Today in Crypto: Nexo plans to buy Vauld

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Nexo, the cryptocurrency lender, said it plans to buy another struggling lender, Vauld, showing what a consolidated crypto industry could look like, Reuters wrote on Tuesday (July 5).

Nexo will acquire 100% of Singapore-based Vauld and “reshape its future operations with the aim of accelerating its deeper presence in Asia”.

Although there is no time frame for the deal to be completed, Nexo said it would provide “immediate assistance” and reverse the withdrawal limits that Vauld had put in place amid the widespread market chaos of cryptography.

Meanwhile, the UK government will consider views on taxing crypto asset lending and “staking” for decentralized finance, or DeFi, a government paper said.

In particular, the government wants to examine whether administrative burdens and costs could be reduced for taxpayers who engage in the activity. The government also wants to consider whether it could have tax treatment better aligned with transaction economics.

Meanwhile, the Central African Republic, which adopted bitcoin as legal tender in April, will roll out its own digital currency as part of a plan to develop its financial industry, Bloomberg reported.

President Faustin-Archange Touadera said it would be called “Sango Coin” and would be a “currency for the next generation”.

Digital cash could debut in the third quarter, he said.

In other news, the UK’s Financial Conduct Authority has added six new directors, including the head of a new digital assets unit.

Matthew Long has been named Director of Payments and Digital Assets, overseeing the e-money, payments and crypto-asset markets. Long is director of the National Economic Crime Command for the UK’s National Crime Agency. He joined FCA in October.

In more crypto-related news, India is seeing lagging crypto trading volumes after digital asset tax laws came into effect in April, according to a report from Seeking Alpha – with prices falling and a lower contribution to liquidity as well.

The report notes that exchanges like WazirX, ZebPay, CoinDCX, and BitBNS saw their trading volumes drop between 10% and 70% in the past week, according to data from CoinGecko.

Finally, two executives from two leading crypto venture capital firms in Asia, Spartan Capital and DeFiance, have launched a new fund to specifically target promising Web3 projects that need help during the current bear market cycle, according to a Bloomberg report.

Jason Choi and Darryl Wang, both 27, founded Tangent, which they say won’t take outside capital or charge fees.

It will work with “three to five” early-stage crypto projects per quarter. Wang said the idea for the project came from their assessment that Web3 isn’t going anywhere – so they want to support companies struggling in today’s volatile and depressed market.

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