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CoinDesk
CoinDesk
L'ultimo programma fedeltà Cripto di Mastercard mira a colmare le lacune di Google Pay
5 days ago
Cointelegraph
Cointelegraph
followers

Converting cryptocurrency to fiat has never been easy, so the recent collaboration announced between Web3 infrastructure firm Transak and credit card giant Visa is probably welcome news — particularly for users of crypto wallets like MetaMask, Ledger and Trust Wallet. As Cointelegraph reported in late January, “MetaMask users can now sell crypto directly to a Visa card.” Some 40 kinds of crypto can now be converted into local fiat currency at 130 million of Visa’s merchant locations across 145 countries. The numbers alone are daunting, but this may also be an inflection point. “Visa and Mastercard’s reengagement with the crypto sector marks a pivotal turn in the industry’s trajectory,” Antoni Trenchev, co-founder and managing partner at Nexo, told Cointelegraph recently. “It’s big news for people already using crypto to pay for things — now they have more options and, arguably, better options with how to make these types of payments,” Joanna Wasick, partner at law firm BakerHostetler, told Cointelegraph. That said, it wasn’t that long ago that Visa appeared to be stepping back from crypto. Almost exactly a year ago, Reuters declared that “Visa and Mastercard are slamming the brakes on plans to forge new partnerships with crypto firms” — though Visa later took issue with Reuters’ assertion. “This strategic recalibration is not surprising, even with Visa’s distancing itself from crypto a year ago,” said Trenchev last week. “With market uptake, especially with climbing Bitcoin prices, an approved Bitcoin ETF [exchange-traded fund] and an upcoming ‘halving,’ we’re witnessing the nascent stages of a bull market in crypto,” continued Trenchev. Visa and Mastercard don’t want to miss out, arguably. As dramatic and sudden as the announcement may have seemed, it is actually part of a larger process that has been going on for some time. “Visa’s decision to enable real-time card withdrawals is the latest step in the monetization of cryptocurrencies,” William Luther, associate professor in the Department of Economics at Florida Atlantic University, told Cointelegraph. A loss for centralized exchanges? Still, in a dynamic economy — where “creative destruction” is the norm — there are often losers and winners. What does this mean for centralized crypto exchanges like Coinbase and Binance? If Visa can convert a holder’s crypto directly into fiat, why does that individual even need a cryptocurrency exchange? “More users are choosing to directly engage with Web3 through decentralized applications rather than centralized exchanges,” or CEXs, Sami Start, co-founder and CEO of Transak, told Cointelegraph. Asked about the volume of recent crypto withdrawals to Visa cards, Start declined to provide segmented data, but he did say that the firm’s off-ramp transactions — including Mastercard and Visa transactions — “have experienced a growth of approximately 24.27% from December 2023 to January 2024.” Recent: CBDCs: User privacy problem or currency of the future? The threat to centralized crypto exchanges could be exaggerated, however. “The notion that this advancement might disadvantage CEXs and platforms is oversimplified,” said Trenchev. Visa and Mastercard’s involvement in decentralized finance (DeFi) is likely to promote broader cryptocurrency adoption — “which benefits the whole industry.” CEXs still have a play to role. They are “vital in scaling,” continued Trenchev, whose firm was a pioneer in offering a crypto-backed Mastercard in parts of Europe several years back. They provide a degree of reliability, accessibility and security that many DeFi platforms still don’t offer. He added: “The appeal of self-custody in DeFi is clear, but it comes with risks, such as lack of insurance.” Both DeFi and CEXs contribute to the growth of the blockchain ecosystem, Trenchev maintained, and “their successes are mutually beneficial.” Importance of network effects Clearly, there is much more discussion now about crypto as a medium of exchange, which was not the case in the depths of the crypto winter. The biggest hurdle that “would-be” monies face coming out of the starting gate is what economists call “network effects,” explained Luther. They’re not likely to be useful unless your trading partners are willing to use them, and at the outset, few parties are willing to do so, he said, adding: “Intermediaries like Visa have the potential to eliminate the network effect problem. By converting your preferred cryptocurrency on the fly to your trading partner’s preferred money, [they can make a new] medium-of-exchange much more useful.” Visa isn’t the first to take this step. Xapo began offering a Bitcoin (BTC) debit card in 2014. “But Visa supports more cryptocurrencies and boasts a very big network. That’s a big deal,” added Luther. Trenchev seconded this notion that traditional financial firms, including the credit card giants, have been building salients into the crypto world for some time. In 2021, Mastercard purchased CipherTrace — a leading cryptocurrency intelligence company — to enhance its crypto capabilities, while in June 2023, Mastercard announced its Multi-Token Network, an initiative “designed to make transactions within the digital asset and blockchain ecosystems secure, scalable and interoperable,” according to the firm’s executive vice president Raj Dhamodharan. We’re introducing Mastercard Multi-Token Network to make transactions within this ecosystem secure, scalable and interoperable as part of our commitment to support the wider #digital asset industry. https://t.co/Vb1JtnSTjx#blockchain pic.twitter.com/MwkkxbyAuk — Mastercard News (@MastercardNews) June 29, 2023 Visa began supporting the Circle’s USD Coin (USDC) in certain Visa cards in 2020 and followed up in September 2023 by supporting USDC payments settled on the Solana blockchain. Building new connections is what such firms are designed to do. “The core strategy of the payment rails like Visa and Mastercard is to be the network of networks, penetrating any and all venues where exchange takes place,” Lex Sokolin, managing partner at venture capital firm Generative Ventures, told Cointelegraph. “Integrating into the networks of Web3 is the most natural thing for these companies,” said Sokolin, “even less ‘risky’ than it is for asset managers to sell crypto as an investment product.” The question is no longer whether crypto will be a part of mainstream payments and financial services, but rather, how big a part crypto will play, Wasick observed, adding: “So while crypto might still be a relatively small part of payments and financial services — as compared to cash, say — crypto’s dent is getting deeper.” Betraying core principles? Much work still awaits. Some worry about security or loss of privacy. Others fear a growing trend toward financial centralization, which crypto was designed to counter. There are also compliance and tax questions. “I think the primary reason why crypto holders — at least American holders — balk at using crypto for payments is the same as it has been for years: United States tax law,” said Wasick. People don’t want to have to think about tax ramifications every time they purchase a cup of coffee. “But doing it directly with a payment platform like Visa is arguably easier than prior payment methods.” Some crypto purists may view the entry of credit card giants into the space as a further betrayal of the original promise of Bitcoin and other cryptocurrencies for decentralized money beyond the control of any single party, company or government. Luther gave voice to something along these lines. While welcoming the support of Visa and Mastercard, “I also think it is important to recognize the shortcomings.” Yes, they will make it easier to use cryptocurrencies to buy things, “but they do so at the expense of some of crypto’s promise.” More specifically: “They tend to reduce — and, in some cases, completely eliminate — the financial privacy and censorship-resistant features of cryptocurrencies.” Those features are important, Luther added, and he hopes that future developments “will make it easier to use cryptocurrencies in routine transactions while preserving a high degree of anonymity.” Instilling confidence? Finally, what does all this mean in terms of adoption? Crypto adoption is still relatively low — at least as a percentage of the world’s population. And those who own it are often “just holding cryptocurrencies in hopes of price appreciation,” Luther added. But there is another way of looking at things. In this view, crypto is already a part of mainstream payments and financial services. “Some institutional investors hold cryptocurrencies. We have access to crypto futures and ETFs,” said Luther, and a soaring number of payment apps are making sending and receiving cryptocurrencies easier than ever. Related: Is a US stablecoin bill just around the corner? Visa’s new collaboration is also significant because of the impact that it could potentially have on people who, until now, have been hesitant to embrace cryptocurrencies — i.e., not just current wallet holders. The giant credit card companies could give crypto fence-sitters the confidence to act. If so, a sort of virtuous cycle could emerge because as “people become more comfortable with payment solutions, those solutions become more ubiquitous,” said Wasick. “There’s still a long way to go,” Luther summarized. “But cryptocurrencies have come a long way already.”

