The Organisation for Economic Co-operation and Development announced today that 130 countries, which together account for more than 90% global GDP, have agreed to a global minimum (GMT) tax on corporations. It is a rate of at least 15%. They said that the remaining components of the framework, including the 2023 implementation plan, will be completed in October. The OECD also stated that the GMT would generate an additional USD 150 billion in global tax revenue annually. The GMT, if enacted widely, would also effectively end the practice by global corporations of seeking low-tax jurisdictions. (Learn More: There is no Crypto in the G7 Wrap-up. However, traders and miners will still want to take note.
News about investments
2TM Group, parent company of Mercado Bitcoin, a Latin America-focused cryptocurrency exchange, announced that MB had raised USD 200m from SoftBank Latin America Fund. This valuing 2TM Group to USD 2bn. MB’s client list grew to 2.8 million in 2021. This is more than 70% of all the individual investors on Brazil’s stock market. SoftBank Latin America Fund has raised USD 200m for MB, valuing 2TM Group at USD 2bn.
Animoca Brands, creator of blockchain games and non-fungible tokens (NFT), announced that it closed a second tranche of USD 50m for its USD 139m unicorn capital raising. This was done at a premoney valuation of USD 1bn. Blue Pool Capital and Coinbase Ventures were among the investors in this second tranche. They added that the new capital will be used for strategic investments and acquisitions as well as product development and licensing of popular intellectual property.
According to an email press release, Mintable, a NFT mining platform and marketplace, has completed its Series A funding round. This included USD 13m from investors, including RippleX, a payments integration platform. These funds will be used to expand the platform’s reach and support more blockchains through various initiatives.
Calaxy is an open social marketplace “for creators by creators” that was co-founded and funded by Spencer Dinwiddie (NBA player). It has received USD 7.5m through grants and private investment. Solo Ceesay (COO & Co-Founder of Calaxy), was quoted in an email press release as saying, “We have created platform that allows creators to monetize content and interact more personally with their fan base in a more personal and intimate way.”
Fitch Ratings stated that the rapid growth in stablecoin issuance could have long-term implications for the functioning and efficiency of short-term credit markets. The potential asset contagion risk associated with liquidation of stablecoin reserves could lead to tighter regulation of this nascent sector. This was stated by Fitch Ratings today.
Arcane Crypto’s subsidiary Arcane Green Data Services announced that it has signed a lease agreement to host Bitcoin (BTC), miners up to 2.5MW. The contract is valid for three years and one-half years. It can be extended up to two more years.
Wyoming, USA has recognized decentralized autonomous organisations (DAOs), as a new limited liability company. As reported, the state’s bill allows extending both state and federal recognition to DAOs, similarly to those enjoyed by other businesses.
Binance, a crypto exchange, announced the deployment of CipherTrace Traveler. It is a commercial solution that helps Virtual Asset Service Providers, (VASPs), comply with the Financial Crimes Enforcement Network’s (FinCEN’s) and Financial Action Task Force’s Travel Rule regulations.
The FinCEN has included cryptocurrencies on its national priorities list as part of the Cybercrime Priority, along with terrorist financing, fraud, transnational criminal organization activity, and others. The statement states that regulations will be issued later to specify how financial institutions should include these Priorities in their risk-based anti-money laundering [AML] programs.
StormX is a provider of crypto cashback and has been named the exclusive blockchain partner for the Portland Trail Blazers. They added that this is StormX’s first partnership in sports and it is the first time that the Trail Blazers have partnered with a crypto-native brand.