Connect with us

Latest News

Nilam Resources Announces Letter of Intent to Acquire 24,800 Bitcoin | IDOs News

Avatar

Published

on


Nilam Resources, Inc. has entered into a Letter of Intent (LOI) with Xyberdata Ltd to acquire 100% of the common stock of a special purpose entity named MindWave. The entity will hold 24,800 Bitcoin, serving as collateral for investment in high-yield generating projects. This strategic acquisition marks a significant milestone for Nilam Resources, Inc., adding over a billion dollars in digital assets to its portfolio.

Nilam Resources, Inc. (OTC PINK: NILA) has announced its entry into a Letter of Intent (LOI) with Xyberdata Ltd to acquire 100% of the common stock of a special purpose entity called MindWave. The entity will hold 24,800 Bitcoin, which will serve as collateral for raising capital to invest in high-yield generating projects.

Under the agreement, Nilam Resources, Inc. will issue a newly authorized Preferred Class of Series C Stock in exchange for the 24,800 Bitcoins at a discounted rate relative to current market prices. The acquisition of MindWave, a special purpose entity based in Mauritius, will bring digital assets, including the 24,800 Bitcoins, under the ownership of Nilam Resources, Inc. These assets will be utilized to raise capital for strategic investments.

The successful completion of this acquisition represents a significant milestone for Nilam Resources, Inc., as it adds over a billion dollars in digital assets to its portfolio. With the current market rally and the growing recognition of Bitcoin as the “Gold Standard” for digital transactions, this acquisition aligns with Nilam Resources’ vision, mission, and core values of transparency, innovation, and sustainability.

Pranjali More, CEO of Nilam Resources, Inc., stated, “The Company and team have been working diligently over the last several months to finalize all agreements and due diligence necessary to proceed to a legally binding Letter of Intent (LOI). With this transaction, we are taking a step towards a future where finance is inclusive and sustainable, driving positive change in the digital economy.”

The terms and provisions of the acquisition will be detailed in one or more definitive agreements. It is expected that Nilam Resources, Inc. will acquire a 100% interest in MindWave, making it a subsidiary of the company. Shareholders of MindWave will exchange their equity interest for a new class of Preferred Shares (Class C) authorized and issued by Nilam Resources, Inc.

The newly authorized Preferred Stock (Class C) will entitle holders to conversion rights upon listing on NASDAQ or another national exchange or upon other defined liquidity events. These shares will be issued pro rata to the shareholders. All shares of Preferred Stock Class C issued pursuant to the transactions contemplated hereby shall be considered “restricted securities” as defined in Rule 144 under the Securities Act of 1933, as amended.

This strategic partnership between Nilam Resources, Inc. and Xyberdata Ltd., a leading player in global connectivity services, brings together expertise in fintech and connectivity. The collaboration aims to leverage the synergies of both companies and drive innovation in the industry.

As the agreement progresses, Nilam Resources, Inc. will continue to work closely with Xyberdata Ltd. to ensure a smooth and successful acquisition process. The completion of this acquisition will position Nilam Resources, Inc. as a key player in the crypto market, further strengthening its portfolio and contributing to its growth.

Nilam Resources, Inc. is an investment holding company that focuses on innovation and strategic evolution. With a diversified portfolio spanning various verticals, including FinTech, MedTech, ClimateTech, and more, the company aims to generate returns on its investments while contributing to the growth of frontier technologies and applications.

Xyberdata, formerly known as 101 Systems Ltd, is a leading global connectivity services provider. With its extensive network spanning continents, Xyberdata ensures seamless connectivity for its clients. The company’s services are relied upon by carriers worldwide for their business-critical operations.

Image source: Shutterstock


Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Binance Futures Introduces Updates to Taker Program, Offering Fee Discounts | IDOs News

Avatar

Published

on







Binance Futures, the futures trading platform of cryptocurrency exchange Binance, has recently unveiled updates to its Taker Program. These updates aim to offer enhanced benefits to eligible users who engage in trading activities on the platform.

