The post Chase Will Block Crypto Payments for UK Customers! appeared first on Coinpedia Fintech News
Chase, the U.S. banking giant, has notified its U.K. customers that they will not be able to make payments related to cryptocurrency using their debit cards or outgoing bank transfers starting October 16. The move follows similar measures by other U.K. banks that have cited increasing fraudsters’ use of cryptocurrencies. The Financial Conduct Authority has acknowledged the financial sector’s reluctance to offer cryptocurrency services, leading it to facilitate discussions between lenders and crypto firms. Customers who wish to invest in cryptocurrency have been advised to use a different bank or provider.
Ripple, Tranglo, and SBI Remit have announced a joint venture, SBI Ripple Asia. Last week in a similar move SBI Remit, a subsidiary of SBI VC Trade and the crypto-focused arm of SBI Japan, announced a strategic partnership with Ripple and SBI Ripple Asia. This collaboration aims to launch international remittance services that utilize XRP. TRANGLO Pte Ltd, a prominent cross-border payments provider, will handle the customer’s SBI Remit payout request and pay the beneficiary’s bank account in the receiving nation.
XRP’s Growing Dominance in Southeast Asia
The primary focus of this collaboration is to introduce Ripple’s XRP-enabled remittance solution to bank accounts in the Philippines, Vietnam, and Indonesia starting this month. This groundbreaking partnership is set to revolutionize the landscape of remittances in Southeast Asia.
SBI Remit has been leveraging Ripple’s services for cross-border money transfers since 2017. In a groundbreaking move last week, they introduced a crypto-powered solution, becoming the first in Japan to use XRP as an intermediary currency between legal currencies for funds transfer to a crypto wallet in the Philippines.
Tanglo Simplifies XRP Real-Time Remittances.
After overcoming legal challenges in the US, XRP is expanding its vision globally. Partnering with Tranglo, XRP aims to streamline cross-border remittances in countries like the Philippines, Vietnam, and Indonesia, leveraging its speed and cost-effectiveness. Due to their large remittance corridors, these countries are best for this innovative solution. Notably, it will make life easy as under this partnership, SBI Remit will process real-time remittance requests using XRP, ensuring seamless fund transfers for recipients in their local currency. This innovative service is scheduled to launch this month and will primarily cater to bank accounts in the Philippines, Vietnam, and Indonesia.
While pulling many remittances into their bank accounts, these countries are ideal prospects for XRP adoption. SBI Remit believes an XRP-based remittance service will boost cryptocurrency adoption in these countries. It will enable, speed, cost-effectiveness, and increased scalability. It streamlines fund transfers to Ripple’s global partners, bolstering SBI Remit’s competitiveness in international remittances. The key feature of Ripple’s network is its swift access to premier receivers in key markets, enabling businesses to engage in new corridors within an impressively short timeframe.
Ripple’s partial victory has made one thing clear Ripple is not over yet. Since July the company has been making bold decisions to outpace others in the league. They have partnered with Mastercard, expanded their global business and the recent dominance in banking is another milestone.
Ripple’s president, Monica Long, is not shy in making bold announcements and her remarks hold a weight in the industry. In a recent Paris Blockchain Week, she emphasized that even the most powerful banking institutions must adopt decentralized finance (DeFi) to stay up to date with the latest technology.
She has made a similar comment in the past regarding crypto rules in the UK, Europe, Singapore, and Dubai which have well-defined rules for cryptocurrencies. Ripple’s business, especially in payments, has flourished in these areas. Ripple’s rejection in the US market is also seen as a threat to traditional banks and Bitcoin’s dominance in general.
Adapt or Die, Long’s Advice for Banks To Overcome Banking Crisis
Long’s comment came at a time when, SBI Remit, a part of the big Japanese company SBI Holdings, made a significant move by expanding into Asian markets like the Philippines, Vietnam, and Indonesia. They’re teaming up with Ripple through a venture called SBI Ripple Asia.
This shows they believe in the power of digital money, especially XRP, to change how banks work. By using XRP, they can make international payments quicker, safer, and cheaper for their customers. Long is confident that such a move can strengthen our financial system and will transform how we see the traditional banking system.
