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RIT Capital Partners acquires a stake in crypto exchange Kraken.

According to the official announcement, RIT Capital Partners invested in the crypto exchange Kraken last month. The British investment firm described Kraken as one of the largest cryptocurrency exchanges worldwide, with more than 6 million clients. Kraken has seen a surge in cryptocurrency trading volumes during the last few months. The crypto exchange is also reportedly […]

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According to the official announcement, RIT Capital Partners invested in the crypto exchange Kraken last month. The British investment firm described Kraken as one of the largest cryptocurrency exchanges worldwide, with more than 6 million clients. Kraken has seen a surge in cryptocurrency trading volumes during the last few months. The crypto exchange is also reportedly planning to go public in 2022 through a direct listing.

“Kraken is currently in talks with investors about another round of fundraising.”

“Kraken is currently in talks with investors about another round of fundraising that could give it a valuation of $20bn. Talks have been held in discussions with Fidelity, Tribe Capital, and General Atlantic. Kraken CEO Jesse Powell said this is being delayed in order to evaluate how Coinbase’s IPO performs. Kraken has a strong balance sheet, and the company is not in a rush to raise capital,” the official announcement states. Kraken is not the only cryptocurrency exchange that is planning to go public for global expansion; several other crypto exchanges are eying IPO in the coming time. 

Coinbase went public via a direct listing on Nasdaq last week. 

The US-based crypto exchange went public last week and received a reference price of $250 for COIN shares. The shares of the crypto exchange touched an all-time high of approximately $420 on its debut but saw a correction later. COIN stock closed at $311 yesterday. As reported earlier, Coinbase CEO Brian Armstrong sold 749,999 COIN shares worth nearly $292 million last week. The US-based crypto exchange saw nearly $335 billion in trading volumes during the first three months of 2021. The crypto industry has garnered a lot of mainstream attraction in the last year or so. Coinbase getting listed on Nasdaq is being hailed as a major milestone for the crypto industry. 

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Source: https://coinnounce.com/rit-capital-partners-acquires-a-stake-in-crypto-exchange-kraken/

Blockchain

Indonesia Plans to Tax Crypto Trading

Following the growing adoption of digital assets in the country, Indonesia’s officials consider a plan to start taxing cryptocurrency trading.

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The Southeast Asian country of Indonesia considers a plan to tax trading with digital assets. However, a spokesman from the tax office revealed that the proposed scheme was still at the discussion stage, and no changes have yet been applied.

The Crypto Environment in Indonesia

The biggest economy in Southeast Asia – Indonesia – saw a massive increase in crypto users in the past months. Following the recent rally of most digital assets, local residents of the country turned their sight to them. According to a report, Indodax – the largest crypto exchange platform in Indonesia – registered more than 700 000 new members only for the first four months of 2021 as the total number rose to three million people.

However, Reuters reported that the country’s officials are contemplating a plan to tax trading with Bitcoin and all altcoins. Neilmaldrin Noor, a spokesman at Indonesia’s tax office, asserted that the future implementations were still at the discussion phase, and no changes have yet been administered. Additionally, he explained that taxation is vital for the economy:

”It is important to know that… if there is a profit or capital gain generated from a transaction, the profit is an object of income tax. So the tax payer who receives capital gain has to pay the tax and report it.”

Indonesia has a very controversial relationship with cryptocurrencies. The authorities of the country banned the use of digital assets as a payment instrument, but on the other hand, residents are allowed to trade with them as a commodity.

Following the Asian Wave

Indonesia’s tax reforms regarding cryptocurrencies are not pioneering. As CryptoPotato reported, another Asian country – South Korea – revealed its intentions to start taxing digital assets.


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The authorities are reportedly looking to place a 20% tax on profits made from cryptocurrency trading at the start of next year. The Finance Minister of the East Asian country asserted that such rules are ”inevitable” to start from 2022.

Somewhat surprisingly, most residents of South Korea approved the incoming implementations. A survey revealed that around 54% of the poll participants backed the country’s tax addition. Moreover, older Koreans were significantly more open to the idea comparing to the younger generation.

