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Mastercard is planning to give merchants the option to receive payments in cryptocurrency later this year.
According to a source familiar with the matter, the functionality will see Mastercard customers’ digital currency payments settled in crypto at participating merchants, a first for the financial giant. The company has not yet disclosed which digital currencies it intends to support, or where.
The details shed new light on CEO Michael Miebach’s Q4 pledge to integrate digital currency payments “directly on our network” in a move the new chief, helming his first earnings call on Jan. 28, said will provide maximal flexibility to customers and merchants alike.
Previously, Mastercard supported limited cryptocurrency transactions through its cryptocard partners Wirex and Uphold. But those programs only cover payment, not settlement; the coins are converted to fiat currency well before reaching the merchant.
The new initiative promises to upend that dynamic among the store owners and businesses who opt in. They will be able to conduct their business beyond the bounds of the fiat ecosystem, assuming, of course, their customers have crypto they’re willing to spend.
United States Treasury Secretary Janet Yellen is concerned about crypto's supposed criminal element.
In Feb. 10 remarks to a financial sector innovation roundtable, United States Treasury Secretary Janet Yellen stated that the misuse of cryptocurrencies and virtual assets has been a growing problem alongside cyber attacks triggered by the global pandemic.
Secretary Yellen said that despite the potential of new technologies like crypto, such assets are still associated with major risks. “I see the promise of these new technologies, but I also see the reality: cryptocurrencies have been used to launder the profits of online drug traffickers; they’ve been a tool to finance terrorism,” Yellen stated.
In the statement, Yellen also stressed the need of “equitable innovation” to help “bring the benefits of the financial system and modern IT to more people.” She said that the equitable innovation approach can be symbiotic with the Treasury Department’s existing motto of “responsible innovation.”
Amazon’s grip on the internet economy appears to be coming for currency next, with the e-commerce giant preparing to launch a “digital currency” project in Mexico.
The yet-to-be-announced project, which Amazon sketched out across a series of recent job posts, appears to be an effort to keep lucrative Prime customers eternally plugged into Amazon’s platform.
“This product will enable customers to convert their cash in to digital currency using which customers can enjoy online services including shopping for goods and/or services like Prime Video,” one job post said of Amazon’s “new payment product.”
Amazon’s Digital and Emerging Payments (DEP) division intends to roll-out the product in Mexico first, the posting said. A second job posting hints the product appears to be broadly aimed at emerging markets. Amazon is hiring software development engineers “at all levels” to staff up for launch.
- Average daily ETH and WETH transfers of value over the last 30 days equal $13 billion, over 40% more than Bitcoin’s $9.2 billion.
- Including transactions in dollar-pegged stablecoins USDC and DAI, transfers were nearly 80% above the value of BTC’s network.
- Even native ETH transfers are now nearly equivalent to transfers on Bitcoin’s network.
Ethereum long trailed Bitcoin as the top blockchain network for transferring value, but those days could be in the past as ETH and WETH transactions have surpassed Bitcoin and begun to pull away in recent weeks.
Average daily transaction value of ETH and Wrapped ETH (WETH) over the last 30 days has grown to more than $13 billion compared to just over $9 billion for Bitcoin, according to data compiled by Money Movers and provided by CoinMetrics. (At one point, ETH alone briefly surpassed Bitcoin.)
🗞 Daily Crypto Calendar, February, 11th💰
- Kava.io (KAVA)
"Do not miss the Kava 5 Incentivized Testnet launch on Feb 11th."
- Chiliz (CHZ)
$ACM (AC Milan) Fan Token will begin trading on the Chiliz Exchange.
- SAND (SAND)
- Fetch.ai (FET)
"On February 11 at 2 PM GMT/3 PM CET, we are organising a Crowdcast on Validators for Fetch.ai's #Mainnet launch in 2021 w/@HMsheikh4..."
- Wabi (WABI)
Wabi CEO sharing updates and announcements. Twitter @alex_taelpay.
- HARD Protocol (HARD)
"Do not miss the Kava 5 Incentived Testnet launch! Coming Feb 11th."
- BakeryToken (BAKE)
#Binance French AMA French users please join the telegram for AMA!
- 🗞 Daily Crypto News & Video, February, 10th💰
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Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.