Monica Long’s statement wasn’t just about cryptocurrencies. She was talking about the whole decentralized finance industry for big institutions. This connects with a significant event from late 2022 when central banks in France, Switzerland, and Singapore, with support from the BIS, said they would try out DeFi in Forex markets to make sending money across borders easier.
Can these new ways of handling money make international transactions faster and simpler for everyone?
But, while DeFi opens doors for traditional financial institutions, it also brings new obstacles and more competition. The future is definitely uncertain, but Monica Long’s words still ring true as a warning that adapting and coming up with new ideas are the keys to survival in the fast-paced world of finance.
In a groundbreaking move, SBI Remit, a subsidiary of SBI VC Trade and the crypto-focused arm of SBI Japan, has announced a strategic partnership with Ripple and SBI Ripple Asia. This collaboration aims to launch international remittance services that utilize XRP.
SBI Remit Empowers International Transfers with XRP in Key Asian Markets
Yoshitaka Kitao, the chairman and CEO of SBI Holdings, recently announced a groundbreaking development through a post on X (formerly known as Twitter). The news revolves around SBI Remit’s upcoming remittance service, which will utilize XRP technology.
This innovative service is scheduled to launch this month and will primarily cater to bank accounts in the Philippines, Vietnam, and Indonesia.
In the meantime, these countries are attracting a considerable portion of remittances into their bank accounts, positioning them as excellent candidates for the adoption of XRP. SBI Remit firmly believes that introducing a remittance service based on XRP will expedite the acceptance and use of cryptocurrencies in these regions.
SBI’s Vision, the Future of Cross-Border Transactions with XRP
Eventually, SBI Remit has developed a streamlined process for international remittances, simplifying cross-border transactions. When a customer initiates a remittance request, SBI VC Trade promptly responds by sending the equivalent amount in XRP. Afterward, the XRP is seamlessly converted into the recipient’s local currency.
This dynamic approach has become possible through a strategic partnership with Tranglo, a Ripple partner. As a result, users now have the convenience and accessibility of receiving funds in their local currencies.
Moreover, SBI Remit aims to expand its range of services by including corporate and inbound transactions. This expansion will be facilitated through strategic partnerships with Ripple and other payment firms.
SBI’s partnership with Ripple marks a significant milestone in revolutionizing international remittance services. This collaboration aims to enhance the efficiency and convenience of cross-border transactions, delivering remarkable improvements to the process.
Binance US, the US-based cryptocurrency exchange, has partnered with third-party payment providers such as MoonPay to offer an easier way for users to deposit their USD funds. The platform now allows users to make USD deposits using debit cards, credit cards, Apple Pay, and Google Pay. The deposited funds can be used to purchase USDT, which can be used to trade over 150 different cryptocurrencies on the platform. The move aims to simplify the process of buying and trading cryptocurrencies, making it more accessible to people who are new to the space.
Visa, one of the biggest payment technology companies globally, is reportedly considering allowing users to pay gas fees for Ethereum transactions using their credit or debit cards. This move could help make cryptocurrency transactions more accessible to mainstream consumers. Visa’s CEO, Al Kelly, has confirmed the company is working to enable Bitcoin translation into fiat currency and exploring options for purchasing cryptocurrencies through its platform. By enabling users to pay gas fees through their credit or debit cards, Visa may help accelerate the adoption of digital currencies.
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Microsoft, which is a big player in the field of AI, has unveiled a strategic partnership with Aptos Labs, a layer-1 blockchain entity. This partnership represents a significant moment where advanced AI meets the emerging realms of web3 and blockchain technology.
Aptos Labs, established by former Facebook employees, was initially on a mission to revive the dormant Diem project, formerly known as Libra. However, now backed by Microsoft’s AI expertise, Aptos Labs is setting its sights on more ambitious endeavors.
In a recent press release, Aptos disclosed its plans to utilize Microsoft’s infrastructure to introduce innovative ventures that merge AI and blockchain technologies. Notably, they unveiled a new chatbot named Aptos Assistant.
This AI-powered chatbot serves as a resource within the Aptos ecosystem, offering users information and aiding developers in crafting smart contracts and decentralized applications. The chatbot’s capabilities are harnessed through Microsoft’s Azure OpenAI Service. This collaboration exemplifies the fusion of AI and blockchain in shaping the future of technology.
