Sovos and Unbound Tech Partner for Seamless Security and Tax Compliance of Digital Asset Transactions

Sovos and Unbound Tech Partner for Seamless Security and Tax Compliance of Digital Asset Transactions

Sovos and Unbound Tech today announced a partnership to enable institutions trading or holding digital assets and cryptocurrency an advanced platform to secure their digital asset transactions that also ensures compliant tax reporting of cryptocurrency trades. Jun 24, 2020 (MARKITWIRED via COMTEX) —
Cryptocurrency is the new face of the global financial ecosystem, with cryptocurrencies such as Bitcoin, Ethereum,… CoinPayments, the world's leading cryptocurrency payments processor, today announced Hugo Janse van Rensburg as Chief Financial Officer. A deeply experienced accountant and payments expert, Mr. van Rensburg will initially focus on standardizing accounting procedures, growing the finance team, and Bitcoin (BTC) dropped below $9,500 and tested the $9,476 by the time of writing. The first digital asset has been ragebound above $9,700 since the beginning Soccer clubs around Europe are increasingly turning to virtual “fan tokens” to raise money and enhance fan engagement Gold was in a boring ole range, but now it is on the move; going with the flow for now, but have to watch 1800-area as a potential roadblock.

Joint Solution Enables Maximum Compliance for Financial Services to Add Digital Assets and Cryptocurrencies to their Service Offerings

NEW YORK, June 24, 2020 /PRNewswire/ — Sovos and Unbound Tech today announced a partnership to enable institutions trading or holding digital assets and cryptocurrency an advanced platform to secure their digital asset transactions that also ensures compliant tax reporting of cryptocurrency trades.

Unbound Tech logo (PRNewsfoto/Unbound Tech)

As investments in cryptocurrencies increase, crypto platforms adhering to institutional-grade cryptocurrency trading standards must adapt to new compliance requirements as digital assets move mainstream.

“With the increased use of cryptocurrencies, crypto tax reporting continues to take shape. Sovos provides a platform that can seamlessly adapt to changes in reporting requirements, guaranteeing compliance for our digital asset clients while they focus on growth and adoption,” said Paul Banker, general manager of Tax and Regulatory Reporting at Sovos.

The Sovos-Unbound Tech partnership will provide advanced tools to secure blockchain transactions while ensuring  tax compliance and reducing risk. Together, the integrated solution provides a superior way for crypto-asset exchanges to efficiently report taxes and process forms while ensuring transaction security.

“Sovos offers the expertise and track record of more than three decades of tax reporting with many of the world’s largest financial institutions, and demonstrates a deep understanding of the cryptocurrency space and the unique challenges it presents,” said Rocco Donnino , vice president of strategic alliances at Unbound Tech.  “Unbound Tech and Sovos together give customers peace of mind knowing their cryptoassets are not only safe from a security standpoint, but also from a government audit standpoint, as well.”

Banker agreed. “Partnering with Unbound Tech to bring this solution to market was a natural fit,” he said. “They bring recognized digital asset security while Sovos delivers the best of intelligent tax information reporting to the cryptocurrency arena.”

To learn more about how Sovos and Unbound Tech work together to empower the protection and compliance of digital and crypto asset transactions, check out “Cryptographically Secured, Tax Ready,” a joint on-demand webinar brought to you by Unbound Tech and Sovos.

About Unbound Tech

In a world moving towards everything encrypted, signed, and authenticated — Unbound Tech’s solutions leverage the latest in MPC technology and have been selected to secure many global banks and Fortune 500 companies. With a headquarters in Tel Aviv, an international headquarters in New York, and satellite locations throughout the world, Unbound Tech and its NextGen Key Orchestration Platform provides the cryptographic infrastructure to enable enterprises worldwide to easily secure and manage all their information and digital assets. Learn more at www.unboundtech.com and follow us on LinkedIn, Twitter, and Facebook. 

About Sovos
Sovos is a leading global provider of software that safeguards businesses from the burden and risk of modern tax. As governments and businesses go digital, businesses face increased risks, costs and complexity. The Sovos Intelligent Compliance Cloud combines world-class regulatory analysis with its secure, scalable and reliable S1 cloud software platform to create a global solution for tax determination, e-invoicing compliance and tax reporting. Sovos supports more than 7,000 customers, including half of the Fortune 500, and integrates with a wide variety of business applications. The company has offices throughout North America, Latin America and Europe. Sovos is owned by London-based Hg. For more information visit http://www.sovos.com and follow us on LinkedIn and Twitter.

