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Detroit To Accept Tax Payments In Crypto, Here’s When

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Detroit is becoming the biggest US city whose resident will be able to settle their tax payments in cryptocurrency, city officials announced Thursday. The move will make Detroit the largest US city to accept crypto payments for public services.

City officials said transactions are set to occur via a secure platform maintained by PayPal. The service is set to start by mid-2025.

Detroit Becomes First Major US City to Accept Crypto for Tax Payments

Detroit recently announced that starting next year, residents will be able to settle their tax payments by using crypto. This makes Detroit the largest US city offering crypto payment options for municipal services.

The city said the transactions would go through a secure platform powered by PayPal. This “aligns with Detroit’s larger strategy to explore innovative technologies. It could also enhance public services, strengthen civic engagement, and foster economic growth.

The city of Detroit has announced that beginning “mid-202.| However the city didn’t  set an exact date when citizens can start with their tax payments with cryptocurrency. According to city treasurer Nikhil Patel, this would make Detroit the largest US city offering crypto for municipal payments.

Detroit is building a technology-friendly environment that empowers residents and entrepreneurs,” said Mayor Mike Duggan. “We are excited to be one of the first major US cities to explore blockchain’s civic applications and allow our residents to take advantage of cryptocurrency as a payment option.”

Detroit Seeks Blockchain Brains

Coupled with the new payment system, the city calls on blockchain entrepreneurs to come and present their unique civic solutions. These presentations will go to Detroit’s newly minted Entrepreneurship and Economic Opportunity Director, Justin Onwenu. The work aims to position Detroit as a hub for blockchain-driven economic development and innovation in public service.

Detroit is calling on blockchain entrepreneurs to submit their proposals to Justin Onwenu, the city’s Director of Entrepreneurship and Economic Opportunity, by December 15, 2024. Those interested can email their proposals to [email protected].

Proposals should include a description of the proposed solution, identification of potential stakeholders, cost estimates and risk assessments, and an outline of how the solution will enhance city services and benefit Detroit residents.

Currently, only Colorado, Utah, and Louisiana accept cryptocurrency for state payments, making Detroit’s initiative one of the first among major US cities.

Some companies are already testing tax payments on blockchain. Most recently, OrbitLabs has proposed a thorough review of the new “Reverse Charge” tax system on Terra Classic. This tax mechanism aims to simplify tax handling on the blockchain by deducting taxes from the recipient rather than the sender.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.

Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.

Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.

Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Ripple Moves 294K RLUSD Stablecoins, What’s Happening?

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November 8, 2024

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Ripple’s RLUSD stablecoin, pegged to the U.S. dollar, has been involved in a series of substantial on-chain transfers ahead of its anticipated launch. Blockchain data showed that Ripple’s Treasury moved a total of 294,000 RLUSD tokens across multiple transactions. The largest transfer involved 78,500 RLUSD from Ripple’s Treasury to an unidentified wallet, with subsequent transfers to other unknown wallets.

RLUSD Stablecoin Sees Substantial Transfers Ahead of Launch

According to Ripple Stablecoin Tracker, Ripple recently moved 294,000 RLUSD stablecoin tokens across high-volume transactions, sparking XRP price rally speculations. The largest transfer recorded was 78,500 RLUSD, initially moved from Ripple’s Treasury to unknown wallets and later transferred between unidentified wallets. 

Other significant movements included transfers of 68,500 RLUSD and 58,500 RLUSD between various wallets. These transfers mark the first notable movements since the RLUSD minting process ended on October 26, indicating possible final preparations for the stablecoin’s launch.

Speculation around the motives behind these transfers has grown, with market analysts proposing several potential reasons. Some suggest that Ripple might be testing wallet functionality and liquidity management before the public release of the RLUSD stablecoin. These transactions, occurring just weeks before the launch are strategic moves to ensure sufficient liquidity and efficient operations for early trading.

Ripple’s Parallel XRP Transfer Fuels Investor Curiosity

In addition to RLUSD stablecoin movements, Ripple transferred 470 million XRP tokens on November 6, valued at approximately $250.45 million. This transaction led to considerable speculation among investors. The purpose of this significant XRP transfer remains unconfirmed, though some analysts believe it may relate to Ripple’s On-Demand Liquidity (ODL) service, which supports cross-border payments using XRP.

On-chain data revealed that the wallet receiving this large XRP transfer subsequently moved 100 million XRP to another address, valued at $53.27 million. However, Ripple has not made any official statements regarding the purpose of these XRP movements.

However, the upcoming launch of RLUSD stablecoin has prompted discussions about its impact on XRP price. Some analysts speculate that the stablecoin’s introduction may drive increased demand, pushing XRP price toward $2 in the long term. 

Moreover, technical analysis suggests XRP is currently range-bound, with resistance at $0.556 and $0.6. Nonetheless, the Ripple token’s recent surge to a monthly high has sparked optimism for a potential rally toward $1, driven by speculation around SEC leadership changes.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Coinbase Brings Bitcoin to Solana with cbBTC

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6 hours ago

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November 7, 2024

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Coinbase has just announced cbBTC, the very first Bitcoin-backed token on Solana. The newly minted SPL token is backed 1:1 by Bitcoin and held in Coinbase custody. It provides an easy way for users to access BTC directly on the Solana blockchain.

