US gov’t won’t sell $590M Bitcoin on Coinbase. Does Harris plan to continue Biden’s crypto crackdown? Hodler’s Digest
AC Milan inks new sponsorship deal with crypto exchange, Bitpanda – CoinJournal
- AC Milan has signed Bitpanda as its premium crypto trading partner for 2024/25.
- The partnership includes branding coverage at the San Siro stadium; the deal value is undisclosed.
- This trend reflects a broader move by sports teams to partner with web3 companies.
AC Milan has announced a new sponsorship agreement with Bitpanda, marking a notable shift towards the web3 sector for the prestigious football club. The 2024/25 season will see Bitpanda, a leading crypto trading platform, become the premium sponsorship partner and official crypto trading partner of AC Milan.
The partnership will feature prominent branding coverage across the iconic San Siro stadium, although the financial details of the deal have not been disclosed.
High-visibility branding opportunities for Bitpanda
AC Milan’s new deal with Bitpanda is part of this evolving landscape, as sports teams explore new revenue streams and innovative partnerships.
The deal provides Bitpanda with high-visibility branding opportunities at the San Siro, enhancing the exchange’s profile in the global sports arena. This move not only aligns AC Milan with cutting-edge technology but also places Bitpanda at the forefront of crypto-related sports sponsorships.
The collaboration between AC Milan and Bitpanda reflects a broader trend within the sports industry, where professional teams in Europe and North America are increasingly seeking sponsorships from web3 companies.
A growing number of professional sports teams in Europe and North America are keen to court sponsorships from companies in the web3 sector, whether that company happens to be a crypto exchange or a crypto casino site, a broker or a p2p platform. Teams are turning to these partnerships to tap into the growing digital economy and engage with tech-savvy audiences who are invested in the future of cryptocurrency and blockchain technology.
Similar moves by other football clubs
AC Milan is joining a growing list of clubs that have embraced crypto and web3 sponsorships.
Notably, Tottenham Hotspur recently announced Kraken, a major cryptocurrency exchange, as its new sleeve sponsor. This partnership underscores the increasing acceptance and integration of digital currency companies into mainstream sports.
Furthermore, Crypto.com has secured a multi-year sponsorship deal with the UEFA Champions League, a deal that insiders speculate could be worth hundreds of millions of dollars.
These agreements highlight a significant shift in how sports organizations are leveraging the digital economy to enhance their brand value and reach.
As sports teams like AC Milan and Tottenham Hotspur align themselves with web3 companies, they not only open up new revenue channels but also connect with a demographic that is deeply engaged with the digital and financial technologies shaping the future.
The AC Milan-Bitpanda deal is a prime example of how traditional sports institutions are innovating and adapting to the evolving landscape of global sponsorships and partnerships.
Nigerian lawmakers eye economic boost through crypto taxation
The Nigerian Federal Inland Revenue Service (FIRS) plans to introduce legislation to tax the growing crypto sector, according to local media outlet Business Day.
FIRS Executive Chairman Zacch Adedeji announced this during a session with the National Assembly’s Finance Committees, highlighting that the new regulation would drive economic growth while encouraging innovation.
Adedeji emphasized that this initiative aims to modernize Nigeria’s outdated regulatory framework by incorporating new technologies previously unaddressed by existing laws.
Dare Adekanmbi, Adedeji’s special adviser on media reportedly stated:
“We need a law that regulates that area of our economy. This is why we are having this engagement with the legislators. We will regulate it in a way that is not injurious to the economic development of Nigeria.”
Industry experts have been urging the Nigerian government to adopt this approach for a number of years. In 2021, when the government banned financial institutions from interacting with the crypto space, Tayo Oyedeji, a university professor, suggested that emerging economies should prioritize taxation over prohibition. He said:
“Nigeria (a big crypto market) can make millions from crypto gains tax.”
Nigeria is one of the largest crypto markets in Africa. The Nigerian SEC Director General Emomotimi Agama recently said the country’s digital assets market is estimated to be worth over $400 million.
The legislative move comes as some crypto platforms begin collecting Value-Added Tax (VAT) on transaction fees. In July, KuCoin announced it would start charging a 7.5% VAT on all transaction fees in Nigeria.
