In October 2017, Netherlands native Didi Taihuttu and his family sold all their valuable belongings and their house for bitcoin. The decision paid off and the Taihuttu family has traveled all around the world and recently moved to the island of Phuket. On Nov. 30, the 44-year-old Didi Taihuttu told CNBC that after storing crypto in cold storage, centralized exchange (cex) platforms, and decentralized exchange (dex) protocols for years, the Dutch family has decided to proactively transfer $1 million in digital assets to dex protocols in order to have more control via self-custody.
Just over five years ago, Bitcoin.com News reported on the Taihuttu family after they decided to sell their home, children’s toys, and vehicles so they can accumulate bitcoin (BTC). On Wednesday, the patriarch of the family, Didi Taihuttu, spoke with CNBC and explained that the family is moving $1 million in crypto assets to dex protocols following the FTX collapse.
Taihuttu detailed that before the decision to proactively move the funds from cex platforms to dex protocols, the family stored a fraction of funds on trading platforms like Bybit and Kraken. “If you never send your bitcoin to an exchange,” Taihuttu said, “your bitcoin stays in your own wallet, meaning you have complete custody of your coins. [But] you connect to a dex, and by making that connection, you trade out of your own wallet.”
Taihuttu continued:
If the dex collapses, it doesn’t matter, because the bitcoins are always in your own wallet.
Taihuttu explained that he learned his lesson in 2017 when the cex platform Cryptopia was hacked and he lost four bitcoins. “From that moment, I was always searching for alternatives,” Taihuttu said. As far as FTX is concerned, Taihuttu insisted that “too many influencers were paid too much money to promote that one.” The family would not disclose how much they owned in crypto assets but they did say roughly $1 million worth of BTC, ETH, LTC, DOT, and other tokens would be moved to decentralized exchanges.
Taihuttu says the current drama associated with FTX is similar to what happens every bitcoin cycle. “We seem to get that lesson every bitcoin cycle — “It was Mt Gox, it was banning bitcoin in China, it was banning mining. There’s drama every time,” he added. Taihuttu wholeheartedly believes BTC is holding steady, and simply doing what the leading crypto asset always does.
“Looking at the current situation: We have a huge war going on, we have a huge financial crisis, we have FTX, we have Celsius, we have a lot of bear market signals,” Taihuttu told CNBC. “I think that bitcoin is really holding strong at $16,800. For me, bitcoin is still doing perfect and still doing what it always does: Being a decentralized currency that is usable by all people all over the world,” Taihuttu concluded during his interview on Wednesday.
What do you think about the Taihuttu family’s progress and the family moving $1 million from cex applications to dex protocols? Let us know your thoughts about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
In October 2017, Netherlands native Didi Taihuttu and his family sold all their valuable belongings and their house for bitcoin. The decision paid off and the Taihuttu family has traveled all around the world and recently moved to the island of Phuket. On Nov. 30, the 44-year-old Didi Taihuttu told CNBC that after storing crypto in cold storage, centralized exchange (cex) platforms, and decentralized exchange (dex) protocols for years, the Dutch family has decided to proactively transfer $1 million in digital assets to dex protocols in order to have more control via self-custody.
Just over five years ago, Bitcoin.com News reported on the Taihuttu family after they decided to sell their home, children’s toys, and vehicles so they can accumulate bitcoin (BTC). On Wednesday, the patriarch of the family, Didi Taihuttu, spoke with CNBC and explained that the family is moving $1 million in crypto assets to dex protocols following the FTX collapse.
Taihuttu detailed that before the decision to proactively move the funds from cex platforms to dex protocols, the family stored a fraction of funds on trading platforms like Bybit and Kraken. “If you never send your bitcoin to an exchange,” Taihuttu said, “your bitcoin stays in your own wallet, meaning you have complete custody of your coins. [But] you connect to a dex, and by making that connection, you trade out of your own wallet.”
Taihuttu continued:
If the dex collapses, it doesn’t matter, because the bitcoins are always in your own wallet.
Taihuttu explained that he learned his lesson in 2017 when the cex platform Cryptopia was hacked and he lost four bitcoins. “From that moment, I was always searching for alternatives,” Taihuttu said. As far as FTX is concerned, Taihuttu insisted that “too many influencers were paid too much money to promote that one.” The family would not disclose how much they owned in crypto assets but they did say roughly $1 million worth of BTC, ETH, LTC, DOT, and other tokens would be moved to decentralized exchanges.
