Coinbase Now Supports Trading for AVAX
AVAX (Avalance), the native token of Avalanche is now listed on Coinbase and Coinbase Pro. The recent listing will support three currency pairs which include AVAX-USD, AVAX-USDT, and AVAX-EUR. This was announced in a blog on the crypto exchange’s website on Sept. 29.
As further stated in the announcement, trading will start “on or after 9 AM Pacific Time (PT) Thursday, September 30, if liquidity conditions are met.”
As stated in a recent tweet by Coinbase, Coinbase Pro will only support C-Chain Avalanche (AVAX) tokens. And has also warned its users that “sending Avalanche on P-chain or X-chain or any other assets to a Coinbase Pro wallet will result in permanent loss.”
The recent listing of AVAX (Avalanche) on Coinbase hopes to boost the price of the altcoin even more. It also aims to provide users easier access to DeFi and to the Avalanche ecosystem.
With the launching of the Avalanche Rush, the network’s ecosystem is now growing at a rapid rate.
On Thursday, Trader Joe, a decentralized finance (DeFi) protocol built on the Avalanche blockchain has joined the Avalanche Rush incentive program. 0xMurloc, co-founder of Trader Joe stated:
“Our vision is to serve the Avalanche community at the frontiers of DeFi. We are excited to contribute to Avalanche Rush and drive the ecosystem to new heights.”
The Joe Rush will be offering a total of $20M in incentive programs with $10M from Avalanche Foundation and another $10M in JOE from Trader Joe.
South Korea’s Crypto Tax to Proceed Implementation in 2022
It’s all green light now for South Korea’s Crypto Tax Code and is set to be implemented on Jan. 1, 2022, as originally planned. This has transpired despite the ruling party’s effort to postpone its implementation in 2023.
According to a report by Coindesk, it was a consensus agreement reached in a meeting held at the Prime Minister’s Office on Sept. 26.
The postponement of the Crypto Tax Code was initially proposed by Kim Byung-ook during the National Assembly session on Sept. 15. But Hong Nam-ki, South Korea’s Minister of Strategy and Finance was firm to have the law implemented according to schedule and no delay will take place. He stated:
“In the past, it was almost impossible to collect taxes on virtual asset accounts, so no taxation was carried out […] The foundation has now been laid, and based on that, we will be taxed starting next year.”
Under the crypto tax regulation, gains from crypto transactions will now be deemed “miscellaneous income”. Crypto investors who are earning more than 2.5 million won or $2,260 will be subjected to a 20% tax. The first 2.5 million won will be tax-free and only the succeeding amount will be subjected to tax.
El Salvador’s Launches Volcano-Powered Bitcoin Mining
In a report by CNBC, the country’s effort to mine bitcoin using geothermal energy from its vast volcanoes has already produced 0.00599179 bitcoin or $283 with the cryptocurrency’s current value of $ 47,344.88 in a data by Crypto.co.
On Sept. 29, President Nayib Bukele shared in a tweet a 25-second teaser video with the caption “First steps…” The video has gone viral and with more than 2.3M views.
— Nayib Bukele 🇸🇻 (@nayibbukele) September 28, 2021
In June, Bukele announced that the country will engage in bitcoin mining using geothermal energy from its 23 active volcanoes after the passing of the “Bitcoin Law”.
“I’ve just instructed the president of @LaGeoSV (our state-owned geothermal electric company), to put up a plan to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos. This is going to evolve fast!”
The debate on the environmental impact of bitcoin mining due to its carbon footprint has been heating up with China going to the extent of launching an intensified crackdown against it. In May, Elon Musk has removed BTC (bitcoin) as payment for Tesla cars citing its energy consumption as the reason. But Musk later stated that he will start accepting the cryptocurrency again once the mining rate for the cryptocurrency reaches 50% renewables. Will El Salvador’s volcano-powered bitcoin mining opens a new chapter for bitcoin’s renewable energy mining?
Axie Infinity Launches AXS Staking, Token Surges
Axie Infinity, one of the leading NFT trading game built on Ethereum, has recently launched the staking of native token AXS (Axie Infinity). This was announced on the platform’s official website on Sept. 30.
As further stated in the announcement, rewards will be made available within 24 hours.
AXS holders can now stake their tokens with $150M rewards at stake for distribution for the first month. It will also launch an airdrop with $60M worth of its native token AXS (Axie Infinity) as a way of giving back to its early adopters.
“We are distributing AXS tokens to our founding community member’s Ronin wallets based on the snapshot taken on October 26th, 2020.”
With the launching of its staking program, AXS (Axie Infinity) token price surges recording its newest all-time high at $87.31 today in data by Crypto.co. It has also recorded a 12.47% in a 24-hr chart.