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Best Credit Cards for Startups

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Best Credit Cards for Startups

Starting a business can involve several challenges and experiences, from fierce competition to customer acquisitions. However, funding is the most difficult challenge you’ll have to deal with, regardless of how innovative and feasible your startup idea is. The reason is partly due to your inability to access loans, favorable interest rates and other core benefits since you have a limited or nonexistent business track record. Consequently, you’re left to fund growth with a limited budget unless investors step in. 

Regular APR

14.74% – 22.74% Variable | See Rates & Fees

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get started securely through American Express Blue Business Cash™ Card’s website

Disclosure: Terms apply

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Regular APR

14.74% – 22.74% Variable | See Rates & Fees

1 Minute Review

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The American Express Blue Business Cash™ Card offers no annual fee and 2% cash back on all eligible purchases up to $50,000 and 1% after that. With a 0% intro APR and affordable rates thereafter, this card helps your business get its footing and manage spending.

Specs

  • Annual Fee: $0
  • Regular APR:

    14.74% – 22.74% Variable | See Rates & Fees

  • Intro APR: 0% on purchases for 12 months
  • Rewards: 2% cash back on all eligible purchases up to $50,000 and 1% on all other purchases

Pros

  • No annual fee
  • 0% intro APR

Cons

  • Need good – excellent credit
  • Caps on bonus
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Regular APR

16.24% – 21.24% | See Rates & Fees

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securely through Ink Business Preferred® Credit Card’s website

Disclosure: Terms apply

Regular APR

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16.24% – 21.24% | See Rates & Fees

1 Minute Review

The Ink Business Preferred® Credit Card is an excellent choice for frequent travelers who want to collect points as they hop around the country or around the globe. With an affordable annual fee and reasonable rates, you can earn 3X the points on your combined purchase limit and an addition 100,000 points if you spend $15,000 in the first 3 months you own the card.

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Specs

  • Annual Fee: $95
  • Regular APR:

    16.24% – 21.24% | See Rates & Fees

  • Rewards: 3X points on combined purchase limit ($150,000 on travel and select business categories annually)
  • Welcome Bonus: Purchase $15,000 in the first three months and earn 100,000 points

Pros

  • Low annual fee
  • Low minimum credit lines
  • Solid anniversary gift

Cons

  • High welcome bonus threshold
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Regular APR

13.99%-21.99% | See Rates & Fees

Get started securely through Brex’s website

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Disclosure: Terms apply

Regular APR

13.99%-21.99% | See Rates & Fees

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1 Minute Review

The Brex card is designed to help businesses build credit. You can level up your limits with regular payments, establish credit for your company and enjoy several types of rewards, including 8x on rideshare, 5x on Brex Travel, 4x on restaurants, 3x on recurring software and 1x on the rest.

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Specs

  • Regular APR:

    13.99%-21.99% | See Rates & Fees

  • Rewards: 8x on rideshare; 5x on Brex Travel; 4x on restaurants; 3x on recurring software; 1x on the rest
  • Welcome Bonus: 10,000 points when you spend $1000 and another 10,000 when you spend $3000 in the first 3 months

Pros

  • Level up for higher limits
  • No deposit
  • Helps build business credit

Cons

  • Rewards may not benefit your business

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Get started securely through Capital One Spark Business Classic’s website

Disclosure: Terms apply

1 Minute Review

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The Capital One Spark Business Classic card is a good place to go when you want to earn unlimited rewards. The card collects 1% rewards on all purchases, and it even offers you 5% on U.S. hotels and travel when booked through Capital One Travel.

Specs

  • Annual Fee: $0
  • Regular APR:

    16.99%

  • Rewards: 1% unlimited rewards; 5% cash back on U.S. hotels and rental cars booked through Capital One Travel

Pros

  • Unlimited 1% rewards on shopping
  • 5% on travel
  • No annual fee

Cons

  • Must book travel through Capital One Travel to earn rewards
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One approach that can help you streamline cash flow, at least during that initial phase while perhaps awaiting the influx of big-money investors, is leveraging startup credit cards. A sound startup credit card can help your business save money (through cash backs, reward points and perks), build a strong business credit history and turbocharge your startup purchasing power, enabling it to expand and thrive.   

