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Daniel Okorafor



Articles by Daniel Okorafor

Crypto Custodian Raises $133 Million in Series C Funding Including BNY Mellon

March 21, 2021

BNY Mellon and Silicon Valley bank have injected capital amounting to $133 million in Fireblocks’ Series C funding. Fireblocks aims to expand operations and transform the financial world through the new funding.Targets Transformation Of Digital World With New FundingDigital asset custodian, Fireblocks has raised $133 million in a Series C funding. The round was led by tech-focused investment manager, Coatue, Ribbit Capital, and Stripes. According to Fireblocks’ blog post, BNY Mellon and Silicon Valley Bank are the high-profile institutional investors behind the mega-investment.As it is with Series C funding in the corporate world, Fireblocks targets massive expansion to broaden its reach. In its scaling process, the company intends to seal and maintain strategic partnerships with premier

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Korean Authorities Apprehend Bitcoin Tax Evaders

March 20, 2021

On the flip side of growing bitcoin adoption, the digital asset is being used to elude taxes in Korea. The intensified effort of the country’s tax agency towards curbing the menace is yielding results, according to a recent report.Nothing is Hidden Under The ChainLast month, the Korean government finalized its decision to levy taxes on bitcoin capital gains. The ruling was in line with the growing acceptance of the digital asset and its similarity with other taxable financial instruments. The law will take its due course from next year, but in the meantime, many Koreans have devised schemes to evade taxes using bitcoin.Korea’s tax authority, NTS, checkmated the sinister plan. The National Tax Service said that it apprehended over 2400 Koreans for hiding assets amounting to 36.6 billion won

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India Reportedly Plans to Criminalize Bitcoin and Other Cryptocurrencies

March 15, 2021

After temporarily breaking the ice on bitcoin regulations, the Indian government is doubling down its efforts to restrain cryptocurrency use. A new bill on the way could place cryptocurrency holders and miners at risk of fines and possible jail time.New Indian Anti-Bitcoin Bill On the CardsA fresh Reuters report claims that India is preparing a new heavy-handed anti-bitcoin bill. Previous regulations in the country targeted the use of private coins, but the new bill will outrightly criminalize ownership of cryptocurrencies. This means that one can face serious penalties for simply owning bitcoin or any other digital asset. It doesn’t stop there. The supposed bill aims to further crackdown on cryptocurrency use by abolishing mining and trading.It remains unclear what penalties the law will

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BitClout Reportedly Sells Celebrity NFTs Without Consent

March 14, 2021

A ‘decentralized social network and marketplace ‘ named BitClout sold off celebrity-backed NFTs without authorization. The “iFan-esque” platform, which claimed to be backed by top venture capitalists, can no longer be accessed via its website.A Bit Of NFT CloutThere’s a lot of puffery surrounding NFTs of late, and justifiably so. Beeple’s digital art recently broke the record for the priciest NFT in history. The ‘Everydays: The First 5000 Days’ was bought by Metakovan for $69 million at Christie’s auction. On the same day, a CryptoPunk alien bought for $15k in 2018 sold for $8 million. The list of jaw-dropping NFT sales goes on and on, and it explains why there’s so much scuffle for them.Amidst the fracas, a certain company named BitClout orchestrated the sale of celebrity-backed NFTs

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Google Searches for NFTs 300% More Than DeFi Queries

March 12, 2021

Alongside DeFi, NFTs remain at the frontline of the cryptosphere, causing a widespread hysteria that can only be compared to the ICO boom in 2017. For most of the time, however, NFTs have trailed DeFi in terms of interest, but that has now changed. They have hit stratospheric points of late, and search engine results conform to this.NFTs Continue To Whet AppetitesAn unfolding love affair between art, real estate, collectible enthusiasts, and the metaverse birthed one of the biggest factions of the digital asset space. NFT data aggregator, Non-Fungible reported in 2020 that the industry grew by 300% from the previous year. At the time of the report, the NFT industry was reportedly worth about $250 million.The growth ever since then has been nothing short of staggering. Enthusiasts have

