Facebook Launches Novi Wallet Pilot With Ethereum Based USDP Stablecoin

Facebook Novi wallet

Facebook has unveiled the Novi digital currency wallet pilot in the United States and the Central American nation of Guatemala on Oct 19. While the wallet is free of any charges (at this time), operates with KYC and primarily focused on remittances, the interesting part is that Facebook has retired its Diem cryptocurrency project in favor of the Ethereum based Paxos issued USDP stablecoin – an ERC 20 token with custody services being sourced from Coinbase. The limited rollout carries the “Move the money instantly with no fees” allows the…

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Arab Bank has chosen Tezos to facilitate institutional custody service

Tezos token

Arab Bank Switzerland announced Tuesday that it will integrate staking, trading and custody services onto the Tezos blockchain’s native token (XTZ) in a bid to provide a digital asset environment for institutions, corporations and high net-worth individuals. The 50-year old establishment partnered with Tezos in the hope of benefiting from the ecosystem’s inherent focus on energy conservation, low-gas fees and fast upgrades. Managing Director of Arab Bank Switzerland, Rani Jabban commented on the institution’s ambitions following the announcement: “Digital Assets are a cornerstone of our strategy, requiring strong agility while…

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El Salvador introduces fuel subsidy of $0.20 per gallon to locals who pay in BTC

Salvador Bitcoin Oil

Salvadoran President Nayib Bukele has announced that local consumers can enjoy a $0.20-per-gallon reduction in petrol prices when paying, using the government-backed Bitcoin wallet, Chivo. Describing the news as “positive news for the pockets of Salvadorans,” the president announced the subsidy via Twitter on Thursday. According to a rough translation, Bukele stated: “The state company Chivo negotiated with the largest gas station companies in our country, so that starting tomorrow, their stations will sell each gallon of fuel $ 0.20 cheaper, with Chivo wallet.” Bukele emphasized that there is no…

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Europe becomes largest crypto economy with over $1T in transactions

cryptocurrency transaction volume 2019-2021

The region of central, northern and western Europe, or CNWE, has emerged as the world’s most active cryptocurrency block, receiving over $1 trillion worth of digital assets over the past year, according to new research from blockchain analytics firm Chainalysis. The report, which was released Tuesday, found that the CNWE region accounted for 25% of global crypto activity between July 2020 and June 2021. The region witnessed a sharp uptick in transaction volume across all crypto sub-categories, especially decentralized finance, or DeFi. Chainalysis describes crypto transactions as anything involving trade,…

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YouGov poll finds 27% support for making Bitcoin legal tender in US

A new poll has found that 27% of United States residents support the government recognizing Bitcoin (BTC) as legal tender. According to a poll from research and data analytics firm YouGov, 11% of respondents “strongly support” the idea that Bitcoin should be used as legal tender in the United States, and a further 16% of respondents would “somewhat support” it. The poll, which surveyed 4,912 U.S. residents, indicated that a larger number of Democratic respondents support the proposition than Republicans. Around 29% of Democrats stated they either strongly or somewhat…

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Mastercard acquires blockchain security start-up CipherTrace

CipherTrace Mastercard

Payments giant Mastercard has signed an agreement to acquire blockchain analytics start-up CipherTrace as it looks to accelerate and expand its cryptocurrency strategy. The company says that CipherTrace’s security and fraud detection capabilities provide “additional transparency and support” for the digital asset ecosystem. Mastercard plans to integrate the start-up’s suite of crypto intelligence solutions with its own cybersecurity offerings. It says this will help businesses looking to build out their own virtual asset offerings identify and understand risks and to “help manage their digital asset regulatory and compliance obligations”. Ajay…

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Switzerland’s Stock Exchange Gets Regulatory Approval To Launch Digital Bourse

Mountains Swiss Flag

SIX, Switzerland’s stock exchange, has revealed that it has received regulatory approval to launch its digital bourse. According to an announcement made on Friday, the Swiss Financial Market Supervision Authority greenlit the approval for the digital bourse, named SDX. SIX revealed that it had received two licenses from FINMA, Switzerland’s market’s watchdog, to begin operating a stock exchange and depository for blockchain-based securities. The firm released a statement stating, “This authorization enables SDX to go live with a fully regulated, integrated trading, settlement, and custody infrastructure based on distributed ledger…

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ECB Vice President States Crypto Should Be Regulated Like Other Assets

