Two U.S. lawmakers, French Hill and Chrissy Houlahan, have added their voices to calls for the release of jailed Binance executive Tigran Gambaryan. The lawmakers made this call shortly after visiting Gambaryan at Nigeria’s notorious Kuje Prison. Hill believes that Gambaryan is being wrongfully detained on charges related to money laundering. Prison Officials Accused of […]
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Polygon Unveils $1 Billion Grant Program to Foster Blockchain Development Over Next Decade
Polygon has announced a billion Community Grants Program, set to roll out over the next ten years, aimed at supporting developers on its platform. This initiative promises to allocate about 0 million annually to fund innovative projects that enhance the Polygon and Ethereum ecosystems. Polygon Community Treasury to Release B in Grants Over the […]
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Grant Thornton: Family Offices Are Warming Up to Blockchain and Crypto
A report issued by Grant Thornton, a professional services network, has revealed that family offices are eyeing crypto and blockchain to increase their investments in these areas. More than half of the family offices consulted have already invested in digital assets, with 38% allocating less than 1% of their portfolio to these technologies.
Grant Thornton Report Reveals Family Offices’ Interest in Crypto and Blockchain
Family offices might be considering putting more funds behind crypto and blockchain initiatives. A recent report prepared by Grant Thornton, a professional services network that operates in over 147 markets and employs over 68,000 personnel, has revealed that family offices are warming up to crypto and blockchain. 35% of these offices hope to increase their exposure to blockchain investments, while 27% expect to increase their investments in cryptocurrency.
Nonetheless, these two investment tools are not new for this kind of institution, as more than half of the offices consulted had already invested some of their funds in crypto. As a reference, 38% of the businesses had allocated less than 1% of their portfolio to these investments.
Mian Wong, advisory director of Grant Thornton Hong Kong, stated that even with all of the uncertainty regarding cryptocurrency regulation, digital assets will be vital as alternative investments. She urged the national government to establish guarantees to ensure an orderly virtual assets market. Grant Thornton Hong Kong has attracted more than 30 family offices in Hong Kong and has received inquiries from offices all across China, Southeast Asia, Europe, and the Middle East.
In June, a Goldman Sachs survey revealed that family offices were turning to crypto due to “higher inflation, prolonged low rates, and other macroeconomic developments following a year of unprecedented global monetary and fiscal stimulus.” Nonetheless, only 15% of the 150 family offices polled by Goldman had invested in crypto and blockchain products.
What do you think about Grant Thornton’s report on the uptick in the interest of family offices in blockchain and crypto investments? Tell us in the comments section below.
Fed Observer Jim Grant Foresees Long-Term High Rates as FOMC Meeting Approaches
Market participants, including both investors and traders, have their attention keenly set on the upcoming Federal Open Market Committee (FOMC) meeting, slated for Dec. 13, 2023. There is widespread speculation about whether Fed Chair Jerome Powell will continue to uphold the current elevated benchmark interest rate. Concurrently, Jim Grant, renowned for his four-decade-long work on Grant’s Interest Rate Observer, holds the conviction that interest rates will stay at a “higher for much, much, much, much longer” level.
Economic Expert Jim Grant Anticipates Persistent High Interest Rates Post-FOMC
Presently, the federal funds rate stands between 5.25% and 5.50%, reaching its highest point in 22 years. This benchmark rate, crucial for banks and other financial institutions for inter-lending, serves as a pivotal mechanism for central bank officials in steering U.S. monetary policy. This week, the investment community is eagerly anticipating the Federal Open Market Committee’s (FOMC) announcement, as well as Fed Chair Jerome Powell‘s press remarks after the meeting.
Current market sentiment does not foresee a rate increase by the Fed in the imminent meeting. As per CME’s Fedwatch Tool, the likelihood of a rate hike stands at a mere 2.9%. Conversely, the odds favor the rate remaining unchanged at 97.1% as of Dec. 10, 2023. Additionally, a significant number of market observers predict that the U.S. central bank will have to reduce rates soon. Wall Street Journal journalist Justin Lahart, on Dec. 9, opined that the Fed “can’t put off preparing for rate cuts.”
