Public interest in crypto-related tattoos has boomed with related internet searches reportedly up by 222 percent in the past year. Whether depicting a bitcoin or a play on ‘to the moon’, digital asset-related ink is the new trend:
According to a report authored by ‘Crypto Head’, crypto investors and tattoo fans are creating their own Venn diagram as the overlap of people willing to mix the two passions grows.
The data claims that the phrase “crypto tattoo” was the subject of at least 1,900 internet searches last year. On Instagram, #cryptotattoo was used on 956 posts.
Bitcoin neck tattoo. Source: Pinterest
Blockchain brand tattoo. Source: Pinterest
Matching ‘to the moon’ shoulder tattoos. Source: Pinterest
Beauty is in the eye of the beholder; where some want to be branded by their favourite blockchain, others may prefer to simply admire crypto ink from a distance.
NFT Interest Fluctuates
Crypto tattoos may be replacing NFTs as the hot new online trend. With sales sliding, Google Trends data from earlier this month indicated that global interest in NFTs is down by 45 percent in terms of internet searches. Actual sales were down 30 percent, with Solana the only NFT-supporting blockchain to make sales gains.
However, in September 2021, 84 percent of institutional investors believed there was a place for crypto in their portfolios. A lot of the investors surveyed also indicated they would like to be able to invest in crypto-related ETFs.
A digital assets specialist at the Commonwealth Bank of Australia has confirmed the bank’s intentions to invest more into crypto facilities following the CBA’s highly successful launch of its in-app crypto trading service in November last year.
CommBank is looking to offer more crypto-related services.
Representatives from Visa, JPMorgan, Macquarie Bank and the CBA addressed this week’s Blockchain Australia Blockchain Week conference with reports of heightened consumer desire for cryptocurrency-related services. CBA’s Sophie Gilder in particular had some interesting updates to share on behalf of her bank:
According to Gilder, head of blockchain and digital assets at CommBank, her department is looking to offer additional products for both institutional and retail crypto investors. CBA’s goal is to offer enough crypto-related services to cater to the full spectrum of client needs and it is looking at ways to “double its blockchain size” in the coming months.
Aussie Banks Adapting to Crypto
In November, CBA became Australia’s first bank to support crypto purchases with its CommBank mobile app. Partnering with blockchain analytics firm Chainalysis and crypto exchange Gemini, CBA sought to provide customers with exchange and custody services, allowing users to buy, sell and hold digital assets.
Following the precedent set by CBA, ANZ acknowledged that “there is a weight of money you simply can’t ignore” in stating its belief that crypto was “here to stay” in Australia.
One of the world’s leading digital asset exchanges has once again landed itself in hot water. This time it has been hit with a class action lawsuit which, among other things, claims that it sold 79 different digital assets that constituted “unregistered securities”:
Coinbase is facing a class action lawsuit arguing that at least 79 tokens it sells are actually securities and consumers are not getting the level of warning they would if they were buying stocks in say Robinhood or the eTrade app.
Legal proceedings have been launched by three users who accuse Coinbase of selling unlicensed securities and are seeking damages amounting to at least US$5 million on behalf of themselves, in addition to others who have purchased Dogecoin, Solana, Cardano, and more than 70 other tokens listed in the claim.
The suit argues that although some digital assets such as Bitcoin closely resemble commodities, in that they are decentralised, others are more akin to traditional securities (or shares).
The plaintiffs argue that the manner in which some tokens were offered to the public was in fact modelled on an IPO (initial public offering), which necessarily requires a significant amount of disclosures. In the case of the tokens in question, it was argued that disclosures were extremely limited, typically in the form of a “whitepaper” supplemented with adverts and social media posts.
In short, the argument is that the tokens constitute “securities” as defined by the “Howey test”, which requires that all four elements be met on the following criteria:
It involves an investment of money;
It has a common enterprise;
It was made with a reasonable expectation of profits; and
It is derived from the entrepreneurial or managerial efforts of others.
This test, originating from a 1946 Supreme Court decision, is all too familiar for the Securities and Exchange Commission (SEC), which recently began looking into the question as to whether some NFT drops pass this test.
