TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. WisdomTree files new bitcoin ETF application. Reddit looking to scale its reward token system. Binance to implement responsible trading features. UNICEF CryptoFund to invest in tech companies on emerging economies. Total locked funds in DeFi projects rise to almost $1.4 billion, and leading accounting firm EY presents tool to file cryptocurrency-related taxes.
WisdomTree Files New Bitcoin ETF Application
WisdomTree Investments Inc., an ETF sponsor and index developer, introduced an application for an ETF that could invest as much as 5% of its assets in Bitcoin Futures, according to an SEC filing. The WisdomTree Enhanced Commodity Strategy Fund would also use futures in different commodity sectors: energy, agriculture, industrial metals, and precious metals. Several companies previously filed to get approval from the SEC to launch a Bitcoin ETF product to no avail.
Reddit is Searching Scaling Solutions for Its Token Rewards System
Reddit is looking to scale its Ethereum-based token rewards system to apply it to its whole user base on the site. Reddit partnered with the Ethereum Foundation, and is now open to receive scaling solutions from the community that would let it serve its 430 million active monthly users. Submissions should include a live proof of concept of the system showing its capabilities, the source code of the solution, and clear documentation about the innards of the system and its function.
Binance to Implement Anti-Addiction Features After Trader Suicide
This is truly a sad story. @Binance is probably one of the first crypto exchanges to implement Responsible-Trading features in our products. Here is a blog article from last month on it: https://t.co/J8Sq6IBhb1
— CZ Binance 🔶🔶🔶 (@cz_binance) June 19, 2020
Binance will implement anti-addiction changes on its platform to limit the actions an account can take after facing heavy losses. The exchange calls this “responsible trading features,” and its CEO Changpeng Zhao stated they are the first exchange taking this kind of measures. This latest push from the exchange is to avoid incidents like the one Robinhood (a fee-free trading app) is facing after a trader committed suicide while incurring losses in leveraged trading that took his $16,000 to a balance of -$730,165.
UNICEF Crypto Fund to Invest in Emerging Economy Tech Companies
The UNICEF cryptocurrency fund announced it will make investments in tech companies on several emerging economies. These companies are using blockchain, AI, and VR tools to tackle important problems like the COVID-19 pandemic. Eight companies will receive 125 Ethereum from the UNICEF Crypto Fund, and they have already received $100,000 from UNICEF’s Innovation Fund. Afinidata, Avyantra, Cireha, Ideasis, OS City, StaTwig, Somleng, and Utopic are the companies selected from almost 40 startups.
Total Locked Value in DeFi Projects Rise to Almost $1.4 Billion
The amount of funds locked-in DeFi projects experienced a sudden rise, taking it to ATH values, reaching almost $1.4 billion. The rise was caused by the price hike of COMP (the official token of the Compound platform) after the announcement of its listing on Coinbase Pro. Despite this, Maker, the organization behind Dai, is still the king of the DeFi world, managing almost 37% of the DeFi market, followed closely now by Compound. Lightning Network, BTC’s second layer, is in tenth place with $8.9 million locked.
EY Presents Tool for Filing Cryptocurrency-Related Taxes
Ernst & Young, the big four firm, announced the launch of EY CryptoPrep, an application directed to help users calculating their cryptocurrency-related tax filings. EY CryptoPrep aims to make the life of traders easy, letting users of several exchanges and currencies import their data and export a completed Form 8949 for all applicable tax years. Marna Ricker, EY Americas Vice Chair of Tax Services, declared the demand from customers holding crypto led to creating a simple solution for preparing crypto-related taxes.
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