Nigeria crypto
Meanwhile, the push for crypto regulation in Nigeria has intensified recently. Finance Minister Wale Edun urged the Securities and Exchange Commission (SEC) to prioritize regulatory clarity for the industry.
This follows a recent crackdown on crypto platforms, prompting global players like OKX to exit the Nigerian market.
Additionally, Binance is facing legal action from Nigerian authorities for alleged money laundering and tax evasion. Tigran Gambaryan, a Binance executive, is currently detained at the Kuje Correctional Centre in Abuja despite growing international calls for his release due to his deteriorating health.
However, Nigerian authorities assert that these actions are part of a broader effort to ensure compliance in the emerging industry
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US Fed Officials Agree On Rate Cut In September, BTC Options Traders Target $100K
US Federal Reserve (Fed) officials are open to interest rate cut in September, pivoting from months of rate hikes and keeping rates stable. Minneapolis Fed President Neel Kashkari confirms it’s appropriate to discuss Fed rate cuts in September. This followed other dovish comments from other Fed officials due to cooling inflation and slowing labor market, will it cause Bitcoin to rally?
Fed Officials Open On Fed Rate Cuts
Minneapolis Fed President Neel Kashkari told Wall Street Journal on Monday that it’s the right time to discuss potential rate cuts by the U.S. Federal Reserve. He agrees with the idea of rate cuts starting in September.
“The balance of risks has shifted, so the debate about potentially cutting rates in September is an appropriate one to have,” Kashkari told the Journal in an interview.
Kashkari’s comments come after St. Louis Fed President Alberto Musalem, Atlanta Fed President Raphael Bostic, and Federal Reserve Bank of San Francisco President Mary Daly’s dovish stance. They also agree on potential rate cuts starting in September.
However, he sees no reason to lower interest rates larger than 25 bps in a month as layoffs remained low and claims for unemployment benefits did not suggest a notable decline.
CME Fed Watch tool shows a 75.5% probability of 25 bps rate cut in September, with 75 bps Fed rate cuts expected until the year end.
Reuters poll of economists also revealed 25 basis points at each of the remaining three meetings of 2024 and a recession is unlikely in the United States.
Bitcoin Options Target $100K By Year-End
BTC price is currently trading under $60,000, down 20% from the all-time high. MicroStrategy executive chairman Michael Saylor says BTC is available at 20% off, sparking positive sentiment in the crypto community.
Deribit data shows BTC options trades are targeting Bitcoin price to hit $100k in December. Meanwhile, $3.38 billion of notional value is to expire on August 30. The max pain point is at $61,000, indicating a recovery by the end of the month itself.
US Fed rate cuts will cause volatility in the stock and crypto markets initially, with massive reshuffling traders’ positions similar to other key events.
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Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Strategic blockchain investments by HTX Ventures: A mid-year analysis
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Bitwise expands into Europe with acquisition of ETC Group – CoinJournal
- Bitwise acquires ETC Group, expanding into Europe with $4.5B in crypto AUM.
- ETC Group’s products will rebrand under Bitwise but there will be no changes to strategies.
- Bitwise anticipates a shift in crypto with the introduction of spot Bitcoin ETFs.
In a strategic move to broaden its global footprint, Bitwise, the largest crypto index fund manager in the United States, has acquired London-based ETC Group, a prominent issuer of crypto exchange-traded products (ETPs).
This acquisition, announced on August 19, 2024, marks Bitwise’s significant expansion into the European market, adding more than $1 billion in assets under management (AUM) to its portfolio and bringing the firm’s total AUM to over $4.5 billion.
ETC Group acquisition gives Bitwise a foothold in Europe
Founded in 2019, ETC Group has established itself as a key player in the European crypto market, offering a range of ETPs, including those based on Bitcoin, Ethereum, Solana, and Ripple. These products will be rebranded under the Bitwise name in the coming months, although the firm has assured that there will be no material changes to the construction or objectives of the existing ETC investment strategies.
Bitwise views this expansion as a pivotal moment in its growth strategy, particularly as it anticipates a dramatic shift in the crypto landscape with the introduction of spot Bitcoin ETFs. According to the CEO of Bitwise, Hunter Horsley, the acquisition allows the company “to serve European investors, offer clients global insight, and expand the product suite with innovative ETPs.”
