02 Mar 2022 · 5 min read
G7, EU Working on Russia's Crypto Isolation, Shareholders vs. ConsenSys + More News
Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
- Finance ministers from the G7 and EU are working on preventing Russia from using cryptoassets to circumvent sanctions, Bloomberg reported, citing German Finance Minister Christian Lindner. In an interview with Welt TV today, he said that "it’s about maximally isolating Russia at all levels" and having a "maximum ability to sanction -- and that also includes crypto assets," Bloomberg. No further details were given. (Learn more: Crypto Exchanges Soon Could Be Forced to Block Russian Users - Kraken CEO)
- A draft of European regulation, Markets in Crypto-Assets (MiCA) that was first proposed by the European Commission in September 2020, has been revised to remove language that proposed a ban on mining-based cryptoassets; this was first reported by BTC Echo and then confirmed by Stefan Berger, a member of the European Parliament. However, Berger also added in his tweet that the final decision has not yet been made and that the vote will show where the majority lies.
- Digital asset dealer SFOX said that the US state of Wyoming has approved its application for a trust charter, making it "the first crypto firm" approved as a Wyoming trust, they said. The charter will allow SFOX to offer a full range of investment services to private clients and advisers, including its digital asset platform that lets investors invest in crypto.
- A group of thirty-five former employees representing more than 50% of all known shareholders of Ethereum (ETH) project ConsenSys AG (CAG) filed a request for a special audit to investigate “serious irregularities at CAG.” They claim that in 2020, fundamental intellectual property and subsidiaries were illegally transferred from CAG into a new entity, ConsenSys Software Incorporated (CSI), in exchange for 10% ownership of CSI and an offset of a USD 39m loan by founder Joseph Lubin.
- The EOS Network Foundation (ENF) said it is requesting the EOS community’s support in evidence collection for the lawsuit against the EOS creator Block.one. They are asking for more information from the community members related to their personal or business experiences with Block.one, EOS, or EOS VC.
- US judge Beth Bloom struck down a motion by attorneys for Ira Kleiman, the brother of Craig Wright’s deceased collaborator, Dave Kleiman, for a new trial against Wright, citing the violation of a court order to not discuss Kleiman’s troubled relationship with his brother.
- Consumer prices in the Euro area have grown to 5.8% from a year ago in February, up from 5.1% the previous month and more than the 5.6% median economist estimate in a Bloomberg survey.
- Digital Currency Group (DCG), the parent company of digital currency investment fund Grayscale Investments, announced that its Board of Directors has authorized a share repurchase program by DCG of up to USD 30m worth of shares of Grayscale Litecoin Trust, up to USD 10m each of Grayscale Horizen Trust, and Grayscale Zcash Trust, and up to an aggregate total of USD 200m worth of shares of any of the other six publicly quoted Grayscale products.
- Binance acquired an unspecified stake in fintech company MX Global, the latter said. The investment will allow it to build brand awareness, hire more talent, and develop new features within Malaysia's regulatory framework, they added.
- Payment technology provider Shift4 bought the crypto donation marketplace The Giving Block for an upfront payment of USD 54m and potential payment of up to USD 246m, which consists of 75% stock and 25% cash. Shift4 also acquired the e-commerce services provider Finaro, the company said.
- Crypto tax software startup CryptoTaxCalculator raised AUD 4m (USD 2.91m) to help crypto investors streamline their tax affairs with the Australian Taxation Office (ATO), per the Sydney Morning Herald. The software collects data from hundreds of major crypto exchanges, blockchains, and decentralized finance (DeFi) services and generates a report compatible with a range of different tax jurisdictions.
- DeFi protocol builder AdaSwap raised USD 2.6m in a round of funding led by iAngels. AdaSwap will use the funding to deliver on its goal of building a decentralized exchange on Cardano (ADA), they said.
NFTs and gaming news
- NFT gaming platform Axie Infinity has announced that their Marketplace fee will be raised to 5.25%, where the Community Treasury will receive 4.25%, while 1% will be shared with the creator. On the other hand, transactions that don’t have a creator will see the entirety of the fee go to the Community Treasury.
- Decentralized gaming virtual world The Sandbox partnered with talent incubator Cube Entertainment to spread K-Culture (Korean culture content) globally with operating virtual space and developing digital assets. This partnership focuses on the detailed collaboration for business expansion regarding metaverse and NFT, which began with the establishment of 'AniCube', a new joint venture between Animoca Brands which is the parent company of The Sandbox and Cube Entertainment.
- Social networking platform Parler announced the launch of DeepRedSky, their new NFT marketplace. Their inaugural NFT collection will be called the CryptoTRUMP club featuring 250 NFT pictures of former US President Donald Trump, part of a more extensive collection of 10,000 pieces to be released.
- Bitcoin (BTC) self-mining company Marathon Digital announced that its Q4 2021 revenue increased 2,180% year-over-year to USD 60.3m. Additionally, its fiscal year revenue came up to USD 150.5m from USD 4.4m in the fiscal year 2020 for an increase of 3,353%, while they mined BTC 1,098 during Q4 2021, a 599% increase from Q4 2020.
- The Cambridge Centre for Alternative Finance (CCAF) launched the Cambridge Digital Assets Programme (CDAP), a research initiative in collaboration with 16 banks, public sector agencies, and private organizations to shed light on the rapid digitization of assets and value transfer systems. Over an initial period of two years, the CCAF will work with public and private organizations to research the opportunities and risks presented by the digital asset ecosystem, they said.
- The open-source, public blockchain Provenance Blockchain Foundation appointed veteran Citigroup executive Morgan McKenney as its new CEO. McKenney had been with Citi for 18 years, most recently as the chief operating officer of the lender's global consumer banking division.