According to Lahart’s analysis, a shift towards reduced rates seems imminent, with early 2024 likely seeing Powell needing “to start preparing for it.” Yet, not all share this view of impending rate reductions. JPMorgan’s leader Jamie Dimon anticipates an increase in interest rates and a looming recession. On December 9, esteemed financial author and publisher Jim Grant shared insights with Forbes, asserting his belief in persistently high rates for an extended duration.
With over four decades of monitoring the U.S. central bank through his publication, “Grant’s Interest Rate Observer,” Grant voiced concerns in his Forbes interview about an impending economic crisis, highlighting the U.S. economy’s burgeoning debt problem, worsened by years of almost zero interest rates. He anticipates the federal funds rate remaining “higher for much, much, much, much longer.”
Grant added:
It is the historical track record, it is the pattern, that interest rates exhibit a tendency to trend over generation-long intervals.
Still, contrary opinions suggest a shift towards rate reductions by the Fed in mid-2024. In an interview with CNN, KPMG’s chief economist Diane Swonk remarked, “We’re moving into higher-for-long-enough.” Additionally, futures markets indicate a high likelihood of a rate cut by the Fed in March 2024.
As the financial sector awaits the FOMC’s verdict, views are sharply divided. In the meantime, Grant expresses concern over the credit market, burdened by years of inexpensive debt affecting businesses, consumers, and governments. Grant’s opinion is very similar to Dimon’s who emphasized at the 2023 New York Times Dealbook Summit he wasn’t trying to scare people.
What do you think about Jim Grant’s insights? Share your thoughts and opinions about this subject in the comments section below.
Nigerian Web3 Startup Wicrypt Gets Grant From Microsoft to Develop Its Infrastructure Network
Nigerian Web3 startup Wicrypt announced on Dec. 6 that it had received a 0,000 grant from Microsoft. The startup plans to use the grant to improve productivity around its decentralized physical infrastructure network development chain. In late November, Wicrypt also received a 0,000 grant from Google Cloud.
Wicrypt Depin Bet
Nigerian Web3 startup, Wicrypt, recently announced that it had received a 0,000 grant from Microsoft to bolster its work developing a decentralized physical infrastructure network (Depin).
We received a 0,000 grant from Microsoft. This grant will go a long way in expanding collaboration and improving productivity around our #DePIN development chain.
Thank you @Azure for the immense opportunity, and thank you @OVioHQ for the constant support and helping make… pic.twitter.com/yfmTjkXfdw
— Wicrypt (@wicrypt) December 6, 2023
Depin represents a new way of building and maintaining infrastructure in the physical world, built out in a decentralized way by individuals and companies all over the world for anyone to use. Depins are said to be scalable and more cost-effective than traditional infrastructure networks. Filecoin, Helium, and Iotex are some of the platforms working in this space.
In a post shared on X, the startup commended Microsoft and the Web3 accelerator Outlier Ventures for offering it the opportunity as well as the support.
“We received a 0,000 grant from Microsoft. This grant will go a long way in expanding collaboration and improving productivity around our [Depin] development chain. Thank you Microsoft Azure for the immense opportunity, and thank you Outlier Ventures for the constant support and helping make this happen. We truly appreciate it,” Wicrypt wrote on X.
In an earlier post on X, Wicrypt said it was expanding to the Arbitrum blockchain. It described the decision to leverage the chain’s user base as a “strategic move.”
Wicrypt also received 0,000 from Google Cloud just days before announcing the Microsoft grant.
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Kucoin Partners With the TON Foundation — Avails Grant to Support TON Ecosystem
The investment arm of the crypto exchange Kucoin announced on Dec. 1 that it has joined forces with The Open Network Foundation and is set to provide a grant to support the blockchain’s ecosystem. The grant is set to be allocated to five “mini-apps” on the TON ecosystem focused on payments or boundary-pushing Gamefi initiatives.