According to the announcement on X, cbBTC by Coinbase brings the power of Bitcoin onto Solana’s high-speed network, expanding the availability of BTC to decentralized applications and traders worldwide.

Bitcoin Now Accessible on Solana with Coinbase’s cbBTC

Coinbase has officially launched cbBTC on the Solana blockchain to increase access to Bitcoin within Solana’s fast-growing DeFi ecosystem. cbBTC, issued as an SPL token, is backed 1:1 by native Bitcoin held by Coinbase.

The addition will join the variety of other wrapped options for Bitcoin on the chain. Some include tBTC, WBTC via Wormhole, and soon-to-be-listed zBTC and sBTC. This further rounds out the Bitcoin offering on Solana.

On the first day, it was integrated into major DeFi platforms, including Jupiter Exchange, Meteora, Kamino Finance, Jito Sol, PhoenixTrade, DriftProtocol, Raydium, Orca, Save Finance, ManifestTrade, and Loopscale Labs, where it also presents users with most of the liquidity and collateral opportunities presented on Solana’s DeFi applications.

In the meantime, Solana (SOL) price appears poised for a breakout as bullish momentum gains traction. It also lifts the cryptocurrency to a three-month high. Some experts think it could soon reach $300 and surpass BNB token.

cbBTC Making Inroads in Global Crypto Markets

On September 12, Coinbase introduced the cbBTC customers in Singapore, Australia, the UK, and the US – apart from New York. This is its wrapped Bitcoin product, first available on Ethereum and Base. It is fully backed at a 1:1 ratio by Bitcoin and held in Coinbase custody.

One more notable thing is that cbBTC will be operated without order books or trading pairs dedicated explicitly to itself within the Coinbase platform. This is how it makes its usage seamless over multiple chains.

According to CryptoQuant, cbBTC has emerged as the third most used wrapped Bitcoin asset in just one week. The token has leapfrogged long-standing competitors such as Huobi BTC, HBTC, and renBTC, RENBTC to compensate for lost ground in the wrapped Bitcoin market.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.

Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.

Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.

Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Trump Memecoins Tanked More than 50%: Is It The End or Just A Temporary Downfall?

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14 hours ago

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November 7, 2024

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With Donald Trump’s win in the 2024 US elections, the crypto enthusiasts’ daydreams have come true, as the crypto market is on the uptrend. In the last 24 hours, the global market capitalization has surged to $2.52T, and trading volume is up to $174 Billion, clearly signifying the traders’ rising interest. More importantly, most crypto coins have achieved new gains, including Bitcoin, Ethereum, and more, but the Trump memecoins have plummeted heavily, concerning holders for its future.

Analyzing The Trump Memecoins 50% Drop

With Donald Trump’s win, the biggest impact was on the Bitcoin price, which hit an all-time high of $76,460.15. More importantly, other popular altcoins have surged to new highs, but the Trump memecoins plummeted heavily. However, it does not mean that these tokens missed the market rally. Interestingly, they were the first to jump, witnessing quite a surge.

There are four Trump coins to buy, MAGA (MAGA), MAGA (Trump), Dark MAGA (DMAGA), and Super Trump (STRUMP), and these are also the most favored by investors. However, all these had a significant rally before tanking 50% today. Here, the TRUMP token is presently trading at $2.22 despite its peak of $4.6 on November 6 after the US election result. Around the same time, MAGA recovered to $0.0002048  before falling to $0.00009533 today.

The biggest drop is in the DMAGA token price, as at one point, it surged to $0.02034, which was quite close to its all-time high of $0.0232. However, now it has dropped to $0.005401, disappointing its holders. Last but not least, the same is the STRUMP, which is now worth $0.002345 despite yesterday’s peak of $0.0084.

Overall, all the Trump memecoins had a 180 shift in the last few hours, which is not what the holders have been waiting for.

What Are The Reasons Behind All These Trump Token Dips?

As per Arkham intelligence, Donald Trump’s crypto holdings include $1.33M worth of TRUMP tokens. Many crypto analysts claim that it is a positive factor that could boost Trump-themed coins after the election win. However, instead of gains, they are facing a major decline, and the biggest reason behind this is that investors have shifted to other popular cryptos like Bitcoin, Ethereum, and others.

Donald Trump token HoldingDonald Trump token Holding

It is one of the most common trading practices, where investors flock to rising cryptos or to those that offer long-term investment benefits. This is how a dormant Ethereum whale made $30M today after returning to the market after 8 years.

With this focus shift and heavy selling pressure on the Trump memecoins after sellers took advantage of the early rally, the tokens are following a downtrend. As a result, even Donald’s TRUMP holdings are facing a 27.3% drop, and the same is true with remaining holders. However, this might be a temporary consolidation, which happened after its sudden rise past Trump’s win.

More importantly, as the market is focused on bigger cryptos, popular memecoins like these might face high volatility for the next few days. Once the selling pressure cools off, these Trump tokens might regain strength, but the consolidation might continue for now.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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