The right mix of startup business credit cards helps you separate your business and personal finances, which is vital in financial management. It is the ultimate tool entrepreneurs need to enhance financial flexibility in everyday business operations while boosting their bottom line.

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However, with so many great options available, choosing the right credit cards that align with your startup’s core financial needs and objectives can be challenging. The good news is that there’s always a credit card category that meets your goals. Whether it’s earning travel rewards and cash back or building your startup credit history, you needn’t worry.

Benzinga compiled some of the best startup credit cards in different categories to help you make a more informed choice. This page will also give you insight into the key features to consider before applying for a startup credit card, how to improve your credit score and get your credit card application approved.

Best Overall: American Express Blue Business Cash™ Card

Regular APR

14.74% – 22.74% Variable | See Rates & Fees

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get started securely through American Express Blue Business Cash™ Card’s website

Disclosure: Terms apply

Advertisement

Regular APR

14.74% – 22.74% Variable | See Rates & Fees

1 Minute Review

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The American Express Blue Business Cash™ Card offers no annual fee and 2% cash back on all eligible purchases up to $50,000 and 1% after that. With a 0% intro APR and affordable rates thereafter, this card helps your business get its footing and manage spending.

Specs

  • Annual Fee: $0
  • Regular APR:

    14.74% – 22.74% Variable | See Rates & Fees

  • Intro APR: 0% on purchases for 12 months
  • Rewards: 2% cash back on all eligible purchases up to $50,000 and 1% on all other purchases

Pros

  • No annual fee
  • 0% intro APR

Cons

  • Need good – excellent credit
  • Caps on bonus
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With its virtually limitless credit limit, great introductory APR discount and other business-conscious perks, the American Express Blue Business Cash™ is undoubtedly the best overall credit card for your startup. To bring you on board, you’re awarded a $250 statement credit for the first $3,000 spent within the first three months starting from the day your card gets approved. You’re also eligible for a 12-month zero-fee introductory APR offer in the first year of usage. 

However, its best offer is probably the cashback rate, a robust 2% cash back on every business purchase capped at $50,000 per annum. Once you reach the cap, you earn 1% cash back on all purchases. Furthermore, the American Express Blue Business Cash™ allows you to spend reasonably above your credit limit without over-the-limit fees. However, the extra spending allowance is not unlimited. Instead, it is determined by factors like your card usage, credit record and payment history. 

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Understandably, expanded buying power can help turbocharge your startup supplies. Nevertheless, it would be best to be mindful of how you use it to avoid racking up interest charges. Employee cards are offered at no additional costs, and you can set the spending limit. Extra perks include purchase protection, car rental insurance and extended warranty coverage, which is great if you travel a lot. The major drawback, though, is the 2.7% foreign expense fee. The American Express Blue Business Cash™ integrates with Quickbook and Bill.com to help you streamline expense management and payment.

Best for Unlimited and Flat-Rate Cash Back: Capital One Spark Cash Plus

Regular APR

2.99% monthly late fee when you default on your balance

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Learn More securely through Capital One Spark Cash Plus’s website

Disclosure: Terms Apply

Regular APR

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2.99% monthly late fee when you default on your balance

1 Minute Review

The Capital One Spark Cash Plus card allows businesses to collect an unlimited 2% cashback on all purchases, up to $1000 cash back as a welcome bonus and all for a low annual fee of $150. With no APR and low fees, you can help your business get some money back as you manage expenses while also enjoying the customer support Capital One provides. Keep in mind, however, you must pay off your balance each month to avoid interest.

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Specs

  • Annual Fee: $150
  • Regular APR:

    2.99% monthly late fee when you default on your balance

  • Rewards: Cashback bonus: Unlimited 25% cash back for every purchase, anywhere, no restrictions; $200 flat annual cashback each year your business spends at least $200,000
  • Welcome Bonus: Up to $1,000 cashback

Pros

  • Unlimited cash back accrual without any restrictions
  • 0% foreign transaction fee
  • No APR or credit limit
  • Rewards don’t expire

Cons

  • Relatively high annual fee
  • Annual cash back may be unrealizable for small businesses
  • Charge card may not be the best option for startups trying to strengthen credit score
  • No reward in select categories
  • Mandatory monthly balance repayment
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The Capital One Spark Cash Plus is an excellent fit for startups with high- to moderate annual expenditures that don’t fall into bonus categories from other business cards. If your startup averages at least $59,500 in expenses, then the Capital One Spark Cash Plus is the way to go. It offers an unlimited 2% cash back reward for every purchase without a spending cap or any other restrictions. The card has no preset credit limit. Instead, it self-adjusts your spending allowance by adapting your credit needs based on your payment history, spending behavior and credit profile.

