The Crypto Roundup: 10 June 2024

Latest price and news from the crypto space

Latest price from our hand picked list of digital assets

Cameron Winklevoss, one of the co-founders of cryptocurrency trading platform Gemini, has accused the CEO of Digital Currency Group (DCG), Barry Silbert, of “bad faith stall tactics” and the intermingling of funds within his conglomerate that Winklevoss says left $900 million in customer assets in limbo.

Italy’s Senate has approved its budget for 2023 days before 2022 came to an end. The budget included a 26% tax on capital gains on cryptocurrency trading over 2,000 euros (around $2,130).

Decentralized cryptocurrency exchange SushiSwap has announced plans to deprecate its lending and launchpad services – Kashi and MISO – over poor design and a lack of resources to maintain the offerings.

Sponsored: B2BinPay, a crypto payment processing provider, has announced several updates to its platform and services to improve accessibility and affordability for businesses of all sizes.

Top stories in the Crypto Roundup today:

Gemini Pushes DCG to Solve $900 Million Locked Funds Dispute
Italy Approves 26% Tax on Cryptocurrency Gains
SushiSwap to Depreciate Lending and Token Launchpad Services
Sponsored: B2BinPay Announces Modernized Website, Updated Pricing, New Tokens, and Merchant Models

Gemini Pushes DCG to Solve $900 Million Locked Funds Dispute

Gemini halted redemptions on its lending product, Earn, which allowed users to generate as much as 8% in interest per year by lending out their tokens to Genesis Global Capital, one of the subsidiaries of Digital Currency Group.

The halt came in November after Genesis suspended redemptions and new loan originations at the lending unit because of its exposure to the collapsed cryptocurrency exchange FTX. Genesis has said it could take “weeks” to find a path forward, with bankruptcy being a possibility.

Winklevoss, facing pressure from customers whose funds have been locked, penned an open letter in which he says Silbert has been provided with multiple proposals to resolve the issue, and that the “mess is entirely of your own making.”

The letter cites some $1.675 billion owed to Genesis by the Digital Currency Group, which were used for other business purposes within the conglomerate. Silbert refuted several accusations in response, saying “DCG did not borrow $1.675 billion from Genesis” and “never missed an interest payment to Genesis and is current on all loans outstanding,” without providing more detail.

Winklevoss pushed Silbert to “publicly commit to working together to solve this problem,” which he said affects more than 340,000 Gemini Earn customers, by January 8. What will happen if no agreement is reached by then isn’t clear.

Italy Approves 26% Tax on Cryptocurrency Gains

Italy’s Senate has approved its budget for 2023 days before 2022 came to an end. The budget included a 26% tax on capital gains on cryptocurrency trading over 2,000 euros (around $2,130).

The legislation defines digital assets as “a digital representation of value or rights that can be transferred and stored electronically, using distributed ledger technology or similar technology.” Previously, these were treated as foreign currencies in Italy, subject to lower tax rates.

The bill also allows taxpayers to declare digital asset holdings and pay a 14% tax as of Jan. 1 in an effort to encourage people to declare their digital assets. Other changes include tax amnesties to reduce penalties on missing tax payments, fiscal incentives for job creation, and a reduction in the retirement age.

Italy’s move comes after the approval of the Markets in Crypto Assets (MiCA) bill in October 2022, which established a consistent regulatory framework for cryptocurrency in the 27 member countries of the European Union. MiCA is set to come into effect next year.

SushiSwap to Depreciate Lending and Token Launchpad Services

Decentralized cryptocurrency exchange SushiSwap has announced plans to depreciate its lending and launchpad services – Kashi and MISO – over poor design and a lack of resources to maintain the offerings.

According to the platform’s chief technology officer, Matthew Lilley, the decision to depreciate lending and the token launchpad was made “ for a number of reasons,” including a “number of design flaws,” running at a loss and a “lack of resources.”

As the platform is decentralized, the offerings will still exist, but SushiSwap will phase out contributing to them in the first quarter of this year while shifting focus to the decentralized exchange.

Kashi, Sushi’s lending service, was launched in March 2021 to allow users to borrow cryptoassets within the decentralized finance space. MISO, shot for Minimal Initial SushiSwap Offering, was launched around the same time for bootstrapping DeFi projects with crowdfunding.

B2BinPay Announces Modernized Website, Updated Pricing, New Tokens, and Merchant Models

B2BinPay, a crypto payment processing provider, has announced several updates to its platform and services to improve accessibility and affordability for businesses.

The company has lowered fees for outgoing transactions and the onboarding charge for Enterprise clients, providing cost savings for customers. The B2BinPay website has undergone a redesign with an improved user interface (UI) and new sections, including information on On-Chain and Off-Chain transactions, a list of supported currencies, and a frequently asked questions (FAQ) page.

B2BinPay has also expanded its support for additional tokens and cryptocurrencies, including Cardano (ADA). The company has introduced a new Merchant (Crypto Settlement) model, allowing users to create BTC, USDT, or USDC wallets.

The platform includes an Application Programming Interface (API) that enables businesses to easily integrate blockchain technology into their payment systems. B2BinPay's internally developed technology allows for Off-Chain transactions to be processed instantly and at no cost, making it a convenient option for businesses accepting crypto payments.