Effective from April 30, 2024, at 00:00 (UTC), eligible users will be able to enjoy a taker fee discount of up to 20% on eligible USDT-margined perpetual and delivery contracts. Additionally, users can take advantage of a promotional taker fee rate of 0.0136% when trading eligible USDC-margined perpetual contracts. This promotional fee rate will be available until July 1, 2024, at 23:59 (UTC).

To participate in the Taker Program, users must reach a total futures trading volume of 100,000,000 USDT equivalent within the last 30 days. Once eligible, users can submit an application for the program at any time. The assessment for eligibility will be conducted during the weekly review of the Taker Program.

Users who have previously applied for the Taker Program are not required to resubmit the application form. Their eligibility will be assessed automatically. The taker fee discount and promotional fee rate will become effective on the following Tuesday at 00:00 (UTC) after the weekly review.

Based on their weekly trading volume and volume share on BTC and ETH pairs, users can qualify for higher taker fee discounts on eligible USDT-margined perpetual and delivery contracts. The table below provides an overview of the fee tiers and their corresponding discounts.

It is important to note that from March 26, 2024, at 00:00 (UTC) to July 1, 2024, at 23:59 (UTC), users who qualify for the Taker Program and achieve a minimum 0.5% weekly taker volume share on USDC-margined perpetual contracts will receive a fee tier upgrade one level higher than their actual qualification. Alternatively, users can qualify for a higher fee tier and corresponding taker fee discount on eligible USDT-margined perpetual and delivery contracts based on their weekly trading volume and volume share on BTC and ETH pairs.

To illustrate, let’s consider User A, who achieves a weekly taker volume of 3,500M USDT equivalent, a 2% weekly taker volume share on BTC and ETH pairs, and a 0.4% weekly taker volume share excluding BTC and ETH pairs on USD‚ìà-M perpetual and delivery contracts from April 22, 2024, at 00:00 (UTC) to April 28, 2024, at 23:59 (UTC). Based on their weekly USD‚ìà-M futures taker volume share on BTC and ETH pairs, User A qualifies for Fee Tier 3.

Consequently, User A will enjoy a 20% taker fee discount on trades made on USDT-margined perpetual and delivery contracts starting from April 30, 2024, at 00:00 (UTC)to July 29, 2024, at 23:59 (UTC). Furthermore, User A will also benefit from the promotional taker fee rate of 0.0136% when trading eligible USDC-margined perpetual contracts during the same period.

Binance Futures continues to enhance its trading experience by providing users with fee discounts and promotional offers through the Taker Program. These updates aim to incentivize traders and provide them with a competitive advantage in the cryptocurrency futures market.

Image source: Shutterstock

. . .

Tags



Continue Reading

Latest News

USA and Nigeria to Discuss Digital Economy and AI Advancements for Economic Growth | IDOs News

Avatar

Published

on







The United States of America (USA) and Nigeria are poised to explore potential partnership opportunities in the digital economy, emerging technology, and the advancement of artificial intelligence (AI). The discussions aim to strengthen economic ties between the two countries and foster deeper collaborations in these areas.

The Deputy Chief of Mission at the U.S. Embassy, Mr. Arthur Brown, announced that high-level U.S. government officials will be in Abuja for a conference under the auspices of the U.S.-Nigeria Bi-National Commission. The conference will provide a platform for both countries to discuss the digital economy, emerging technology, and AI advancements.

During the closing ceremony of a four-day Workshop on National Artificial Intelligence Strategy in Abuja, Mr. Brown highlighted the importance of fostering partnerships and working together to drive robust, resilient, and inclusive economic growth. The United States is ready to work with Nigeria as equal partners in various areas, including talent development, infrastructure, research, and innovation. Mr. Brown also commended Nigeria for its support on the adoption of a landmark United Nations resolution on AI and pledged the U.S. government’s continued partnership with Nigeria on the economy.

Nigeria has shown a growing commitment to AI and emerging technologies in recent years. In November 2020, the country established the National Centre for Artificial Intelligence and Robotics (NCAIR), the first of its kind in Africa, marking a major moment for state-level commitment to AI. The NCAIR was established in line with Nigeria’s National Digital Economy Policy and Strategy 2020 – 2030, which listed AI as one of the eight pillars of the country’s digital economy.