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Source: https://cryptopotato.com/indonesia-plans-to-tax-crypto-trading/

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Shield Finance Completes a $780K Round to Create a DeFi Insurance Aggregator

[PRESS RELEASE – Chiang Mai, Thailand, 11th May 2021] Shield Finance, a multi-chain DeFi insurance aggregator that will deploy across the Polkadot, Ethereum, Binance Smart Chain, and Solana blockchains announced today the completion of their private fundraising rounds, having successfully reached the hard cap amount of $780 000. Private Investors. Shield Finance’s potential combined with […]

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[PRESS RELEASE – Chiang Mai, Thailand, 11th May 2021]

Shield Finance, a multi-chain DeFi insurance aggregator that will deploy across the Polkadot, Ethereum, Binance Smart Chain, and Solana blockchains announced today the completion of their private fundraising rounds, having successfully reached the hard cap amount of $780 000. Private Investors.

Shield Finance’s potential combined with its seasoned team attracted immense support from industry innovators including Master Ventures / PAID Network, DAO Maker, Zokyo, NGC Ventures, Spark Digital Capital, GD10.Ventures, Titan Ventures, and others.

The decentralized finance movement has been growing exponentially over the past year growing from $700 million by December 2019 to $65 billion as of April 2021. DeFi gives users full control over their money and financial future but this freedom comes with some drawbacks. As thousands of retail investors enter the attractive DeFi marketplace there are a variety of risks they have to take into consideration including market crashes, price volatility, and security issues. Until only recently, the DeFi has lacked any insurance options to give users peace of mind when investing in these new financial products. This is about to change.

Shield Finance is a DeFi insurance aggregator that aims to protect token investments from hacks, rug pulls, market crashes, and other DeFi-related risks. It does this through a proprietary aggregation engine that provides custom insurance packages for investor needs. Shield Finance could be referred to as the Skyscanner for DeFi insurance; users can see and select offers from multiple insurance providers without leaving the token platform.

“Insurance plays an important role in DeFi as a way to de-risk your investments. With a number of insurance players in the market, a multi-chain insurance aggregator will naturally attract users as a go-to place to buy insurance. This fundraise will be instrumental in driving the growth and development of Shield Finance.” Denis Gorbachev, CEO of Shield Finance

Shield Finance aims to dominate the cryptocurrency insurance market by partnering with DeFi exchanges, wallets, and farms. Shield Finance’s goal in doing so is twofold: to ensure DeFi insurance purchasing is easy and simple to purchase and to offer the cheapest DeFi insurance packages on the market.

As the Shield Finance platform launches more exciting features will be released including a web app and increased partnerships & integrations with insurance providers and DeFi platforms including exchanges, wallets, and farms.

Shield Finance expects development of the platform to be complete (timeframe?) after its public IDO launch on industry driving PAID Network’s crowdfunding platform, Ignition Launchpad. Operating as a decentralized swapping protocol, Ignition allows blockchain-based token projects to offer their private and public auctions to participants, leveraging both PAID Network and Polkadot technology. Capitalizing on PAID Network’s community strength and the popularity of the Ignition Launchpad platform the success of Shield Finance’s public IDO is all but certain.

Shield Finance IDO is set to take place May 19th, 2021 on PAID Network’s Ignition Launchpad at 11:00 AM UTC Ignition – IDO Launchpad on PAID Network

About Shield Finance

Shield Finance is a Multi-Chain DeFi Insurance Aggregator that allows users to buy protection against major market crashes due to black swan events (hacks, exploits, rug pulls, sell-offs). Incubated by Master Ventures (MV Fuel), Shield utilizes a proprietary aggregation engine to provide custom insurance packages for investor needs. The $SHLD token enables governance and provides staking rewards at 30% stable APY – however, the most important feature of the $SHLD token is the “buy & burn” program. Every quarter, it redirects 50% of fees generated by users to buy the $SHLD token on the open market & burn it, which results in the permanent reduction of supply.

Connect to Shield Finance:
Website: shieldfinance.io
Telegram: @ShieldFinanceHQ
Twitter: @ShieldFinance

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Source: https://cryptopotato.com/shield-finance-completes-a-780k-round-to-create-a-defi-insurance-aggregator/

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QAN Raises $2.1 Million in Venture Capital to Build DeFi Ecosystem

QANPlatform has successfully closed a $2.1 million funding round and it looks to build a quantum-resistant DeFi infrastructure.