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Polygon (MATIC) Soars by 40% as Coinbase Pro Looks to List it Tomorrow

March 10, 2021

Coinbase announced today that it would list MATIC on its advanced trading platform, Coinbase Pro – the result is a quick upward surge which has resulted in a 35% gain.MATIC Skyrockets After Coinbase Announce ListingEthereum scaling and infrastructure development platform, Matic Network (now Polygon) has rallied by 35%. The surge was fueled by the forthcoming Coinbase pro listing. San Francisco-based cryptocurrency exchange, Coinbase announced yesterday that MATIC would be available for trading on its advanced trading platform, Coinbase Pro, from the 11th of March if liquidity conditions are met. MATIC will be available for trading in four different pairs (BTC, USD, EUR, and GBP).$MATIC is now listed on @coinbasepro🔥🚀⏳Trading begins: 11 March, 9 AM PT https://t.co/963YbVtSif— Polygon

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It’s Official: PayPal to Acquire Crypto Custodian Curv

March 8, 2021

The leading payment processor, PayPal, announced today that it has agreed to purchase the digital asset custody company, Curv. It said that it will complete the acquisition in the first quarter of the year.Rumors Confirmed True As PayPal Acquire CurvReports surfaced last week that PayPal was planning to acquire cryptocurrency security firm, Curv. There were no concrete evidence to buttress the claims, but the leading payment giants have now made it official via a press release today.The company’s decision to purchase Curv reaffirms its mandate to remain closely knitted to the digital asset space and become a major player in the rapidly changing financial world. According to the statement released on its website, PayPal said the rationale behind its latest acquisition is “to accelerate and

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Norwegian Oil Mogul Sets Up $58 Million Entity to Buy Bitcoin

March 8, 2021

The institutional bitcoin frenzy continues to spread like an epidemic. After several United States mega corporations added the digital currency to their balance sheet, the floodgates have been opened to major institutions across the world. Norwegian holding company Aker ASA said today that it will establish a new unit dedicated to bitcoin investment and the digital asset’s underlying technology.Miss Out? “No Way”!Asian smartphone giants, Meitu yesterday joined the league of institutional bitcoin adopters, as reported by CryptoPotato. With the future of modern-day finance hanging in the balance, companies investing reserve cash in bitcoin is widely becoming a norm rather than an exception. The latest to embrace bitcoin is Norwegian holdings, Aker ASA. It made the announcement in a press

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India’s Crypto Ban Uncertain as Finance Minister Touts a Window for Experiments

March 7, 2021

India’s Finance Minister told CNBC that the country’s reserve bank is not shutting out cryptocurrencies entirely. She said that while the Reserve Bank of India will decide which unofficial cryptocurrencies will be used and regulated, there will be “a window for experiments” in the industry.New Lease Of Life For Bitcoin In IndiaIndia’s minister of finance, Nirmala Sitharaman, spoke briefly on the country’s standpoint on digital assets in a CNBC virtual townhall. She said that several negotiations are being held with the Reserve Bank of India regarding an impending ban.A lower parliament in India raised a bill to ban all private cryptocurrencies in January. It said that the move was to facilitate the development of the country’s CBDC, which the RBI will issue and regulate. This did not go

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Blockchain Group to Meet With US Treasury Department Executives Over Brewing Regulations

March 7, 2021

A change in the administration of the world’s most dominant economy potentially spells a new era for nascent technologies like blockchain and cryptocurrency.Incoming regulations and policies can either accelerate growth or impede progress. Fully aware of this, America’s leading blockchain group is taking the bull by the horn. It is taking the plunge to make the Biden administration understand the value of cryptocurrencies.Crypto Trade Group Urges Treasury Secretary To Look Beyond The NegativesWorried by looming regulations, Blockchain Association is trying to influence key members of the Biden administration to adopt a positive stance on digital assets. The body told Fox News that it had already met staffers in the Treasury Department but was attempting to meet more prominent members of

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Justin Sun Bids $2 Million for Jack Dorsey’s First Tweet NFT

