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Union Bank of Philippines to Offer Cryptocurrency Trading and Custody Services

One of the largest banks in the Philippines, Unionbank, is launching cryptocurrency trading and custody services. “It’s a way of preparing our banking business for the future,” said a Unionbank executive.

Philippine Unionbank to Offer Cryptocurrency Trading and Custody Services

Union Bank of the Philippines (UBP), also known as Unionbank, plans to offer cryptocurrency trading and custody services, Bloomberg reported Thursday.

Unionbank is one of the largest universal banks in the Philippines, with more than US$15 billion in assets under management (AUM). The bank is one of the first financial institutions in the Philippines to adopt cryptocurrencies.

Cathy Casas, head of the bank’s blockchain and application programming interface group, explained that the average Filipino investor currently holds about 1% to 2% of their personal assets in cryptocurrencies like bitcoin. She added that if the markets are “stable”, investors would have between 3% and 5% in 5 years.

The Unionbank executive estimates that around 5% of the local population has become interested in cryptocurrencies. He added that many cryptocurrency investors are young, some of whom earn virtual gaming tokens from playing to win.

On Thursday, Metaco, a security software and infrastructure provider for the digital asset ecosystem, announced that Unionbank is rolling out its digital asset management services. Metaco added that Unionbank is implementing services on the IBM Cloud.

The bank first announced that it was testing a crypto custody service in August last year, noting at the time that crypto assets are here to stay. Casas noted that the bank’s digital asset custody service will include tokenized securities.

The central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), has warned against investing in cryptocurrencies. The central bank warned that cryptocurrencies could “pose a danger to the financial system,” citing their vulnerability to illicit activities such as money laundering and terrorist financing.

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The Biggest Crypto Scams of 2021 and How to Avoid Them in 2022

One of the most played shows of 2021 entering the crypto scene in the form of a new token, to many it seemed like an investment opportunity too good to miss. However, what actually happened was an opportunity too good to be true. The token reportedly had its pre-sale in October and apparently sold out in “a second”, according to its whitepaper. The Squid Game Token was even praised by media giants Forbes and Yahoo, and its value sensationally reached an all-time high of nearly $3,000 within a few weeks. Despite this, problems soon began.
Buyers were quick to complain that they were unable to sell the tokens they purchased, not to mention that the token was never officially associated with the Squid Game to begin with. This inability to sell the Squid Game Token was due to its creators having built a mechanism into the token that prevented holders from selling, beyond the few that the scam was intended to benefit. This was simply a media and pop culture enriched version of a typical pump-and-discard scheme, where the value of a token intentionally increases through social media promotion and FOMO tactics, and ultimately collapses when some whales sell their property for personal purposes. win.

Africrypt rug handle

South African Bitcoin investment firm Africrypt was run by two brothers, Raees and Ameer Cajee. Claiming to be one of the largest and most successful commercial AI companies in Africa, they have amassed $3.6 billion worth of Bitcoin among their clients. Then they disappeared and their investors’ money disappeared from the Africrypt platform. Initially, they told customers that they were victims of a hack. However, the brothers remain missing and are being sought for arrest. Africrypt investors are still trying to recover lost funds.

Poly Network Invasion

Ironically, one of the biggest crypto heists ever carried out was one where the funds were returned to their owners. In August, a hacker found a flaw in the Poly Network DeFi platform that allowed them to steal over $600 million worth of cryptocurrencies. Interestingly, the hacker contacted Poly Network and informed them that his intention was always to return the funds. At first, the pirates restored almost half of it, but eventually returned the final portion of the stolen coins.

How not to be scammed in 2022

Few individual crypto wallets will be targeted by elite hacking groups like Poly Network; however, the average crypto wallet user needs to have a certain level of vigilance when dealing with day-to-day cryptographic operations on their own. The attacks occur on a much smaller scale, but generally imply that the user falls into the trap, such as clicking on a phishing link in a DM or in an email from someone who has passed as a person or trusted entity In space. Beware of convincing communications that use the same logos, profile pictures, and names you already know and are familiar with, such as fake interactions with MetaMask. In 2022, the NFT artist RXSE had a Coolman NFT stolen from her wallet and sold it for 1.3 ETH because she was a victim of a “Fake Metamask”.

