HSBC blocked customer payments to Binance / Jump Trading acquired Certus One / Fresh Funding for Zenledger / Senate updated prop. crypto tax provisions

Plus: Quiznos partnered with Bakkt Holdings to accept BTC payments.

Inside.com Part of   Network August 03, 2021

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The global crypto market cap is $1.56T 3.38%▼ with a 24-hour market volume of $77.98B 6.83%▼. Bitcoin's dominance is currently 45.99% 0.13%▼. CURRENT PRICES BY MARKET CAP # Name Price 24h % 1 Bitcoin BTC $38,310.76 3.70% ▼ 2 Ethereum ETH $2,498.67 5.62% ▼ 3 Binance Coin BNB $322.59 3.93% ▼ 4 Cardano ADA $1.37 2.78% ▲ 5 XRP XRP $0.715 4.81% ▼ *Prices as of 2:00 p.m. ET.

HSBC moved to indefinitely block credit card payments to Binance. The bank cited possible risks to customers as its reasons for initiating the restriction. More: HSBC is the third major bank in the U.K. to implement restrictions on Binance, following Barclays and Santander. All three banks cited a warning from the U.K. Financial Conduct Authority’s (FCA) in their notices to customers. HSBC has been historically crypto-averse, having previously restricted its customers from buying shares of MicroStrategy due to its bitcoin (BTC) holdings.

Jump Trading announced the acquisition of blockchain infrastructure firm Certus One. The acquisition will expand Jump’s non-trading-related developments in the DeFi space. More: Jump Trading is a trading firm and quant shop with an affiliated VC firm that has invested in companies like BitGo, Bitso, and BlockFi. Certus One is a blockchain infrastructure provider that develops tools for Solana (SOL), Ethereum (ETH), Cosmos (ATOM), and other blockchain ecosystems. Jump previously worked with Solana-based Pyth to obtain stock market data for the Pyth DeFi protocol.

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▲ TOP GAINERS # Name Price 24h % 1 Voyager Token VGX $3.19 29.17% ▲ 2 Terra LUNA $14.28 20.85% ▲ 3 Perpetual Protocol PREP $16.63 16.77% ▲ 4 Ravencoin RVN $0.07258 10.53% ▲ 5 Stacks STX $1.39 8.30% ▲ ▼  TOP LOSERS  # Name Price 24h % 1 Telcoin TEL $0.01624 10.82%▼ 2 Amp AMP $0.06049 9.66%▼ 3 Nexo NEXO $1.68 8.93%▼ 4 XinFin Network XDC $0.07423 8.64%▼ 5 Theta Fuel TFUEL $0.2916 8.42%▼ *Limited to cryptocurrencies in the Top 100. Prices as of 2:00 p.m. ET.

🍋Fresh Funding🍋 Zenledger, Crypto Services/Taxes: $6M ⮕ The Series A funding round was led by Bloccelerate VC with participation from radical Ventures, Borderless Capital, CoinGecko, BIGG Digital Assets, G1 VC, and others. More: Zenledger is a crypto-tax accounting software startup launching ahead of the 2021 tax season. The startup’s successful fundraising comes as the senate proposes new crypto taxation rules to provide the U.S. government with $30B. Zenledger COO Dan Hannum stated that the IRS’s decision to move crypto questions to the top of the 1040 form resulted in 5x customer growth for the startup.

Crypto provisions in the U.S. infrastructure bill were changed to more narrowly tailor its crypto taxation. Lawmakers adopted a clearer definition of “broker” for the purposes of crypto tax collection. More: The updated draft now only considers those who conduct digital asset transfers as crypto brokers. The modified definition still fails to consider whether organizations providing crypto services to clients would be taxed. The U.S. Senate expects to generate $28B in tax revenue from its crypto provisions for the $1T infrastructure bill.

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QUICK HITS More than 10,000 entrepreneurs have saved up to $40,000 while incorporating their company. Learn how. * Quiznos announced that it would start accepting bitcoin (BTC) payments through a partnership with Bakkt Holdings. Rocket Launchpad (RCKT) released its IDO platform on the Tezos (XTZ) blockchain. FTX and Dolphin Entertainment announced the upcoming launch of a sports and entertainment NFT marketplace. SEC chair Gary Gensler told Bloomberg that he is neutral on cryptocurrencies but “not neutral about investor protection.”  The Electronic Frontier Foundation warned of privacy concerns related to the U.S. infrastructure bill’s crypto provisions. Zcash founder Zooko Wilcox wrote in a blog post that Zcash may move to proof of stake (PoS) from proof of work (PoW). 39.6% of US remote employees reported concentration difficulties when using video communication tools. See how to create engaging meetings and virtual events. * * Sponsored Content

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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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