Tag: Payments

Brazilian payment app PicPay launches crypto exchange with Paxos
Bitcoin

Brazilian payment app PicPay launches crypto exchange with Paxos

Major Brazilian payment application PicPay is moving into cryptocurrencies by integrating a crypto exchange service allowing users to buy Bitcoin (BTC) and Ether (ETH).The firm officially announced on Wednesday that PicPay clients can now buy, sell and store two major cryptocurrencies, BTC or ETH, directly on its app. PicPay pointed out that its choice was due to the real use cases provided by these digital assets, including security and many other benefits. The firm stated:“Blockchain technology, which is behind coins like Bitcoin and Ethereum, is already used in the real estate sector, the insurance industry and even the art market, through non-fungible tokens.”The new crypto feature is enabled through a partnership with the major crypto company Paxos and allows customers to use Paxos-is...
Reddit partners with FTX to enable ETH gas fees for community points
Etherium

Reddit partners with FTX to enable ETH gas fees for community points

After moving away from Bitcoin (BTC) payments years ago, online forum Reddit now seems to be inching closer to embracing cryptocurrency payments via a new partnership with the FTX exchange.Sam Bankman-Fried’s crypto exchange FTX and Reddit announced in a joint statement on Tuesday that the platform intends to integrate Reddit’s Community Points in the United States, the European Union, Australia and other markets.The partnership features the integration of FTX Pay as a payment and crypto exchange solution to unlock new crypto-enabled perks for Reddit Community Points. Introduced in May 2020, Reddit Community Points are a measure of reputation in communities or subreddits, allowing users to own a piece of their favorite communities.“As a unit of ownership, points capture some of the value o...
European Central Bank bets on CBDCs over BTC for cross-border payments
Bitcoin

European Central Bank bets on CBDCs over BTC for cross-border payments

A recent study conducted by the European Central Bank (ECB) on identifying the ultimate cross-border payment medium crowned central bank digital currencies (CBDCs) as the winner against competitors, including banking, Bitcoin (BTC) and stablecoins, among others.ECB’s interest in identifying the best cross-border payment solution stems from the fact that it serves as the central bank of the 19 European Union countries which have adopted the euro. The study, “Towards The Holy Grail of Cross-border Payments,” referred to Bitcoin as the most prominent unbacked crypto asset.EBC’s opinion of Bitcoin as a bad cross-border payment system boils down to the settlement mechanism of the highly volatile asset, adding that:“Since the settlement in the Bitcoin network occurs only around every ten mi...
Croatian retail giant sees rise in crypto payments despite the bear market
Bitcoin

Croatian retail giant sees rise in crypto payments despite the bear market

Payments in cryptocurrencies like Bitcoin (BTC) have been on the rise at Croatia’s largest supermarket chain Konzum this year despite the ongoing bear market.After debuting crypto payments in 2021, ​​Konzum has seen an increasing trend for this type of payment, the firm’s director of business applications Ines Barbir told Cointelegraph.​​Konzum officially started accepting cryptocurrencies as payment for its products in December 2021, allowing customers to pay online with nine cryptocurrencies like BTC and Ether (ETH) as well as Tether (USDT) and USD Coin (USDC) stablecoins.The supermarket chain has since expanded the crypto payment option to several self-checkout cash registers in physical pilot stores. Konzum is also still working with the local crypto payment firm Electrocoin to bring c...
Technicals suggest Bitcoin is still far from ideal for daily payments
Bitcoin

Technicals suggest Bitcoin is still far from ideal for daily payments

It is no secret that a vast majority of investors, both from the realm of traditional as well as crypto finance, view Bitcoin (BTC) as a long-term store of value akin to “digital gold.” And, while that may be the dominant narrative surrounding the asset, it is worth noting that in recent years the flagship crypto’s use as a medium of exchange has been on the rise.To this point, recently, the central bank of El Salvador revealed that its citizens living abroad have sent over $50 million in remittances to their friends and family. To elaborate, Douglas Rodríguez, president of El Salvador’s Central Reserve Bank, announced that $52 million worth of BTC remittances had been processed via the country’s national digital wallet service Chivo through the first five months of the year alone, marking...
Crypto payments gain ground thanks to centralized payment processors
Altcoins