March 6, 2021

Silicon valley billionaire bitcoin advocate and Twitter chief Jack Dorsey has finally joined the NFT craze. It was long coming, but Dorsey has made his grand entrance to the scene. He digitized his very first tweet and has auctioned it on Valuables, a platform that allows individuals to tokenize and sell their tweets.At the time of this writing, Justin Sun has bid $2 million for the piece.“Virtually” Anything is Possible With NFTsDigital asset enthusiasts have broken the bank for real estate assets, arts, and collectibles that only exist in metaverse of recent, but how much is a tweet worth?Twitter CEO Jack Dorsey is introducing an entirely unique perspective to the NFT market. Yesterday, he tweeted a link to the sale of his first tweet dated March 21st, 2006.He tokenized the tweet and is

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Mark Cuban’s Dallas Mavericks to Accept Dogecoin Payments

March 5, 2021

American basketball team Dallas Mavericks will now accept payments for tickets and merchandise in Dogecoin via the leading cryptocurrency payment processor, BitPay.Prior to the announcement, it already supported payments in cryptocurrencies, including BTC, BCH, ETH, USDC, GUSD, PAX, and BUSD. Its billionaire owner and Shark Tank star, Mark Cuban, cited the ‘very important’ reason behind the newest addition.All Bark And Some BiteMeme-inspired Dogecoin is finally getting some utility to go with the massive hype of recent. The digital asset, which features the face of the Shiba Inu dog from the “Doge” meme on its logo, has been added to the list of payment options on Dallas Mavericks’ online shop.As a result, the team’s fan base, Mavs Fans for Life (MFFLs), can now purchase game tickets and

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BitGo To Introduce Crypto Custodial Services To New York Clients

March 4, 2021

Digital asset trust company, BitGo has added another feather to its cap. The company announced today that it has received a Trust Charter that will enable it to operate as an independent qualified custodian in the United States’ commercial hub, New York. The license was issued by the New York State Department of Financial Services.Go, BitGoCalifornia-based digital asset solutions provider, BitGo has expanded its horizon. It will now render cryptocurrency custodial services to New York-based institutional clients. The news was confirmed after the state’s Department of Financial Services issued the New York Trust charter to the company.BitGo is proud to announce a new license under New York State Banking Law to operate as an independent Qualified Custodian. Read more: https://t.co/IfTGOJ1hc0

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ChiliZ To Expand Operations, Will Invest $50 Million in the US

March 2, 2021

Following milestone partnerships with sports teams in Europe, ChiliZ have their eyes set on conquering the United States. The fintech platform will open a new office in one of the world’s major commercial cities, New York.ChiliZ To Set Up New York OfficeMaltese blockchain giant, ChiliZ is scaling up operations after securing several partnerships with top European sports franchises. Reuters reported earlier today that the fan engagement platform would open an office and invest $50 million in the United States. According to its chief executive, Alexandre Dreyfus, the move should bring the firm within reach of top United States sports outfits. He told Reuters :“A huge focal point for us in our global growth plans is the U.S.. That’s why we’re opening a New York office and investing $50

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Crypto Exchange Mistakenly Sold Bitcoin for $6,000: Now Requests Users To Return It

February 28, 2021

What started out as a normal trading day for some PDAX customers led to a favorable turn of fortune, or so it seemed. Their euphoria may have been short-lived by a harsh reality check as the Philippine-based exchange prepares to take legal actions.Philippine Digital Asset Exchange (PDAX) suffered a flaw that led to bitcoin trading 88% below its actual price. The exchange reported that a surge in trading activity was the cause. At the time, bitcoin was trading north of $50k, but traders were able to scoop some for $6k.Although PDAX halted operations to fix the glitch, it was a bit too late by then. Some users capitalized on the loophole and withdrew bitcoins out of the exchange.To avert the massive loss, PDAX has asked traders to return its bitcoin or risk facing legal proceedings. Many

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Vice President of Nigeria Tips Cryptocurrencies To Challenge Traditional Banking