Press Contact:
Tova Dvorin
Unbound Tech
press@unboundtech.com 

Christina Dela Cruz
ARPR – For Sovos               
christina@arpr.com

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SOURCE Unbound Tech

Source: www.yahoo.com


Cryptocurrency Market to Witness Sales Slump in Near Term Due to COVID-19; Long-term Outlook Remains Positive

Cryptocurrency Market to Witness Sales Slump in Near Term Due to COVID-19; Long-term Outlook Remains Positive

Then again, bitcoin has been criticized by many for its relatively slow performance. Bitcoin requires about 10 odd minutes for creating a single block and has the capability to manage roughly seven transactions per second (TPS). Ethereum scores about 20 TPS and Ripple about 1,500 TPS, making these the obvious and most impressive choice over bitcoin. A third factor is also coming into play. Bitcoin did initially promise a total bypass of the centralized system to facilitate peer-to-peer value exchanges using digital cryptocurrency. However, the volatile prices of bitcoin and delays in completing time-sensitive transactions has resulted in a dramatic decline in the number of transactions incorporating bitcoin. Suffice to say that bitcoin as a reliable cryptocurrency may soon lose its market value, bursting the bubble that rose to great heights towards the close of 2017.

For more insights into the Market, request a sample of this report@https://www.futuremarketinsights.com/reports/sample/rep-gb-7574

Cybercrime to Threaten Cryptocurrency Market Growth; Social Media May Resolve Concerns of Legitimacy

Ever since cryptocurrency became an acceptable medium of digital asset exchange, the cryptocurrency market has been severely hit by rising instances of cybercrime, threatening the very legitimacy of the cryptocurrency ecosystem. The cryptocurrency market has been facing increasing incidences of fraud on legitimate transactional activities. A number of cases of money laundering through fake accounts created using stolen and forged identities; and hacking of legitimate accounts to transfer payments for fraudulent transactions have come to the fore in the cryptocurrency market. Enterprises need to harness the power of advanced cyber threat intelligence to detect dubious online behavior and prevent and mitigate cyber theft in the cryptocurrency market before it affects end users through data breach or loss of money.

Social media and online messaging networks may provide some relief to this problem of legitimizing the value of cryptocurrencies. Social media networks have started incorporating cryptocurrency as a legitimate and viable transaction medium, in keeping with a non-conventional approach to boost revenue and product outreach. Social networking strategies rest on the notional paradigm that cryptocurrency is capable of creating self-reliant economies that may one day render traditional advertising and value-based services obsolete. With social media giant Facebook planning to launch its own cryptocurrency, and cloud-based instant messaging service provider Telegram exploring the deployment of a multi-blockchain payment gateway, the future growth trajectory of the cryptocurrency market may well ride upon the solid blockchain architectures incorporated by social networking and private messaging channels.

Request for Covid19 Impact Analysis:https://www.futuremarketinsights.com/covid19/rep-gb-7574

Regulatory Mandates to Define Private Sector Investments Across the Regional Cryptocurrency Landscape

With cryptocurrency fast gaining ground across the globe, the need for strict regulations governing the use of cryptocurrencies is more relevant today, given the enormous investment risks associated with digital currencies. The United States has been at the forefront of cryptocurrency adoption; however the cryptocurrency landscape in the United States is more fragmented with each state defining individual laws and regulations governing the use of digital currency. States with clear and well-defined rules will most likely benefit from advancements in blockchain technology and witness increase in investments in cryptocurrency – thereby pushing other states to strengthen their cryptocurrency regulations.

Licensing mandates defined by individual states in the U.S may threaten non-American investors and cryptocurrency licensing will predominantly depend on how the U.S treats cryptocurrencies. If treated as a currency, federal regulations will undoubtedly take precedence over individual state licensing rules. If treated as securities, companies offering cryptocurrency products – especially Initial Coin Offerings (ICO) – will need to adhere to the Blue Sky Laws (individual state security laws enforced to protect investors from fraudulent activities) and register their product offerings prior to any sale in the cryptocurrency market. The cryptocurrency market scenario in the European Union appears positive with both the U.K and the European Union united in their plans to enforce cryptocurrency regulations – Brexit notwithstanding. Regulatory plans are on the anvil to create a more secure environment for cryptocurrency trading, with a view to protect investors from risks arising out of price volatility, operational issues, security lapses, and pecuniary losses.

The Asia Pacific region is fast evolving into a major hub for digital trading and cryptocurrency. Countries such as Japan, Singapore, South Korea, and Thailand are gradually embracing the concept of cryptocurrency trading and adopting blockchain technology. The right regulations will create a more positive environment for the cryptocurrency market to flourish across these countries. A recent development in the cryptocurrency market has been the adoption of virtual currencies by the Middle East. With cryptocurrency trading now officially declared Sharia compatible, countries of the Middle East including Dubai and Saudi Arabia are becoming active contributors to revenue growth of the cryptocurrency market in the Middle East.

