Blockchain and Crypto News: Bitcoin Surge, UK Cryptocurrency Tax Software, OKX Ventures Investment, and KuCoin Report
Get your daily, bite-sized digest of blockchain and crypto news – investigating the stories flying under the radar of today’s news. In this edition:
Bitcoin Surge Driven by Various Factors, Says Bitfinex Head of Derivatives
The recent surge in Bitcoin’s price is “a multifaceted phenomenon driven by anticipation of regulatory approvals, institutional interest, and market dynamics,” according to Jag Kooner, Head of Derivatives at Bitfinex. Kooner shared insights on what drives key market developments.
Crypto Tax Tool Launched in the UK to Simplify Crypto Taxes
Cryptocurrency tax software and portfolio tracker CoinTracking has launched a crypto tax tool that simplifies crypto taxes in the UK. UK-based investors can track their portfolios by importing trades from hundreds of exchanges, crypto wallets, and blockchain networks. CoinTracking also offers more than 25 advanced reporting features, including identifying coins eligible for a lower tax rate based on their holding period. Investors can generate the right tax reports with ease.
Investors needing further assistance with their taxes can opt for CoinTracking Full-Service, which provides a team of CT experts and partner crypto tax firms to review, validate, and adjust transactions and ensure correct tax reports.
OKX Ventures Invests in Web3 Entertainment Platform Matr1x
OKX Ventures, the investment arm of crypto exchange OKX, has announced a strategic investment in Matr1x, a Web3 entertainment platform. Matr1x has raised around $20 million from various venture capital firms and is developing Matr1x Fire, a first-person CS:GO style shooting title with a ‘battle-royale’ mode. The game integrates NFTs that unlock special experiences and privileges and will be available on mobile and desktop.
KuCoin Reports 16% Year-Over-Year User Base Growth
Crypto exchange KuCoin’s annual report reveals a 16% year-over-year increase in its user base, which is approaching 31 million. The Latin America region experienced the most significant growth with a 34% increase. Other key regions also saw substantial user base growth compared to the previous year, including the Middle East and Africa (27%) and Europe (25%). In the last quarter of 2023, spot trading volume jumped by 106%. KuCoin added 149 new assets, bringing the total to 830 digital assets, and supports 1,246 trading pairs. Additionally, it highlighted the increase in KCS holders and the popularity of KuCard within a month of its launch.
