The US Senate Passes Infrastructure Bill, Including Taxation on Crypto Purchases
宏观新闻 General News
Coinbase Brought In $2.23 Billion of Revenue, 8.8 Million Monthly Transacting Users in Q2
In their quarter 2, 2021 earnings call, Coinbase announced that they’ve exceeded expectations by bringing in over $2.23 billion in revenue, which was expected to be $1.78 billion, reported CNBC.
Their earnings resulted in $3.45 per share, adjusted, after expectations that it would be $2.33. Since last year, the company’s net profit is up over 4,900% with them bringing home over $1.6 billion in net profit.
One really interesting statistic that stood out was that the monthly transacting users grew 44% from last quarter up to 8.8 million.
专业发展 Enterprise Development
Paypal’s Venmo Launches ‘Cash Back to Crypto’ Feature to Auto Purchase Cryptocurrencies
Payments giant Paypal announced Tuesday a new feature on its Venmo platform called “Cash Back to Crypto” that enables Venmo credit card customers to “use monthly cash back in their Venmo account to auto-purchase cryptocurrency of choice, with no transaction fees.”
Cash Back to Crypto will be available to all eligible Venmo Credit cardholders in the coming weeks, the company noted.
国际看点 International Highlights
Bank Of Jamaica Mints The First Batch Of CBDC
The Bank of Jamaica is making steady progress with the country’s central bank digital currency (CBDC). During a short financial ceremony organized on Monday morning, the Jamaican apex bank minted the country’s very first lot of fiat backed CBDC, ‘the digital version of the Jamaican Dollar.’
Reportedly, a total of J$230 Million in CBDC will be handed out to respective institutions and authorized payment service providers during the digital currency’s experimental trials which are anticipated to end in December this year.
专业分析 Specialist Analysis
What Investors Have to Say About DeFi’s Largest Hack to Date
In the largest decentralized finance hack in history, perpetrators stole more than $600 million from interoperability protocol Poly Network Tuesday, but the security breach does not seem to have investors concerned.
The hackers exploited Poly Network on DeFi exchanges Polygon, Ethereum and Binance Smart Chain.
The broader cryptocurrency market did not seem to have a significant reaction to the hack. Bitcoin and ethereum dipped slightly initially following the news, but were both trading in the green later in the day Tuesday.
法律监管 Policy & Regulations
U.S. Senate Passes Infrastructure Bill, Crypto Tax Proposal Set For Congressional Review
A provision within the bill details how stricter implementations and extensions of regulatory frameworks for cryptocurrencies and digital assets will bring in an additional $28 billion of state revenue, collected directly from cryptocurrency transactions.
The U.S. Senate voted 69–30 to pass the bill, which is meant as an infusion for funding the nation’s public works under the Biden administration.
Concerns over the tax reporting requirements have been leveled by crypto lobbyists and industry associations.