For Information On The Research Approach Used In The Report, Request Methodology@https://www.futuremarketinsights.com/askus/rep-gb-7574

Segmentation of the Cryptocurrency Market

Cryptocurrency Market Highly Lucrative for Existing Players as well as New Entrants; Bitcoin Mining May Turn into an Oligopolistic Market in Future

The global cryptocurrency market is growing by the day and lucrative opportunities are just around the horizon for companies dealing in virtual currencies. While the question of whether bitcoin will continue to dominate the cryptocurrency market is still debatable, bitcoin mining may well create a niche and make the cryptocurrency market an oligopoly. Some of the top companies currently doing business in the global cryptocurrency market include Microsoft Corporation, IBM Corporation, Coinbase, Digital Limited, Bitstamp Ltd., Bitfury Group Limited, Coinsecure, Unocoin, Global Area Holding Inc., Poloniex Inc., Bitfinex, BTL Group Ltd., and Zeb IT Service Pvt. Ltd.

This extensive research study on the cryptocurrency market evaluates the various dynamics influencing growth and benchmarks Y-o-Y performance and revenue growth by tracking historical data, current revenue forecasts, and future market projections. Insights presented in this report on the global cryptocurrency market have been garnered through exhaustive secondary research and validated through in-person interviews with key market stakeholders. Certain predictions on the future growth of the cryptocurrency market are based on an internally devised set of methodologies and research framework models.

COMTEX_367342903/2612/2020-06-24T21:45:06

Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

Source: www.marketwatch.com


CoinPayments Grows Executive Team, Adds Hugo Janse van Rensburg as CFO to Drive Financial Transparency and Expansion Planning

CoinPayments Grows Executive Team, Adds Hugo Janse van Rensburg as CFO to Drive Financial Transparency and Expansion Planning

GEORGETOWN, Cayman Islands, June 24, 2020 /PRNewswire/ – CoinPayments, the world’s leading cryptocurrency payments processor, today announced Hugo Janse van Rensburg as Chief Financial Officer. A deeply experienced accountant and payments expert, Mr. van Rensburg will initially focus on standardizing accounting procedures, growing the finance team, and boosting overall transparency as CoinPayments targets aggressive growth.

“Hugo is the right CFO to lead our finance team as we roll out our new strategic plan,” said CoinPayments CEO Jason Butcher. “His deep experience in financial reporting and complex international transactions is exactly what we need as CoinPayments looks to increase transparency and bring cryptocurrencies to a new set of merchants.”

Prior to his work with CoinPayments, Mr. van Rensburg worked as a Senior Accountant at BDO and held positions at PwC and Ernst & Young. He is a native of Cape Town, South Africa and completed his Bachelor of Commerce in Accounting at the University of Cape Town.

“For merchants around the world, the door to cryptocurrencies is open and now is the time to make a major push to ensure digital payments are attractive for large financial institutions,” said Mr. van Rensburg. “I’m excited to join CoinPayments at this moment and look forward to building a finance team that will support our overall strategic focus on growth in 2020.”

Mr. van Rensburg’s appointment is effective immediately.

About CoinPayments
CoinPayments is the easiest, fastest and most secure way for merchants worldwide to transact in cryptocurrencies. It is the first and largest cryptocurrency payments processor with more than US $5 billion in total transactions to date, while supporting more than 1,900 coins, and is the preferred cryptocurrency payment solution for merchants and eCommerce platform providers worldwide. Founded in 2013 and headquartered in the Cayman Islands, CoinPayments is dedicated to providing clients with fast, secure and user-friendly crypto payment APIs, shopping cart plugins, digital wallets, and a host of other solutions supporting cryptocurrency payment applications. Learn more at: https://www.coinpayments.net/

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SOURCE CoinPayments

Source: www.yahoo.com


Cryptocurrencies Price Prediction: Wrap 24 June

Cryptocurrencies Price Prediction: Wrap 24 June

Bitcoin (BTC) dropped below $9,500 and tested the $9,476 by the time of writing. The first digital asset has been ragebound above $9,700 since the beginning of the week; however the lack of the follow through demotivated the bulls and pushed the price mack inside the previous consolidation range. 

Ripple price has embarked on the ultimate journey towards $0.20 following another shot at the seller congestion zone, $0.19. The recovery commenced in the Asian session on Wednesday but was only able to take down the barrier at $0.19 in the ongoing European session. At the time of writing, XRP/USD is teetering at $0.1904 amid a building bullish momentum.

