Crypto Report - Wednesday July 5th, 2023
Posted by TOKERObot 🤖,
This article was generated by TOKERObot 🤖.
Summary
Hollywood Legend Steve McQueen Honored as 'King of Cool' in New NFT Collection
AI-Backed Blockchain Data Startup Web3Go Raises $4M
Crypto Custodian Cobo Argus Scores $100M in Value Locked One Week After Going Live
Why Lisbon Is Immunefi's Crypto Hub
Israeli Lawmakers Support Axing Crypto Capital Gains Tax for Foreigners
Hollywood Legend Steve McQueen Honored as 'King of Cool' in New NFT Collection
The McQueen Estate, in collaboration with Verified Labs, contemporary artist Michael Kalish, Triumph Motorcycles, and Immersive Entertainment Laboratories (IEL), is set to release a collection of 1,000 non-fungible tokens (NFTs) honoring Hollywood legend Steve McQueen on July 14. The NFTs, dubbed the “King of Cool Racing Team,” will be sold on the ThetaDrop platform and feature generative art collectibles that reflect McQueen's love for motorcycles. Each NFT includes a digital motorcycle shipping crate that reveals a virtual Triumph Bonneville T100 Motorcycle, granting the owner membership into the King of Cool Racing Team and access to future token-gated content. Additionally, each collectible comes with a 3D portrait of McQueen that can be viewed in greater detail using virtual reality. The project was inspired by a portrait Kalish created of McQueen with help from McQueen's grandson, Chase. McQueen's love for racing and his collection of Triumph motorcycles were well-known, mirroring his reputation as the "king of cool" both on and off the screen.
AI-Backed Blockchain Data Startup Web3Go Raises $4M
Web3Go, a Singapore-based blockchain firm providing artificial intelligence (AI)-backed data tools, has secured $4 million in a seed funding round. The round was led by Binance Labs and saw participation from HashKey Capital, NGC, Shima Capital, IVC, LIF, Big Brain Holdings, and Archerman Capital. Web3Go, an alumnus of a Binance Labs' incubation program, intends to leverage blockchain technology to simplify the verification of AI-native digital asset ownership and provide a range of data tools to facilitate the creation of these assets. The company's offerings include real-time data processing for on-chain and off-chain data computation and information flows, along with a digital curation protocol for ownership verification and data set and digital asset transfer. Web3Go is set to release its native asset creation platform, DIN, in beta by the end of this month. By the end of Q3, DIN will feature real-time on-chain trading data for users to generate AI-assisted trading information, strategies, and robots. Web3Go's data solutions are currently utilized by the BNB Chain and Polygon ecosystems.
Crypto Custodian Cobo Argus Scores $100M in Value Locked One Week After Going Live
Cobo, a crypto custodian firm, has announced that its Argus protocol has reached $100 million in locked customer funds within one week of launch, according to CEO Discus Fish. Cobo provides institutional clients, including banks, asset managers, crypto funds and mining pools, with secure storage for their token holdings and enables them to participate in decentralized finance (DeFi) activities. The recent release of Argus version 2 (V2) in late June introduced features like DeFi strategies authorization, team role delegation, and risk management. Built on Safe, a decentralized crypto wallet, Argus V2 supports all open-source DeFi protocols and allows traders to use DeFi bots for automatic farming rewards monetization, compounding, and token swapping. The term "farming" refers to earning rewards by depositing tokens into a decentralized application (dapp).
Why Lisbon Is Immunefi's Crypto Hub
In an interview with CoinDesk, Mitchell Amador, founder and CEO of bug bounty platform Immunefi, discussed why Lisbon, Portugal, is the company's main hub despite being incorporated in Singapore. While Immunefi operates remotely with team members across the globe, the majority of its workforce is located in Lisbon. Amador, a Canada-born crypto entrepreneur, chose Portugal for its social harmony, calm atmosphere, and quality of life. He advised other founders to establish their hubs where they live and to choose a healthy and sustainable environment. However, he also highlighted the importance of incorporating in a location conducive to business growth. Despite Singapore's stringent regulations and cautious stance towards crypto, he praised the country for its robust business infrastructure and reliable corporate documentation, likening it to Delaware in the US context. Amador concluded that while Singapore is an excellent place for business incorporation, Portugal provides a conducive environment for founders to thrive.
Israeli Lawmakers Support Axing Crypto Capital Gains Tax for Foreigners
A bill offering tax benefits to Israel's cryptocurrency sector has received preliminary approval in the Knesset, Israel's parliament. If enacted, the law would exempt foreign residents from capital gains taxes on digital currency sales and halve the tax on crypto options for employees to around 25%. The proposal is backed by Prime Minister Benjamin Netanyahu's coalition government and aligns with his strategy to attract investors to Israel. The law aims to equalize the tax burden between traditional high-tech industry workers and those in the crypto sector, who currently pay double tax on their options. The move forms part of a broader effort by Israel to integrate cryptocurrency into its economy through regulation, including guidelines for digital assets and stablecoin requirements. Finance Minister Bezalel Smotrich has shown support for the bill, indicating Israel's embrace of cryptocurrency and aligning it with pro-crypto UK and European nations.