Imagine a world where the dollar doesn’t dominate every international transaction. Seems far-fetched? Enter China’s mBridge and digital yuan. With fast-track development, they’re posing an interesting game-changer for the world of global finance.
The Rise of mBridge
mBridge isn’t just a fancy tech term. It’s the manifestation of a dream shared by China, Thailand, Hong Kong, and the UAE. Their collective vision? Revolutionize cross-border payments using Central Bank Digital Currencies (CBDC), sidestepping the traditional dollar-dependent channels. And they’re not alone in this venture; the Bank for International Settlements (BIS) – the central banking superhub from Switzerland – is on board.
Challenging Dollar-Denominated Payments
Let’s drop some numbers:
- Daily dollar-involved foreign exchanges? A staggering $6.6 trillion.
- Annual global trade in dollars? Roughly $32 trillion.
If mBridge gets a slice of this pie, the implications are immense.
However, some officials in the United States and Europe are expressing concerns about the implications of mBridge. They worry that the project could provide China with an advantage in using digital currencies to reshape cross-border payments, potentially enabling the evasion of sanctions, taxes, and anti-money laundering regulations. Critics also fear that the emergence of alternative payment systems could fragment the global financial landscape and exacerbate geopolitical tensions.
The Complex Landscape
The rise of mBridge highlights the ongoing push by various central banks, including China, to develop digital currencies and enhance cross-border payment systems. While mBridge has been under development since 2017, its association with the BIS has raised eyebrows and prompted discussions about China’s intentions to reduce reliance on dollar-dominated settlements. However, experts emphasize that the collaboration with BIS is driven by the organization’s role as a hub for advanced research in the field.
Ross Leckow, deputy head of the BIS Innovation Hub, acknowledges that there is no set timeline for an operational system after the current development phase. He explains that the focus is on transforming the prototype into a minimum-viable product.
Global Impact and Uncertain Future
The potential of mBridge to revolutionize cross-border payments is evident from its goals, with the project aiming to address pain points in the current system. Thailand sees the sunny side – envisioning a world where cross-border payments shift from snail-paced days to lightning-fast seconds. Yet, while many concur mBridge might ding the dollar’s armor a bit, the consensus is clear – it’s not toppling the dollar from its status as – World’s Leading Reserve Currency.
As mBridge continues to evolve, questions remain about its long-term implications and impact on the global financial order. The collaboration between central banks, the BIS, and emerging technologies underscores the ongoing transformation of the financial landscape. While the future of mBridge remains uncertain, its development and potential applications offer a glimpse into the evolving dynamics of international payments.
Dogecoin (DOGE) experienced a consecutive two-day rise driven by speculation surrounding its potential role on the newly-rebranded X platform. According to CoinGecko data, DOGE surged by up to 10%, reaching over 7.7 cents, with a trading volume of $2.3 billion in the past 24 hours. Much of this trading activity was observed on the South Korean exchange UpBit, which is known for attracting speculative trades, particularly against the Korean won trading pair.
However, futures traders faced significant losses, totaling nearly $10 million, as they bet on and against DOGE’s price movements, as indicated by Coinglass data.
Analysts believe that DOGE may gain increased utility on Twitter’s rebranded platform, now called “X.” Speculation is rife that Twitter could potentially accept DOGE tokens for various purposes, including ad payments, in the coming months. Owner Elon Musk’s interest in the meme coin has fueled these discussions.
Musk had Earlier Hinted Incorporation of DOGE
For instance, Musk previously hinted at the possibility of DOGE payments on Twitter Blue, the site’s subscription service with premium features. Moreover, Tesla, Musk’s electric car company, already accepts DOGE for merchandise purchases, hinting at the potential for wider adoption.
Reports from January suggest that Twitter is designing a payment system for its platform, with Musk expressing a desire for it to initially support fiat currencies while keeping the option open to add cryptocurrencies later on.
DOGE is currently trading at $0.07747, marking a 3.24% increase in the last 24 hours. The current market cap of Dogecoin stands at approximately $10.87 billion, placing it at rank #7 in the global cryptocurrency market.