Crypto payments gain ground thanks to centralized payment processors

The cryptocurrency market has grown beyond many people’s expectations over the past decade. The nascent industry has managed to change mainstream perception quite significantly, especially in 2021, which saw many traditional financial institutions adopt crypto in one form or another.Some of the biggest public companies such as MicroStrategy started using Bitcoin (BTC) as a treasury hedge, while the likes of PayPal, Mastercard and Visa paved the way for the common public to use crypto as a form of payment. While many experts are still skeptical about the use of crypto as a form of payment, given its price volatility, recent market trends and data indicate that crypto is increasingly being used to buy daily-use items.A recent report from fintech payment infrastructure provider checkout.com t...
Tether fortifies its reserves: Will it silence critics, mollify investors?
Analysis

Tether fortifies its reserves: Will it silence critics, mollify investors?

There is an old Arabic proverb: “The dogs bark, but the caravan moves on.” It could summarize the journey to date of Tether (USDT), the world’s largest stablecoin. Tether has been embroiled in legal and financial wrangling through much of its short history. There have been lawsuits over alleged market manipulation, charges by the New York State attorney general that Tether lied about its reserves — costing the firm $18.5 million in fines in 2021 — and this year, questions voiced by United States Treasury Secretary Janet Yellen as to whether USDT could maintain its peg to the U.S. dollar. More recently, investment short sellers “have been ramping up their bets against Tether,” the Wall Street Journal reported on June 27. But, Tether has weathered all those storms and seems to keep movi...
5 events that could put an end to the current crypto bear market
Bitcoin

5 events that could put an end to the current crypto bear market

Much to the chagrin of cryptocurrency investors across the ecosystem, the bear market has officially set in and brought with it devastating price collapses that have left relatively few unscathed. As the popular topic of conversation now centers on bearish predictions of how low Bitcoin (BTC) will go and how long this iteration of the crypto winter will last, those with more experience on the matter know that it’s virtually impossible to predict the bottom and it would be wise to apply those energies elsewhere. Instead of focusing on the when of the end, perhaps it’s more constructive to explore what events might help pull the market out of the bear market depths and put it on a path to its next up cycle. Here’s a look at five potential catalysts that could pull the crypto market out ...
EU-regulated firm Banking Circle adopts USDC stablecoin
Altcoins

EU-regulated firm Banking Circle adopts USDC stablecoin

Banking Circle, a European bank focused on cross-border payments, is adopting a major U.S. dollar-pegged stablecoin for payment rails.The firm officially announced on Friday the adoption of the USD Coin (USDC) on its platform as a payment acceptance, processing and settlement method.The new payment feature is enabled as part of Banking Circle’s new service targeting banks and payment providers, allowing them to facilitate payments outside traditional bank rails.Coinbase, a major cryptocurrency exchange in the United States, will be one of the crypto liquidity providers for Bank Circle, the announcement notes.The USDC adoption by Banking Circle is positioned as a “key step in democratizing global finance” as it provides significant “reconciliation, speed and cost advantages,” the firm said....
It seems NFT-themed Bored & Hungry restaurant no longer accepts crypto
Blockchain News

It seems NFT-themed Bored & Hungry restaurant no longer accepts crypto

The Los Angeles Times reported Friday that recently opened NFT-themed burger joint Bored & Hungry no longer accepts cryptocurrency as a form of payment for its food.When questioned, one Bored & Hungry employee told the Los Angeles Times “Not today — I don’t know.” The individual didn’t give any indication of when the decision was made to cut crypto from the menu of payment options, nor did they know if crypto payments would be making a return.Bored & Hungry initially launched back in April of this year. At the time, one worker told the Los Angeles Times that the majority of its customers didn’t seem to care about crypto payment options, also noting that customers were generally indifferent to “the restaurant’s fidelity to the crypto cause.”Another Bored & Hungry restaurant ...