Case ‘Not Much of a Surprise’
Philip Moustakis, counsel at Seward & Kissel for Coinbase, suggested that “the case is not much of a surprise. After all, the SEC has signalled that it intends to pursue investigations or actions against crypto-exchanges.”
He added that the court would need to do the painstaking one-by-one examination of each of the tokens, highlighting the need for greater regulatory clarity:
Unless and until the SEC provides further guidance and a path to compliance for token issuers, crypto lending products, exchanges, and other market participants, the question of whether any particular crypto-asset or transaction is a security will be litigated one at a time.
Philip Moustakis, senior counsel, Seward & Kissel
Having felt the heat of regulatory scrutiny over its lending product, this latest lawsuit comes as another blow to Coinbase. The lawsuit may well have far-reaching consequences given that it aims to cover all persons and entities who transacted in any of the 79 tokens between October 8, 2019, and the present.
From an outsider’s perspective, this case may just be what is needed to finally put the question to rest as to whether some tokens are “unregistered securities”. Michael Saylor, the unofficial King of Bitcoin, clearly believes that most will:
After Bored Ape Yacht Club (BAYC) holders received an airdrop of the new ApeCoin (APE) this week, it was promptly sold off with the token dropping significantly as a result.
On March 17, ApeDAO launched the new ApeCoin linked to BAYC, one of the most valuable non-fungible token (NFT) projects in the space. The launch had a bit of a rough start after the APE token fell nearly 80 per cent in the first few trading hours, though it now seems to be steadily climbing as the accumulation phase starts for those who couldn’t get the coins for the airdrop.
ApeCoin/USD price chart. Source: CoinMarketCap
The token fell from its high of US$39.40 to a relatively stable $14.75 at the time of writing. At one stage, the coin was trading for as low as $6.48, according to CoinMarketCap. The total market cap for the token now sits at around US$4 billion, making it the 33rd-largest coin on the day of its launch.
APE was airdropped to BYAC NFT holders after the announcement that it was part of a new campaign by ApeDAO. Each holder received 10,000 coins that could be collected for a 90-day period, but users quickly sold their coins, pushing the price down considerably.
ApeCoin Airdrop Follows Familiar Pattern
If previous airdrops are anything to go by, this one might just be following a similar pattern, according to Braindrops’ co-founder, who attributes its classic price movement to a large release of tokens. This, however, remains to be proved:
— JUSTIN // BrainDrops: A Platform for AI-Gen Art (@justintrimble) March 17, 2022
According to its official website, the coin will serve as “a decentralised protocol layer for community-led initiatives that drive culture forward into the metaverse”. The token was developed by ApeCoinDAO, a different entity from Yuga Labs – the creators of BAYC – and has some heavy hitters, such as the co-founder of Reddit and the Head of Ventures and Gaming at FTX, sitting on its advisory board.
Is Coin Launch Helping the Project?
When looking at the marketplace, a consequence of the asset’s launch could have helped the average price of the BAYC collection. The project floor price rose significantly across the past seven days from 76.11 ETH on March 11, with a total volume of 913 ETH, to an average price of 110.15 ETH and a volume of 9,583 ETH in the hours following the launch.
Racy online video subscription platform OnlyFans has donated 500 ETH (about US$1.27 million) to UkraineDAO, a decentralised autonomous organisation raising funds to support Ukraine in its resistance to the Russian invasion.
Risque vs Reward: Personal Element to OnlyFans’ Altruism
The website says it has now contributed over US$5 million to various humanitarian efforts supporting the besieged country, its charitable effort led by OnlyFans’ Ukrainian-American owner Leonid Radvinsky.
Since Russia’s invasion began last month, UkraineDAO has been a leading crypto contributor to Ukraine’s government, which has now received more than US$100 million in crypto donations from a range of sources.
UkraineDAO was formed by radical Russian art collective Pussy Riot and NFT studio Trippy Labs. OnlyFans’ 500 ETH contribution was counted as part of the largest single donation to date, from a US$6.5 million crowd-funded NFT sale on March 2.
CEO Extends Sympathy to Creator Community
“These tragic events have had a terrible impact on individuals, including members of our creator community,” OnlyFans CEO Ami Gan said in a statement.