Raising Awareness About the TON Blockchain
Kucoin Ventures, the investment arm of the cryptocurrency exchange Kucoin, has partnered with The Open Network (TON) Foundation and is set to provide a considerable grant to support the growth and expansion of the TON ecosystem. According to a press statement, Kucoin Ventures’ support is set to be allocated to five “TON-based mini-apps” focused on payments or Gamefi that push the boundaries of what’s possible in Web3.
Projects based on the TON ecosystem, such as the Future3 Campus and the TON Bootcamp, are in line to receive a portion of the grant. The grant is also expected to bolster marketing initiatives aimed at raising awareness about the TON blockchain.
Commenting on his organization’s partnership with Kucoin Ventures, the Accelerator Head at TON Foundation, Ian W, said:
“Today’s partnership with Kucoin Ventures is an acceleration point in the momentum of mini-app development on The Open Network. With powerful programs like the Future3 Campus Bootcamp and this support from Kucoin Ventures, we’re fueling real-world blockchain solutions in payments and gaming within the TON ecosystem.”
According to a statement by the TON Foundation executive, Kucoin Ventures’ efforts conform to TON’s vision of a digital future that is more accessible and decentralized.
Alicia Kao, Managing Director of Kucoin, said her organization’s alliance with TON “aligns with our mission of promoting further development of the crypto and blockchain industry through tighter cooperation.”
What are your thoughts on this story? Let us know what you think in the comments section below.
Heartland Tri-State Bank Collapses, Biden Urged to Grant Silk Road’s Ross Ulbricht Clemency, and More — Week in Review
In this week’s news, another major U.S. bank has failed, a Maine senator has appealed to United States president Joe Biden to grant Silk Road creator Ross Ulbricht clemency, a senior U.S. district judge has rejected the approach taken in the SEC v. Ripple ruling regarding XRP, and Robert Kennedy Jr. and Ron Paul agree: America doesn’t have a free market. This is the Bitcoin.com News Week in Review.
Another US Bank Collapses: Heartland Tri-State Bank Closed by Regulator
Heartland Tri-State Bank has become the latest bank in the U.S. to fail. The Kansas banking regulator has closed the bank and appointed the Federal Deposit Insurance Corporation (FDIC) as the receiver.
Maine Senator Urges Biden to Consider Clemency for Ross Ulbricht During President’s Auburn Visit
On July 28, 2023, U.S. president Joe Biden made a trip to Auburn, Maine, where he delivered a speech at Auburn Manufacturing and subsequently attended a private fundraising gathering. Eric Brakey, the Republican senator representing Maine, greeted Biden upon his arrival in Auburn and handed him a note. In the message, he suggested that the president should consider granting clemency to the Silk Road creator Ross Ulbricht.
US District Judge Rejects Approach in SEC v Ripple Ruling on XRP
A senior U.S. district judge has rejected the approach taken in the Securities and Exchange Commission (SEC) v. Ripple ruling regarding XRP. “The court declines to draw a distinction between these coins based on their manner of sale,” explained the district judge presiding over the SEC v. Terraform Labs case.
Robert Kennedy Jr and Ron Paul Agree America Doesn’t Have a Free Market
U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) and former U.S. Representative Ron Paul agree that America does not have a free market. Referencing RFK Jr. stating that America has “a crony corporatist system,” Paul stressed: “He’s right!”
How would you define a free market? Be sure to let us know your thoughts in the comments section below.
Give Wings to Dreams: CoinEx Charity Launches Grant for Fulfilling Dreams
PRESS RELEASE. According to a report by the World Bank in March 2023, the global poverty rate has reached an alarming figure, with approximately 659 million individuals living in impoverished conditions. Disturbingly, extreme poverty is notably concentrated in Africa. The first quarter of 2023 witnessed a surge in the number of impoverished households across Asia and Africa, primarily due to the devastating impact of natural disasters such as earthquakes and floods.