3 days ago
Crypto
ETH,BNB
Oobit(OBT)

$0.08

6.17%

Market Cap
N/A
 

Volume (24h)
1.66m
 

30013.04%

Released on 05 Nov 2021
CryptoNewsLand
CryptoNewsLand
followers

VeChain aims for $20 trillion market by filing V3TR trademark for financial integration. The filing aligns with ISO standards and is a strategic move for global impact. VeChain’s AA launch and V3TR filing signal major growth and crypto evolution. A popular crypto trader and VeChain (VET) holder shared an analysis of the crypto reaching $2.4 as the bull price target this cycle. According to the latest charts this analysis still seems to be on track. #vechain is still on track doing well for my 2.4$ target this cycle.will we get there?#vechain #vefam #cryptocurrency #BCG #Sustainability #Blockchain $VET $VTHO https://t.co/9g0ifWbFfa pic.twitter.com/3P4Uo1lulS — Low Cap Crypto (@mihai_crypto111) February 18, 2024 Furthermore, VeChain is making a strategic move to align with global financial communication standards. Thus, the project has filed for a V3TR trademark registration. This move signifies VeChain’s intent to bridge the gap between the crypto industry and traditional finance systems. The pending V3TR trademark has far-reaching implications, positioning VeChain to achieve ISO 20022 compliance, conquer the trillion-dollar payments market, and potentially engage in partnerships with central banks. The global payments industry, projected to reach $20 trillion by 2026 with a 24% annual growth rate, offers VeChain significant opportunities for expansion. VeChain’s application covers a broad spectrum of financial services, including electronic transfer of digital currency, issuance and redemption of digital or cryptocurrency tokens, and providing digital currency for online communities. Clearly, VeChain is committed to building efficient blockchain infrastructure across diverse sectors, emphasizing its role in finance, healthcare, and the supply chain. The move to file the V3TR trademark is seen as a key step in VeChain’s evolution within the blockchain space. Founder Sunny Lu anticipates a busy year for the crypto industry in 2024, expecting progress in crypto regulation and the impact of approved spot Bitcoin Exchange-Traded Funds (ETFs). These developments could pave the way for mass crypto adoption and increased institutional investor participation, addressing challenges related to token utility. Read Also Viacom International Is Bringing TMNT to Web3 2024 VeChain Price Forecast: VET to Break Through $0.1032 When Will VeChain’s VET Token Surpass the $0.0993 Milestone in 2024? Mastercard Makes a Move Towards Crypto and Blockchain: Trademark Application Filed VET’s Bullish Future: Anticipating a Surge Past $0.0943 in 2024 The post VeChain (VET) Set For Massive Price Rally $20 Trillion Market V3TR Trademark Filing appeared first on Crypto News Land.