Taihuttu says the current drama associated with FTX is similar to what happens every bitcoin cycle. “We seem to get that lesson every bitcoin cycle — “It was Mt Gox, it was banning bitcoin in China, it was banning mining. There’s drama every time,” he added. Taihuttu wholeheartedly believes BTC is holding steady, and simply doing what the leading crypto asset always does.
“Looking at the current situation: We have a huge war going on, we have a huge financial crisis, we have FTX, we have Celsius, we have a lot of bear market signals,” Taihuttu told CNBC. “I think that bitcoin is really holding strong at $16,800. For me, bitcoin is still doing perfect and still doing what it always does: Being a decentralized currency that is usable by all people all over the world,” Taihuttu concluded during his interview on Wednesday.
What do you think about the Taihuttu family’s progress and the family moving $1 million from cex applications to dex protocols? Let us know your thoughts about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.
The new government of Italy plans to impose a 26% tax on capital gains from crypto trading, according to the draft budget for next year. The center-right coalition in power is also preparing to oblige Italians to declare their digital assets and pay 14% on their holdings.
The authorities in Rome look poised to expand and tighten the regulations for disclosure and taxation of digital assets. The change is likely to come with Italy’s 2023 budget which is expected to target profits from crypto wealth and trading.
A provision in the budget, proposed by the right-wing government led by Prime Minister Giorgia Meloni, extends to crypto assets a 26% levy on capital gains exceeding a threshold of 2,000 euros (approx. $2,080), Bloomberg reported.
The ruling coalition, which was elected in late September, also offers taxpayers the option to declare the value of their digital assets as of Jan. 1, 2023 and be taxed at a 14% rate. The goal is to stimulate Italian taxpayers to disclose their holdings in their tax returns.
Under the current tax rules, digital currencies and tokens are treated in Italy as foreign currency which is subject to lower taxation. The draft law, which may still see amendments in parliament, also introduces disclosure obligations and extends stamp duty to cryptocurrencies.
Around 1.3 million Italians (2.3% of the country’s population) own crypto assets, the report notes, quoting Triple A data. That compares to the United Kingdom’s 5%, and 3.3% in neighboring France.
Meloni, Italy’s first woman to head the executive branch of power in Rome and leader of the far-right Brothers of Italy party, has previously campaigned for lower taxes.
Her government’s stricter stance on crypto now is a move in the footsteps of Portugal, one of the EU’s most crypto-friendly members, which revealed in October its intention to tax short-term crypto profits at 28% from next year. It also comes amid a global tightening of regulations following a wave of bankruptcies in the crypto industry such as the recent collapse of crypto exchange FTX.
Do you think Italian lawmakers will back the proposed increase in the tax burden on crypto investors? Tell us in the comments section below.
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Alessia Pierdomenico / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days
Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.
The new government of Italy plans to impose a 26% tax on capital gains from crypto trading, according to the draft budget for next year. The center-right coalition in power is also preparing to oblige Italians to declare their digital assets and pay 14% on their holdings.
The authorities in Rome look poised to expand and tighten the regulations for disclosure and taxation of digital assets. The change is likely to come with Italy’s 2023 budget which is expected to target profits from crypto wealth and trading.
A provision in the budget, proposed by the right-wing government led by Prime Minister Giorgia Meloni, extends to crypto assets a 26% levy on capital gains exceeding a threshold of 2,000 euros (approx. $2,080), Bloomberg reported.
The ruling coalition, which was elected in late September, also offers taxpayers the option to declare the value of their digital assets as of Jan. 1, 2023 and be taxed at a 14% rate. The goal is to stimulate Italian taxpayers to disclose their holdings in their tax returns.
Under the current tax rules, digital currencies and tokens are treated in Italy as foreign currency which is subject to lower taxation. The draft law, which may still see amendments in parliament, also introduces disclosure obligations and extends stamp duty to cryptocurrencies.
Around 1.3 million Italians (2.3% of the country’s population) own crypto assets, the report notes, quoting Triple A data. That compares to the United Kingdom’s 5%, and 3.3% in neighboring France.
Meloni, Italy’s first woman to head the executive branch of power in Rome and leader of the far-right Brothers of Italy party, has previously campaigned for lower taxes.
