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Polkadot Ecosystem Gains $10 Million VC Fund Amid Activity

China’s LD Capital tweeted the announcement on the start of Polkadot Ecosystem Fund on Jan. 21. The fund will engage in capital support, community building, development advisory, and marketing to early stage projects focused on Polkadot. LD Capital set the fund at $10 million. LD Capital LD Capital is one of China’s oldest venture capital … Continued

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LD Capital sees Polkadot and its environment as ripe for expansion. With this, Polkadot adds yet another piece of good news to its flow this week.

China’s LD Capital tweeted the announcement on the start of Polkadot Ecosystem Fund on Jan. 21. The fund will engage in capital support, community building, development advisory, and marketing to early stage projects focused on Polkadot. LD Capital set the fund at $10 million.

LD Capital

LD Capital is one of China’s oldest venture capital firms focused on blockchain technology. The company previously invested into Qtum, Vechain and Eos. Crunchbase lists it as being founded in 2017.

PAID Network

On Jan. 22, PAID Network CEO Kyle Chassé tweeted his regards over Plasm Network connecting on Rococo v1, the Polkadot testnet. For Plasm, a sidechain on Polkadot is important to projects such as PAID, considering Polkadot’s ever-increasing reach. Plasm Network announced the local connection as Polkadot’s first parachain on Rococo v1 on Jan. 15.

To the Moon(stake)

As BeInCrypto reported on Jan. 20, staking company Moonstake and digital assets platform RockX also announced a partnership focused on Polkadot. RockX is already engaged in the Polkadot ecosystem through technical support and a $20 million investment program.

Polkadot a Strong Fourth

Polkadot’s DOT token replaced Ripple Lab’s XRP in January as the fourth-largest cryptocurrency by market capitalization. This is due to Polkadot’s expanding popularity as well as Ripple’s regulatory woes.

The US Securities and Exchange Commission slapped Ripple, its current CEO and former CEO with lawsuits on Dec. 23, 2020. One such suit claims that Ripple Labs sold $1.2 billion of unregistered securities in the for of XRP. Another suit asserts that former CEO Christian Larsen and current CEO Brad Garlinghouse sold a further $600 million in unregistered securities on their own.

Garlinghouse defends Ripple, saying that the eight years that the company has been on the market and its previous government rulings prove that it is not a security. Furthermore, he questioned the timing of the suits as the US government changes hands. However, without mentioning the Ripple case directly, SEC Commissioner Hester Pierce, commonly known as ‘Crypto Mom’, mentioned in an interview that such cases are usually settled out of court.

Polkadot, meanwhile, continues to go from strength to strength. Remarkably, the company, led by co-founders including Ethereum co-founder Gaviin Wood, only went live in May 2020. By November, it claimed sixth place by market cap. Since December, the price of the DOT token more than tripled.

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James Hydzik is a finance and technology writer and editor based in Kyiv, Ukraine. He is especially interested in the development of regulation in the face of increasingly rapid technological change. He previously covered the CEE region for Financial Times banking and FDI magazines. An ardent believer in gut renovating eastern Europe one flat at a time, he currently holds more home renovation gear than crypto.

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Source: https://beincrypto.com/polkadot-ecosystem-gains-10-million-vc-fund-amid-activity/

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NEXT Chain: New Generation Blockchain With Eyes on the DeFi Industry

[Featured Content] The cryptocurrency industry is booming throughout the past year, and the increase in the total market capitalization is definitive proof. The market is, at the time of this writing, valued at about $1.5 trillion. The same can be said about the DeFi industry. The total value locked in various protocols exceeds $39 billion, […]

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[Featured Content] The cryptocurrency industry is booming throughout the past year, and the increase in the total market capitalization is definitive proof. The market is, at the time of this writing, valued at about $1.5 trillion. The same can be said about the DeFi industry. The total value locked in various protocols exceeds $39 billion, […] Checkout PrimeXBT
Source: https://cryptopotato.com/next-chain-new-generation-blockchain-with-eyes-on-the-defi-industry/

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‘Bitcoin Senator’ Lummis Optimistic About Crypto Tax Reform

Sen. Cynthia Lummis, the first in the Chamber to own Bitcoin, says bipartisan support will accelerate crypto tax reform.