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QANPlatform – a project that is on a mission of building a quantum-resistant hybrid blockchain protocol, secured investment from various venture capital funds to build a DeFi ecosystem.

QAN Successfully Closes a Funding Round of $2.1 Million

The question of whether or not existing blockchain-based PoW networks would stand the test of a quantum computer is one that’s been discussed for quite some time. To this date, many believe that a quantum computer is the most serious threat to Bitcoin as it would be able to solve math problems a lot quicker compared to traditional mining machines.

In any case, in an attempt to tackle these issues, along with others, QANplatform has raised $2.1 million to fund the development of an ecosystem where developers would be capable of building various software applications within DeFi quicker.

Leading the round were the likes of DeltaHub Capital, BlackDragon, Insignius Capital, Fairum Ventures, and so forth.

Speaking on the matter was Johann Polecsak, co-founder and Chief Technical Officer at QANplatform, who said:

“Our key mission is to lower the entry barriers for developers so startups and enterprises can build their Proofs-of-Concept (PoC) and Minimum Viable Product (MVP) as fast as possible to reach mass adoption. We stick to this view and let only community-driven VCs invest in this strategic pool”

Quantum Computing and its Threats

According to a well-known report from one of the largest auditing and security service companies in the world – Deloitte, quantum computing does pose a threat to Bitcoin.

Of course, it’s important to factor in the possibility of such a computer being created and used for this particular purpose, but, in theory, it could cause damage, according to the experts.

For instance, there are around 4 million bitcoins that are potentially vulnerable to a quantum attack. Yet, there are plenty of things to keep in mind when thinking about this. For instance, it’s important to note that these are mostly p2pkh addresses, and only those which have never been used to spend bitcoins are safe because their public keys are not yet public. In other words – if one transfers their BTC to a new address, they should not be vulnerable to a quantum attack.

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Source: https://cryptopotato.com/qan-raises-1-8-million-in-venture-capital-to-build-defi-ecosystem/

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Balancer V2 is Live Promising Lower Fees and Improved Experience

Balancer V2 goes live today and it promises users lower fees and substantially improved user experience.

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The automatic market maker (AMM) running on top of Ethereum, Balancer, announced that Version 2 of its platform is already live. It promises lower gas costs, a redesigned interface, and an enhanced user experience.

Balancer V2 Arrives

Built on Ethereum, Balancer is a DeFi protocol enabling users to trade ether and ERC-20 tokens in a trustless, permissionless environment. By providing liquidity to a Balancer pool, they can also earn a portion of the trading fees paid to the network for the use of their funds in the form of the native token BAL.

The team behind Balancer announced the arrival of its long-anticipated Version 2 platform in a press release shared with CryptoPotato. It comes with a new user interface, indicating that the user experience has been simplified.

The statement outlined there will be an easy-to-follow migration procedure for users to transfer their funds from Balancer V1 to V2, and it will be released as a full tutorial later.

The team believes that V1 will continue to “provide the best price until a substantial amount of liquidity migrates to V2.” At that point, Balancer expects trades to be routed through V2’s Protocol Vault resulting in “lower gas costs and better pricing.” The project’s estimations envision the fee reduction to be up to 50%.


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Multi-Sig and Liquidity Mining

The upgrade has signified Balancer Protocol’s transition to a community multi-sig for its governance execution. As a result, the new signers include Alexander Lange (Inflection), Fabien Marino (Snapshot Labs), Kain Warwick (Synthetix), Kevin Owocki (Gitcoin), Trent McConaghy (Ocean Protocol), and Mariano Conti (Ethereum).

They will be responsible for “executing all transactions passed as Snapshot as Balancer continues to be run by those who care most – the community.”

V2 will also provide a new and “more trustless program” for BAL liquidity mining. Upon its launch, liquidity providers (LPs) will be able to stake positions in different pools and receive BAL tokens.

Each pool will be assigned to one of three different tiers, with each tier slot getting a pre-determined amount of coins per week.

The team also informed that it will release further details in the following weeks on the “changing Balancer landscape.”

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Source: https://cryptopotato.com/balancer-v2-is-live-promising-lower-fees-and-improved-experience/

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