The Weekly Wrap – Infrastructure Bill, Investment Funds and a New NFT Marketplace
Nov 19, 2021 - 3 min read
1. U.S. President Biden signs infrastructure bill into law
The Facts:
- On Monday, President Joe Biden officially signed the $1 trillion infrastructure bill, which was often criticized by crypto proponents.
- Besides the specified spending on infrastructure projects, the bill also addresses sources of income – one of which is the tax income from the crypto industry.
- The bill establishes new tax reporting rules for crypto brokers as well as transactions of over $10’000.
Why it’s important:
- The infrastructure bill only loosely defines the term “broker”, potentially also including miners and validators.
- A group of U.S. Congress members has now come together in a letter addressed to House Speaker Nancy Pelosi, in an attempt to modify the content of the bill.
We stand united to ensure more tax certainty for #cryptocurrency and work with the IRS on key reforms. Together, we will continue to support innovation and protect consumers. pic.twitter.com/xu1Dj2GAqD
— Rep. Darren Soto (@RepDarrenSoto) November 16, 2021
2. Paradigm announces launch of $2.5 billion venture fund
The Facts:
- The fund, focused on investing in crypto companies and protocols, is the largest of its kind since the launch of the $2.2bn Crypto Fund III by Andreessen Horowitz, back in June 2021.
- The scope of investments ranges from $1m to +$100m.
Why it’s important:
- A trend of community supporting funding such as the Oasis Foundation development fund or the Polkadot development fund has shown the dedication of project supporting the growth of the ecosystem.
- Venture capital funds, which play crucial role in growing and developing upcoming projects, are also involved. The more the market grows the more access to funding will be available.
Bitcoin adoption before hyperinflation is a moral imperative.
3. NFT marketplace aggregator Genie goes live
The Facts:
- The platform has completed its beta phase and has now gone live.
- It enables users to buy NFTs in batches from multiple platforms.
- In addition, it provides a feature that allows users to list multiple NFTs on one or more marketplaces simultaneously.
Why it’s important:
- Being able to trade multiple NFTs in a single transaction, leads to savings in gas fees and more efficient routing when completing trades.
- Ever since Ethereum’s London Upgrade, gas fees on the Ethereum network have been rising significantly. This marketplace allows users to trade with NFTs for lower prices than usual.
Number of the week
Cost for renaming the Staples Center to Crypto.com Arena
4. Valkyrie to launch $100m hedge fund
The Facts:
- Valkyrie Investments is offering a new hedge fund starting next Monday.
- The fund will include investments in multiple cryptocurrencies and blockchains, including Ethereum, Solana, Avalanche and more.
Why it’s important:
- Valkyrie’s new fund will be the first one actively making use of DeFi features like yield farming and staking rewards.
In other news
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