In terms of trading volume, Dogecoin has seen a substantial surge of 96.97% in the last 24 hours, with a total of $1,437,266,214 worth of DOGE traded. The 24-hour low and high for Dogecoin are $0.07287 and $0.07798, respectively, demonstrating the coin’s price range within the past day. Dogecoin’s market dominance is currently at 0.93%, indicating its share of the total cryptocurrency market.
Electric vehicle giant Tesla Inc. (NASDAQ: TSLA) may soon resume accepting Bitcoin as a form of payment, according to a tweet from Polygon angel investor LilMoonLambo (@Lilmoonlambo). Although there has been no official confirmation from Tesla or its CEO Elon Musk, the reported action indicates a potential return of the top digital asset to the company’s payment methods.
Let’s explore the implications of this development for the crypto market and the electric vehicle industry.
Tesla’s Bitcoin Holdings
In March 2021, Tesla made a significant move by purchasing $1.5 billion worth of Bitcoin and announcing its intention to accept the cryptocurrency as payment for its vehicles. However, this decision was short-lived as CEO Elon Musk later decided to halt Bitcoin payments for Tesla vehicles, citing environmental concerns related to the high energy usage associated with Bitcoin mining.
Since then, Tesla has remained relatively inactive in the cryptocurrency market. The electric vehicle manufacturer has neither added to nor sold any of its digital asset holdings for the past four quarters. As of the second quarter of 2023, Tesla’s remaining Bitcoin holdings have held steady at a value of $184 million for two consecutive quarters.
It’s noteworthy that during the second quarter of the previous year, Tesla had sold over 30,000 Bitcoins, which accounted for approximately 75% of its total holdings, and earned $936 million from the sale.
Bitcoin’s Impact on Tesla:
Tesla’s potential move to reintroduce Bitcoin as a payment option holds significance as it was the driving force behind Bitcoin’s rally above $50k in the past. When Tesla announced its acceptance of Bitcoin for vehicle purchases and added the cryptocurrency to its balance sheet, the digital asset’s value surged. By reinstating Bitcoin as a payment option, Tesla could once again influence the crypto market’s sentiment and potentially lead to further price appreciation.
While Tesla has not officially confirmed the reintroduction of Bitcoin as a payment method, the reported action suggests a potentially positive development for both the electric vehicle industry and the cryptocurrency market.
The post Australian Bank Enforces Restrictions on High-Risk Crypto Exchange Payments appeared first on Coinpedia Fintech News
National Australia Bank (NAB) has joined other major Australian banks in blocking payments to high-risk cryptocurrency exchanges due to concerns about crypto scams. NAB is increasingly worried about organized corruption groups using crypto platforms to quickly send stolen funds overseas. Crypto frauds cost Australians AUD 221 million last year, with nearly half of the scams reported in the last 30 days being linked to cryptocurrency. While the affected exchanges have not been named, NAB considers them “high-risk.”
In a remarkable acknowledgment from a leading financial institution, Bank of America has recognized Ripple XRP as a “possible exception” within the payments space. This recognition highlights the unique position and potential game-changing capabilities of Ripple XRP.
Bank of America Recognizes Ripple XRP’s Unique Position in the Payments Sector
Today, Bank of America executives recognized the role of blockchain technology in facilitating real-time payments, particularly in the Asia Pacific region.
Ripple, a leading enterprise blockchain and crypto solutions provider, has been forging partnerships with major financial institutions worldwide. The firm has recently obtained in-principle approval for its ‘Major Payments Institution License‘ application in Singapore, a pivotal market in the Asia-Pacific region. This approval further solidifies Ripple’s expanding reach and influence in the industry.
Its innovative payment solutions, including the use of XRP as a bridge currency through its On-Demand Liquidity (ODL) service, have garnered attention for their potential to revolutionize cross-border transactions.
Venkat ES, Head of Treasury Products at the bank, highlighted the significance of blockchain technology in digitizing trade documentation through smart contracts. While the SWIFT gpi technology remains favored for cross-border payments, Ripple’s solutions, according to Venkat ES, offer a ‘possible exception’ in the payments landscape.
