April News Recap: Goldman Sachs Offers First BTC-Backed Loan, Buenos Aires to Accept Crypto Tax Payments, and More

Cryptocurrency
First published
May 10, 2022
Last updated
June 21, 2022

Though bearish sentiments are at an all-time high, all hope is not lost as the uptick in institutional adoption and the inclusion of crypto services among financial institutions further encourages the beneficial use-cases of digital currencies. From Goldman Sachs' first-ever Bitcoin-backed loan to the acceptance of crypto tax payments in Buenos Aires, here’s our monthly round-up of all things crypto and blockchain-related. 

1. Goldman Sachs Offers First Bitcoin-Backed Loan

Financial giant Goldman Sachs has officially offered its first Bitcoin-backed loan, further accelerating institutional crypto adoption on Wall Street. The bank had lent cash collateralized by Bitcoin owned by the borrower for the first time in the firm’s history. This allows for a Bitcoin holder to borrow fiat currency such as the USD by placing their Bitcoin as collateral to the bank. 

2. Buenos Aires to Accept Crypto Tax Payments 

As part of its 12-step development plan known as “Buenos Aires +”, the capital of Argentina will make blockchain an integral part of its digitalization plans. On top of accepting crypto for tax payments, the country is looking to launch a platform for citizens’ digital IDs that will hold all the necessary information including birth dates, medical records, and education documents. To ensure that such sensitive data is well-protected, the platform will run on a distributed ledger technology. 

3. Polygon Aims to go Carbon-Neutral This Year

The Polygon network recently released its “Green Manifesto: A Smart Contract with Planet Earth” as it aims to go carbon-neutral in 2022. Furthermore, the network also made a $20 million pledge to offset its carbon footprints. This move is part of its long-term vision for the ecosystem to become the first blockchain to be climate positive - a term coined by the network. 

4. Japan’s Super App, Line, Adds NFT Marketplace 

Japan’s social messaging mobile application LINE has launched its own NFT marketplace. The firm has partnered with Japanese entertainment conglomerate, Yoshimoto Kogyo, to launch the new feature that will offer approximately 40,000 different NFTs to its reported 90 million users. 

5. Luna Foundation Guard Receives 10 Million LUNA From Terraform Labs

Nonprofit organization Luna Foundation Guard (LFG) has just been gifted 10 million LUNA. While the reason for the transfer was not specified, many expect that some of the funds will go towards building its stash of digital gold. The latest donation to LFG comes just over a month after Terraform Labs gifted $1.1 billion worth of LUNA so that it could be burned to mint UST and grow its reserves. 

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Stay tuned for the next edition of our crypto news and updates as we discuss the monthly highlights in the crypto and blockchain space.

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