Bitwise’s move into Europe comes on the heels of several successful product launches in the US, including the Bitwise Bitcoin ETF and the Bitwise Ethereum ETF, which have collectively attracted over $2 billion in assets since their inception earlier this year.
The acquisition also aligns with Bitwise’s prediction of a surge in institutional investment in crypto ETFs, as major financial institutions increasingly offer these products to their clients.
As Bitwise integrates ETC Group into its operations, the firm is poised to capitalize on the growing demand for digital assets across both sides of the Atlantic, further solidifying its position as a leading force in the crypto investment space.
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Crypto’s Weekly Winners and Losers: RARE Soars, MOG Slumps – Market Updates Bitcoin News
On Monday, the crypto economy held steady at $2.06 trillion, though it dipped by 2.26% in value over the last 24 hours. Bitcoin experienced a 2.5% drop this past week, while ETH saw a decline of more than 4% during the same period. Despite the downturn, some digital currencies managed to stand out, with superrare […]
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Fabric, Startup Building 'VPU' Chips for Cryptography, Raises $33M
The VPUs are “poised to drastically improve the speed and cost of running advanced cryptographic workloads, compared to CPUs, GPUs and fixed-function cryptography,” according to the press release. They “will do for cryptography what Nvidia’s GPUs and many other startups’ chips are doing for AI.”
Just-In: Crypto Hack Leads To $238M Bitcoin Theft, Lazarus Group Involved?
A recent massive crypto hack has shaken the community, resulting in the theft of $238 million worth of Bitcoin. The alarming news was first brought to light by the renowned crypto sleuth ZachXBT, who shared details of the suspicious transfer on X (formerly Twitter). Moreover, the community questioned the notorious Lazarus Group’s involvement in the theft.
$238M Bitcoin Stolen In Latest Crypto Hack
According to ZachXBT’s research, the victim lost 4,064 Bitcoin, worth approximately $238 million, in a suspicious transfer today. The transaction hash associated with the theft, 4b277…, revealed that the stolen funds were quickly transferred across various platforms. These include ThorChain, eXch, KuCoin, ChangeNow, crypto mixer Railgun, and Avalanche Bridge.
As of now, the cause of the crypto hack remains unclear. The crypto community is questioning whether the Lazarus Group, a North Korean cybercriminal organization known for high-profile crypto hacks, might be involved. However, crypto sleuth ZachXBT dismissed these notions. They stated, “Not this time I think (behavior is a bit different).”
Recently, the Pump Fun scam also resulted in losses of nearly $30 million. Furthermore, the first half of 2024 was challenging for the crypto industry, which has seen a surge in high-profile hacks and security breaches.
According to data from Peck Shield Alert, the losses from crypto scams and hacks in 2024 have already exceeded $1.5 billion. This indicates a staggering 293% increase compared to the same period in 2023 when total losses amounted to $480 million.
Of the funds lost in 2024, only $319 million has been recovered. Decentralized finance (DeFi) protocols have been the primary targets for hackers, accounting for 59% of the total value stolen. More than 200 crypto hack incidents have been recorded, affecting over 20 public chains.
Among these, Ethereum (ETH), Bitcoin (BTC), and XRP have been the most heavily impacted. Moreover, Ethereum and the BNB Chain were the most frequently targeted blockchains, each accounting for 31.3% of the total hacks.
Latest Hacks In 2024
This recent Bitcoin theft is not the only significant crypto hack in 2024. Recently, the Ronin Network and Nexera were both victims of substantial breaches, with $12 million and $3 million stolen, respectively. However, in a rare turn of events, the funds lost in the Ronin bridge attack were fully recovered.
Nexera also managed to recover most of the stolen funds, with only $400,000 still unaccounted for. Furthermore, in July 2024, WazirX, a prominent cryptocurrency exchange, suffered a major hack. It resulted in the loss of $230 million worth of assets, including Ethereum, Shiba Inu, Pepe Coin, and Polygon.
In a recent update, WazirX assured its users that its systems and laptops were not compromised during the attack. This conclusion came after a thorough forensic investigation by Mandiant Solutions, a Google subsidiary.
However, the report suggested that the breach likely stemmed from issues with its former infrastructure and custody partner, Liminal. Nonetheless, Liminal denied these claims, raising questions about the security measures in place at WazirX.
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Kritika Mehta
Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.