Ripple’s Collaborations Strengthen Position as Leader in Cross-Border Payments
It is worth mentioning that Ripple has established partnerships with renowned financial institutions such as SBI Holdings, the Saudi Arabian Monetary Authority, Banco Santander, Western Union, UAE Exchange, and American Express. These collaborations have further strengthened Ripple’s position as a leader in the cross-border payments sector.
Looking ahead, the outcome of Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC) could have a significant impact on the future of the company and the value of the XRP token. A favorable judgment in the lawsuit could potentially boost Ripple and the XRP token price as we approach the end of 2023.
While this acknowledgment from a Bank of America executive is significant, it is important to note that the broader financial industry continues to explore and evaluate the potential of Ripple XRP. The integration of Ripple’s technology into existing financial infrastructures could pave the way for widespread adoption and bring substantial changes to the payments ecosystem.
Ripple, the cryptocurrency firm, has now secured an in-principle regulatory green light to operate in the city-state of Singapore, a move that underscores the company’s ongoing commitment to expanding its global footprint while also proving its mettle as an innovator in the increasingly scrutiny-rich world of blockchain-driven finance and digital assets, where the regulatory landscape is becoming increasingly complex and demanding.
License approval in Singapore
With a major payment institution license from the Monetary Authority of Singapore, Ripple has attained crucial regulatory approval that is set to pave the way for the unstoppable expansion of its revolutionary digital payment token products and services.
Ripple will now unlock the full benefits of its groundbreaking cross-border transfers of XRP cryptocurrency to its esteemed customers, mainly banks and other financial institutions.
This strategic move by Ripple reinforces the tech company’s commitment to diligently comply with evolving regulatory guidelines while still upholding its unwavering dedication to exceptional innovation, resulting in even greater optimism and confidence in the future of digital finance and international payments.
Services by Ripple!
In San Francisco, Ripple has gained global recognition for their innovative products and services, such as the XRP cryptocurrency and blockchain-based interbank messaging solutions, which offer enhanced efficiency and security in cross-border payments.
Now XRP effectively acts as a bridge between currencies to facilitate faster and more cost-effective transactions. In addition, RippleNet, the company’s revolutionary blockchain-based international messaging system, has emerged as a game-changer for large-scale fund transfers between financial institutions, providing unmatched levels of transparency, scalability, and seamless integration.
The Significant Development in Singapore
Ripple also partnered with InstaReM, a Singapore-based fintech firm that provides cross-border payment services to individuals, SMEs, and financial institutions. The partnership aims to provide faster and cheaper international payments to consumers and SMEs in Singapore and beyond. In addition, InstaReM is using Ripple’s payment infrastructure to expand into new markets, including Europe and the US.
Furthermore, Ripple has also established a presence in Singapore through its investment arm, Xpring, which is focused on supporting blockchain-based projects and startups. Xpring has invested in several Singapore-based startups, such as gaming and e-commerce platform Tixel and blockchain-based travel platform Wego.
Overall, Ripple’s partnerships and investments in Singapore have positioned the company as a key player in the country’s digital economy. As Singapore aims to become a leading fintech hub in Asia, Ripple’s blockchain-based payment solutions could play a crucial role in facilitating cross-border transactions and driving innovation in the sector.
As Telegram adopts the use of Tether in order to make tipping easier, Tradecurve, a new anonymous trading platform in development, accepts Tether for its presale.
Telegram and USDT go together like coffee and cream
Telegram is one of the best ways to communicate with crypto projects and an excellent way to find group chats about crypto. There are also several news feed channels such as FullFeed, that aggregate all the latest crypto news, and allow subscribers to vote on how significant they think that news is.
One of the latest news updates is about Telegram, which has now integrated USDT into a tipping bot. This is big news if we accept Telegram’s statement that they are “One of the top 5 most-downloaded apps in the world with over 700 million active users”.
The tipping bot is called @wallet, already allows people to send tips via Bitcoin and TON coin, and now has support for USDT TRC20, which is basically Tether running on the Tron network, rather than the Ethereum network. This makes a lot more sense than using Bitcoin or USDT ERC20 since the transaction fees are quite likely to end up being higher than the actual tip, and so we may expect to see wider use of the tipping bot from now on.