Since the establishment of the NCAIR, AI has featured more prominently in government policy efforts. The NCAIR launched programs to equip children with coding and machine learning skills, making them conversant with AI and other emerging technologies. The Nigerian government has also directed the Nigerian Communications Commission (NCC) to provide AI research grants to tertiary institutions to drive innovation and improve economic resilience.

In March 2023, Nigeria drafted a National AI policy, co-created by the National Information Technology Development Agency and industry experts, to further strengthen its AI commitment. The country has also launched initiatives like the 3 million Technical Talents (3MTT) program and the Nigeria Artificial Intelligence Research Scheme (NAIRS) to train young people in AI and support AI startups and researchers.

The upcoming discussions between the USA and Nigeria present an opportunity for both countries to share knowledge, expertise, and best practices in the digital economy, emerging technology, and AI advancements. By aligning AI governance and ensuring safe, secure, transparent, and trustworthy AI deployment, the partnership aims to drive economic growth and innovation in both nations.

Image source: Shutterstock

. . .

Tags



Continue Reading

Latest News

IRS Introduces New Form 1099-DA for Reporting Income from Digital Asset Transactions | IDOs News

Avatar

Published

on







A preview of the new Form 1099-DA, a tax form that will be used by cryptocurrency brokers to record transactions involving digital assets, has been made available by the Internal Revenue Service (IRS) of the United States of America. As part of the continuous efforts of the Internal Revenue Service (IRS) to enhance compliance and guarantee that taxpayers appropriately report their income from digital assets, this form has been developed.

By the beginning of the year 2025, it is anticipated that Form 1099-DA will be in use. Brokers will be responsible for preparing this form for each client who sells or trades digital assets. According to the form, brokers will be required to disclose certain information, which may include token codes, wallet addresses, and places where blockchain transactions are taking place. It will be possible for the Internal Revenue Service to identify taxpayers who have transactions that may be difficult to detect via standard ways of information reporting if this level of reporting is implemented.

It is clear that the Internal Revenue Service is committed to resolving the tax consequences of transactions involving digital assets, as seen by the issuance of Form 1099-DA. According to the Internal Revenue Service (IRS), the purpose of mandating that brokers record these transactions is to guarantee that taxpayers correctly report their income and pay the required taxes on their activities involving digital assets.

The rising significance of cryptocurrencies, nonfungible tokens (NFTs), and stablecoins in the financial landscape is reflected in the decision made by the Internal Revenue Service (IRS) to list these digital assets as reportable assets on Form 1099-DA. Having a comprehensive grasp of the digital asset transactions that taxpayers engage in is very necessary for the authorities in charge of taxation, given the continued growth in popularity and utilisation of cryptocurrencies.

Among the crucial data elements that are captured by the draft form are the date of acquisition, the date of sale, the proceeds, and the cost basis of the crypto assets that were sold. For taxpayers to correctly submit their cryptocurrency tax filings, it is vital for them to have these information. Furthermore, the form has a checkbox labelled “unhosted wallet provider,” which serves as an indication that the Internal Revenue Service intends to include unhosted wallets within the definition of a broker. When generating unhosted wallets or engaging with platforms using unhosted wallets, users may be required to give know-your-customer (KYC) information as a result of this shift.

Despite the fact that the draft form offers helpful insights into the reporting requirements, it is essential to keep in mind that it may be subject to modifications as a result of the input that would be received during the comment period. Through its website, the Internal Revenue Service (IRS) welcomes members of the public to provide feedback on draft or final versions of forms, instructions, or publications.

As a conclusion, the issuance of Form 1099-DA by the Internal Revenue Service represents an important milestone in the process of regulating and reporting revenue from transactions involving digital assets. Through the requirement that brokers record these transactions, the Internal Revenue Service (IRS) hopes to promote compliance and guarantee that taxpayers appropriately report the income they get from digital assets. In order to prevent possible fines or audits, it is essential for taxpayers to be knowledgeable about their reporting responsibilities for digital assets, since the landscape of digital assets continues to undergo continuous change.

Image source: Shutterstock

. . .

Tags



Continue Reading

Trending