”
Marketing news
- StormX, a crypto cashback provider, said it has become the first crypto jersey patch partner in the NBA, becoming the Exclusive Blockchain Partner of the Portland Trail Blazers. This is StormX’s first sports partnership and the first time the Trail Blazers have engaged a crypto-native brand as a partner, they added.
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