As a welcome bonus, you are eligible for up to $1,000 cashback —  $500 for the first $5,000 spent within the first three months and another $500 for the first $50,000 spent within the first six months. However, that’s not all. You’re also eligible for flat annual cashback bonus of $200 each year your business spends at least $200,000. Furthermore, the card offers unlimited 5% cash back on every rental car and hotel you book through Capital One Travel. 

Employee cards can also be added for free, allowing you to earn unlimited 2% cashback on their transactions. The Capital One Spark Cash Plus has no APR because cardholders are expected to pay off their total balance monthly. Other perks include zero liability if your card is lost or stolen; and integration with Quicken®, QuickBooks® and Excel®, allowing you to download your purchase record into multiple formats. The major drawback is its high annual fee. However, its juicy offers more than compensate for that.

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Best for Bonus Cashback Categories: Ink Business Cash® Card

Regular APR

16.24% – 21.24% | See Rates & Fees

securely through Ink Business Preferred® Credit Card’s website

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Disclosure: Terms apply

Regular APR

16.24% – 21.24% | See Rates & Fees

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1 Minute Review

The Ink Business Preferred® Credit Card is an excellent choice for frequent travelers who want to collect points as they hop around the country or around the globe. With an affordable annual fee and reasonable rates, you can earn 3X the points on your combined purchase limit and an addition 100,000 points if you spend $15,000 in the first 3 months you own the card.

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Specs

  • Annual Fee: $95
  • Regular APR:

    16.24% – 21.24% | See Rates & Fees

  • Rewards: 3X points on combined purchase limit ($150,000 on travel and select business categories annually)
  • Welcome Bonus: Purchase $15,000 in the first three months and earn 100,000 points

Pros

  • Low annual fee
  • Low minimum credit lines
  • Solid anniversary gift

Cons

  • High welcome bonus threshold
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The Ink Business Cash® Credit Card and the Capital One Spark Cash Plus are different sides of the same coin. While the latter offers generous rewards for broad purchases, Ink Business cash offers cashback bonuses for specific categories of expenditures. The implication is that startups with business-oriented expenses in the particular categories enjoy more regular cash back than others. Nevertheless, the credit card offers an attractive signup bonus and impressive cashback rates, making it a natural choice for startups looking to maximize earnings. You’ll also favor this card’s 0% intro APR if you need extended time to pay off business expenses without chalking up interest.

As a new cardholder, you’re eligible for $750 cash back for the first $7,500 spent within the first three months. A great offer considering you don’t pay annual fees. However, that’s just the welcome bonus. The cashback rates across expense categories are also excellent. These rewards include 5% cash back on the first $25,000 you spent on office supply stores, phone services, cables and internet another 2% cash back on the first $25,000 spent on gas stations and restaurants each account anniversary year. Subsequently, you earn 1% on all other purchases. 

Additional perks include auto insurance coverage, purchase protection and fraud protection. You’re not liable for unauthorized usage or access to your account. Ink Business Cash® Credit Card also offers employees cards at no additional cost and allows you to set spending limits accordingly. 

Best Corporate Card for Startups: Brex Card

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Regular APR

13.99%-21.99% | See Rates & Fees

Get started securely through Brex’s website

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Disclosure: Terms apply

Regular APR

13.99%-21.99% | See Rates & Fees

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1 Minute Review

The Brex card is designed to help businesses build credit. You can level up your limits with regular payments, establish credit for your company and enjoy several types of rewards, including 8x on rideshare, 5x on Brex Travel, 4x on restaurants, 3x on recurring software and 1x on the rest.

