Mastercard is expanding its bitcoin payment capabilities

Mastercard is expanding its cryptocurrency payment options, which means that loyalty points might be exchanged for Bitcoin.

Mastercard said that its network partners would be able to provide their customers the ability to purchase, trade, and keep cryptocurrencies via a digital wallet, as well as reward them with digital currencies through loyalty programs.

On Monday, the credit card giant said that it will offer these services in collaboration with Bakkt Holdings Inc, a digital asset platform launched by NYSE-owner Intercontinental Exchange.

Bakkt, which was founded in 2018, went public earlier this year after merging with a blank-check firm for $2.1 billion (€1.8 million). On Monday, the company’s stock was up 77% to $16.19 (€14).

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What will it bring about?

Customers may earn and spend incentives in bitcoin instead of loyalty points, according to Mastercard’s partners.

In an interview, Sherri Haymond, Mastercard’s executive vice president of digital partnerships, stated, “We want to provide all of our partners the option to more simply integrate crypto services to whatever it is they’re doing.”

“Through a connection with the Baktt platform, our partners, whether banks, fintech, or merchants, may provide their consumers the opportunity to purchase, trade, and keep bitcoin.”

In February, the business said that it will begin supporting various cryptocurrencies on its network this year.

Visa Inc teamed with cryptocurrency startup BlockFi last year to provide a credit card that allows users to earn bitcoin when they make transactions.

Following the launch of the first US bitcoin futures-based exchange-traded fund, Bitcoin, the world’s largest cryptocurrency, reached a new high of $67,016 (€57,710) last week. This year, it has more than doubled in value.

Twitter CEO Jack Dorsey warns that hyperinflation will strike the United States and the rest of the world soon

Jack Dorsey, the CEO of Twitter and Square, has warned that hyperinflation is on the way in the United States and across the world. “Everything is going to change because of hyperinflation.” “It’s going to happen,” he prophesied. Many individuals, however, disagreed with him.

According to Twitter CEO Jack Dorsey, the United States will soon experience hyperinflation

Jack Dorsey, the CEO of Twitter and Square Inc., issued a warning about hyperinflation in the United States on Friday. “Everything is going to change because of hyperinflation.” He wrote, “It’s occurring.”

His tweet was swamped with responses. It has received more than 7K comments and had been liked 70.1K times and retweeted 22.9K times at the time of writing. “It will happen in the US shortly, and so will the globe,” Dorsey added in a follow-up tweet.

The Twitter CEO’s statement came as consumer price inflation in the United States approached a 30-year high, raising fears that the crisis might be worse than officials anticipated. Inflationary pressures “are likely to endure longer than originally predicted,” according to Federal Reserve Chairman Jerome Powell, and might last “far into next year.”

The Twins Many individuals, however, disagreed with the Twitter CEO’s prediction that hyperinflation will occur in the United States. “Hyperinflation is not happening in the United States,” said Patrick Horan, program manager for monetary policy at George Mason University’s Mercatus Center. “What’s happening is increased inflation, not hyperinflation,” said Lawrence White, an economics professor at the same university (except in Venezuela). It’s a shame that Jack can’t alter his tweet on Twitter.”

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“I went through true hyperinflation in Ukraine in the early 1990s,” said Daniel Drezner, a professor at Tufts University’s Fletcher School. “This ain’t it, mate,” says the narrator.

Steve Hanke, a bitcoin critic who claims to be an authority on inflation and hyperinflation, has this to say:

In the history of the globe, there have been 62 verified hyperinflations. No country is currently facing hyperinflation. Jack should know better than to make public remarks that are irresponsible.

While many users on Twitter disagreed with Hanke’s comments, Dorsey merely responded with an emoji of “rolling on the floor laughing.”

“Thank God for bitcoin,” other users tweeted in response to Dorsey’s warning, stressing that BTC will surely become the world’s reserve currency.

