Tag: finance

UK Treasury seeks input on taxing DeFi staking and lending: Finance Redefined

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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. The taxation arm of His Majesty’s Treasury in the United Kingdom has proposed new regulatory changes to simplify how DeFi returns are taxed and reduce the “administrative burden” for taxpayers. A DeFi options protocol has raised $17 million for a buy-side marketplace and an expanded number of listed tokens. USD Coin (USDC) issuer Circle launched a cross-chain USDC transfer protocol between Ethereum…

Systemic Swiss Banks Not Ready for Crisis, Regulator Says – Finance Bitcoin News

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Switzerland’s financial regulator is not satisfied with the emergency plans of two of the Alpine nation’s five major banks. The assessment refers to a period prior to the rescue of Credit Suisse by UBS when the authority viewed the troubled giant’s preparedness in positive terms. 2 Swiss Banks Unable to Implement Recovery Plans, Finma Finds The Swiss Financial Market Supervisory Authority (Finma) considers insufficient the crisis plans of two of Switzerland’s main banks, Reuters reported. The regulator is not certain if Zürcher Kantonalbank (ZKB) and Postfinance will be manage to…

Binance CEO CZ Is on Bloomberg’s ‘New Finance Rich List’

While Bloomberg says the Binance head is worth $28.2 billion, Forbes says Zhao’s net worth as of April 27 is $10.5 billion. According to Bloomberg, Binance CEO Changpeng Zhao, also called CZ, is one of the “25 financial titans” that amassed their wealth through the business of lending, trading, or investing money. The report explains that computer-driven trading companies are the backers of the new generation of ultrarich, to which the Binance chief belongs. Binance CEO CZ Makes New Finance Rich List Bloomberg stated that CZ is worth $28.2 billion,…

‘Not the Right Time to Stop’ Rate Hikes, ECB Chief Economist Says – Finance Bitcoin News

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Current indicators suggest the European Central Bank (ECB) should raise the interest rate in May, the monetary authority’s chief economist said. Future increases will depend on the economic data but this is still not the right time to stop, according to Philip Lane who believes the bank has to bring inflation back to the 2% target “in a timely manner.” Leaving Interest Rate at Current Level Would Be ‘Inappropriate’ Despite Falling Inflation, Lane Says Inflation in the euro area has dropped significantly between October, when it peaked at 10.6%, and…

BRICS Currencies to Have No Alternative, Former Russian President Medvedev Says – Finance Bitcoin News

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Fiat currencies of BRICS member states will have no alternative in the future, according to former President of Russia Dmitry Medvedev. Nations in the bloc need to think about their digital forms and a digital currency issued by the group as a whole, the Russian politician said. Ruble, Yuan, Other BRICS Currencies to Take Over After Euro Collapse, Dmitry Medvedev Predicts Russia’s former head of state, Dmitry Medvedev, does not rule out the collapse of the common European currency and a return to national fiats on the Old Continent. “It…

DeFi Protocol iZUMi Finance Raises $22M

The fundraising round was more complicated than a typical “cash in, equity out” arrangement. The company issued an iZUMi zk-Fund through strategic partner Solv Protocol that is a semi-fungible token, or SFT. Investors who purchase the fund receive an SFT in their wallet to represent their share, making them a limited partner of the fund. Upon maturity, investors can redeem the SFT for their principal. Source

Ordinals Finance steals $1m from users, OFI token crashes 95%

Ordinals Finance, a platform on Ethereum that allowed users to trade Bitcoin Ordinals’ inscriptions, has deleted their Twitter and Telegram handles and rugged users off $1 million, as per CertiK, a blockchain security firm. In a tweet on late April 24, CertiK said the anonymous team behind Ordinals Finance withdrew roughly $1 million of OFI, the platform’s native token, after activating two functions on the deploying smart contracts, causing losses to OFI holders and forcing the token’s price to plunge by over 95%. An analysis of the rug pull reveals that the…