Specs

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  • Regular APR:

    13.99%-21.99% | See Rates & Fees

  • Rewards: 8x on rideshare; 5x on Brex Travel; 4x on restaurants; 3x on recurring software; 1x on the rest
  • Welcome Bonus: 10,000 points when you spend $1000 and another 10,000 when you spend $3000 in the first 3 months

Pros

  • Level up for higher limits
  • No deposit
  • Helps build business credit

Cons

  • Rewards may not benefit your business
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The Brex Card is the best credit card for corporate use. Unlike other credit cards, Brex doesn’t require a personal guarantee of debt repayment. Instead, It evaluates a company’s cash balance, investors and expenditure patterns to determine creditworthiness. Therefore, Brex separates the individual entity (or business owners) from the corporate entity, the business itself.

New cardholders can earn 10,000 points on the first $1,000 spent and another 10,000 points on the first $3,000 within the first three months. Linking your business payroll to your Brex account within the first three months also makes you eligible for a 20,000-point bonus. To qualify for Brex, startups need a minimum bank balance of $50,000 from professional investors and $100,000 if self-funded.

Outside the welcome bonus, cardholders can earn multiplier bonus points on their expenses; 4x on Brex Travel, 7x on a rideshare, 2x on software subscriptions, 3x on restaurants and 1x on all other transactions. Again, you’re eligible for 3x Brex bonus points on all eligible Apple purchases initiated through your Brex dashboard link.

Other perks are reduced cost of business and personal travel through redeemable Brex points for miles, which grant you access to major global airline alliances like Star Alliance. You’re also eligible for over $150,000 worth of perks by leveraging Brex partner products. These include $100,000 through AWS activate, 50% off your annual Gusto plan, $150 in Google Ads credit, $10,000 worth of credit on Freshworks product suites and many other discount offers. Brex card integrates with virtually all possible productivity and accounting software (over 1,000 apps). Additionally, it also offers fraud protection with zero liabilities.

Best for Building Fast Credit Score: Capital One Spark Business Classic

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Regular APR

14.74% – 22.74% Variable | See Rates & Fees

get started securely through American Express Blue Business Cash™ Card’s website

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Disclosure: Terms apply

Regular APR

14.74% – 22.74% Variable | See Rates & Fees

Advertisement

1 Minute Review

The American Express Blue Business Cash™ Card offers no annual fee and 2% cash back on all eligible purchases up to $50,000 and 1% after that. With a 0% intro APR and affordable rates thereafter, this card helps your business get its footing and manage spending.

Specs

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  • Annual Fee: $0
  • Regular APR:

    14.74% – 22.74% Variable | See Rates & Fees

  • Intro APR: 0% on purchases for 12 months
  • Rewards: 2% cash back on all eligible purchases up to $50,000 and 1% on all other purchases

Pros

  • No annual fee
  • 0% intro APR

Cons

  • Need good – excellent credit
  • Caps on bonus

Get started securely through Capital One Spark Business Classic’s website

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Disclosure: Terms apply

1 Minute Review

The Capital One Spark Business Classic card is a good place to go when you want to earn unlimited rewards. The card collects 1% rewards on all purchases, and it even offers you 5% on U.S. hotels and travel when booked through Capital One Travel.

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Specs

  • Annual Fee: $0
  • Regular APR:

    16.99%

  • Rewards: 1% unlimited rewards; 5% cash back on U.S. hotels and rental cars booked through Capital One Travel

Pros

  • Unlimited 1% rewards on shopping
  • 5% on travel
  • No annual fee

Cons

  • Must book travel through Capital One Travel to earn rewards
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With Capital One Spark Classic, you won’t get a welcome bonus or added perks. The credit card substitutes the lack of abundant reward offerings with its low credit requirements. It is an excellent option for startups looking to get quality credit services with average credit scores thereby using it to build a credit score. The card is available to business owners with a fair credit score (between 630 and 689) with limited options.

There is no welcome bonus for new cardholders. However, cardholders can earn unlimited 1% cash back for any purchase without any limits or restrictions. Furthermore, you’re eligible for 5% cash back on rental cars and hotels booked via Capital One Travel. You can also add employee cards for free and earn unlimited cash back rewards from their spending. It is one of the few credit cards whose bonus awards don’t expire, provided your account is active. However, the credit card charges a high APR. 

Features to Look for in Best Credit Cards for Startups

Choosing a suitable credit card for your startup is one of the essential steps towards its financial sustainability. Here are some features to consider while shopping for your startup credit card. 