With regard to pull-pull and pump-and-dump schemes, the fundamental care to be taken before investing in a project is research, and a lot. However, delving into the origins of smart contracts and the intent behind their creators (if you can find out who they are) can be challenging without the necessary technical knowledge.

To help give the DeFi community an edge when it comes to carrying out the extensive research needed on the tokens and their respective projects, a company called RiseUp has developed a BSC token and technology called “Rug Screener” to fight crypto industry fraud. . Rug Screener provides investors with the information they need to know about a project to help them decide whether or not it is safe to invest in it. By aggregating cross-platform research tools, RiseUp’s RugScreener can quickly provide potential investors with information about any smart contract, such as contract details, who is the creator of the contract, project liquidity and much more. Rug Screener even has a scoring system that warns the user if it thinks the project is unsafe.

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Canadian restaurant chain reports 300% profit on BTC investment to face pandemic

“We keep working capital for about three to six months in cash, and then the rest goes into Bitcoin,” said co-owner Aly Hamam.

More than a year after a Canadian-based Middle Eastern restaurant chain converted its fiat holdings to Bitcoin, the owner reported that the move helped save the business during the pandemic.

According to a Tuesday report by Canadian news channel Toronto Star, when restaurant owners Tahini Aly and Omar Hamam and their cousin Ahmed decided to convert the company’s savings into Bitcoin (BTC) in August 2020 because it offered “a much better alternative to save money.” money, the cryptocurrency cost approximately $12,000. Aly Hamam reported that the business benefited from the initial investment in cryptocurrencies.

“We made the corporate balance sheet move to a Bitcoin standard in August 2020 and have since increased our initial investment by over 300%,” Hamam said. “It really did its job of protecting us against inflation and it worked as we had hoped.”

The price of BTC rose to an all-time high of over $67,000 in November before dropping to $41,729 at press time. Despite the company’s sales down 80% in a week at the start of the pandemic, Hamam said investing in cryptocurrency has allowed them to expand from three restaurants to nine at a time when many in the industry are struggling financially. , and planned to increase this value. number up to 25 by the end of the year.

“We keep working capital for about three to six months in cash, and then the rest goes into Bitcoin,” Hamam said. “So every time we have an expansion, we are not obligated to sell our Bitcoin to fund that expansion. We try to trade conservatively, where we never need to sell our Bitcoin and keep accumulating in our treasury.”

#Bitcoin is hope for businesses big and small
— Tahinis Restaurants (@TheRealTahinis) January 19, 2022

None of Tahini’s Ontario locations currently accept BTC or other cryptocurrencies for payments, but each host a Bitcoin ATM, allowing customers to purchase tokens before, during, or after meals. At the time of the initial investment, the value of which is still unclear, Hamam hinted that the company would continue to use Bitcoin as a reserve asset indefinitely if “there was no need for decree.”

“We will continue to strive to make the best food we can… and with Bitcoin, we also want to help people financially.”

Related: Landry’s Restaurant Group to Introduce Bitcoin Loyalty Program

While restaurants like Tahini don’t seem to be in the crosshairs of regulators in the Canadian province, the same is not always the case with local cryptocurrency companies. The Ontario Securities Commission has cracked down on cryptocurrency exchanges operating in the region, including Binance, OKEx, Bybit, KuCoin and Polo Digital Assets. On January 14, Bitfinex announced that it would close the accounts of Ontario customers who do not have a balance on the platform, while many users “will no longer have access to any services” as of March 1.

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NFT Investors Owe Billions in US Taxes, Here’s How the IRS Plans to Collect Taxes

Over time, non-fungible tokens (NFT, for its acronyms in English) have been shown to be one of the most popular sectors of cryptocurrencies, and now the EE government. UU Finally, I could be ready to take part in this sector at its peak. According to a Bloomberg report, Internal Revenue Service (IRS) officials have announced their plans to begin cracking down on NFT investors and creators who are evading tax payments.

