Coinbase acquires derivatives exchange FairX

Crypto exchange Coinbase will acquire FairX, a US-based derivatives platform. FairX is regulated by Commodity Futures Trading Commission (CFTC). The move will allow Coinbase to offer crypto derivatives to American customers. Derivatives are financial contracts whose value is linked to the value of an underlying asset (such as Bitcoin or Ethereum). It could include futures, options, swaps, or perpetual contracts for crypto assets.

Digital coins issued by Indian exchanges to employees to face tax complications

Cryptocurrencies or digital assets issued to employees by crypto exchanges as incentives are set to come under the Income Tax (IT) Department’s lens. The question is whether the coins can be interpreted as income, and what could be the income tax applicable on the digital assets. Many exchanges have rolled out their own tokens and offered these as part of their employees’ annual income.

Crypto prices today: Bitcoin at $43,760, Ethereum up 4%

Bitcoin is currently trading at $43,765, a 2.85% increase over the previous day. Ethereum surged 4.04% over the last 24 hours to $3,347. Solana has jumped 9% to $151.2, while Cardano is up 7.75% to $1.30. Terra has surged 11.4% to $82.94. The global crypto market cap stands at $2.08 trillion, a 3.48% increase over the previous day. 

Solana could beat out Ethereum to ‘become the Visa’ of crypto: Bank of America

“Solana could become the Visa of the digital asset ecosystem,” Bank of America’s global digital asset strategist Alkesh Shah wrote in a research note. He cited the more than 400 decentralized applications on Solana’s network, which host everything from peer-to-peer (P2P) exchanges to NFT marketplaces.

Nayib Bukele’s Bitcoin buys have lost El Salvador money so far: Report

As per a Bloomberg report, El Salvador President Nayib Bukele has cost the country money by betting on Bitcoin. He has reportedly bought 1,391 Bitcoins so far. The purchases cost approximately $71 million based on an average price of $51,056 per Bitcoin. The total sum acquired is now worth roughly $59 million in terms of current prices.

The Gap joins NFT ecosystem via Tezos

Clothing retail company The Gap will gradually roll out a series of NFTs that run on the Tezos blockchain. Each hoodie-themed Gap Threads NFT was created in collaboration with Tezos-centric production studio InterPop. It features the artwork of Brandon Sines, creator of the character Frank Ape.