The Human Rights Foundation’s chief strategic officer, Alex Gladstein, responded to Dorsey’s hyperinflation tweet:

Those who were astonished by this tweet live in a bubble of wealth. Turkey, Nigeria, Ethiopia, Iran, Lebanon, Venezuela, Cuba, Sudan, and more countries have double, triple, even quadruple-digit inflation. It has already become one of the world’s most serious humanitarian disasters.

Those who were astonished by this tweet live in a bubble of wealth. Turkey, Nigeria, Ethiopia, Iran, Lebanon, Venezuela, Cuba, Sudan, and more countries have double, triple, even quadruple-digit inflation. It has already become one of the world’s most serious humanitarian disasters.

Impact of Bitcoin and cryptocurrency on investment in Africa vs. Europe

Bitcoin and other cryptocurrencies are expected to grow in popularity in 2020 and 2021, with their market value increasing dramatically. As a result, many individual and institutional investors are now interested in learning more about crypto investing. These techniques will differ depending on where you are in the world.

Africa and Europe are two very different worlds in terms of politics and economics. This, without a doubt, opens up new investment options. Due to, and as a result of, Europe’s riches, it is a little more conservative in its investment.

Germany, for example, has a massive economic surplus that has been condemned as greedy by some. Africa, on the other hand, has typically pursued higher-risk investment possibilities. Cryptocurrencies such as Bitcoin, Ethereum, and even Dogecoin are examples of this today.

These assets carry a significantly higher risk, but they make sense for African investors who are accustomed to more volatile currencies and general instability. Furthermore, for many Africans, crypto investing is a means to get around what we consider to be bad local fiscal and monetary policy. A policy that is frequently perceived as damaging customers, limiting growth, and making it more difficult to transform your efforts into profits.

Germany, for example, has a massive economic surplus that has been condemned as greedy by some. Africa, on the other hand, has typically pursued higher-risk investment possibilities. Cryptocurrencies such as Bitcoin, Ethereum, and even Dogecoin are examples of this today.


These assets carry a significantly higher risk, but they make sense for African investors who are accustomed to more volatile currencies and general instability. Furthermore, for many Africans, crypto investing is a means to get around what we consider to be bad local fiscal and monetary policy. The policy is frequently perceived as damaging customers, limiting growth, and making it more difficult to transform your efforts into profits.

Who Invests in Crypto in Europe, and How Often?

Individuals and institutions who invest in cryptocurrencies have differing perspectives on where they should put their money. Some businesses and people are eager to purchase Bitcoin and other high-value cryptocurrencies, as well as engage in mine, which is especially essential for businesses looking to be ahead of the curve and use their excess capital to generate more revenue.

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So, these are the investors and methods that are focusing on furthering the development of cryptocurrency and Bitcoin. Then there are some who are more interested in learning more about the underlying technology, such as blockchain. Blockchain provides tremendous value to both consumers and companies.

Processes are automated and safe thanks to this technology, since there can be no human error in the public ledger, which automates shipments and other transactions, saving time, effort, and increasing precision and productivity.

For the time being, Europe is more inclined to accept blockchain as a viable financial choice. To some extent, cryptocurrencies and digital currencies appear to be a good concept. For example, the European Central Bank (ECB) is working on a digital currency project that would ostensibly function alongside the euro in order to increase stability and aid the European Union’s transition to an online single currency that allows it to welcome innovation.

What about investing in crypto in Europe?

In Europe, there is a somewhat distinct type of cryptocurrency investing. Naturally, major technical advances continue to propel the sector ahead as a whole, but there are also higher-risk investments. France is at the core of a lot of intriguing cryptocurrency developments in Europe. French firms and people appear to be interested in entering the cryptocurrency industry, but not to the same degree as African investors. France is often regarded of as Europe’s digital and inventive powerhouse.

