Some tier-one Wall Street banks are reportedly figuring out how to use bitcoin as collateral for cash loans to institutions. These banks, which include Goldman Sachs, would not touch cryptocurrency spot markets and would instead lean towards synthetic crypto products.

South Korean lawmakers have delayed a proposed cryptocurrency tax plan which would levy a 20% tax on gains made in the cryptocurrency space in a one-year period over KRW 2.5 million ($2,122).

Brazil-based users of Latin American fintech firm Mercado Pago are now able to buy, sell, and hold cryptocurrencies directly on the same platform they use to make payments and send money.

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Top stories in the Crypto Roundup today:

• Wall Street Banks Explore Bitcoin-Backed Loans
• South Korea Delays Crypto Tax Plans
• Mercado Pago’s Brazil-Based Users Can Now Buy, Sell, and Hold Crypto
• Crypto Market Movers – LUNA, ROSE, STX
• Sponsored: Crypto.com - The World’s Fastest Growing Crypto App

Wall Street Banks Explore Bitcoin-Backed Loans

A handful of large Wall Street banks are reportedly exploring how to use bitcoin as collateral for cash loans to institutions. These banks, which include Goldman Sachs, would not touch cryptocurrency spot markets and would instead lean towards synthetic crypto products.

According to sources familiar with the plans, the banks would emulate tri-party repo type agreements, which are a way of borrowing funds by selling securities with an agreement to repurchase them, involving a third-party agent.

The move would lay the groundwork for more integrated crypto prime brokerage services and is a continuation of Wall Street’s embrace of cryptocurrencies. With a liquidation agent, one of the sources said, the banks would “just [be] doing secured lending without ever having bitcoin touch their balance sheet.”

More cryptocurrency-friendly banks Silvergate and Signature, it’s worth noting, have announced bitcoin-backed cash loans earlier this year.

South Korea Delays Crypto Tax Plans

South Korean lawmakers have delayed a proposed cryptocurrency tax plan that would levy a 20% tax on gains made in the cryptocurrency space in a one-year period over KRW 2.5 million ($2,122).

Local analysts suggest that the move came as lawmakers from both ruling and opposition parties are trying to appeal to younger voters who are more likely to be cryptocurrency investors, and are therefore against the proposed tax.

Various cryptocurrency investors have reportedly compared the proposed tax for cryptocurrency gains to the proposed one on stocks to conclude they were being treated unfairly, as stock investors would only pay taxes for gains over KRW 50 million ($42,450).

Stock investors can also carry losses over five years, while cryptocurrency investors are not able to carry losses at all. On top of that, the crypto tax was set to come into effect a year ahead of the stock gains tax.

Mercado Pago’s Brazil-Based Users Can Now Buy, Sell, and Hold Crypto

Brazil-based users of Latin American fintech firm Mercado Pago are now able to buy, sell, and hold cryptocurrencies directly on the same platform they use to make payments and send money.

Mercado Pago’s app will initially support Bitcoin, Ether, and Paxos’ dollar-pegged stablecoin, the Pax Dollar (USDP). The move comes through a partnership with Paxos, which will be the custodian for the cryptocurrencies.

Mercado Pago will be slowly rolling out the feature to Brazilian users this month, starting with its employees. By the end of the month, all of the platform’s users in Brazil should have access to cryptocurrencies on its app. According to its CEO, Mercado Pago has 28 million wallets in Brazil.

Mercado Pago was originally launched to handle transitions through local e-commerce giant Mercado Libre. Various brick-and-mortar stores now also use Mercado Pago to accept payments through QR codes and mobile point-of-sale systems.

Crypto Market Movers – LUNA, ROSE, STX

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Terra (LUNA) - Terra aims to build a new financial infrastructure that works better for everyone. The network is powered by a family of stablecoins, each pegged to major fiat currencies all algorithmically stabilized by Terra’s native token, Luna. Terra’s mission is to set money free by building open financial infrastructure.

Oasis Labs (ROSE) - The Oasis Protocol Foundation looks to support projects focused on making that privacy-first internet a reality. From building privacy-preserving applications to developing more powerful tools for the network, to improving how it operates.

Stacks (STX) - Stacks is an open-source network of decentralized apps and smart contracts built on Bitcoin. The Stacks blockchain is a flexible layer on top of Bitcoin that enables decentralized apps, smart contracts, and digital assets.

TabTrader's Native TTT Token Launches on Gate.io

TabTrader is a mobile-first platform founded in 2016 that aggregates cryptocurrency trading platform. Within the platform, traders can access both centralized exchanges like Coinbase and decentralized exchanges like Uniswap. The platform is non-custodial and allows traders to maintain control over their funds.

The cryptocurrency exchange aggregator essentially only aggregates crypto prices for users and offers them a way to buy and sell cryptoassets. TabTrader does not control users’ funds at any point.

The TTT token is set to power the platform, allowing holders to pay for transaction fees, participate in governance, and use their holdings to pay for in-app purchases. In the future, TTT is set to get additional features, which can include trading competitions with prizes offered in it and trade mining, which would allow users to receive TTT whenever they make a trade on TabTrader.

TabTrader started off as a mobile-first platform but over time started accommodating users in other platforms. It has now launched a browser-based desktop terminal in beta and plans to expand onto desktop further. TabTrader is free to use and offers users a PRO version that costs $12 per month. The PRO version is ad-free, has lower trading limitations, and unlocks advanced technical indicators.

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