February 28, 2021

The Nigerian cryptocurrency community was shaken to its core when the country’s apex bank released a circular warning financial institutions to desist from enabling cryptocurrency transactions. The Central Bank made arguments to justify the decision, with several notable figures weighing in on the subject.Nigeria’s Vice President, Prof. Yemi Osinbajo is the latest to share his view on the ban. In his keynote address at the CBN Bankers’ Committee Economic Summit, Osinbajo tipped digital assets to fiercely challenge traditional and reserve banking in the future.Calls For Knowledge-Based Actions That Will Prove BeneficialThe ban on cryptocurrencies has continued making the rounds in Nigeria. Several weeks after, it has finally forced reactions from the upper echelon of the government. Vice

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Korean Government To Levy Taxes On Bitcoin Capital Gains Starting 2022

February 28, 2021

As cryptocurrencies continue to pick up steam and encompass the features of regular asset classes, governments have likewise imposed taxes on capital gains from digital currency. South Korea is the latest country to adopt this initiative. Its Ministry of Economy and Finance said it will levy taxes on cryptocurrency profits from next year.The South Korean government is going ahead with its proposal to tax cryptocurrency returns after several reconsiderations. A local news agency, Yonhap reported in December that the National Assembly’s Planning and Finance committee deliberated on the amendment of income tax laws and individual consumption tax laws.As part of the income regulatory initiative, cryptocurrency traders and investors are mandated to pay 20 percent if they earn more than 2.5

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Elon Musk Explains to Peter Schiff What Money Is

February 20, 2021

Bitcoin recently became a trillion-dollar asset as its price also surged past $57,000. A few hours later, ETH made headlines as it crossed the coveted $2K mark. Several other cryptocurrencies have also performed well. Tesla’s CEO, Elon Musk, is of the opinion that the prices of both digital currencies are high.Pro-gold and anti-bitcoin economist Peter Schiff is at it again. The chairman of Schiff Gold is renowned for his relentless anti-bitcoin tweets. He once termed bitcoin “the biggest bubble ever.” In his latest episode, he referenced Elon Musk’s recent tweet where the Tesla CEO said that bitcoin was almost as bad as fiat.  Schiff asserted that BTC is worse than fiat currencies. He rounded off by saying that gold is a better option than both bitcoin and fiat.In response, Elon Musk

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Bitcoin Price Now Stands at $80,000 in Nigeria

February 18, 2021

Cryptocurrency trading has continued to thrive in Nigeria despite the ban imposed by its Central Bank. The Central Bank Of Nigeria had earlier issued a circular warning financial institutions against enabling bitcoin transactions. The digital asset currently trades 52% above the global price in Nigeria.Statistics show that bitcoin is currently trading at a 52 percent premium in Nigeria. The premium is as seen on the leading cryptocurrency platform, Luno. While the global price stands north of  $52,000, the digital currency is currently trading above $78,000 in Nigeria. It also appears to be increasing exponentially. About two days ago, it was just 36% above the global market price.The price gap is far-flung from the other countries on the list. Venezuela ranks second with just a 3.5

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Lindsay Lohan Tweeting About TRON: Is It Time to Take Profits?

February 14, 2021

American singer, songwriter, and entrepreneur, Lindsay Lohan is the latest celebrity to openly endorse cryptocurrencies. Just three days ago, she announced the sale of her NFT, Bitcoin ‘Lightning,’ and now, it seems she is getting fascinated by the DeFi world.There appears to be a widespread bitcoin frenzy in the music scene. While Hip Hop star Jay Z is teaming up with Twitter CEO Jack Dorsey to donate bitcoin for developers in Africa, Lindsay Lohan is exploring the world of DeFi.She took to her Twitter account to express admiration for the TRON blockchain and its DeFi protocol, JUST. She revealed that she loves the speed and zero transaction cost on the TRON blockchain.Exploring #DeFi and already liking $JST, $SUN on $TRX. Super fast and 0 fee. Good job @justinsuntron— Lindsay Lohan

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Gamer Shells Out $1.5 Million For Virtual Estate, Sets New NFT Sale Record