7 days ago
Crypto
SOL
Zebec(ZBC)

$9.54e-3

0.12%

Market Cap
40.34m
 

0.12%

Volume (24h)
7.16m
 

3.22%

Released on 15 Mar 2022
davut1karabulut
davut1karabulut
followers

Craig Wright, Bitcoin creator claimant, provides evidence in court. 🪙🔨🤯 Craig Wright, the enigmatic figure asserting himself as Bitcoin's creator, recently presented a lineup of personal witnesses during a trial, each contributing unique insights. Craig's sister, Danielle DeMorgan, vividly recalls her brother practicing martial arts in a public park dressed in full swords, linking this eccentricity to the possibility of him being Satoshi Nakamoto. DeMorgan also recounts a 2008 event where she found Craig deeply engrossed in a technical project with computers and cords, strengthening her belief in his claim. Mark Archibold, who collaborated with Craig in the late 1990s, recalls discussions about "digital currency" between 2004 and 2005. Archibold clarifies that, at the time, "digital currency" referred to a concept sparked by the US government's blockage of services like Mastercard and Paypal. Archibold shares his belief that Craig could be Satoshi, based on personality and early interest in the concept. Cerian Jones, a patent attorney and consultant for Craig's company nChain, suggests that her work with Wright's patents strengthens his candidacy as Satoshi. However, she acknowledges concerns raised by prosecutors regarding nChain's internal workings and potential misattribution of patents. Jones admits that being associated with Wright is not favorable for marketing due to his character. The trial is anticipated to continue until the end of the month, with prosecutors seeking an injunction against Wright launching further defamation lawsuits. Wright faces accusations of "industrial scale" forgery in his quest to convince the world of his role in Bitcoin's creation. Ongoing trial reveals mix of testimonies, tech efforts, and character assessments in Craig Wright's Satoshi Nakamoto claim. Karate, computers, and diverse perspectives deepen Bitcoin creator debate. Stay tuned for updates. #BTC #SatoshiNakamoto #satoshi #CraigWright 's #CraigWright

9 days ago
Crypto
Market Cap
N/A
 

Volume (24h)
616.23k
 

11.32%

Released on 18 Jan 2024
Crypto
EGLD
ZoidPay(ZPAY)

$6.82e-3

0.48%

Market Cap
N/A
 

Volume (24h)
220.73k
 

-6.67%

Released on 16 Jul 2021
小烏鴉Max
小烏鴉Max
followers

[Solana’s second mobile phone pre-sales exceeded 100,000 units and received US$45 million in development funds] In just one month, Solana saw 100,000 pre-orders for its second smartphone and $45 million in sales, prompting the decision to start production. This achievement far exceeds the sales of the first mobile phone in the past year (20,000 units). This “Chapter 2” smartphone from Solana Mobile retains the features of the first model, with a focus on integrating the functions of buying, selling, holding and using cryptocurrencies, specifically those on the Solana blockchain. Solana co-founder Anatoly Yakovenko said reaching 100,000 customer pre-orders is a key prerequisite for developing a second device. He believes the economics of selling the second device are more feasible than the first phone's difficult sales. This success not only solidifies Solana Mobile's future, but also demonstrates its unique position in the encrypted phone market. Yakovenko emphasized that compared to its competitors, Solana is focused more on encryption capabilities than traditional technical specifications. He pointed out that creating a phone with encryption capabilities is to provide a unique experience that is not found in other devices on the market. It’s unclear whether pre-orderers are actually interested in the crypto-based smartphone or just attracted by the offer of free tokens. However, Yakovenko believes that having a production volume of at least 100,000 units will help attract developers to build apps for the Solana ecosystem, which is critical to achieving mainstream success. He also mentioned that its app store will not charge high fees to merchants, which is a major challenge to the Apple and Google store models. "It's much easier to disrupt the app stores than it is for Visa and MasterCard," Yakovenko said. #鴉快訊 #内容挖矿 $SOL @Solana_Official

13 days ago
Crypto
BitShares(BTS)

$3.60e-3

0.58%

Market Cap
10.78m
 

0.58%

Volume (24h)
134.08k
 

21.92%

Released on 21 Jul 2014

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