Her government’s stricter stance on crypto now is a move in the footsteps of Portugal, one of the EU’s most crypto-friendly members, which revealed in October its intention to tax short-term crypto profits at 28% from next year. It also comes amid a global tightening of regulations following a wave of bankruptcies in the crypto industry such as the recent collapse of crypto exchange FTX.
Do you think Italian lawmakers will back the proposed increase in the tax burden on crypto investors? Tell us in the comments section below.
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Alessia Pierdomenico / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days
Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.
PRESS RELEASE. Doha, Qatar: For the next couple of weeks, over a billion people are glued to the TV every day watching players of their favorite team working brilliantly together to win the ultimate prize. What’s really different this time around is how much crypto plays a role in football, with team fan tokens and NFT collections released by football stars like Christiano Ronaldo as prominent examples.
And now, leading communities in crypto are joining football fever and even using it as an opportunity to bring crypto to the masses. With this World Cup, billions will learn about the Web3 ways of working together and winning big thanks to the Binance Football Fever 2022 campaign that allows anyone to get their football fever on while having a chance to win part of the $1,000,000 in prizes.
The DeXe DAO community, being a close partner of Binance and running a number of joint activities with them, has also joined Binance’s Football Fever in true DAO fashion — by proposing and passing onchain a sponsorship of Binance Football Fever. Now football fans can win $DEXE tokens while learning about DeFI. There are a lot of football fans in the DeXe community. And the project is all about teamwork in Asset and DAO Management, so the partnership with Binance on this was a natural fit for the DeXe DAO.
In Asset Management, traders have skills but need more capital to win big. Investors have the capital but need to find traders they can trust to manage it. DeXe’s asset management platform gives them a relationship framework where the traders feel free in their trading decisions and well-rewarded for their success while the investors get multilayer security and transparency to help them protect their capital. This way, DeXe maximizes the opportunity to win while minimizing the risk of losing — an elite approach worthy of a World Cup.
Can you imagine if players on the pitch would get rewarded for how many passes they made rather than for scoring? Such a team wouldn’t win a game, let alone the World Cup. Effective teamwork has shown in this World Cup yet again that teams with less star power are still able to defeat teams that are better on paper. Effectiveness matters. That’s why in DAO management, DeXe aligns the incentives so that community members get rewarded for the most effective DAO activity and pretty much anything about the DAO can be modified via onchain proposals. In DeFi like in football, you need to make it easy to score, to defend, and to adjust the strategy to optimize those actions.
With DeXe’s and Binance’s involvement in the World Cup media hype, football fans can both cheer for their favorite teams and learn more about DeFi. If the efforts of Binance, DeXe, and other projects promoting crypto among football fans succeed, who knows, maybe the next World Cup will be run on-chain.
**********
About The Dexe Network
Dexe Network is an Asset and DAO Management platform that brings the dreams of DeFi into practical reality by giving fund and DAO creators the power to effectively, quickly, and securely grow their organizations. With DeXe, traders become managers without much effort beyond trading as they normally do and DAOs are governed in a truly decentralized and autonomous way thanks to proper incentives and on-chain governance. DeXe’s Ambassador Program has laid the groundwork for community-generated rewards for effective DAO participation.
Contact via email for more information: info@dexe.network
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
Image Credits: Shutterstock, Pixabay, Wiki Commons
NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales
Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more.
PRESS RELEASE. Doha, Qatar: For the next couple of weeks, over a billion people are glued to the TV every day watching players of their favorite team working brilliantly together to win the ultimate prize. What’s really different this time around is how much crypto plays a role in football, with team fan tokens and NFT collections released by football stars like Christiano Ronaldo as prominent examples.
And now, leading communities in crypto are joining football fever and even using it as an opportunity to bring crypto to the masses. With this World Cup, billions will learn about the Web3 ways of working together and winning big thanks to the Binance Football Fever 2022 campaign that allows anyone to get their football fever on while having a chance to win part of the $1,000,000 in prizes.
The DeXe DAO community, being a close partner of Binance and running a number of joint activities with them, has also joined Binance’s Football Fever in true DAO fashion — by proposing and passing onchain a sponsorship of Binance Football Fever. Now football fans can win $DEXE tokens while learning about DeFI. There are a lot of football fans in the DeXe community. And the project is all about teamwork in Asset and DAO Management, so the partnership with Binance on this was a natural fit for the DeXe DAO.