Companies and private people in France appear to be hesitant to invest in cryptocurrencies as an asset. The interest appears to be there, but because of the conservative investment culture, many people are just investigating the possibilities rather than taking action. Bitcoin does not appear to be the preferred cryptocurrency for many European and French investors.

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Europeans appear to have more FIAT savings and are less willing to risk them on digital currencies, but the massive returns they may make by investing even a modest amount in crypto remain alluring.

Of course, most of this is based on conjecture rather than hard, cold facts, which is a cause for concern. However, the greatest method for becoming a good investor is to regard your investing money as something you may risk and lose.

There are numerous factors to consider in terms of long-term sustainability. We’ll just put them as bullet lists to make it easy to follow along :

  • Long-term objectives
  • Investment return
  • Adapting to new technologies

When it comes to long-term viability and prospects, each of these is critical to examine. Of course, some alternatives guarantee a greater potential return, which is what attracts many people to choose one over the other.

Finally, whether you invest in Europe or Africa, you should think about your own unique requirements rather than succumbing to pressure from investing communities.

SEC helped Ethereum to overtake XRP as 2nd most valuable cryptocurrency- Ripple CEO

Brad Garlinghouse, the CEO of Ripple, has been speaking out on the status of the crypto market and regulations, and a resentment of the financial regulator’s approach to Ethereum looks to have surfaced.

On Oct. 21, during the DC Fintech Week virtual conference, Ripple CEO Brad Garlinghouse said that Ethereum has received governmental approval, allowing it to exceed his company’s XRP coin.

Ripple has been investigated by the Securities and Exchange Commission (SEC) for accusations that XRP is unregistered security. Ripple requested information from the SEC under the Freedom of Information Act in January, asking why ETH was not considered a security. A district court permitted the business to depose a former SEC employee who determined in 2018 that ETH was not security six months later, in July.

Garlinghouse obviously believes that his company has been treated unfairly and that Ethereum’s subsequent success is due in part to the SEC’s more favorable handling. It is impacting the market, he said, adding:

“XRP was the second most valuable digital asset just a few years ago.” ETH has certainly skyrocketed since it became evident that the SEC has given it a pass, and that clarity has helped.”

“You have nearly 50,000 U.S. people who hold XRP who are trying to sue the SEC for ‘protecting them’.”

Earlier this month the U.S.The district judge ruled that anyone holding the company’s XRP token cannot be charged in the lawsuit.

In late December 2017, XRP was the second most valuable cryptocurrency by market capitalization. It has since dropped to eighth place, whereas Ethereum has remained in second place since then.

Garlinghouse also said that the SEC has been active in its anti-crypto stance, citing recent proceedings against his business and Coinbase as examples.

In response to Ripple’s legal dispute with the Securities and Exchange Commission, he stated that the SEC professes to be safeguarding customers, but:

The SEC’s request to extend the time for completing discovery in its continuing action against Ripple Labs and its officials was granted, and the deadline has been moved out to January 14, 2022.

Any additional delay in settling this matter, according to Ripple, will “cause substantial harm to the defendants’ and XRP holders’ interests.

“The court recognized this, but noted that the “extra time requested by the SEC will have no impact on the case’s timeline.”

Russian Oil Companies Propose Cryptocurrency Mining at Their Wells

Companies involved in Russian oil extraction have devised a plan to arrange cryptocurrency mining directly adjacent to the oil reserves they are exploiting. Excess gas generated during oil extraction may be used to power data centers dedicated to currency minting, which would otherwise be squandered.

Russian Oil Industry Crypto Mining Project Under Review by Ministries and Central Bank

Russia’s oil firms have launched a plan to start mining cryptocurrency at their extraction locations, which is now being discussed by government authorities in Moscow. The industry proposes to generate power from associated petroleum gas (APG) for use in the energy-intensive process of digital currency mining.

Experts believe the initiative has the potential to attract international investors, particularly from China, where bitcoin mining has been heavily regulated this year. Industrial activity is practically forbidden in the People’s Republic, whereas mining is not illegal but is not adequately controlled in the Russian Federation.

