- Andreessen Horowitz Commits $500 Million for Indian Startups: Report
Andreessen Horowitz, (a16z), one of the dominant forces in the venture capital industry, is planning to invest $500 million in the country’s growing startup ecosystem according to a report from TechCrunch citing people familiar with the matter.
India, with its large, web-savvy population, has seen a surge in interest from investors in its startups.
VCs invested $23.5 billion in Indian startups in 2021, according to PitchBook data, creating 17 unicorns (companies valued at $1 billion or more) in the process.
Of this $23.5 billion, $587.16 million was allocated to crypto and Web 3 companies according to reports.
- Spanish Cryptocurrency Exchange Bit2me Expands Operations to Brazil
Bit2me, one of the most recognized Spain-based exchanges, is taking steps to expand to Latam. The exchange announced the establishment of a new office in Brazil, which will be focused on compliance tasks, according to statements from the exchange to local media. This deployment is part of the exchange’s strategy to quietly introduce its services to Spanish-speaking countries in the region.
Bit2me considers Brazil a very important country due to the sheer volume of potential customers and the size of the crypto market. On this, Bit2me CFO Pablo Casadio stated:
[Brazil is] a key country in the entry of Bit2me in Latin America since more than 20 million Brazilians already invest in cryptocurrencies, which shows their interest in learning about this new technology.
https://news.bitcoin.com/spanish-cryptocurrency-exchange-bit2me-expands-operations-to-brazil/
- Argentina’s Largest Private Bank to Offer Bitcoin, Ethereum Trading
Argentina’s largest private bank, Buenos Aires-based Banco Galicia, is making available to customers four different cryptocurrencies—Bitcoin, Ethereum, USD Coin, and XRP.
Screenshots of the buying options were posted on Twitter earlier today by bank customers, and Banco Galicia later confirmed to Decrypt in an emailed statement that it had added those services.
https://b72d9fc5fefbb5cf0ca7100685ea31ca.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html “Banco Galicia launches a new and innovative service for its customers customers, offering the purchase, sale and custody of cryptocurrencies in a simple, secure and one-stop place,” the bank said.
Banco Galicia’s Twitter account also responded to clients, confirming the new service: “Yes, we are adding new investment options.”
https://decrypt.co/99264/argentinas-largest-bank-to-offer-bitcoin-ethereum-trading
- ALGO rises 25% after becoming FIFA’s official blockchain platform
One of the largest sports organizations has signed its second crypto-related partnership – this time, with Algorand. As a result, the latter’s native token soared by double-digits and marked a multi-week high.
Algorand at FIFA World Cup Qatar 2022
According to the official announcement, Algorand will become the “blockchain platform of FIFA” and provide a “blockchain-supported wallet solution” at the upcoming sports event, which will take place later this year in Qatar. The company will be a Regional Supporter of the World Cup in North America and Europe and also the Official Sponsor of the Women’s World Cup in Australia and New Zealand next year.
BREAKING: @FIFAcom has announced #Algorand will become the official blockchain of FIFA, empowering the global football community with cutting-edge, sustainable technology.
https://www.binance.com/en/news/top/7103377
- Crypto.com slumps 30% as staking rewards are slashed
Crypto exchange Crypto.com announced severe reductions to Cronos (CRO) staking rewards for most tiers of its VISA prepaid card, which has forced the token price to fall around 30% in less than a week.
Its Sunday blog post explained that card rewards will be reduced by an average of 69.5% and 100% on its lowest tier Midnight Blue card “to ensure long-term sustainability.” On its highest tier Obsidian card, which requires at least $400,000 in CRO to be staked, rewards will drop from 8% to 5%. Changes to the rewards schedule will begin on June 1.
However, cardholders who had an active six-month stake before Sunday will not see their rewards schedule change until their current term expires.
In addition to rewards rates, there will also be a cap set on three tiers of cards. The Ruby Steel tier will have a $25 per month limit, while the Royal Indigo and Jade Green cards will have a $50 monthly limit on rewards.
https://cointelegraph.com/news/crypto-com-cro-slumps-30-as-staking-rewards-are-slashed
- (Crypto) Action! Indie Movie Studio Received $10M in Bitcoin for Shares Last October
Utah-based movie studio Angel Studios added $10.6 million in bitcoin to its treasury through a stock sale last October, according to SEC filings.
“On October 18, 2021, the Company sold 1,685,392 shares of its Class A common stock at the average price of $9.28 per share. The Company received $4,999,993 in cash, and the equivalent value of $10,649,895 in bitcoin for the shares,” one of the documents said.