In Asset Management, traders have skills but need more capital to win big. Investors have the capital but need to find traders they can trust to manage it. DeXe’s asset management platform gives them a relationship framework where the traders feel free in their trading decisions and well-rewarded for their success while the investors get multilayer security and transparency to help them protect their capital. This way, DeXe maximizes the opportunity to win while minimizing the risk of losing — an elite approach worthy of a World Cup.
Can you imagine if players on the pitch would get rewarded for how many passes they made rather than for scoring? Such a team wouldn’t win a game, let alone the World Cup. Effective teamwork has shown in this World Cup yet again that teams with less star power are still able to defeat teams that are better on paper. Effectiveness matters. That’s why in DAO management, DeXe aligns the incentives so that community members get rewarded for the most effective DAO activity and pretty much anything about the DAO can be modified via onchain proposals. In DeFi like in football, you need to make it easy to score, to defend, and to adjust the strategy to optimize those actions.
With DeXe’s and Binance’s involvement in the World Cup media hype, football fans can both cheer for their favorite teams and learn more about DeFi. If the efforts of Binance, DeXe, and other projects promoting crypto among football fans succeed, who knows, maybe the next World Cup will be run on-chain.
**********
About The Dexe Network
Dexe Network is an Asset and DAO Management platform that brings the dreams of DeFi into practical reality by giving fund and DAO creators the power to effectively, quickly, and securely grow their organizations. With DeXe, traders become managers without much effort beyond trading as they normally do and DAOs are governed in a truly decentralized and autonomous way thanks to proper incentives and on-chain governance. DeXe’s Ambassador Program has laid the groundwork for community-generated rewards for effective DAO participation.
Contact via email for more information: info@dexe.network
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.
Join the Verse public token sale now and purchase VERSE tokens using BTC, BCH, ETH and USDT/USDC. Sale closes Dec 1 at 0:00 UTC.
Bitcoin.com, a digital ecosystem that offers secure self-custody solutions for users to easily interact with cryptocurrencies, has formed a mutually beneficial strategic partnership with Poly Network to support Bitcoin.com’s Verse ecosystem.
Poly Network is a decentralized and trustless interoperability protocol for heterogeneous blockchains, which has so far integrated support for over 130 tokens.
Verse is Bitcoin.com’s ecosystem token that will launch following the public sale, currently live at getverse.com. Verse will fuel the growth and expansion of Bitcoin.com’s ecosystem, which includes over 35 million self-custody wallets created in its multi-chain DeFi-ready mobile app, and an award-winning news portal with over 2.5 million monthly readers. Verse will provide access to exclusive platform services and act as the cornerstone for new initiatives, ultimately expanding access to decentralized technologies and finance. By interacting with the Verse DEX, staking VERSE, receiving cash back in VERSE, and using the VERSE token as collateral in various lending pools, Bitcoin.com’s millions of users will be able to take full advantage of their time spent engaging with the platform.
With the support of Poly Network, multiple application scenarios are enabled for VERSE to be used as an asset throughout DeFi. These application scenarios include DEX trading, lending, and liquidity mining across various heterogeneous blockchains and within Layer 2 ecosystems.
“Poly Network is one of the best bridges, enabling transfer of both tokens and NFTs across multiple networks with no gas fees,” said Dennis Jarvis, CEO of Bitcoin.com. “This strategic partnership is not only an effective means of increasing the utility and liquidity of VERSE, but an expression of support for Verse’s mission to enhance economic freedom.”
John Wang, Poly Network’s founding member commented, “Verse will fuel Bitcoin.com’s already successful ecosystem of crypto products. Those products are self-custodial, multi-chain, and DeFi-centric, which we are firm believers in. Poly Network hopes to lay a solid interoperability foundation to ensure the whole ecosystem will be vibrant and thrive.”
Bitcoin.com’s Dennis Jarvis added, “We’re looking forward to exploring additional future collaborations between Bitcoin.com, Verse, and Poly Network with the goal of bringing affordable access to blockchain for everyone. Affordability is a significant barrier to mass DeFi adoption and overcoming it will ultimately create more economic freedom.”
VERSE will provide value to those interacting with the Verse DEX, Ethereum blockchain, and broader DeFi ecosystem. The VERSE token will spearhead initiatives to accelerate growth and innovation in DeFi through the Verse Development Fund.
The Verse public token sale is currently underway at getverse.com, where 2% of the token supply is up for grabs in a dynamically priced sale that could see public sale buyers pay a lower price per token than those who purchased in the first round.
