Cryptocurrency applications have seen their popularity explode on U.S. app stores after companies like Coinbase, Crypto.com, and FTX spent millions on ads during Super Bowl LVI.

The UK’s tax authority, Her Majesty’s Revenue and Customs (HMRC), has seized three non-fungible tokens (NFTs) as part of a wider investigation surrounding value-added tax (VAT) fraud. The move marks the first time HMRC has seized an NFT.

Singapore’s state investment fund, Temasek, one of the largest investment funds in the world with over $300 billion in assets, has sold off its modest position in the Nasdaq-listed cryptocurrency exchange Coinbase (COIN), according to filings with the U.S. Securities and Exchange Commission (SEC).

CryptoCompare's Digital Asset Summit is returning on 30th March at Old Billingsgate, London. As Europe's flagship institutional summit for digital assets, this is the perfect opportunity to connect with key industry decision-makers and leading names in finance who are adopting and embracing the digital asset revolution.

Top stories in the Crypto Roundup today:

• Crypto Apps Popularity Explodes After Super Bowl
• UK Tax Authorities Seize 3 NFTs Amid Tax Fraud Probe
• Singaporean State Investment Fund Drops Coinbase Stock
• CCDAS Summit - Early Bird Tickets Ending Soon!

Crypto Apps Popularity Explodes After Super Bowl

Cryptocurrency applications have seen their popularity explode on U.S. app stores after companies like Coinbase, Crypto.com, and FTX spent millions on ads during Super Bowl LVI.

Data shows that Coinbase’s app surged from 186th place to second on the App Store after it aired an ad of a bouncing QR code that invited viewers to participate in a large giveaway with over $100 million in incentives.

The ad got Coinbase trending on social media shortly after it aired, and was so popular the Nasdaq-listed exchange was forced to throttle traffic after reporting “more traffic than we’ve ever encountered.”

FTX-owned Blockfolio and eToro saw similar success as their apps started surging in the App Store’s rankings after running ads during the event.

UK Tax Authorities Seize 3 NFTs Amid Tax Fraud Probe

 The UK’s tax authority, Her Majesty’s Revenue and Customs (HMRC), has seized three non-fungible tokens (NFTs) as part of a wider investigation surrounding value-added tax (VAT) fraud. The move marks the first time HMRC has seized an NFT.

Nick Sharp, deputy director of economic crime, was quoted saying the move serves as a “warning to anyone who thinks they can use crypto assets to hide money from HMRC.” The deputy director added:

•       “We constantly adapt to new technology to ensure we keep pace with how criminals and evaders look to conceal their assets.”

The NFTs were seized after HMRC secured a court order to do so, along with around $6,700 worth of cryptoassets. Three people were arrested after using “sophisticated methods” to try to conceal their identities.

Singaporean State Investment Fund Drops Coinbase Stock

Singapore’s state investment fund Temasek, one of the largest investment funds in the world with over $300 billion in assets, has sold off its modest position in the Nasdaq-listed cryptocurrency exchange Coinbase (COIN), according to filings with the U.S. Securities and Exchange Commission (SEC).

Temasek’s third-quarter filing shows the fund listed ownership of 8,168 Coinbase shares worth around $2.1 million, while its fourth-quarter filing shows no Coinbase holdings. The sell-off seemingly came amid a price decline for Coinbase’s stock, which has lost 40% of its value since its Initial Public Offering (IPO) last April.

Temasek has, meanwhile, invested in FTX.US’ recent $400 million Series A funding round, which valued the exchange at $8 billion. It isn’t clear how much Temasek invested in FTX.US. The round included other prominent investors such as Paradigm and SoftBank.

What is Solana?

Solana is a high-performance blockchain founded by former Qualcomm, Intel, and Dropbox engineers that uses a delegated Proof-of-Stake (dPoS) consensus algorithm. The network uses a unique method of ordering transactions to significantly improve its speed and throughput.

Blockchain networks have historically struggled with scalability issues, with the few that managed to solve them dealing with centralization issues. A decentralized network with small confirmation times and transaction fees has been hard to create, but the problem was tackled in 2020 with the creation of Solana.

Using what’s known as Proof-of-History (PoH), the Solana blockchain is able to handle thousands of transactions per second. PoH uses Verifiable Delay Functions to hash incoming events and transactions to allow nodes to locally generate timestamps of SHA256 computations, eliminating the need for timestamps to be broadcasted across the network.

Check out CrypotCompare’s Solana page to find out more.

CCDAS Summit - Early Bird Tickets Ending Soon!

CryptoCompare's Digital Asset Summit is returning on 30th March at Old Billingsgate, London. As Europe's flagship institutional summit for digital assets, this is the perfect opportunity to connect with key industry decision-makers and leading names in finance who are adopting and embracing the digital asset revolution.

There is now less than 1 week left to secure your Early Bird tickets for the summit! Check out the Summit website now to save over 20% with an Early Bird ticket. 

Press Release

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.