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The Ministry of Industry and Trade recently requested input on the proposal from the Ministry of Digital Development and the Central Bank of Russia (CBR), according to Russia’s top business newspaper Kommersant, citing a letter from the Deputy Minister of Industry Vasiliy Shpak. His department specifically asks the monetary authorities if this is a lawful activity.

The statute “On Digital Financial Assets,” which went into effect earlier this year, is the key piece of legislation governing cryptocurrencies in Russia. However, more regulation governing their distribution in Russia and related operations is required. Crypto mining as an industrial activity is gaining traction in official circles, with Anatoly Aksakov, the head of the legislative Financial Market Committee, suggesting in September that it should be recognized as such and taxed appropriately.

According to Kommersant, a source close to the Ministry of Industry disclosed that one of the major Russian oil corporations has already started a crypto mining operation and wants to expand it. “However, because this section is legally grey and the firm is concerned about a bad reaction from the central bank, it resorted to the Ministry [of Industry], which may address the risks with the regulator,” a knowledgeable source told the newspaper.

Where can you store your crypto?

A problem many newcomers to cryptocurrencies walk into. Where am I going to keep my crypto? Well, the answer is quite simple. Because you only have 2 choices of storing your crypto. That is either with a central entity like a crypto exchange or bank, or you can keep the crypto in your own wallet. Both options have their different pros and cons. But ultimately it depends on the following factors –

Keeping your crypto with an exchange/bank :

Pros:

  • You can enjoy the userfriendly interface of the exchange/bank
  • Often has customer support when you get stuck
  • Sometimes offers some insurance over your funds.

Cons:

  • No direct control over your funds
  • You can not freely interact with on-chain Dapps
  • You can not spend your crypto freely because of the limited withdrawal or payment features

Keeping your crypto on your own wallet:

Pros:

  • You can interact with any type of Dapp freely
  • You are in 100% control of your funds
  • Pay to anyone at any time wherever you want

Cons:

  • More technical interface
  • You are the only one in control (so make a backup)

After you have decided where you want to store your crypto you have too of course buy some first. So you will always have to go through some kind of exchange at the beginning. You could use the user-friendly Bitdenex exchange for example to start your crypto journey. Now that you bought some Bitcoin, Ethereum, or any other crypto on Bitdenex and want to send it to your own wallet. It is time to pick a wallet that’s right for you.

Finding the right wallet with Yada Wallets

The cryptocurrency wallet filtering website, Yada Wallets offers a series of wallet filters that can help you find the best wallet in no time. It does this with a series of specific filters. So that you can use these to find all the wallets with the features you want. But on top of that, you can leave/read reviews on these wallets to help you with your decision.

These filters can help you enormously. Because maybe you are searching for an Ethereum wallet that lets you connect to Dapps. So you can start using Defi. But after a quick google search, you find a list of the top 10 wallets for Ethereum. With most of them being Bitcoin-only wallets.

This is not what you want but a reality for most of us. The fact simply is that it is difficult to find a wallet that supports all the features and blockchains you want. This especially goes for lesser-known blockchains.

Finding your crypto wallet

Because of this problem, many of us just stop searching and keep our coins on an exchange. To combat this problem the guys from Yada Wallets came up with a simple solution. They created a crypto wallet search engine that lets users filter between different blockchains, custodial & non-custodial, and much more.

With this new tool, it is super easy to find is good for you.

When you go to the website you can just follow these simple steps to find the wallet that is good for you

Step 1

Select on what kind of device you want your new crypto wallet. You can choose between hardware, computer, Web, and mobile wallets.

Step 2

Choose what kind of blockchains you want to have supported on your new wallet. There are many different blockchains but you can just type yours in the blockchain search box to let it come to the top.

Step 3

After having chosen the Blockchain(s) we will now decide if we want to store the Private Key on our chosen device or if we rather have the company that provides the wallet store it for us.