ECB cryptocurrencies

European Central Bank (ECB) Vice President Luis De Guindos has stated he wants cryptocurrencies to be subject to the same rules that other assets are. The statements were offered in a presentation given as part of the summer courses offered by the European Parliament, where De Guindos declared his opinion about cryptocurrency regulation. ECB Vice President: Crypto Should Follow Same Laws as Other Assets Luis De Guindos, current Vice President of the ECB, stated he thinks crypto-assets should be regulated as any other asset in the market. De Guindos expressed…

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Mastercard chooses 7 crypto startups for Start Path accelerator

startup mentor investment

International payments giant Mastercard continues focusing on the digital asset industry by welcoming a batch of major cryptocurrency startups in its fintech accelerator. The company announced Tuesday a new startup engagement program as part of Mastercard Start Path, an accelerator program for fintech startups, aiming to support companies working with digital assets, cryptocurrency and blockchain technology. The program has added seven new startups, including digital wallet and trading platform Uphold, crypto storage firm GK8, American investment platform Domain Money, blockchain oracle startup SupraOracles, blockchain infrastructure provider STACS, digital asset firm…

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Bank of Korea selects Kakao’s blockchain arm for digital won tests

KAKAO crypto

The central bank of South Korea has chosen a blockchain subsidiary of local internet giant Kakao as a technology provider for its digital currency pilots. Kakao’s Ground X won the Bank of Korea’s central bank digital currency (CBDC) tender, becoming the principal technology supplier for blockchain-based digital won simulations, local news agency Korea JoongAng Daily reported Tuesday. The central bank announced that Ground X will participate in the South Korean CBDC project in cooperation with United States-based blockchain company ConsenSys as well as other Kakao affiliates like KakaoBank and Kakao…

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China’s Central Bank Shuts Down a Firm Providing Services for Crypto Transactions

China old town picture

China continues to reiterate its hostile stance against the cryptocurrency industry with another warning aimed at local companies. The People’s Bank of China has shut down a local firm suspected of providing various software services to cryptocurrency businesses. As it happened during previous negative actions, the price of bitcoin fell rapidly after the news broke. In the latest statement on the matter, China’s central bank has closed down a firm called Beijing Tongdao Cultural Development Co. because of suspicion that it provided software services to transactions involving digital assets. The…

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Bitcoin Whales Accumulate 60,000 Bitcoins In A Day

Bitcoin whales

Bitcoin whales have resumed accumulating coins in what has turned out to be the biggest Bitcoin accumulation event in 2021. A number of Bitcoin whales addresses that currently hold a number of 100 to 10,000 bitcoins in their wallet accumulated over 60,000 bitcoins in a single day. Lately, Bitcoin has been sluggish in the market due to a high number of sell-offs and not enough people buying back in the coin. But over the past six weeks, the whale wallets have accumulated over 100k bitcoins. With over 60% of these…

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Mexican billionaire seeks to launch the country’s first BTC-accepting bank

Santa Fe Mexico

Pro-crypto Mexican billionaire, Ricardo Salinas Pliego, is looking to launch the first Bitcoin-accepting bank in Mexico. Salinas unveiled this bullish news through a tweet on June 27, noting that he hopes to achieve this feat by integrating BTC services into Banco Azteca, a leading Mexican bank, which he founded 19 years ago. Salinas shared these details while responding to a tweet in which MicroStrategy CEO, Michael Saylor, tagged him. The tweet contained a video in which Salinas said he had invested a lot of time in studying BTC and that…

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Belfast rewards its citizens for spending time in green spaces

Belfast rewards

Individuals can earn rewards such as transport passes via the social currency mobile app which also provides a promotional platform for local businesses, services and events. Citizens in Belfast can earn rewards for time spent in local parks and open spaces via a new mobile app. Rewards include Translink DayLink passes and tickets to visitor attractions or they can choose to support their local community group by donating Civic Dollars to them. Social currency The social currency app was developed by local company Moai Digital with support from Belfast City…

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51 crypto firms withdraw licensing applications in the UK

crypto bitcoin chip

Strict Anti-Money Laundering laws in the United Kingdom appear to be constituting a major operational hurdle for crypto firms in the country. According to the U.K. Financial Conduct Authority (FCA), several crypto businesses in the country might be preparing for an exit. In a release issued on Thursday, the regulatory agency revealed: “A significantly high number of businesses are not meeting the required standards under the Money Laundering Regulations. This has resulted in an unprecedented number of businesses withdrawing their applications.” According to a report by The Guardian, 51 companies…

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