B of A, Coinbase, FTX joined Paxos Series D /Robinhood ($HOOD) made public debut / U.S. considering stricter crypto taxes / PayPal announced new crypto features

Plus: FTX released business and operations report for first half of 2021

Inside.com Part of   Network July 29, 2021

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The global crypto market cap is $1.54T 0.28%▼ with a 24-hour market volume of $75.10B 20.42%▼. Bitcoin's dominance is currently 47.99% 0.37%▼. CURRENT PRICES BY MARKET CAP # Name Price 24h % 1 Bitcoin BTC $39,509.80 1.87% ▼ 2 Ethereum ETH $2,316.24 0.09% ▲ 3 Binance Coin BNB $313.39 0.51% ▼ 4 Cardano ADA $1.27 1.43% ▼ 5 XRP XRP $0.7037 1.37% ▼ *Prices as of 3:00 p.m. ET.

Paxos announced additional investors to its $300M Series D funding round. Bank of America, Coinbase Ventures, FTX, and Founders Fund became Paxos’ latest strategic investors. More: Paxos offers primarily back-end infrastructure services to reduce transaction delays and increase liquidity on exchanges. The Series D round, along with the capital raised by the new strategic investors, brought Paxos to a value of $2.4B. Founders Fund is Peter Thiel’s investment fund that most recently backed crypto exchange startup Bullish.

Robinhood ($HOOD) made its public debut today at $38 per share. The stock price briefly fell 9% in the first 15 minutes before recovering to around $36. More: Robinhood has played a key role in crypto support over the past year, with its early support for cryptocurrencies like dogecoin (DOGE). Robinhood is reportedly testing new features to protect crypto investors from unexpected volatility. FINRA fined Robinhood $70M last month due to outages and other issues related to its crypto and stock brokerage services. Note: Inside.com's founder and CEO, Jason Calacanis, is an investor in Robinhood.

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▲ TOP GAINERS # Name Price 24h % 1 Quant QNT $131.87 36.23% ▲ 2 THORChain RUNE $5.39 23.64% ▲ 3 Nano NANO $4.36 7.23% ▲ 4 Solana SOL $30.18 7.21% ▲ 5 0x ZRX $0.7514 6.22% ▲ ▼  TOP LOSERS  # Name Price 24h % 1 Axie Infinity AXS $42.68 7.37%▼ 2 Mdex MDX $1.10 6.58%▼ 3 UNUS SED LEO LEO $2.81 5.89%▼ 4 Telcoin TEL $0.01885 4.22%▼ 5 Horizen ZEN $54.87 3.91%▼ *Limited to cryptocurrencies in the Top 100. Prices as of 3:00 p.m. ET.

The latest $550B U.S. infrastructure bill includes taxes on crypto that could raise $28B in funding. The proposed bill would include stricter crypto reporting to the IRS for crypto brokers.  More: Sen. Rob Portman (R-OH) said that Congress' concerns over crypto transparency were the reason for adding these new measures. Some of the proposed measures detailed in the bill require brokers and crypto platforms to use tools that currently don’t exist. The infrastructure bill also includes provisions for increased high-speed internet, clean energy transmission, and EV infrastructure.

PayPal announced new consumer wallet features for further crypto functionality in its Q2 earnings call. The new wallet will offer high-yield savings, bill pay functionality, and other crypto functions. More: PayPal further hinted at expanding into DeFi products during the call. Uniswap Labs stated at the Ethereum Community Conference that PayPal had expressed interest in talks with the DeFi protocol. The payment company is currently looking for the “very best” in crypto ecosystems to work on the project.

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QUICK HITS This fintech startup explains how startup employees left behind $4.9 billion last year year by not exercising their stock options. * FTX released its business and operations updates for the first half of 2021, showing a massive jump in average daily volume. A draft bill in Israel would require investors to report bitcoin (BTC) holdings of over $61,000 to tax authorities. Compass Mining will offer U.S. clients bitcoin mining functionality within its Choice Individual Retirement Account offering. New legislation in Virginia is expected to reduce ambiguities and improve clarity for their state crypto regulation (if approved). THORChain rallied 39% after a recent attack on its system. Consumers have fallen in love with Affirm's flexible pament options — find out how businesses are leveraging that for an +85% bump in AOV. * * This is sponsored content.

Griffin McShane is a J.D. candidate currently living in Portland, Maine. He is a graduate of Providence College, where he studied both computer science and business. Griffin aspires one day to go to the moon and bring some of his altcoins along for the ride. Editor Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford.

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