Step 4

Now it’s time to choose if we want to have a supported SideChain integrated with the wallet. Sidechains are usually meant to make the transactions of certain blockchains faster and cheaper. But it is not necessary to use.

Step 5

Now it’s time to choose if you would like a certain token protocol supported within the website. The majority of all tokens are ERC-20 tokens. But if you want to use a specific token within a wallet it is best to do a quick internet search to find out what protocol your token follows.

Step 6

For the last filter, we can choose if we want any extras in our new crypto wallet. These extras are few but very specific. You can choose between “Crypto trading (to find exchanges like Bitdenex), Web3, Hardware wallet support” and much more.

Just follow these easy 6 steps and you will have the perfect wallet for you in no time!

We believe that to get crypto to the masses it is key to get as much adoption of both exchanges and wallets as possible. The Yada Wallets search tool helps with this and can help new and old crypto users to find the right place to store their crypto.

We hope this blog helps you in your search for the best place to store your crypto and that you may enjoy using it!

Blockchain Game Developer Animoca Brands Raises $65 Million – Ubisoft, Sequoia China Participate in Funding

Animoca Brands, a worldwide developer that uses popular brands, gamification, AI, blockchain, non-fungible tokens (NFTs), and mobile technology, said on Wednesday that it has completed a $65 million capital round. After obtaining funding from Liberty City Ventures, Ubisoft Entertainment, Sequoia China, and Dragonfly Capital, Animoca Brands currently has a total valuation of $2.2 billion.

Animoca Brands has raised $65 million in funding

Animoca Brands reported in July that it has funded $138.88 million to use non-fungible token (NFT) technology to deliver digital property rights. Yat Siu co-founded the firm Animoca Brands in January 2014, and the company has recently concentrated on blockchain gaming and NFTs. Sky Mavis, the developers of Axie Infinity, and Opensea, the biggest NFT marketplace in terms of transaction volume, have received funding from Animoca Brands.

“Through the use of blockchain and non-fungible tokens (NFTs), Animoca Brands is bringing digital property rights to online users, primarily for consumer video game players and the metaverse; these technologies enable true digital ownership of users’ virtual assets and data, and offer various play-to-earn capabilities, asset interoperability, and defi/gamefi opportunities,” according to the Animoca capital raise announcement on Wednesday.

‘Future Digital Property Rights Would Revolutionize Industries by Expanding Financial Inclusion,’ says Animoca Brands Co-Founder

Liberty City Ventures, Ubisoft Entertainment, Sequoia China, Dragonfly Capital, Com2uS, Kingsway Capital, 10T Holdings, Token Bay Capital, Smile Group, and Tess Ventures were among the investors in the current fundraising round. The business also performed a pre-money appraisal, which came in at $2.2 billion.

In a statement, Mia Deng, a partner at Dragonfly Capital, stated, “I believe that the game, art, and music sectors are experiencing a digital renaissance phase uniquely enabled by blockchain.” “We are delighted to collaborate with Animoca Brands to construct some of the major on-ramps of the virtual world since Yat and his team have shown vision and foresight from the beginning.”

Yat Siu, Animoca Brands’ co-founder and executive chairman, stated that the business believes in “future digital property rights” and that this creative trend would “revolutionize sectors by extending financial inclusion.” The use of NFT in games, according to Yat Siu, has demonstrated that the “future is already here.”

This French daily newspaper sold as an NFT. Is this the media’s future?

The media landscape is being swept by the winds of change. On October 19, the French newspaper “20 Minutes” auctioned its own non-fungible token (NFT) during a charity auction.

The art gallery Piasa in Paris organized the sale of this six-page supplement titled “The Crazy Years of 2020.” The lucky buyer received a €3,000 offer.

A certificate of ownership based on blockchain technology, a “tamper-proof mechanism” that authenticates both virtual currency transactions and purchases of digital items, ensures that the copy is unique.

