This week Ethereum network fees fell a lot. They dropped below $10 per transaction, a level not seen since March 10, 2022. The average ethereum transaction fee was $5.68 or 0.0027 ether on May 17. Because layer one (L1) fees are cheaper, layer two (L2) fees range between $0.02 to $1.13 per transaction.
Nik Storonsky, founder of Revolut, is set to create his own venture capital fund powered by artificial intelligence.
Certora raised $36 Million in Series B funding led by Jump Crypto and with participation from Tiger Global, Galaxy Digital, and Tiger Global. This Israel-based company offers security analysis tools for smart contracts based on blockchain technology.
Lemniscap and Galaxy Digital led the round to support Encode Club’s Web3 education offerings.
According to documents, Square Enix announced its mid-term business plan. This will strengthen its blockchain pivot. The company will continue investing in blockchain companies such as Animoca Brands, The Sandbox, and other areas. Square Enix recently sold its Western studios to a company for $300 million. However, the funds will not be used to make these Web3 investments.
The Reserve Bank of India (RBI), India’s central bank has expressed concern that cryptocurrency could lead to dollarization of part of India’s economy. It will severely undermine the RBI’s ability to regulate the monetary system in the country.
China hosts 21% of global Bitcoin hash rates despite the ban by the Chinese government last year.
Coinbase, a cryptocurrency exchange, has restructured its workforce to meet the market’s changing needs.
According to reports, the Securities and Exchange Board of India has proposed that public figures (including celebrities) be prohibited from advertising and endorsing cryptocurrency products. Public figures could also be held responsible for violating laws when they promote crypto products, according to the regulator.
Portugal is one of the countries that are considered to be a crypto tax haven because it does not tax crypto-related income. It is now preparing to change its policy. Minister of Finance Fernando Medina of Portugal stated that they are working on a framework that will allow taxation of crypto-related income gains. He also said that there can’t be any gaps that would allow income gains to be taxed.
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