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Bitcoin Gets More Investments, Ethereum – Less, Thailand Scraps Crypto Tax + More News
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- Digital asset investment products saw inflows for a second week totaling USD 19m last week, CoinShares said, adding that, while small, it continues to suggest investors are beginning to cautiously add to positions at these depressed price levels. Bitcoin (BTC) saw inflows for a second week totaling USD 22m (57% more than a week earlier). Ethereum (ETH) continues to suffer from negative sentiment with outflows of USD 27m (70% more), the 8th consecutive week which now totals USD 272m, representing 2.4% of assets under management (AuM). “While alarming, this current retrenchment remains a way off the outflows seen in February 2018 where outflows totaled 10% of AuM,” CoinShares said.
- Ethereum co-founder Vitalik Buterin will receive back USD 100m in USD coin (USDC) from the more than USD 1bn in shiba inu (SHIB) he previously donated to the India-focused COVID-19 relief fund, CryptoRelief, tweeted the fund’s founder Sandeep Nailwal and Buterin. Buterin further tweeted that he will use the USD 100m “to complement CryptoRelief’s existing excellent work with some higher-risk higher-reward covid science and relief projects worldwide.”
- Phantom, a crypto wallet for accessing the Solana (SOL) ecosystem, raised USD 109m in a Series B funding round led by Paradigm and is now valued at USD 1.2bn.
- Thailand’s authorities have given up on their proposed 15% withholding tax on crypto transactions due to trader pushback, per the Financial Times. Tax officials in the country said that people who earned income from crypto trading or mining could report these as capital gains on their income taxes.
- The New York State Department of Environmental Conservation (NYSDEC) delayed its decision on whether it will allow crypto miner Greenidge Generation to continue to use its power plant in the town of Dresden for Bitcoin mining, Bloomberg reported. The decision is now expected to come by March 31, two months later than originally planned, which will help NYSDEC complete its review with public comments.
- Arizona Senator Wendy Rogers introduced a bill that would make bitcoin legal tender in the state, should the legislation pass and the law go into effect. However, the US Constitution doesn’t allow individual states to create their own legal tender.
- Payments giant Visa said during its recent earnings call that customers made USD 2.5bn in payments with its crypto-linked cards in the fiscal first quarter of 2022, per CNBC. That was 70% of the company’s crypto volume for all of fiscal 2021.
- Binance Holdings Ltd. has built up a USD 1bn insurance fund for its users to protect them from hacks on crypto trading platforms, Bloomberg reported, citing a memo seen by the news agency.
- Tobias Lütke, CEO and co-founder of the e-commerce shopping cart system Shopify, will be joining the board of directors at Coinbase, subject to formal board confirmation later in the week. The team added that Lütke’s expertise is meant to help them “unlock crypto’s potential to increase economic freedom.”
- Meta, formerly known as Facebook, signed up to the Crypto Open Patent Alliance (COPA) that promotes the free use of innovative technology in the crypto sector. By joining, Meta has agreed not to enforce its core crypto patents, except in defense of litigation.
- Non-fungible token (NFT) marketplace OpenSea has reimbursed about USD 1.8m to users who suffered losses after confusion about a feature on the platform caused them to unwittingly sell valuable NFTs far below market prices, per Fortune. The feature affected users who had transferred their previously listed NFTs to other wallets without canceling the old listings, but the platform has since updated its guidance on the matter.
- The community of the decentralized finance (DeFi) protocol Wonderland voted to remove Sifu as its treasury manager. The move comes two days after the revelation that Sifu is Michael Patryn, the convicted co-founder of the failed Canadian crypto exchange QuadrigaCX.