Fintech startup ZAR aims to use Pakistan’s corner stores and kiosks to make stablecoins accessible to millions of unbanked citizens. Venture capital giant Andreessen Horowitz (a16z) is leading a $12.9 million funding round for ZAR, a one-year-old fintech startup aiming to make dollar-backed stablecoins accessible to everyday consumers in Pakistan and other emerging markets. The round drew participation from Dragonfly Capital, VanEck Ventures, Coinbase Ventures and Endeavor Catalyst, according to a Tuesday report by Bloomberg. The startup is targeting Pakistan’s 240 million people, where the World Bank estimates over 100 million adults remain unbanked. Unlike many crypto companies focused on apps or global exchanges, ZAR plans to distribute stablecoins through local stores, phone kiosks and money agents, the same network used for mobile top-ups and remittances. Read more
Skipping cryp to taxes can trigger hefty fines and legal issues. Find out what really happens if you fail to report or pay taxes on your holdings. Tax authorities like the IRS, HMRC and ATO classify crypto as a capital asset, meaning that sales, trades and even swaps are considered taxable events. Tax authorities worldwide are coordinating through frameworks like the FATF and the OECD’s CARF to track transactions, even across borders and privacy coins. Authorities use blockchain analytics firms like Chainalysis to link wallet addresses with real identities, tracking even complex DeFi and cross-chain transactions. Read more
A pickup in Bitcoin price momentum and trading activity could push BTC above the next significant hurdle at $115,000 and secure a sustained recovery. Key takeaways: Bitcoin must hold support at $114,000 to confirm the recovery. Spot volume and trading activity must recover to ensure a sustained breakout in BTC price. Read more
Bitcoin’s diminishing returns and growing inaccessibility for average retail investors are threatening the predicted extension of the crypto market cycle, according to 10x Research. Bitcoin is becoming increasingly unattainable for average investors, raising questions about whether the current bull market can sustain its momentum beyond the traditional four-year cycle. Crypto market intelligence company 10x Research suggested Bitcoin (BTC) is becoming too expensive for sustained retail purchases, a development that may endanger the predicted extension of the current bull market cycle. Despite numerous calls for an extended market cycle, drawing on the conclusions of the four previous market cycles is “highly questionable,” according to 10x. Read more
Evernorth Holdings is progressing with its plan to launch a publicly traded XRP treasury vehicle on the Nasdaq by accumulating 388.7 million XRP. Evernorth Holdings, a new Ripple-backed digital asset company, has reportedly amassed $1 billion worth of XRP tokens as part of its strategy to establish an XRP treasury. As of Monday, Evernorth’s XRP (XRP) holdings totaled 388.7 million tokens, according to data from digital asset analytics platform CryptoQuant. With XRP trading above $2.60 at the time of publication, the company’s XRP holdings have surpassed the $1 billion mark — a significant milestone in XRP accumulation that came just days after Evernorth’s official debut on Oct. 20 as an institutional vehicle for XRP adoption. Read more
Crypto treasury companies tightened their purse strings after the Oct. 10 market crash, with one exception, said Coinbase’s David Duong. Public companies that buy and hold Bitcoin and Ether have largely stopped accumulating since the market tumbled earlier in October, a move signaling a recent lapse in confidence. Digital asset treasury (DAT) companies that buy Bitcoin (BTC) “have largely ghosted the post-Oct 10 drawdown and are yet to re-engage,” Coinbase Institutional global head of investment research David Duong said on Sunday. “Over the last two weeks, BTC buying by DATs fell to near year-to-date lows and has not meaningfully recovered, even on green days,” he added. Read more