Given our strong personal ties to Ukraine, we wanted to support in a way which felt true to who we are at OnlyFans, and which focused on getting aid and support to the Ukrainian people.
Digital asset exchange FTX and the Ukrainian Ministry of Digital Transformation have come together to develop a platform for crypto donations to the besieged country’s war defence.
‘Aid for Ukraine’ is utilising FTX’s technology to convert crypto donations into fiat money, which is then distributed to Ukraine’s National Bank’s fundraising account:
The official website where users from around the world can make crypto donations to Ukraine goes live: https://t.co/UJhiA1jBWc. It has never been so easy to support 🇺🇦! A beautiful joint initiative of our @mintsyfra in partnership with @everstake_pool and @FTX_Official. We win!
Mykhailo Fedorov, Ukraine’s Vice Prime Minister and Minister of Digital Transformation, took to Twitter on March 15 to announce Aid for Ukraine, the result of a partnership between the nation, FTX and decentralised staking provider Everstake.
FTX and Everstake have been developing the necessary technology to convert incoming donations into fiat money that can be used by Ukrainians in need. The money is sent to the National Bank’s fundraising account and distributed appropriately, though some Twitter users have raised concerns about how their donations are being spent:
But dont buy weapons with our donations. Help refugees with it
The donated funds are said to be sent directly to both the nation’s armed forces and civilians in need of humanitarian assistance. At the time of writing, over US$48 million had been raised via the platform.
The site currently accepts BTC, ETH, SOL, EOS, DOGE, XMR, USDT, DOT, ICON and NEO. Updates on how much has been raised by the community so far can be viewed on the Aid for Ukraine website.
Crypto Funds Ukrainian Defence Effort
Crypto donations are playing a large role in Ukraine’s defence against Russia. On March 4, an NFT of the Ukrainian flag raised US$6.75 million in crypto for the nation, proceeds of which were directed to the ‘Come Back Alive’ organisation which donates supplies to the families of soldiers and civilians.
Total crypto donations to Ukrainians have now surpassed US$108 million. Kraken exchange recently distributed over US$10 million in aid to Ukraine citizens with crypto wallets. The total donations are dispersed across relief efforts, charities, and government wallets.
Sydney is set to host a three-day conference exploring potential opportunities for blockchain and crypto technology. The Emergence22 conference (March 9-11) at the Fullerton Hotel in the city’s Martin Place will feature more than 40 guest speakers, with free virtual passes on offer for those who wish to attend digitally.
Day one of Emergence Sydney is dedicated to discussion on renewable energy and the power grid, following a keynote address. Attendees can expect day two to touch on fintech and health care, and day three totally devoted to crypto with sessions on Web3 and NFTs and a lengthy list of industry guest speakers. The conference will also feature what Binance Australia is calling “the first NFT art gallery”.
There are free virtual passes to attend online, with live attendance tickets priced at A$101. For a more in-depth rundown of what’s available across the three-day event, access Emergence Sydney’s itinerary online. If you are looking to attend in person, limited tickets are still available.
More Notable Crypto Dates for 2022
March is action-packed in crypto terms, with several partnerships, announcements, rebrands and conferences greenlit. Most of this month’s live events are online, though we’ve compiled a full list of dates to make it easy for you to keep up.
The Gold Coast is set to host Australia’s largest crypto convention in September. This not-to-be-missed weekend will feature guest speakers, workshops, networkers, and more. Crypto News Australia has two weekend conference passes to give away. Visit our Twitter page for info on how to enter the draw:
We're giving away 2 x full weekend passes to Australia Crypto Convention at Gold Coast in September 2022.
To win: – follow @AusCryptoCon – tag a mate below that you would bring
A new report from global hiring and payroll company Deel shows that the number of everyday people who receive their salaries in crypto has increased globally. The State of Hiring Report 2021 also reveals a 10 percent month-over-month increase in people wanting to be paid in crypto.
Data was pulled from over 100,000 employment contracts in over 150 countries. The top regions of employees taking a portion of their pay in crypto were Latin America (LATAM), and Europe, the Middle East and Africa (EMEA). LATAM was by far the highest, showing 52 percent of all employees took at least a part of their salaries in crypto.
