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Lionel Messi signs $20 million fan token deal

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Football star Lionel Messi has signed a $20 million deal to become a global ambassador for a fan token site

It’s believed the Socios.com transaction will not involve cryptocurrency. However, ESPN reports that Messi received a large number of fan tokens when he signed for Paris Saint Germain last year.

Fan tokens are a type of crypto that represent different sports teams, and give fans the chance to have input on small decisions within their team’s communities.

In a statement, Messi says he is “proud” to join Socios’ mission to create a more connected and rewarding future for fans.

Socios hosts fan tokens for a number of different teams across a range of sports. These include football, basketball and baseball.

Messi will promote the exchange for the next three years.

Other athletes and sports teams are joining the crypto space. Odell Beckham Jr. and Aaron Rodgers are just some of the big names to request to be paid in crypto.

The NFL recently granted approval to teams that want to promote blockchain companies.

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Robinhood launches second crypto wallet

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A little over a month after Robinhood released its first crypto wallet, the company says it’s already working on a second

Robinhood’s new wallet will give users sole custody over the keys needed to control their money on the blockchain.

It means users won’t depend on Robinhood if the system fails.

But there are some risks of losing the funds altogether, especially if they lose their private key.

The company says the wallet will be offered as a standalone app and says it will have an accessible and simple design.

Crypto has quickly become part of Robinhood’s business strategy.

The company recently said Bitcoin was the number one recurring asset its users have been buying this year.

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MiamiCoin lost 88 per cent of its value in less than a year

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MiamiCoin crypto lost 88 percent of its value in less than a year

The CityCoin initiative requires miners to gain tokens on the Stacks Blockchain to then be used to bid for Miami-Coin

Allegedly the winning bidder receives 70 per cent of their investment in MiamiCoin, while the U.S. city receives the other 30 per cent in tokens.

Miami-Coin value on May 16. Image: OkCoin exchange

The coin has enjoyed the support of the city’s Mayor Francis X. Suarez, who once said it could lead to a government running the city without citizens paying taxes.

When the project first launched, it was projected to succeed as the city’s mayor received a grant for over $5 million.

“I don’t know whether it’s going to work,” he says as the coin’s value dropped to around four-tenths of a cent.

Now it sits at $0.0044, down more than 88 per cent as reported by OkCoin–the only exchange that supports trading for the coin.

In November, the Mayor of New York City, Eric Adams also offered to take three paychecks in Bitcoin.

He also launched the N.Y.C. Coin project, which has already shed around 98 per cent of its value.

Amanda Gunn contributed to this post. 

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When Crypto could come under a major tax crunch

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Cryptocurrencies may soon be subject to taxation requirements in Portugal following recent comments made in the nation’s parliament

The Portuguese Minister of Finance says the move would be in line with many other countries who already have such regulations in place.

Portugal was previously considered a tax haven for crypto investors, with the nation boasting an effective capital gains rate of zero.

Experts are now convinced the government will move forward with the taxation changes, and believe the new policy will include a capital gains tax.

It remains unclear how the practices of staking or yield farming will be affected.

It follows the Australian government warning investors need to report capital gains and losses on crypto each year.

The UK and the U.S. have also recently introduced similar tax requirements for digital currencies.

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