Hate Taxes? Move to Portugal

Good morning. It is tax day in the USA and the CT5 has some helpful information for next year if you'd like to avoid the pain of doing crypto taxes. We've also got Uniswap growth plans, another huge DeFi hack, and more!

Market Update (as of 8:22am ET):

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Top 5:

1. Uniswap seeks growth with code that embeds its trading capabilities in websites. The developer behind the largest spot-crypto decentralized exchange has released code so that any company can embed the platform's capabilities on their website. The new widget will be available on OpenSea and will allow users to swap tokens without leaving the NFT exchange. Several other web3 platforms will also be deploying the widget during the initial launch phase. “To grow, we have to grow the whole market,” said Mary-Catherine Lader, chief operating officer at Uniswap.

2. Attacker drains $182M from Beanstalk stablecoin protocol. Over the weekend, the second nine-figure DeFi hack in less than a month occurred. This time the victim was Beanstalk Farms, a stablecoin protocol on the Ethereum network. The hacker got away with $80 million in crypto, but left severe damage to the protocol in his wake. The BEAN stablecoin was trading around 14 cents versus its usual $1 peg. The hacker used a flash loan from Aave to purchase a large amount of the Stalk governance token, then submitted and approved a governance proposal that drained the protocol's funds into a private Ethereum wallet. On his way out the hacker donated $250,000 to a Ukrainian relief fund - a regular Robinhood.

3. Warner Music partners with POAP for event NFTs. The Proof of Attendance Protocol (POAP), has partnered with Warner Music to create digital memento NFTs for fans that have attended concerts and other music events. POAP NFTs are often used to provide future perks or access. Adidas partnered with POAP to release NFTs that allowed holders to be whitelisted for future NFT drops from the apparel company.

Oana Ruxandra, Chief Digital Officer at Warner Music:

Music has always been highly contextual: who we are and what we are doing all affect how we perceive a record. POAPs provide artists and fans new ways to hold on to moments shared forever. We’re really looking forward to collaborating with the POAP team as we continue to explore and innovate.

4. Portugal grants first crypto license to Bison Bank. The country's central authority for registering virtual asset service providers has granted the first crypto banking license to Bison Bank. The license will allow the company to conduct crypto custodial and exchange services for clients and Bison has indicated plans to target high net worth and institutional investors. Bison Bank will be subject to anti-money laundering and counter-terrorism supervision as part of licensure. And, if you didn't know Portugal does not tax gains from the sale of crypto.

5. Fasset raises $22 million, plans expansion in Indonesia, Pakistan. The company markets itself as a digital asset "gateway" for consumers in frontier markets. The $22 million funding round will fuel the company's expansion into Indonesia and Pakistan, countries where it has already had advanced conversations with regulators. The company is also working with well known Islamic finance jurists to educate Muslims on how they can interact with crypto products in a Sharia compliant manner.

Updates and other stories:
- US links North Korean hackers to $615 million cryptocurrency heist...Read More
- Amazon CEO Andy Jassy says Amazon could sell NFTs in the future...Read More
- Jack Dorsey Tweet NFT went on sale for $48M, receives bid of $280...Read More

Top Sharers of the Crypto Top 5:
1. Donna Y. - Nashville, TN
2. Jake Y. - Greenville, SC
3. Forrest H. - Evansville, IN

External Resources:
1. Cryptopedia from Gemini - if you see a word, acronym, or phrase in this newsletter that you don't understand, there's a good chance you can find an explanation here
2. Crypto Explainer+ - intro level courses on Bitcoin, Ethereum, decentralized finance, NFTs, and more
3. Crypto Jobs! - looking for a new job? Check out this page from Anthony Pompliano with hundreds, if not thousands of listings

Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant, or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.