About Poly Network
Poly Network is a global cross-chain protocol for implementing blockchain interoperability and building Web3.0 infrastructure. Its uniquely designed blockchain and cross-chain bridge technology open up communication and enable transactions between various heterogeneous chains, including mainstream public chains from the protocol layer. Poly Network has integrated 35+ blockchains to date, including Ethereum, Aptos, Polygon, Avalanche, Fantom, BNB Chain, Arbitrum, Optimism, OKC, Neo, Zilliqa, Metis, etc. Since its launch, the protocol has enabled cross-chain asset transfers of a value in excess of USD 16 billion.
Since 2015, Bitcoin.com has been a global leader in introducing newcomers to crypto. Featuring accessible educational materials, timely and objective news, and intuitive self-custodial products, we make it easy for anyone to buy, spend, trade, invest, earn, and stay up-to-date on cryptocurrency and the future of finance.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.
Join the Verse public token sale now and purchase VERSE tokens using BTC, BCH, ETH and USDT/USDC. Sale closes Dec 1 at 0:00 UTC.
Bitcoin.com, a digital ecosystem that offers secure self-custody solutions for users to easily interact with cryptocurrencies, has formed a mutually beneficial strategic partnership with Poly Network to support Bitcoin.com’s Verse ecosystem.
Poly Network is a decentralized and trustless interoperability protocol for heterogeneous blockchains, which has so far integrated support for over 130 tokens.
Verse is Bitcoin.com’s ecosystem token that will launch following the public sale, currently live at getverse.com. Verse will fuel the growth and expansion of Bitcoin.com’s ecosystem, which includes over 35 million self-custody wallets created in its multi-chain DeFi-ready mobile app, and an award-winning news portal with over 2.5 million monthly readers. Verse will provide access to exclusive platform services and act as the cornerstone for new initiatives, ultimately expanding access to decentralized technologies and finance. By interacting with the Verse DEX, staking VERSE, receiving cash back in VERSE, and using the VERSE token as collateral in various lending pools, Bitcoin.com’s millions of users will be able to take full advantage of their time spent engaging with the platform.
With the support of Poly Network, multiple application scenarios are enabled for VERSE to be used as an asset throughout DeFi. These application scenarios include DEX trading, lending, and liquidity mining across various heterogeneous blockchains and within Layer 2 ecosystems.
“Poly Network is one of the best bridges, enabling transfer of both tokens and NFTs across multiple networks with no gas fees,” said Dennis Jarvis, CEO of Bitcoin.com. “This strategic partnership is not only an effective means of increasing the utility and liquidity of VERSE, but an expression of support for Verse’s mission to enhance economic freedom.”
John Wang, Poly Network’s founding member commented, “Verse will fuel Bitcoin.com’s already successful ecosystem of crypto products. Those products are self-custodial, multi-chain, and DeFi-centric, which we are firm believers in. Poly Network hopes to lay a solid interoperability foundation to ensure the whole ecosystem will be vibrant and thrive.”
Bitcoin.com’s Dennis Jarvis added, “We’re looking forward to exploring additional future collaborations between Bitcoin.com, Verse, and Poly Network with the goal of bringing affordable access to blockchain for everyone. Affordability is a significant barrier to mass DeFi adoption and overcoming it will ultimately create more economic freedom.”
VERSE will provide value to those interacting with the Verse DEX, Ethereum blockchain, and broader DeFi ecosystem. The VERSE token will spearhead initiatives to accelerate growth and innovation in DeFi through the Verse Development Fund.
The Verse public token sale is currently underway at getverse.com, where 2% of the token supply is up for grabs in a dynamically priced sale that could see public sale buyers pay a lower price per token than those who purchased in the first round.
About Poly Network
Poly Network is a global cross-chain protocol for implementing blockchain interoperability and building Web3.0 infrastructure. Its uniquely designed blockchain and cross-chain bridge technology open up communication and enable transactions between various heterogeneous chains, including mainstream public chains from the protocol layer. Poly Network has integrated 35+ blockchains to date, including Ethereum, Aptos, Polygon, Avalanche, Fantom, BNB Chain, Arbitrum, Optimism, OKC, Neo, Zilliqa, Metis, etc. Since its launch, the protocol has enabled cross-chain asset transfers of a value in excess of USD 16 billion.