NFT investors raise concerns over unclear tax laws

According to data from Chainalysis, the NFT market is currently around $44 billion. And according to tax experts, buyers and sellers of NFTs – that is, creators and investors – are facing billions of dollars in unpaid taxes. Not only that, but they also face rates of up to 37% and the IRS has now confirmed that it is preparing to crack down on tax evaders.

While there is still a lot of uncertainty surrounding the upcoming crackdown, NFT enthusiasts can prepare to be blown away when tax filing season begins later this month.

For what it’s worth, token taxes as of now are not clearly defined, leaving NFT investors with no clue as to whether they owe taxes or how they should calculate them in the first place.

For example, an investor and creator of the NFT, Adam Hollander, called the situation an “absolute nightmare” as he himself had to review several months of transactions.

But speaking of the unclear tax terms when it comes to NFTs, San Francisco tax attorney James Creech says:

"You cannot report profit or loss because the IRS has not provided guidance that meets your expectations."

Federal Revenue Investigators prepare to receive numerous tax cases in 2022

In the meantime, the IRS has hinted that it is fully prepared to begin handling these cases with NFT taxes.

Interim Executive Director of Cyber ​​and Forensic Services for the IRS Criminal Investigation Division Jarod Koopman said:

“Subsequently, we will likely see an influx of potential NFT-type tax evasion cases or other crypto-asset tax evasion cases.”

With so much money at stake, the IRS may have no choice but to clarify the rules and make things a little easier when it finally starts cracking down on defaulters.

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BBTV in Canada will start paying its customers in cryptocurrencies

BBTV Holdings Inc., a leading monetization company, has launched a new program known as Pay to Crypto that will allow creators to receive payments directly in digital assets.

BBTV Holdings to pay content creators in digital cash

Cryptocurrencies creators can be paid in include Bitcoin, Ethereum, and Dollar Stablecoin. This is the first offer of its kind and is being offered to creators at a competitive price. BBTV Chairman and CEO Shahrzad Rafati explained in an interview:

Web3 is already a big part of the creator economy, from social tokens to NFTs to cryptocurrencies. This is just one step BBTV is taking to pioneer Web3 solutions for creators in this emerging segment of the creator economy. Receiving some or all of your monthly earnings in crypto helps creators further diversify their income. Content creators have expressed interest in joining the Web3 revolution and we are very proud to lead the way as their strategic partner. We are excited to offer Pay to Crypto, leveraging Netcoins as a strong platform.

BIGG CEO Mark Binns also added his two cents, stating:

Cryptocurrency is a powerful way for creators to participate in the Web3 economy. Whether you're an early adopter or making your first foray into crypto, converting your payments from USD to other currencies changes the narrative of what your payments can do. BBTV is an excellent showcase of the scalability and capability of the Netcoins platform for anyone interested in cryptocurrencies, not just in Canada but around the world.

Pay to Crypto also includes a feature known as BBTV Fast Pay. While creators can finance their growth through innovative means, the company will also leverage its wide range of content to add gross margin and EBITDA to the company. Joseph Hogue – creator of “Let’s Talk Money!” – mentioned:

BBTV's crypto payment option is another service innovation from a partner I trust for out-of-the-box benefits. When converting USD payments to crypto, it took up to a week for the transfer to be credited to my digital wallet on another platform. Being paid directly in cryptocurrency saves me time and at minimal cost compared to multiple transfers from my bank to different wallets. Together with BBTV's Fast Pay accelerated payment service, the company is taking creator management to a whole new level to empower creators.

Help clients find new money

Headquartered in Vancouver, Canada, BBTV is a global media and technology company. The company’s goal is to help all content creators become more successful. Among the creators BBTV works with are global media brands and individuals.

The company seeks to provide end-to-end solutions to its clients that are designed to drive revenue while driving innovation, so clients can focus solely on content creation. As of January last year, BBTV had more than 600 million viewers worldwide who watched more than 50 billion minutes of video content.