The funds earned will be donated to the International Federation of Journalists’ Safety Fund (IFJ).

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When a free daily newspaper joins the crypto market, it will be a game-changer

20 Minutes is a free general news daily that was founded in 2002 and is delivered throughout France.

The issue was picked by the editors and internet users for its “prophetic aspect” and was published on January 13, 2020, just before the COVID-19 epidemic reached France.

This year, the value of NFTs has skyrocketed in international auction houses. NFTs enable the acquisition of any digital item (tweet, photo, animation, video, source code, etc.) through the use of a token that materializes the object and verifies its validity.

20 Minutes, always on the watch for new trends, decided to capture this technological revolution by seeking to market its own NFT.

The newspaper stated, “Through this transaction, the newspaper intends to challenge the value of valuable information.” “While 20 Minutes is a free publication, information comes at a cost.”

“The sale of an NFT looks to be a wonderful method to consider this topic while making crypto-arts understandable to the widest possible audience.”

The New York Times, which opted to offer a photograph of a column as an NFT and sold it for $560,000 (€481,143) in March, was the inspiration for the French newspaper.

A winding path

NFTs may be readily transferred over the Internet using specialized platforms like OpenSea or Raible. In France, however, “the digital representation of a work, and intangible personal property, cannot be included in a voluntary public auction,” according to Piasa.

In May, Cappelaere & Prunaux, a small auction house in Bar-le-Duc (eastern France), surprised everyone by holding an “NFT” auction under the supervision of bailiffs, which was legal.

To get around the prohibition on auctioning “intangible personal property,” 20 Minutes sold “an offset printing plate depicting four pages of the supplement” in addition to the NFT.

The sale profits will benefit the International Federation of Journalists (IFJ) Safety Fund, an international organization that assists journalists in distress on the job. “With the Afghan situation, the safety fund is more important than ever,” said the project’s initiator, journalist Laure Beaudonnet.

According to Beaudonnet, the construction of the first NFT was “very difficult.” She had to first build a digital wallet, buy ether (the Ethereum blockchain’s money), and then pay the transaction fees to definitively register the digital “contract,” without forgetting to transfer the copyrights connected with the issue.

“If you’re just starting out, you’ll need to spend a few days, and it’s considerably more complex for a firm,” she adds.

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Are NFT’s Future Of Journalism ?

The IFJ distributes €80,000 across the world every year with the security fund, but only collects €12,000 or €13,000 each year in private and public donations, according to 20 minutes.

After yesterday’s sale, this huge envelope might get much bigger owing to NFTs. Is it, however, a long-term solution?

The publication spoke with Frédéric Chambre, CEO of Piasa, about how this sale might be a first in the media scene.

Chambre said, “There was a reflection, a cooperation, and there is the offset printing plate that comes with the NFT.”

“Perhaps we’re on a page of history rather than a page of art history.” The NFT of 20 Minutes is similar to a manuscript in appearance. When you purchase an Einstein manuscript, you are purchasing history. You’re somewhere in the middle with the 20 Minutes project.”

The key difficulty for the CEO is to channel the NFTs: “The NFT must channel itself.” It will no longer have a unique influence if it shoots off in all directions and seeks to affect everything. It must carve out a position in history.”

“Today, we’re more in an NFT system that supplants the artist.” You’ve made an NFT, but it’s the effort that matters. To make it unique, you employ the technologies associated with the NFT.”

Concierge service catering to crypto whales has seen a 500 percent increase in clients

Concierge.io, the Travala. com-backed private travel service revealed on Tuesday that it has launched additional luxury offerings to provide crypto investors with a “more premium experience to live out their travel fantasies.” A seven-star igloo in Antarctica, all-inclusive African safaris, and a stay in a Japanese palace are among the extra experiences offered by the concierge service for “the crypto world’s elite.”