Bitcoin (BTC) is the preferred choice of payment for crypto salaries, while the study showed 63 percent are paid in BTC, with ETH and USDC each accounting for 7 percent of payments.
Australia Saw a 23% Rise in Salaries
Asia-Pacific Countries (APAC) in the report showed Australia had the biggest gain in crypto salaries, with an increase of 23 percent. India’s were up 10 percent, while the Philippines’ increased by 6 percent.
According to new research by Finder.com.au, a quarter of all Australians would be happy to have a portion of their salary paid in Bitcoin. The “national survey” had only 1,000 respondents, yet it revealed that 24 percent of respondents wanted to be paid at least partially in Bitcoin. Getting paid a crypto salary is certainly an attractive option, as many Aussies already invest a portion of their earnings into digital assets.
With more Australians looking for inflation hedges, yield-bearing assets and alternative investment opportunities, it’s not surprising that this many people are willing to be paid part of their salary in Bitcoin.
Taylor Blackburn, personal finance specialist, Finder.com.au
Getting paid in crypto could be the norm within a few years, experts say. More and more individuals, businesses, institutions and even nations are entering the cryptocurrency space every day. Global mass adoption is imminent.
Since the start of Russia’s military invasion of Ukraine on February 24, over US$37 million in Bitcoin and other cryptocurrencies has been donated to the Ukrainian government and Ukraine-based non-governmental organisations (NGOs).
This figure is rising rapidly as donations continue to pour in from crypto users around the globe.
The official Twitter account of the Ukrainian government issued a request for crypto donations on February 27, including to its official Bitcoin, Ethereum and USDT (ERC-20) addresses.
Initially there was some scepticism about the legitimacy of the request, with Ethereum founder Vitalik Buterin tweeting a warning – but it was later confirmed the addresses were under the direct control of the Ukrainian government.
Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT.
BTC – 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P
ETH and USDT (ERC-20) – 0x165CD37b4C644C2921454429E7F9358d18A45e14
Getting some confirmations from a couple sources that it's legit. Deleting my warning for now. But continue to be vigilant, and always be slow and careful when sending irreversible crypto transactions. https://t.co/Odv5pxf3mp
Analytics Show Most Donations Direct to Government
According to crypto analytics firm Elliptic, of the current donations, US$10.6 million has gone directly to the Ukrainian government from 13,670 individual transactions – including the donation of one NFT worth US$1.86 million, which was originally intended to raise funds for imprisoned Wikileaks founder Julian Assange.
The remainder of the donations have gone to NGOs, most notably Come Back Alive, which has received over US$6.5 million in Bitcoin and has come to rely more heavily on crypto donations following the suspension of its Patreon account due to funding military activity.
Crypto Shines During Conflict, Both Sides Could Benefit
Many in the community have noted the advantages crypto provides over more traditional payment systems during times of crisis. While Russia looks like it may be entirely cut off from the SWIFT network and Patreon suspends the accounts of NGOs, crypto donations continue to flow unabated:
What an amazing moment. A country under siege turning to #crypto fundraising.
Of course, crypto’s decentralised nature allows for funds to flow freely to both sides of the conflict and there’s still significant doubt and concern about how crypto might influence the course of this, and future, military conflicts.
Criminal whales are defined as private wallets holding over US$1 million worth of crypto, where 10 percent or more of these funds are obtained from illicit addresses associated with malware, scams and fraud. Chainalysis’ February 16 report contains data collected from 2017 to 2021 that shows just how drastically the figure has risen over that period.
Sources of illicit transactions. Source: Chainalysis
Shares of all illicit funds. Source: Chainalysis
Crypto’s double-edged sword of minimal regulation is causing the creation of various groups to counter illegal activity. One such example is the US Justice Department’s National Cryptocurrency Enforcement Team (NCET), the formation of which was announced last week.
Chainalysis Findings and Partnerships
Released in late 2021, another Chainalysis report found that scam revenue had risen by 81 percent in that year alone. A large portion of these scams were rugpulls, where a project’s team cuts and runs with investor funds.
In November last year, Chainalysis opened an office in Canberra after agreeing to a partnership with the Commonwealth Bank of Australia (CBA). This came in response to increased mainstream adoption of cryptocurrencies and demand for CBA’s crypto exchange and custody service.