In light of these challenges, CoinEx Charity, a charity branch of CoinEx, a global crypto exchange, has taken a proactive step towards empowering the dreams of children in need. The organization has announced the launch of the “Grant for Fulfilling Dreams” initiative in various regions, including Vietnam, Nigeria, Thailand, Indonesia, Syria, and Türkiye, commencing this May. The primary objective of this charitable program is to provide grants and school supplies to disadvantaged students, offering them opportunities to pursue their education.
CoinEx Charity operates with a noble mission of “Via Blockchain, Making the World a Better Place.” Always prioritizing disadvantaged groups in need of assistance worldwide, the organization advocates for humanistic care through its diverse public welfare activities.
CoinEx Charity firmly believes that poverty should never hinder children from chasing their dreams. Since its establishment, the organization has been dedicated to fulfilling basic learning needs, championing global education equity, and supporting charitable education initiatives to safeguard the dreams of every child. Leveraging its Multi-Million-Dollar Charity Fund, book donation programs, and the “Grant for Fulfilling Dreams” initiative, CoinEx Charity provides essential educational resources and financial aid to children in impoverished regions. By doing so, they strive to enhance access to quality education for a larger number of underprivileged children.
As a key charitable event of CoinEx Charity, the global “Grant for Fulfilling Dreams” initiative seeks to extend financial support to disadvantaged students worldwide, enabling them to transform their aspirations into reality. The inaugural session of the program took place on May 27 in Vietnam, where the CoinEx Charity team generously granted funds to underprivileged children, thus facilitating their access to educational resources and opportunities.
CoinEx Charity firmly believes that charitable education encompasses more than financial aid. Therefore, the organization prioritizes the integration of diverse educational resources to foster the learning and personal growth of students across different countries. In order to galvanize charitable efforts, CoinEx Charity will closely collaborate with charitable organizations and governments worldwide to conduct a series of educational and cultural activities, encouraging students to explore their talents and achieve personal growth.
The commitment to charitable education remains unwavering for CoinEx Charity. The organization firmly believes that education holds the key to nurturing talented individuals who, in turn, contribute to the advancement and progress of society. With this belief in mind, CoinEx Charity has organized numerous public welfare activities, including grants for students and book donations. Moreover, they have established charitable libraries in over 20 schools worldwide, creating enhanced reading environments for students.
Since its establishment, CoinEx Charity has provided tens of millions of dollars in support to more than 10,000 underprivileged students in 12 countries, including India, Vietnam, Syria, and Turkey. The charity fund primarily caters to their educational expenses, school supplies, and uniforms. Through these initiatives, CoinEx Charity endeavors to offer increased aid and support to disadvantaged students while promoting global education-focused charity.
CoinEx Charity firmly believes that economic difficulties should never deprive children of their right to education. The organization aims to assist these children in realizing their full potential through learning, enabling them to achieve their dreams and values in life. With the global “Grant for Fulfilling Dreams” initiative, CoinEx Charity strives to provide improved learning opportunities and resources to more underprivileged students. The profound and far-reaching positive impact of this initiative is expected to extend to their families and society as a whole. Currently, CoinEx Charity actively seeks partners willing to join their mission of providing better education for underprivileged children, empowering them to pursue their dreams.
For additional information, interested individuals are encouraged to visit the website http://www.coinex.com/charity. The website offers detailed insights into CoinEx Charity’s initiatives, showcasing their commitment to empowering underprivileged students, promoting global education, and creating a lasting impact on communities worldwide. Take the opportunity to explore the website and join the movement for positive change.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Report: Thai Govt to Grant Tax Waivers to Issuers of Digital Asset Investment Tokens
Thailand’s government has said companies that issue digital tokens will receive a waiver that exempts them from paying corporate and value-added tax. According to a report, the Thai government anticipates losing just over billion in tax revenue as a result of the waiver.