Litecoin (LTC) dropped from the intraday high of $44.60 and tested $43.16 amid sharp sell-off across the board. At the time of writing, LTC/USD is changing hands at $43.39, down nearly 2% since the start of the day. Litecoin is the seventh largest digital asset with the current market value of $2.8 billion and an average daily trading volume of $1.39 billion. 

Bitcoin (BTC) dropped below $9,500 and tested the $9,476 by the time of writing. The first digital asset has been ragebound above $9,700 since the beginning of the week; however the lack of the follow through demotivated the bulls and pushed the price mack inside the previous consolidation range. 

Ripple price has embarked on the ultimate journey towards $0.20 following another shot at the seller congestion zone, $0.19. The recovery commenced in the Asian session on Wednesday but was only able to take down the barrier at $0.19 in the ongoing European session. At the time of writing, XRP/USD is teetering at $0.1904 amid a building bullish momentum.

Litecoin (LTC) dropped from the intraday high of $44.60 and tested $43.16 amid sharp sell-off across the board. At the time of writing, LTC/USD is changing hands at $43.39, down nearly 2% since the start of the day. Litecoin is the seventh largest digital asset with the current market value of $2.8 billion and an average daily trading volume of $1.39 billion. 

Bitcoin (BTC) dropped below $9,500 and tested the $9,476 by the time of writing. The first digital asset has been ragebound above $9,700 since the beginning of the week; however the lack of the follow through demotivated the bulls and pushed the price mack inside the previous consolidation range. 

Ripple price has embarked on the ultimate journey towards $0.20 following another shot at the seller congestion zone, $0.19. The recovery commenced in the Asian session on Wednesday but was only able to take down the barrier at $0.19 in the ongoing European session. At the time of writing, XRP/USD is teetering at $0.1904 amid a building bullish momentum.

Litecoin (LTC) dropped from the intraday high of $44.60 and tested $43.16 amid sharp sell-off across the board. At the time of writing, LTC/USD is changing hands at $43.39, down nearly 2% since the start of the day. Litecoin is the seventh largest digital asset with the current market value of $2.8 billion and an average daily trading volume of $1.39 billion. 

Bitcoin (BTC) dropped below $9,500 and tested the $9,476 by the time of writing. The first digital asset has been ragebound above $9,700 since the beginning of the week; however the lack of the follow through demotivated the bulls and pushed the price mack inside the previous consolidation range. 

Ripple price has embarked on the ultimate journey towards $0.20 following another shot at the seller congestion zone, $0.19. The recovery commenced in the Asian session on Wednesday but was only able to take down the barrier at $0.19 in the ongoing European session. At the time of writing, XRP/USD is teetering at $0.1904 amid a building bullish momentum.

Litecoin (LTC) dropped from the intraday high of $44.60 and tested $43.16 amid sharp sell-off across the board. At the time of writing, LTC/USD is changing hands at $43.39, down nearly 2% since the start of the day. Litecoin is the seventh largest digital asset with the current market value of $2.8 billion and an average daily trading volume of $1.39 billion. 

News Source

Source: elevenews.com

Author: Published 17 hours ago


Soccer teams turning to virtual 'fan tokens' to raise money

Soccer teams turning to virtual ‘fan tokens’ to raise money

MADRID (AP) — Soccer clubs around Europe are increasingly turning to virtual “fan tokens” to raise money and enhance fan engagement.

And the money can pile up fast.

The latest club to enter the world of blockchain, Spanish champion Barcelona, generated 1.2 million euros ($1.3 million) in less than two hours on Monday.

The 600,000 Barcelona cryptocurrency-based tokens, which sold for 2 euros ($2.20) each, give fans exclusive voting rights in club-specific polls and can give them a chance to win rewards that could include watching games as VIP guests or meeting with players.

Blockchains are “blocks” of information or transactions that are secure and transparent. They are stored on a network of computers around the world without the need of a centralized party or authority to control the data. The information can’t be altered, and the blocks are “chained” together using cryptography to form a protected and public digital ledger.

“Thirty years ago people thought that this internet thing was just about sending email, but today thanks to the internet you can do a million things,” said Alexandre Dreyfus, the CEO of the Socios.com platform where fans can buy tokens and vote on club surveys. “And it’s a bit the same with blockchain. We still don’t know how to use the technology to innovate and do something that not necessarily existed before.”

Barcelona joined Paris Saint-Germain, Juventus, Roma, Atlético Madrid and others using blockchain.