New Services Have Been Added to Exclusive Travel Service

Concierge.io is a cryptocurrency-focused concierge business that employs experienced travel managers to give consumers one-of-a-kind and luxury experiences. Travala.com, a crypto-friendly travel provider that takes a variety of digital currencies as payment, is also a backer.

Concierge.io said on October 19 that it has introduced additional unique experiences to its luxury travel services, allowing cryptocurrency investors to spend their wealth in style. The company claims to have previously furnished crypto whales with first-class accommodations, including “week-long excursions to private islands in the Maldives as well as private aircraft.”

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According to Concierge.io’s statement, “today, the travel service offers even more luxury experiences, such as a stay at a Japanese palace, a seven-star igloo in Antarctica, and all-inclusive African safaris.” “Exclusive access to some of the world’s largest yachts, complete with in-ship crews and chefs,” says one new luxury vacation package.

In just six months, the number of clients has increased by 500 percent, with 100 percent of bookings made in cryptocurrency

In a statement issued to Bitcoin.com News, Ben Rogers, chief marketing officer of Travala.com, stated that demand has increased dramatically for more than a year.

“Over the last year and a half, we’ve witnessed a steady increase in demand for crypto-based travel payments, as the number of crypto users has swiftly increased with a slow-but-solid reopening of global travel.” “We’re seeing high-net-worth crypto investors wanting to reward themselves to something other than Lamborghinis now,” Rogers added.

Concierge.io claims that since its inception six months ago in April 2021, it has witnessed a 500 percent rise in clientele. Furthermore, the business claims that digital assets were used to make all of the bookings.

“With their hard-earned crypto, Concierge.io helps [customers] live out their vacation ambitions, giving yet another real-world use case for digital currencies that have produced billionaires.” We’ve already helped many people realize their wildest holiday aspirations in only six months, and the new experiences revealed today will extend the options and methods in which individuals explore the globe.”

Facebook’s Novi Launches Pilot Program in Guatemala and US Using Pax Dollar

Novi, Facebook’s digital wallet, is now undergoing a test pilot operation in Guatemala and the United States. This “test pilot” will “test fundamental feature functions” and their operational skills in customer service and compliance,

Facebook’s Novi Launches Pilot Program

According to David Marcus, director of Facebook Financial. Marcus further noted that the remittance corridor between these two nations was critical because the majority of Guatemalans do not have access to banking institutions but do have access to a smartphone.

However, Diem, the once Facebook-backed cryptocurrency, is not being used in the trial. Instead, Novi opted to start the trial using pax dollar, a well-known stable coin backed by Paxos, a New York-based financial services firm. Coinbase was chosen as the pilot’s custodian, ensuring that customers’ money was kept safe through its custody platform.

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Diem Use is still an option

Although the pilot program does not use Diem as the platform’s transactional asset, Marcus stated that Novi intends to use the coin in the near future. In response to this, he stated:

I want to be clear that we continue to support Diem and plan to launch Novi with Diem whenever it obtains regulatory permission and goes operational. Interoperability is important to us, and we want to do it right.

So Novi hasn’t given up on the project; it’s simply waiting for it to clear the regulatory barriers it’s faced since its beginning. This test pilot program, on the other hand, underlines Novi’s desire to position itself as a significant participant in the payments sector. Once Novi had a significant client base, Marcus indicated that this would be the primary emphasis and that the goal would be to give free person-to-person payments and earn from merchant interactions.

Brazilians have purchased more than $4 billion in cryptocurrency this year- Central Bank of Brazil

According to the Central Bank of Brazil, Brazilians have imported over $4 billion in cryptocurrencies into the nation. According to the commercial asset balance data, Brazilians have consistently purchased over $350 million in cryptocurrency each month since January. However, according to some central bank experts, this figure has the potential to quadruple in value this year.