A source familiar with the matter said VC funds Uncorrelated Ventures and Gigafund participated in the indie studio’s Oct. 18 sale. The source confirmed that Angel Studios sold equity for bitcoin but would not say who paid in the crypto.
Angel Studios and Gigafund did not respond by press time. Uncorrelated Ventures declined to comment.
Notable companies from MicroStrategy to Tesla have bitcoin on their balance sheets, but few U.S. corporations are known to have acquired it through a bitcoin-denominated share sale.
- Crypto Industry Lobbies Against Bills Targeting Russian Oligarchs Evading Sanctions Using Cryptocurrency
The Blockchain Association has been lobbying U.S. lawmakers against two bills designed to prevent Russian oligarchs from using cryptocurrency to evade sanctions imposed on them after Russia began its invasion of Ukraine, CNBC reported last week.
The first is a House bill titled “Russian Digital Asset Sanctions Compliance Act of 2022.” The other is a Senate bill sponsored by crypto skeptic Senator Elizabeth Warren (D-Mass) titled “Digital Asset Sanctions Compliance Enhancement Act of 2022.”
The bills give the Biden administration the authority to prohibit U.S. crypto exchanges from processing payments from Russia. They would also allow U.S. authorities to sanction foreign exchanges process transactions by sanctioned Russian people or companies.
The organization represents more than 70 crypto platforms, including AAVE, Anchorage Digital, Ava Labs, Bitdeer, Blockchain Capital, Blockfi, Brevan Howard, Chainalysis, Circle, Crypto.com, Digital Currency Group, Dragonfly Capital, Etoro, Grayscale, Kraken, Ripple, Silvergate, Solana, Terra, Voyager, and Wicklow Capital.
- Crypto.com’s Cronos Token Plunges 10% to Hit Six-Month Low
“May gray” hit Crypto.com and its users today as the price of the exchange’s native token, Cronos, dropped over 10% in 24 hours to hit a six-month low of $0.27. According to CoinMarketCap.com, the 22nd-largest cryptocurrency by market cap has lost over 31% of its value in just one week.
Today’s decline comes one day after Crypto.com announced to its user base of over 10 million people in 40 countries that it would be “phasing out” staking rewards for its Crypto.com Visa cards and capping CRO rewards (similar to cash-back rewards) at lower rates of $25 or $50, depending on the card.
In a blog post released yesterday on the Crypto.com website, cardholders were given the new breakdown of the staking and rewards programs. Crypto.com explained that cardholders who staked their CRO tokens before May 1 will continue to earn CRO Card rewards on spending at the current rate until their six-month staking period ends.
https://decrypt.co/99285/crypto-com-cronos-token-plunges-six-month-low
- Uzbekistan’s president issues decree to adopt special crypto framework
The Republic of Uzbekistan continues to progress with local cryptocurrency regulations, with Uzbek President Shavkat Mirziyoyev issuing a new decree regulating the industry.
Released on Wednesday, the new decree instructs a reorganization of a major presidential agency known as the National Agency for Project Management (NAPM). The authority has previously promoted crypto trading in Uzbekistan, proposing to allow residents to conduct all types of crypto trades in 2021.
According to the decree, the NAPM will be restructured into a new entity called the National Agency for Perspective Projects (NAPP), responsible for a wide range of crypto regulation-related projects with the mission to adopt a “special crypto regulation regime” in Uzbekistan.
The agency is required to develop and adopt a unified state policy on crypto as well as ensure investor protection and enforce measures to combat illegal activities like terrorism financing. The NAPP will also initiate and promote projects that apply blockchain and other emerging technologies in public administration and other socio-economic sectors.
- SEC to Add Staff as It Ramps Up Anti-Crypto Scam Efforts
After a 3-month long debate among its community members, Wikimedia Foundation (WMF), The U.S. Securities and Exchange Commission (SEC) is hiring another 20 enforcement staff for the unit that protects investors from crypto scams and cyber threats.
That additions take to 50 the number of staff dedicated to probing securities law violations in fields like coin offerings, lending, non-fungible tokens (NFTs) and decentralized finance (DeFi).
Since 2017, the unit has brought more than 80 enforcement actions for fraudulent and unregistered offerings, with monetary relief totaling more than $2 billion.
SEC chief Gary Gensler has previously hit out at exchanges like Coinbase (COIN) for not registering with regulators when they offer security-like tokens. In September he said the new area of responsibility would require “a lot more people” at the agency.
Recent SEC proposals have indicated it could extend enforcement action to decentralized finance, offering new regulatory risks for crypto projects in the country. There are also reports that the agency is looking into whether NFTs should fall under its responsibility.
https://www.coindesk.com/policy/2022/05/03/sec-extends-anti-crypto-scam-efforts/