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Annual percentage rate (APR)

The annual percentage rate (APR) is the amount your credit card issuer charges for its credit services. It is the sum you pay to borrow credit on the card. A credit card with many perks but a high APR when you need to carry a balance is counterproductive. The reason is that long term, the amount you pay interest will likely exceed your rewards. You should prioritize credit cards with moderate to low rates if you want to stay afloat. The lower, the better.

Rewards and benefits

The credit industry is a highly saturated and competitive space, with each new credit issuer trying to outdo the other. With different companies comes different benefits, rewards or perks. While some offer cash back, others offer a signup bonus and additional cash back. Others offer a signup bonus, cash back, travel rewards and other additional benefits. Do your due diligence to compare each based on unique features that align with your business interests and then make a choice.  

Minimum repayment and balance repayment

The minimum repayment is the minimum amount you are required to pay given you aren’t able to settle your card’s balance for that particular month. Your startup credit card should have a low minimum repayment. 

You might also want to consider the balance repayment rules of the card and factor them in. Some credit issuers will require you to pay all your balance monthly before you can use credit again. Depending on your business operations and finances, you can choose whether or not to patronize such credit companies. 

Personal guarantee

Many business credit cards in the market require a personal guarantee, which basically states that you’re personally liable and will cover the unpaid debt in the credit card should your business fail. On the face of it, this requirement looks reasonable enough. However, considering your business isn’t established yet, it is risky. So it’d be best to look out for cards that don’t require a personal guarantee. Thankfully, a few new startup business credit cards in the market don’t need personal guarantees. The qualification criteria for such cards, though, are stricter.

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Financial integration

Finance and accounting integration is one of the newest perks in the startup business credit card space. Startup credit cards with this feature offer a robust cash management platform that integrates seamlessly with existing payment or financial software like Quickbook, Bill.com and others. This feature can fast-track automation of certain bookkeeping operations and expense management and enable faster payment processing. Therefore, prioritize cards that offer financial and accounting integration when shopping for a suitable startup business credit card.

How to get approved for a credit card

Applying for a credit card doesn’t mean you’ll automatically get it. Companies have established criteria they use to assess whether an applicant is worthy of a card. Nevertheless, you can boost your chance of success by leveraging the following hacks.

Good spending habits

As inconsequential as it might seem, good spending habits could be the difference between your application approval or rejection. Your spending habits tell a story about yourself. A good spending habit tells your potential credit vendor that you prioritize essential spending and can be trusted to fulfill your credit obligations on time.

Good credit history (credit score)

An essential requirement for a successful application is good credit history. A good credit history tells the issuer that you pay your bills in a timely manner without accumulating debt. Aside from helping your application, it can also help you get a better loan deal at a lower interest rate. So pay attention to your credit history and what your credit score says. Chances are it’ll be the critical determinant of your credit approval or rejection.

Build your credit

Suppose you don’t have a substantial credit history for your credit application or your credit score is below the issuers’ minimum requirements. In that case, you need to build your credit from the ground up.

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Numerous tools are available that’ll help you build your credit. A good instance is the secured credit card option that allows you to back your credit limit with your cash. You can also consider taking a credit-builder or secured loan.

How you can Improve Your Credit Score

Your credit score is central to almost all financial leverages available to you. Therefore you need to guard against a poor credit score. But how? Let’s take a quick look at some tactics you can adopt to improve your credit score.

Pay your debts

Your credit score is an aggregated calculation of your financial situation, with your debts and income as key inputs. Imagine your income and debts as two different components being measured on a weighing scale. A decrease in debt will naturally cause a rise in the income part of the scale. A lower debt increases your credit score. The lower your debts, the better. Try as much as possible to timely pay off your debts.

Set up automatic bill payment

Other than your credit card balances, your monthly bills and payables are other factors that could hurt your credit score. Late bill payment or skipping payments is a big no-no for your credit score. A simple yet effective way to avoid this is by setting up automatic bill payments. When you put your bill payment on autopilot, you won’t have to worry about late or skipped payments. The bills are settled directly out of your bank account.

Use a secured credit card

Security or secured credit card is a credit card that uses your deposit as credit. For example, if you deposit $100, then your credit limit is $100. On your credit report, this will translate to early payment of balances and no defaults. It is an excellent way to build your credit and improve your credit score.

