Brazil’s largest digital bank by market value, Nubank, has reached 1 million users on its cryptocurrency trading platform merely a month after launching it in June. The company hoped to reach the milestone within a year of launching the platform, Nucripto.

A new bipartisan bill is looking to change how cryptocurrency transactions are taxed in a bid to exempt digital asset transactions of $50 or less from capital gains taxes. The bill is being sponsored by Senators Pat Toomey, R-PA., and Kyrsten Sinema, D-Ariz.

Vidente, the owner of the South Korean cryptocurrency exchange Bithumb,  has said it held discussions about a possible sale of its stake to Sam Bankman-Fried’s crypto trading platform FTX.

Top stories in the Crypto Roundup today:

• Brazil’s Largest Digital Bank Reaches 1 Million Crypto Users
• Bill Seeks to Eliminate Taxes for Crypto Transactions Under $50
• FTX in Talks to Acquire South Korean Exchange Bithumb
• Growth Asset Returns in H1

Brazil’s Largest Digital Bank Reaches 1 Million Crypto Users

Brazil’s largest digital bank by market value, Nubank, has reached 1 million users on its cryptocurrency trading platform merely a month after launching it in June. The company hoped to reach the milestone within a year of launching the platform, Nucripto.

Nucripto quickly became available to Nubank’s 46.5 million users in June, allowing them to buy and sell bitcoin and ether through a crypto-trading and custody service provided by Paxos’ blockchain infrastructure.

In May, the company announced it would be allocating 1% of the cash on its balance sheet to BTC to demonstrate its belief in cryptocurrency.

Last week, Brazil’s largest private bank, Itaú Unibanco, said it plans to launch an asset tokenization platform that transforms traditional finance products into tokens. In December Mercado Libre, Latin America’s largest e-commerce company, started allowing users in Brazil to buy, sell, and hold cryptocurrencies.

Bill Seeks to Eliminate Taxes for Crypto Transactions Under $50

A new bipartisan bill is looking to change how cryptocurrency transactions are taxed in a bid to exempt digital asset transactions of $50 or less from capital gains taxes. The bill is being sponsored by Senators Pat Toomey, R-PA., and Kyrsten Sinema, D-Ariz.

The bill is called the Virtual Currency Tax Fairness Act and would prevent the IRS from collecting taxes from retail traders when the asset in question appreciates less than $50. Toomey was quoted saying:

“The Virtual Currency Tax Fairness Act will allow Americans to use cryptocurrencies more easily as an everyday method of payment by exempting from taxes small personal transactions like buying a cup of coffee.”

Currently, anyone using cryptocurrencies for any transaction, regardless of the amount, must report gains on the value of the digital asset. To stop buyers and sellers from taking advantage of the bill, it includes an aggregation rule to treat sales or exchanges that are part of the same transaction as one sale or exchange.

FTX in Talks to Acquire South Korean Exchange Bithumb

Vidente, the owner of the South Korean cryptocurrency exchange Bithumb,  has said it held discussions about a possible sale of its stake to Sam Bankman-Fried’s crypto trading platform FTX.

The company is reportedly reviewing all possible options, including a full acquisition of Bithumb or joint management of the exchange. FTX has been on an ongoing acquisition spree amid a major downturn in cryptocurrency markets.

Last month, Sam Bankman-Fried’s exchange signed a deal giving it the option to buy crypto lender BlockFi at a maximum price of $240 million, significantly below BlockFi’s previous $4.8 billion valuation.

Earlier this year, FTX entered an agreement to acquire Japanese crypto exchange Liquid. If the Bithumb acquisition moves forward, FTX will gain a further foothold in Asia, as Bithumb is one of South Korea’s largest exchanges.

Growth Asset Returns in H1

The digital asset space has been hard hit over the last quarter, with Bitcoin registering its second-worst quarterly performance in its history. While the volatility in crypto markets has long been understood, traditional assets also performed extremely poorly.

Surprisingly, various growth stocks actually underperformed Bitcoin in the first half of the year.

Read more on our latest ‘2022 Q3 Outlook: Winter is Here’ report.

State of the Crypto by Top Tier Exchange Volume

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