Relaxation of Tax Rules for Investments in Digital Assets
Thailand-based companies that issue digital tokens for investments are set to receive a corporate and value-added tax waiver, the Thai government has reportedly said. As a result of the waiver, the Thai government, which is projecting investment token offerings worth .71 billion (128 billion baht) over the next two years, said it expects to lose more than billion in tax revenue.
According to a government spokesperson, Rachada Dhnadirek, such investment token offerings add to Thai companies’ traditional capital-raising methods such as debentures, hence the cabinet’s decision to waive the taxes. The government’s nod to the tax waiver came just over a year after it announced the relaxation of tax rules for investments in digital assets.
At the time, the country’s finance minister, Arkhom Termpittayapaisith, said the rule change would help promote and develop Thailand’s cryptocurrency industry. As per a March 2022 Reuters report, the new rules enabled “traders to offset annual losses against gains for taxes due on cryptocurrency investments.” The report added that the rules would also “exempt a value-added tax of 7% for cryptocurrency trading on authorized exchanges.”
Protecting Digital Asset Users
Besides preserving the stability of the country’s financial system, the new rules also ostensibly seek to protect digital asset users. For instance, Bitcoin.com News reported in late Jan. 2023 that entities offering crypto custody services were now required to have in place mechanisms that guarantee the “efficient custody of digital assets and keys.”
Before this, the Thai Securities and Exchange Commission had issued regulations which obliged crypto companies to “inform potential customers of the investment risks in their advertisements.”
What are your thoughts on this story? Let us know what you think in the comments section below.
Fast-growing gTrade Platform Gets $250K Grant As It Closes In On First Major Milestones
Rapid organic growth has put Gains Network’s decentralized gTrade platform well on the way towards achieving the first major milestones on its roadmap. Now, armed with 0,000 in funding from the Polygon DeFi, its founders are confident it will soon hit its second set of milestones.
Gains Network is intending to build a blazing-fast and liquidity-efficient leveraged trading platform with a decentralized architecture on the Polygon blockchain, giving investors the benefit of lower fees and faster trades. gTrade currently offers 43 cryptocurrencies and 10 major Forex pairs. Its asset-agnostic synthetic trading architecture, which is powered by the minting and burning of its native GNS token, ensures investors benefit from median spot price leverage, no fees and zero price impact. The exchange also claims to offer the fairest prices, with each asset trade executed at the median spot price across multiple exchanges.
gTrade also has the huge advantage of not needing liquidity for each trading pair, with 100 percent liquidity settlements on all pairs backed by the GNS/DAI pool and the DAI vault.
Those benefits are clearly not lost on crypto investors, who have been flocking to gTrade in their droves. As a result, Gains Network said it is already close to hitting its primary goal of sustaining million in daily trading volume for 10 days, with a current average of million traded through its platform each day. It’s also on the verge of hitting its target of a maximum ,000 per-trade collateral enabled by its DAI Vault, with its current max sitting at ,000 per-trade collateral.
Other targets on gTrade’s roadmap include reaching million in GNS/DAI liquidity and million total value locked in the DAI Vault. The first of those objectives has already been reached, with gTrade boasting million in GNS/DAI liquidity, while the DAI Vault is getting close with .8 million in total value locked.
Gains Network has now unlocked 0,000 worth of MATIC tokens with its first Polygon grant, and once its initial goals have been reached it will receive a second, 0,000 grant to help it hit its next set of milestones. Those call for 0 million in daily trading volume, ,000 maximum per trade collateral, million in GNS/DAI liquidity and million staked in the DAI vault.
“It is a great pleasure for us to work with Polygon for this trading incentives program,” said Gains Network founder Sébastien. “Gains Network’s mission with gTrade has always been to provide an innovative, decentralized, and fair solution for leveraged trading.”