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Frequently Asked Questions

What is the benchmark credit score needed to get a startup credit card?

There is no benchmark regarding the credit score required for a successful credit card application. However, as a rule of thumb, a FICO score of 670 or higher is acceptable. It will almost certainly qualify you for most credit cards.

Is it possible to get a startup credit card with a bad credit score?

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You can get a startup business credit card with a bad credit score. However, you’ll have to choose between a secured business credit card or one of the few unsecured business credit cards offered to people with bad credit.

Is credit card cash back taxable?

No, credit card cash back is not taxable. It’s considered rebates and not income. Hence they are not taxable.

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205.8209 ETH

Risk Of ‘Significant Drawdowns’ Pushes Cypherpunk Holdings To Sell Entire Stash Of Bitcoin And Ethereum

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Risk Of ‘Significant Drawdowns’ Pushes Cypherpunk Holdings To Sell Entire Stash Of Bitcoin And Ethereum

On Tuesday, the Canada-based investment firm Cypherpunk Holdings Inc. announced that the company has sold all of its bitcoin and ethereum due to the “risk of further significant drawdowns.” The company has transitioned its treasury to cash after selling 214.72 bitcoin and 205.82 ethereum as Cypherpunk Holdings continues “to see systemic risks propagating” across the crypto economy.

Cypherpunk Holdings Sells All of the Bitcoin and Ethereum on Its Balance Sheet

Crypto winter has done a lot of damage since the bull run’s price highs, as more than $2 trillion has left the digital currency economy since the first week of November 2021. Today, the crypto economy is worth roughly $945 billion and bitcoin (BTC) is coasting along just above the $20K per unit range.

BTC is down more than 70% from the all-time high ($69K) on November 10, 2021, and ethereum (ETH) has lost more than 77% since the ATH ($4,878) recorded on the same day. On June 28, 2022, or eight months later, the publicly listed Canadian investment company Cypherpunk Holdings revealed it had dumped all of its bitcoin and ether holdings.

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Cypherpunk Holdings (CSE: HODL) (OTC Pink: CYFRF) was one of the many publicly listed companies that held bitcoin and ethereum on its balance sheet. The update from the company notes that the sale was due to risk and it said the crypto economy may see “significant drawdowns” going forward.

CEO and president of Cypherpunk Holdings Jeff Gao.

Cypherpunk Holdings sold approximately 214.7203 BTC and 205.8209 ETH and it got around $4,927,000 for the lot of crypto assets. The company said that it currently has just over $14 million worth of “cash and stables” on hand. After the sale, the CEO and president of Cypherpunk Holdings, Jeff Gao, spoke about dumping the digital assets for cash.

“Recently, Cypherpunk liquidated all of its treasury holdings in BTC and ETH for cash and withdrew back to custody,” Gao wrote in an update concerning the company’s cryptocurrency holdings and strategy.

“We continue to see systemic risks propagating throughout the crypto ecosystem and, in our assessment of the risk reward and opportunity costs involved in holding asset tokens, we believe that the most prudent approach is to sit on the sidelines as we wait for the volatility and illiquidity contagion to come to its logical conclusion,” Gao said. “On the balance of probabilities, we see weaker price action opening the way to lower levels to come as reports of the number of chains imposing ‘temporary’ suspension on withdrawals increases.”

The Cypherpunk Holdings executive continued by adding:

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Until such a time as our thesis on market conditions change, our treasury will remain in cash. Cypherpunk maintains its long-term bullish outlook on crypto and currently plans to actively seek to capitalize on compelling risk reward opportunities as and when they present.

Company Sold 196.74 Bitcoin and 382 Ether Prior to the June 28 Announcement and Amid the Terra LUNA Fallout

Furthermore, Cypherpunk Holdings dumped bitcoin (BTC) before the June 28 announcement, as it told investors on June 13 that it sold 96.74 BTC for $2.9 million and 50 ETH for $100K. Cypherpunk Holdings’ management also decided to unload shares of Animoca Brands, as it sold the company’s last block of 500,000 Animoca shares for “a realized profit of 234%.” Amid the Terra LUNA and UST fallout, on May 11, 2022, Cypherpunk Holdings sold 100 BTC and 332 ETH for just over $4 million.