Brazilians buy millions of dollars worth of cryptocurrency

According to a study issued by the Brazilian Central Bank, Brazilians have spent more than $4 billion on bitcoin imports since the beginning of the year. The data, which includes cryptocurrencies in the commercial balance of goods, reveals that cryptocurrency imports have remained over $350 million since January. The cryptocurrency purchasing frenzy peaked in May when crypto purchases totaled $756 million in that single month.

Purchases have declined since then, reaching close to $500 million last August. Because September’s figures aren’t yet available, it’s hard to say whether the downward trend will continue. Cryptocurrencies have captivated Brazilians, and this enthusiasm, according to Bruno Serra, head of monetary policy at the Central Bank of Brazil, is unlikely to wane in the future.

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According to Serra, Brazilian cryptocurrency investments overseas may possibly treble the amount invested in American stocks. Brazil, on the other hand, is now unable to produce cryptocurrency. In this regard, Serra emphasized:

It’s a one-way street. Brazil does not generate crypto actives because of the high cost of electricity; instead, it imports them.

And the data back up its claims. According to the same study, bitcoin outflows have only hit $15 million, or less than 1% of total cryptocurrency inflows.

According to Serra, this influx has the potential to reach more than $8 billion this year.

What Methods Are Used to Compile the Data?

Cryptocurrencies are classified as products by the Brazilian Central Bank, and their inflows and outflows from the nation must be recorded in statistics. The bank calculates these figures using exchange contracts as a starting point.

These are legal documents that record discussions between buyers and sellers in accordance with the bank’s instructions.

However, because these instruments only track bitcoin transactions and trades between residents and non-residents, the true figures might be substantially higher than those recorded.

Square is considering building a ‘Bitcoin Mining System Based on Custom Silicon’ – Jack Dorsey

On the same day that the CFTC penalized Tether Limited and Bitfinex, and papers implying that the US Securities and Exchange Commission (SEC) authorized the Proshares Trust bitcoin futures ETF, Twitter CEO Jack Dorsey hinted that Square may enter the bitcoin mining business. Dorsey has been a long-time supporter of bitcoin, and he recently revealed that Square is working on a bitcoin hardware wallet to “make bitcoin custody more popular.”

Bitcoin Mining System Based on Custom Silicon

Dorsey has recently stated that bitcoin will play an important role in Twitter’s future. He provided a link to the economist Murray Rothbard’s book “Anatomy of the State,” and Twitter just added a bitcoin tipping function. Now, Dorsey and Square are exploring entering the bitcoin mining sector, with the goal of taking a unique approach to the ecosystem.

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“Square is contemplating developing a bitcoin mining infrastructure for consumers and companies across the world based on bespoke silicon and open source,” Dorsey stated on Friday. “If we do this, we’ll create it in the open, in conjunction with the community, as we did with our hardware wallet.”

Mining, according to Dorsey, should be “more dispersed,” and the “more decentralized this is, the more resilient the Bitcoin network becomes.” Simultaneously, the Square founder stated that the mining sector must advance toward “clean and efficient energy usage,” which involves “innovation in silicon, software, and integration,” according to Dorsey.

Jesse Dorogusker is planning to research what’s required to take on this project,’ according to Jack Dorsey

“Silicon design is concentrated too much in a few firms,” Dorsey added. “This indicates that supply is likely to be overstretched. Silicon development is costly, needs long-term commitment, and is best done in tandem with software and system architecture,” he noted. In addition, Dorsey stated:

“Vertical integration isn’t given enough attention. Taking into consideration hardware, software, productization, and distribution necessitate accountability for delivering to an end consumer rather than focusing on developing a single technology.”

He went on to say that he feels mining is not for everyone and that anybody should be able to plug in a rig and mine. But, as Dorsey pointed out, there is a lot of complexity and entry obstacles, so he asked his Twitter followers: “What are the greatest challenges for individuals operating miners?” Jesse Dorogusker “will start the extensive technical study necessary to take on this project,” he added near the end of his thread.