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Sen. Cynthia Lummis (R-Wy) expressed hope on Wednesday that Congress will be able to reform the tax rules governing cryptocurrency, which have been a longtime bugbear for Bitcoin owners and the burgeoning crypto industry.

“We’re optimistic we can find bipartisan agreement on that issue,” said Lummis during a meeting with crypto executives and policy makers on the social media app Clubhouse.

The comment from Lummis, who has owned Bitcoin since 2013, came in response to a question about whether Congress will pass a proposed law calling for a “de minimis” tax exemption for small cryptocurrency transactions.

Currently, IRS guidance stipulates that any minor crypto transaction—such as sending $5 worth of Bitcoin to a friend or using it to buy a cup of coffee—can amount to a capital gains event. Critics say this rule creates needless tax headaches, and discourages innovation by limiting the use of crypto in day-to-day transactions.

And while the IRS has become preoccupied with collecting tax on crypto—a question about virtual currency is now at the top of filers’ income tax return—the agency has done little to simplify the process for reporting it.

Lummis’s interest could help accelerate the passage of crypto tax reform, which has been proposed in bills before the House of Representatives, but never in the Senate. Lummis, whose home state of Wyoming has branded itself as a crypto hub, also pointed to a new Financial Innovation Caucus she is leading with Sen. Kyrsten Sinema (D-Az) as evidence of bipartisan interest in the issue.

Bitcoiner Cynthia Lummis Wins US Senate Seat

Policy researchers on the Clubhouse call cautioned, however, that passage of crypto legislation is unlikely to occur in the near future. The Biden Administration and Congress is currently wrangling over weighty issues related to the pandemic and economic stimulus, so crypto taxation—a relatively boutique issue—is unlikely to be a high priority.

More broadly, members of the call noted that lawmakers are becoming more knowledgable about cryptocurrency, and not only at the federal level.

Nathan McCauley, the CEO of crypto storage service Anchorage, said that his company has been speaking with several state governments about adding crypto to their corporate treasuries—a move that would mirror what big private sector companies like Tesla and Square have done in recent months.

McCauley suggested the states’ interest in crypto is related to a search for alternate finance and investing options at a time when bond markets are in a prolonged slump.

Checkout PrimeXBT
Source: https://decrypt.co/60059/bitcoin-senator-lummis-crypto-tax-reform

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Billionaire Hedge Fund Manager and a Former CFTC Chairman Reportedly Invested in Crypto Firm

The hedge fund manager who predicted BTC’s rise to $40k in 2018 and the former CFTC Chair, a.k.a ‘crypto dad’, have invested in BlockTower Capital.

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The hedge fund manager who predicted BTC’s rise to $40k in 2018 and the former CFTC Chair, a.k.a ‘crypto dad’, have invested in BlockTower Capital. Checkout PrimeXBT
Source: https://cryptopotato.com/former-cftc-chairman-and-a-billionaire-hedge-fund-manager-reportedly-invested-in-crypto-firm/

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Bitcoin Price Analysis: Back Above $50K, But Facing Huge Resistance Now

Bitcoin is up by a solid 6% today as the primary cryptocurrency surged by over $3000 over the past 24 hours. Quick recap: bitcoin is recovering after a heavy correction over the past week, in which the cryptocurrency dropped by around 25% as it broke beneath the February ascending price channel (as shown on the […]

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Bitcoin is up by a solid 6% today as the primary cryptocurrency surged by over $3000 over the past 24 hours. Quick recap: bitcoin is recovering after a heavy correction over the past week, in which the cryptocurrency dropped by around 25% as it broke beneath the February ascending price channel (as shown on the […] Checkout PrimeXBT
Source: https://cryptopotato.com/bitcoin-price-analysis-back-above-50k-but-facing-huge-resistance-now/

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