Since 2015, Bitcoin.com has been a global leader in introducing newcomers to crypto. Featuring accessible educational materials, timely and objective news, and intuitive self-custodial products, we make it easy for anyone to buy, spend, trade, invest, earn, and stay up-to-date on cryptocurrency and the future of finance.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.
PRESS RELEASE. Now for the first time, Step App, the FITFI platform pioneering a gamified metaverse for the fitness economy, is excited to announce its main app launch event. Hosted by 8-time Olympic gold medalist and 11-time World Champion, Usain Bolt – the Step App Conference will feature a top industry voice from Coingate, Japanese baseball legend Kazuto Taguchi, and performances from AK-69, Fehrplay and more. The lavish event will take place on December 1st in Tokyo and will commemorate the app’s transition from public beta to main app launch, further incorporating lifestyle, fitness and play elements into the blockchain space.
Step App today revealed the agenda for its Step App Tokyo Conference, featuring celebrities, leading thinkers, builders, and founders from across the blockchain landscape, to be hosted at Raise in Ginza, Tokyo, on December 1st, 2022. Step App’s mission is to grow and empower the ecosystem around its flagship app – an amalgamation of fitness and finance. The platform transforms everyday exercise activities like walking the dog or a daily jog around the park into social activities or competitions with friends and strangers that encourage consumers to earn tokens as they exercise. The platform has a move-to-earn gamification, which follows a player-vs-player match-making model, allowing users to combine their fitness with social experiences at a local, regional, or global level.
Step App wants to be a potential partner to mainstream crypto novice brands and corporations who seek to branch into the value potential of the crypto user base. The features include augmented reality, where users’ metaverse characters grow and evolve as they fulfil fitness quests. The app is easy to use and for all kinds of fitness levels. Players can start to earn from day one already.
A Power-Packed Conference Programme
Step App’s Conference programming will highlight top founders and investors from both within and beyond the Step Network. Registrants will have an opportunity to discuss with blockchain leaders and other interesting figures/attendees in the Web3 space and learn how to set up STEP and onboard themselves within the move-to-earn ecosystem. They can also meet and greet famous guests such as Usain Bolt, and enjoy live performances from AK-69, Fehrplay and more. Attendees and the Step community will also have the opportunity to connect with the Step Team, receive exclusive merchandise, and attend the after-party celebration.
Interested participants can attend the event through one of the three packages – Fan, Believer and Pioneer – ranging from US$50 to US$250 in price. The ‘Pioneer’ package is the biggest offering and includes a meet and greet with Usain Bolt. ‘Believer’ and ‘Pioneer’ ticket holders have a chance at winning 5 exclusive Step NFTs. Bonus points, every attendee gets exclusive Step App merchandise.
Additional Highlights from the Program Include:
Fitness Finance at Scale: Development Protocol
Hear from leaders around the world about how blockchain technology that empowers cryptocurrencies can relate to the fitness sector. These days, this technology has penetrated every industry, and the health & fitness sector is no exception.
“We are looking forward to bringing the Step App community together, in person, in Tokyo, this December. We invite all who are interested in the move-to-earn movement to join us as we revolutionise the potential of blockchain technology and motivate society to adopt a healthy lifestyle,” said Kirill Volgin, CEO of Step App. “The launch of Step App is just the beginning of what’s to come within the Step Ecosystem. We are excited to continue bringing innovative product offerings to our community worldwide and change how people view integrating exercise into their daily lives.”
The highly anticipated beta launch gave more than 20 million pre-signed users access to exercise, socialise, play, and earn through the platform’s advanced tech and introduced the brand’s ‘SNEAKs,’ digital footwear that users can buy, trade and wear digitally on the platform. Now fully available to the public and accessible by any Android and iPhone, consumers can earn KCAL tokens with each step and unlock economic opportunities in developing markets worldwide.
Built on Avalanche, Step App’s rapid, low-cost blockchain is rich with composable intellectual property as well as ready-to-deploy SDKs for smart contract solutions, NFT infrastructure, and more. Step App is the stepping-stone and core potential partner to mainstream, crypto novice brands and corporations who seek to branch into the value potential of the trillion-dollar crypto-fitness crossover audience. The app encourages users to lead a healthy lifestyle and rewards them for doing so by monitoring the user’s geographic location and rewarding them in proportion to the number of physical activities they perform.
View the full agenda and speaker lineup at https://step.app/event.
Media interested in attending Step App Tokyo Conference or reporting from the event should contact roelien@d-verse.io.
SOURCE: STEP APP
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