The Mayor of New York City, Eric Adams, has received his first Bitcoin paycheck amid a significant correction in cryptocurrency prices, but showed he wasn’t affected by the price movements when asked about the losses.

Popular cryptocurrency exchange Coinbase is launching a new tax center on its app and website to help customers in the U.S. work out how much they might have to pay the IRS as a result of their cryptocurrency transactions.

JPMorgan Chase has closed the account of Hayden Adams, the founder of decentralized cryptocurrency exchange Uniswap, without notice or explanation. Adams’ accounts were closed after the Securities and Exchange Commission (SEC) reportedly started investigating the main developer of the exchange, Uniswap Labs.

Sponsored: The Atari Group, the company behind classic video games like Pac-Man and Pong, is set to move into the metaverse with the launch of a new, open-world experience that will allow players to explore a beautiful environment and engage in several games.

Top stories in the Crypto Roundup today:

• NYC Mayor Receives His First Bitcoin Paycheck With No Regrets
• Coinbase Launches Free Tax Center
• JPMorgan Closes Uniswap Founder’s Bank Accounts
• How to Stake Solana
• Sponsored: Atari’s Move into the Metaverse Starts With a New Open-World Experience

NYC Mayor Receives His First Bitcoin Paycheck With No Regrets

The Mayor of New York City, Eric Adams, has received his first Bitcoin paycheck amid a significant correction in cryptocurrency prices, but showed he wasn’t affected by the price movements when asked about the losses.

Bitcoin dropped from a high of nearly $44,000 to just under $34,000 over the past week and has since recovered to now trade at $36,230. When asked how much he lost and whether he had any regrets, the mayor responded:

"It’s the same as when I invested in the stock market; we saw a drastic drop during 2018 and other times. The purpose of Bitcoin is to send a message that New York City is open to technology."

Adams added the city wants to see a “large amount of new technology” and to “encourage our young people to engage in these new emerging markets.” Adams, it’s worth noting, promised to receive his first three paychecks in BTC.

Coinbase Launches Free Tax Center

Popular cryptocurrency exchange Coinbase is launching a new tax center on its app and website to help customers in the U.S. work out how much they might have to pay the IRS as a result of their cryptocurrency transactions.

The tax center will display taxable activity, including short and long term gains and losses. Cryptoassets in the U.S. are taxed at different rates depending on whether they were owned for a year or more before selling, as the IRS sees these assets as actual property.

 That means that cryptocurrency transactions are reported as capital gains or losses, meaning users have to keep track of a cryptocurrency’s value as it’s bought and sold over time to determine whether there was a gain or a loss. To avoid complications, Coinbase’s new tools do this automatically.

According to the exchange, the new section will show “a personalized summary of taxable activity on Coinbase, broken out over time by realized gains/losses and miscellaneous income.”

JPMorgan Closes Uniswap Founder’s Bank Accounts

JPMorgan Chase has closed the account of Hayden Adams, the founder of decentralized cryptocurrency exchange Uniswap, without notice or explanation. Adams’ accounts were closed after the Securities and Exchange Commission (SEC) reportedly started investigating the main developer of the exchange, Uniswap Labs.

According to a report from the Wall Street Journal, SEC enforcement attorneys are investigating Uniswap Labs about how investors use the decentralized exchange protocol and how it’s marketed. In September, a Uniswap Labs spokesperson responded to the report saying the firm is “committed to complying with the laws and regulations governing our industry and to providing information to regulators that will assist them with any inquiry."

JPMorgan has notably closed the bank accounts of other cryptocurrency executives and firms in the past. In 2018, it shut down the account of Erik Voorhees, founder of crypto exchange ShapeShift, and has previously shut down an account of crypto exchange Kraken’s payroll.

How to Stake Solana

Solana (SOL) is a decentralized, web-scale blockchain that aims to become “an open, fair, censorship-resistant global marketplace.” It has been dubbed an ‘Ethereum killer’ by various sources due to its scalability which allows it to process up to 50,000 TPS.

The Solana network uses a proof-of-stake consensus mechanism that relies on validators to secure the blockchain. A validator is similar to a Bitcoin or Ethereum miner as they are responsible for processing incoming transactions and can vote to decide on which blocks are appended to the blockchain. Validators play a key role in maintaining and securing the Solana network.

On the Solana blockchain, not all votes are weighted equally. The more Solana you have staked, the more valuable your vote is. Validators with less stake have less weight in determining a vote outcome, and validators with no stake cannot influence the outcome of a vote at all.

In decentralized networks like Solana, anyone can become a validator if they desire. Naturally, some bad actors will try to take advantage of this system by running a validator to manipulate the network for their own benefit - e.g. submitting fraudulent or incorrect transactions.

Find out how to stake Solana using our guide below.

Atari’s Move into the Metaverse Starts With a New Open-World Experience

The Atari Group, the company behind classic video games like Pac-Ma, Space Invaders, Frogger and  Pong, is set to move into the metaverse with the launch of a new, open-world experience that will allow players to explore a beautiful environment and engage in several games.The new open-world experience will be part of Atari Chain’s use cases. 

What is the Atari Chain?

The Atari Chain is a subsidiary cryptocurrency company created by Atari and ICICB, one of the leading financial services companies in the Middle East, with the vision of making the blockchain the “go-to cryptocurrency token in the interactive gaming industry.”

The Atari Token

The Atari Chain’s native token is called the Atari Token ($ATRI). It is a cross-chain token, operating on Ethereum, BSC, Polygon and Fantom blockchains.

Aim of $ATRI: to become a universal means of payment for the video game industry that will allow developers and publishers to gain new monetization options, while bringing smart contracts and more into the gaming universe

Use cases:
- Loyalty programs and exclusive VIP experiences at Atari-branded hotels throughout Europe, Asia and Africa 
- System in which players can trade their in-game resources like gold and diamonds for tokens or real-world money without the need for third parties
- Atari Metaverse
- Growing network of real-world use cases

Traded on: Bitcoin.com, PancakeSwap, HitBTC, HotBit, BitBay, Uniswap and others 

The token will be launched with a centralized system, but it’s going to become decentralized over time with a Committee of at least 12 independent individuals being established in the future to help the community reach consensus. 

The Atari Metaverse

With the use of the ATRI token, Atari is launching a new open-world metaverse experience focused on an open-world casino, where players can just chat with each other or gamble as they please while exploring the game’s map.

Metaverse experience encompasses various casino, roulette, poker, slots and other games, multi-player experience and 100 million NFTs.

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