Token buyers can also make money in return by trading the digital assets at a price determined by the market’s supply and demand, and ultimately by the team’s performances and actions.

A team signing Neymar, for instance, could see the price of its tokens go up. A club facing relegation could see the price of its virtual asset go down.

Another batch of Barcelona tokens was put on sale on Wednesday, with the price rising 200% in the first five minutes of trading, Socios.com said. The trading volume hit $1 million in the first six minutes.

Owners can sell and trade their tokens using Chiliz, one of the many cryptocurrencies based on blockchain technology. The trading is done on Chiliz.net.

For now, most clubs are highlighting “fan engagement” as the main advantage of their blockchain-based fan tokens.

“For the biggest clubs in the world, 99.9% of sports fans are not actually in the stadiums, or even in the same city or country of the club that they are supporting,” Dreyfus told The Associated Press.

“There is a lack of engagement and monetization towards this global fan base,” he added. “All these fans have no significant way to have a voice and have an influence. By owning one of these fan tokens, suddenly you are being recognized, and more importantly, you have a voice and a right to vote on a decision that the club is asking you.”

Barcelona said the fan tokens are part of the club’s world-wide expansion strategy as it looks for new digital channels and formats to generate greater engagement with its international fan base. They have been incorporated as the club tries to develop “new streams for the generation of resources” and to become a “benchmark both on and off the field.”

The first survey in which Barcelona token owners can vote on is related to the artwork of a mural that will decorate the dressing room at the Camp Nou.

Juventus was the first club to launch its fan tokens about six months ago, with its supporters choosing the celebration song that is now played when the team scores a goal.

The first PSG poll in February allowed fans to choose an inspirational message to go on the captain’s armband, and Galatasaray’s supporters picked the song played when the team enters the field. Roma fans voted on the name of a field at the club’s training center, and Atlético Madrid’s supporters chose player Álvaro Morata to give exclusive insight into the club’s daily life.

The tokens became a more significant engagement tool during the coronavirus pandemic. PSG players Edison Cavani and Thiago Silva sent personal messages to fans, and Galatasaray token owners gained life-sized cardboard photos of themselves in the team’s stadium.

“The pandemic forced the clubs to look at the other 99% of fans that can generate revenue,” Dreyfus said. “It forced them to reconsider and to try to monetize their global fan base.”

Other blockchain-based actions making their way into soccer include officially licensed digital cards of players, which can be used in virtual fantasy games. Platform Sorare has deals with several clubs and leagues, including the Serie A. It said it has more than 1,800 officially licensed soccer players on the platform, with 3,000 active users who generated about $200,000 in sales in May.

Portuguese club Benfica last year was a pioneer in allowing the use of cryptocurrencies for the purchase of tickets and merchandising. Some clubs also resorted to blockchain to track the authenticity of some of their official products. There were announcements of clubs possibly using cryptocurrencies for salaries and other payments, though nothing has materialized so far.

___

More AP soccer: https://apnews.com/Soccer and https://twitter.com/AP_Sports

___

Tales Azzoni on Twitter: http://twitter.com/tazzoni

Source: www.usatoday.com


Gold Price Breakout In for a Big Test

Gold Price Breakout In for a Big Test

  • Gold breaking out of range, big test at hand
  • Three peaks from 2011/12 to hurdle

Last week, gold was described as being boring, but that it was a good thing to be moving sideways because it meant it was building a solid base to rally from. With yesterday’s breakout, gold can has a shot at taking on a major hurdle from 2011/12.

Looking at three peaks formed during the topping sequence in 2011/12, there is a small, but strong zone from 1795 up to 1803. For spot gold to reach the 2011 high of 1920 it is the next barrier to focus on. It should not be surprising to see it struggle there, but perhaps it doesn’t. Which is why the two-month base from which gold is rallying from was a good thing despite it having been frustrating for short-term maneuvers. It may have helped build up enough power to push on through.

As long as the recent range breakout isn’t breached with authority the outlook will be viewed as bullish even if there is some initial struggles to cross 1800 with conviction. And if it does cross over the threshold then that major level of resistance will be viewed as a new level of support.

For now, running with a long bias until evidence comes in to the contrary. Silver is also lined up well as it has been a solid-looking trend since the March low. Watch for it to cross 18.38 to further along the trend towards 19.64, and possibly higher.

Gold price daily chart

Gold price weekly chart

Gold Price Charts by TradingView

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

—Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

Source: www.dailyfx.com

Author: Paul Robinson


Sovos and Unbound Tech Partner for Seamless Security and Tax Compliance of Digital Asset Transactions


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