With Cypherpunk Holdings removed from the Bitcoin Treasuries list, and Microstrategy’s recent purchase of 480 bitcoins, publicly-listed companies hold 268,357 BTC worth 5.382 billion at current bitcoin exchange rates. Exchange-traded products hold 828,641 BTC, countries hold 50,699 BTC, and private companies own 174,381 BTC, according to the Bitcoin Treasuries list on June 29.

What do you think about Cypherpunk Holdings dumping its bitcoin and ether because it believes “weaker price action” is coming? Let us know what you think about this subject in the comments section below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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central bank digital currency

Report: Taiwan’s Central Bank May Need 2 Years To Complete Work On CBDC

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Report: Taiwan’s Central Bank May Need 2 Years To Complete Work On CBDC

Taiwan’s central bank is yet to conclude work on its central bank digital currency (CBDC) and according to the bank’s governor, the institution may need two more years to finish its work, a report has said. Some of the bank’s next tasks include winning the public’s support, ensuring the system is stable, and building the currency’s legal framework.

Simulating Use of the CBDC

Some two years after work on Taiwan’s central bank digital currency (CBDC) commenced, the governor of the country’s central bank, Yang Chin-long, recently revealed that his organization is still working on the project. Yang warned the central bank may need as long as two years to complete the task.

Yang, who spoke at a digital currencies forum, also disclosed the central bank had been simulating the use of the CBDC in what a Reuters report called a closed-loop environment. However, the same report said the central bank now faces three key tasks. These include communicating and ultimately winning the public’s support, ensuring the system is stable, and building the currency a legal framework.

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According to the report, the governor also conceded that the entire process may last more than the anticipated two-year period.

While the Taiwanese people are reported to be more accustomed to using cash, Yang said the central bank had to consider the fact that future generations will likely use digital currencies more than they use physical cash.

“We still have to push forward. After all, most of the young people in the future will use mobile phones, so we have to think about the next generation,” Yang is quoted in the report explaining.

What are your thoughts on this story? Let us know what you think in the comments section below.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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eBay

E-Commerce Giant Ebay Files Trademark Applications Covering Wide Range Of Metaverse, NFT Services

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E-Commerce Giant Ebay Files Trademark Applications Covering Wide Range Of Metaverse, NFT Services

E-commerce giant Ebay has filed two trademark applications covering a wide range of products and services relating to the metaverse and non-fungible tokens (NFTs).

Ebay’s NFT, Metaverse Trademark Applications

Ebay Inc. (Nasdaq: EBAY) filed two trademark applications with the United States Patent and Trademark Office (USPTO) last week covering a wide range of products and services relating to non-fungible tokens (NFTs) and the metaverse.

A USPTO-licensed trademark attorney, Mike Kondoudis, tweeted Tuesday: “Ebay Inc. is coming to the metaverse.” He explained that the filings indicate the e-commerce giant’s plans for virtual good marketplaces, online retail stores with actual and virtual goods, NFTs, NFT exchanges, and NFT trading. The applications’ serial numbers are 97473696 and 97473620.

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One day before Ebay filed the two trademark applications, the company announced that it has acquired NFT marketplace Knownorigin. According to Ebay, the two companies signed and closed the deal on June 21.

Ebay CEO Jamie Iannone described at the time: “Ebay is the first stop for people across the globe who are searching for that perfect, hard-to-find, or unique addition to their collection and, with this acquisition, we will remain a leading site as our community is increasingly adding digital collectibles.”

The e-commerce platform began allowing NFT sales in May last year, citing a “massive wave of attention” in the area.

This month, McKinsey and Company said that the metaverse could generate $5 trillion by 2030. “By 2030, it is entirely plausible that more than 50 percent of live events could be held in the metaverse,” the company noted.

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In addition, a survey conducted in April showed that the metaverse will be the most popular place for crypto, with 70% of respondents agreeing that “cryptocurrency and blockchain technology advancements will be critical to shaping the future of the metaverse.” Moreover, Citigroup predicted that the metaverse could be a $13 trillion opportunity with 5 billion users by 2030 while Goldman Sachs sees the metaverse as an $8 trillion opportunity.

What do you think about Ebay filing trademark applications covering metaverse and NFT services? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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