In today’s edition of The Daily, we look at a group of major cryptocurrency venture funds teaming up with a new startup hub, some good news for Israeli investors, a new platform launched in open beta and an FX broker that is adding bitcoin cash (BCH)/bitcoin core (BTC) to its platform, as well as 15 other trading instruments.
New Startup Hub to Support
Oasis Labs has announced a new partnership with a16zcrypto, Accel, Binance Labs, Pantera Capital and Polychain Capital to launch a program to accelerate the development of privacy-focused projects. The Oasis Startup Hub will provide developers with guidance from top venture capital investors, dedicated technical support from its engineers and other additional benefits. The team said that several companies have already joined the program at launch, developing applications that range from decentralized credit scoring to distributed data marketplaces for artificial intelligence.
“Oasis has impressed us with technical acumen and business leadership, and working closely with their team on this project reflects the depth of our commitment,” said Paul Veradittakit, partner at Pantera Capital. “The Oasis Startup Hub offers a unique opportunity to share expertise and relationships to solve key issues around blockchain scalability and privacy, and move toward widespread adoption.”
Israel May Lighten Tax Burden on Crypto Traders
Speaking at an event in Tel Aviv, the deputy director general of the Israel Tax Authority said that the agency will not insist on calculating the taxation of crypto by FIFO (first-in, first-out), which can simplify reporting for investors and may result in lower tax assessments.
CPA Roland Am-Shalem, the deputy director general of the agency, clarified that the exact tax calculation, which relates to profits explicitly accrued for each cryptocurrency, would be acceptable to the Israeli authorities. Asked whether the tax could be reported by a non-FIFO method, he replied: “Yes, we will not insist on FIFO, subject to the fact that you can identify the currencies and be consistent with yourself.”
Jeremy Dahan, co-founder of Hello Group Software, which offers a diamonds-backed stablecoin, commented: “The significance of the announcement is that the assessments are much lower than in the FIFO method, so even those who submitted reports according to this method will be able to submit revised reports that may reduce the assessment.”
Gidi Bar Zakai, a former deputy director general of the Israel Tax Authority, added that “the acknowledgment by the tax authority in calculating accurate profits in digital currencies will result in a true tax calculation, which will lead to increased collection and profit of hundreds of millions of shekels for the state over the years.”
Roboforex, a financial broker licensed by the International Financial Services Commission of Belize (IFSC), has expanded the range of crypto instruments available for trading through its R Trader multi-asset platform. It has added 16 new trading instruments to the platform, including BCH/BTC, BTG/BTC, BTG/USD, EOS/BTC, ETC/BTC, ETC/USD, GNT/USD, IOTA/BTC, IOTA/USD, NEO/BTC, NEO/USD, OMG/BTC, OMG/USD, QTUM/USD, XMR/BTC and XMR/USD. In total, 26 crypto instruments are available for trading on the platform at the moment, with leverage of up to 50:1.
“Until recently, one could trade of a large set of different cryptocurrencies only at exchanges, but now traders have new options,” said Kiryl Kirychenka, head of R Trader. “If we’re talking about convenience of products and services, trading conditions and security, brokers’ offers are competitive to crypto exchanges, but in many aspects they are even better.”
Coinmetro Launches Professional
Platform in Open Beta
Coinmetro, which secured two licenses for crypto trading activities from the Estonian government earlier this year, has launched an ongoing open beta of its new trading user interface, featuring multiple order and execution types, as well as charting tools and trade history with rapid order processing. Developed for experienced and professional traders, the platform joins the two interfaces that are already available in beta and offer a more basic experience. The full launch of the platform, expected later this year, will feature multiple cryptocurrencies (BTC, ETH, XRP, LTC and BCH) as well as fiat currencies (EUR, USD, JPY, GBP).
“The tiered layout of the CoinMetro exchange, all the way from our ‘Simple Exchange’ right up to our new comprehensive trading platform, has been developed with users in mind, making it straightforward to trade crypto, no matter what their experience level is,” said CEO Kevin Murcko.
“We’ve streamlined the investing process for beginners, but we’re also offering the rich functionality that professional and experienced currency traders will expect. We’re grateful for all the support and feedback we’ve received so far during our open beta period. Thousands of users have now tested out the platform, and we’re keen to implement many of their suggestions into our final product.”
What do you think about today’s news tidbits? Share your thoughts in the comments section below.
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