February 11, 2021

The explosive growth of Non-Fungible Tokens (NFTs) has opened up the blockchain industry to a new realm of endless possibilities.They have allowed for the existence of rare assets reminiscent of those in our conventional world, and virtual reality gamers are throwing their weight behind by splurging on these assets. An Axie Infinity gamer recently paid 888.25 ETH (worth $1.5 million at the time of purchase) for a virtual estate, breaking the previous record of $800,000 paid by Polyient Games to Gala Games for the acquisition of “Citadel of the Sun”.A gamer by the nickname Flying Falcon paid 888.25 ETH to purchase 9 Genesis plots of virtual land on Axie Infinity. The purchase is now reportedly the biggest sale in the NFT market and nearly doubles the previous record amount. Axie Infinity

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‘Tai Chi’ Document Saga: Binance Drops Lawsuit Against Forbes

February 9, 2021

In a document filed with the United States District Court of New Jersey, Binance dropped the lawsuit filed against Forbes in November 2020. The case was in response to Forbes’ story, where it alleged that the cryptocurrency exchange was brewing plans to exploit United States investors through a sham company.Binance, through its attorneys, Peter J. Pizzi and Selina M. Ellis, have now dropped its defamation lawsuit, which was filed against Forbes last year. The new document calls for a “voluntary dismissal without prejudice” of the lawsuit filed against Forbes Media, Michael del Castillo, and Jason Brett, the masterminds behind the article that called the exchange out on alleged exploitative plans.Although a judge has approved of the dismissal, Binance Holdings have left open the possibility

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Bill Miller’s Fund To Allocate $300 Million To Grayscale Bitcoin Trust

February 7, 2021

More institutional investors are betting big on bitcoin as the digital currency rallied. From gaining acceptance by corporations as a primary reserve asset, the cryptocurrency is now making its way to the portfolio of some of the world’s largest hedge funds.Last month, Bridgewater Associates founder and Ray Dalio called bitcoin an “amazing accomplishment” and hinted at the possibility of his hedge fund adopting bitcoin as a hedge against currency devaluation. For Bill Miller, however, allocating funds to bitcoin is not new. In 2017, MVP 1, a hedge fund run by Miller, invested 30% of its holdings in bitcoin.Miller Opportunity Trust (a flagship of Miller Value Funds) has disclosed that it will invest about 15% of its funds in bitcoin through digital asset management giants, Grayscale

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Twitter CEO Jack Dorsey Sets Up His Own Bitcoin Node

February 6, 2021

Jack Dorsey, a long-term bitcoin enthusiast and unarguably one of the most influential proponents of the digital currency and its underlying technology, is now actively contributing to the bitcoin network. After introducing Bitcoin to Cashapp and announcing plans to release an open, decentralized standard for social media, the Twitter CEO is bringing his admiration for Bitcoin closer to home.Dorsey revealed he is setting up a bitcoin node in a tweet earlier today.Running #bitcoin pic.twitter.com/W51ga3yrKb— jack (@jack) February 5, 2021“Running #Bitcoin,” he tweeted along with a screenshot that showed the synchronization process of his node with the bitcoin blockchain.This requires a download of all previously completed bitcoin transactions to bring the node on par with other existing

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Central Bank of Nigeria Orders Banks to Discontinue Servicing Bitcoin Clients

February 5, 2021

News emanating from Nigeria reveals that the country’s central bank has allegedly placed a ban on buying and selling cryptocurrencies.A circular disseminated by the Nigerian Central Bank has revealed the apex bank’s intention to clamp down on bitcoin buying and selling. The Central Bank issued a memo signed by its Director of Finance and Policy Regulation, Kevin Amugo, in 2017, warning against the use of unregulated virtual currencies and highlighted the place of virtual currencies in facilitating money laundering and financing terrorism.The new circular issued by its Banking Supervision Department appears to be a strict follow-up to earlier warnings. The Central Bank is now reportedly ordering all Deposit Money Banks (DMB), Non-Bank Financial Institutions (NBFI), and Other Financial

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