Today in Crypto: Coinbase bullish on NFTs

In cryptocurrency news, Coinbase could see an additional $1.26 billion in revenue from its NFT segment, according to Needham analyst John Todaro, Coindesk wrote Thursday, March 17.

Coinbase’s NFT business is not officially out, but CEO Brian Armstrong said on the earnings call the market was ripe.

Todaro’s scenario would have the Coinbase NFT platform with a 2.5% fee, $1.5 billion in volume, and $450 million in annual revenue.

Meanwhile, cryptocurrency industry insiders donated $7.3 million to campaigns and political committees in 2021 through the end of January, but nearly all of that money came in dollars — cash, checks and credit cards — rather than bitcoin or any of the other types of tokens, Bloomberg reported on Thursday.

Federal Election Commission records show $580,000 in crypto donations to political committees during the current election cycle, which runs until the midterm elections in November. A handful of super PAC donations made up the lion’s share of that total, according to the report.

Cryptocurrency donations have been allowed in politics since 2014, but FEC reporting guidelines require campaigns and committees to convert digital assets to dollars before spending the money, triggering processing fees, in plus additional required record keeping and disclosure.

ActBlue and WinRed, online platforms that serve Democrats and Republicans respectively, do not accept crypto donations at all, the report said.

Elsewhere, Universal shopping app nate has expanded its payment options, allowing shoppers to add both cards and banks to their accounts for one-click purchases, a news release said Thursday.

It is expected to start this year, and buyers will also be able to pay with any crypto wallet.

Albert Saniger, CEO of nate, said the company’s mission is “to enable you to buy anything in the world, using any payment method in the world, by consolidating all your purchases in a single transparent, universal and private interface”.

Additionally, European Union financial watchdogs said anyone buying, selling and trading crypto should be careful of the risks, Bloomberg reported Thursday.

European supervisory authorities, which include banking, securities and market regulators, as well as insurance, have said cryptoassets are not suitable for “most retail consumers”.

This comes from the rise of crypto promotions on social media and influencers. There is more risk of misleading advertising, especially among those that promise quick or high returns.

And, Russia-based Sberbank now has a license from the Bank of Russia to issue and trade digital assets, Coindesk wrote on Thursday.

This comes two months after the bank advocated for a total ban on trading, mining and the use of crypto.

Sberbank withdrew from European markets after sanctions related to the invasion of Ukraine.

Finally, Bloomberg wrote that crypto does not appear to be an effective tool to avoid the sanctions that the United States and Europe have imposed on Russia.

“We haven’t seen evidence that Russia or Putin are systematically using cryptocurrencies to evade sanctions,” Jonathan Levin, co-founder of Chainalysis, a blockchain analytics firm that sells services, said Thursday. anti-money laundering in government. .



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