- Strike app – giving people from 65 different countries an easy way to buy, hold and send USDT
- KriptonMarket – connecting USDT with the small businesses that comprise Argentina’s huge Mercado Central
- Now Payments – a widely used payment processor
- CoinMena – via Tether’s new Euro stablecoin EURT
- Tradecurve – a decentralized trading platform that includes TradFi products as well as crypto.
Non-CBDC (Central Bank Digital Currency) stablecoins are vital for the crypto industry so this should be viewed as bullish news.
Who is Tradecurve?
Tradecurve is a new player in the world of crypto, currently in presale. Although they are new, their ambitions are big. They want to totally shake up the way that traders do their work and onboard people who wouldn’t normally have the chance to access things like forex, crypto, stocks, bonds, ETFs, indices and more.
One of the reasons retail investors don’t always have access to these things is regulatory issues in their country of residence. Another reason is privacy concerns, and yet another is the lack of access to banking services altogether – it’s estimated that 1.4 billion people still don’t have access to a bank account, that’s over 17% of the world’s population!
Still, for the majority of people reading this, the biggest concern is likely to be privacy and regulations. That’s where Tradecurve shines. By being built on the blockchain and allowing you to deposit crypto, there is no need for KYC, biometric data or anything more than an email address (and a crypto wallet such as MetaMask).
Tradecurve aims to prioritize privacy and anonymity for those that want it, so that your business remains your business!
Tradecurve has an ERC-20 based token called TCRV. TCRV is currently $0.015 and can be purchased with USDT ERC-20 or USDT TRC-20 (Tron’s Tether).
Experts predict that after it launches the price could go as high as 100x from there. As Tradecurve is currently in the second phase of the presale, this means an early opportunity for people looking for what might be the next big thing in web3.
For more information about TCRV presale tokens:
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Atlanta’s Federal Reserve Bank praises Ripple’s XRP for cross-border transactions. Reserve Bank eyeing XRP payments, Federal Bank on web3 at digital assets. The Report shows more use of web3 and Blockchain by central banks, Highlights project Mariana( A Proof Concept of by BIS; Bank of International Settlements, and financial institutions. Project Mariana boosts cross-border settlements using Ripple & Stellar for cost-effective transfers says, Federal Bank. Ripple employees XRP in finance, XRP is predicted to be a global payment and settlement coin. Focuses on web3 not Ripple/XRP.
Digital Currency Group(DCG) failed to pay $630M to Gemini, the CEO considering Lawsuits over a $900M loan due to DCG bankruptcy and repayment disputes. SEC accuses DCG-owned firms of selling unregistered securities through the Earn Program. Gemini negotiates with DCG but has a backup plan with zero agreement. Mangrove provides a Blockchain-based IOU limit order for traders to propose sales without tying up funds, generating passive yield through collateral. The engine offers liquidity with penalties for unfulfilled obligations and Danos plans to sell with savings.
While some merchants may shy away from integrating crypto payments due to perceived technical complexities, there are several user-friendly solutions available that require no advanced tech skills. In this article, we will explore the top five ways to start accepting crypto payments today, without the need for extensive technical knowledge or expertise.
1. Payment Processors:
Payment processors act as intermediaries between customers, merchants, and the blockchain network. These platforms simplify the process of accepting crypto payments by handling the technical aspects on behalf of the merchant. Popular payment processors like BitPay, CoinGate, and Coinbase Commerce offer user-friendly interfaces and straightforward integration methods. By signing up for an account, merchants can generate payment buttons or invoicing systems that can be easily embedded on their websites or shared directly with customers via email or messaging apps.
2. Peer-to-Peer Payment Apps:
Peer-to-peer (P2P) payment apps provide a convenient way to accept crypto payments directly from customers. These apps are designed to facilitate quick and easy transactions between parties without the need for complicated setups. Platforms like Venmo, Cash App, and PayPal have integrated cryptocurrency functionalities, allowing merchants to accept crypto payments seamlessly. Simply create an account, link your bank or wallet, and start accepting payments from customers who use these apps.
3. E-commerce Plugins and Extensions:
If you operate an online store or use popular e-commerce platforms like Shopify, WooCommerce, or Magento, you can leverage plugins and extensions specifically developed for accepting crypto payments. These plugins provide a simple way to integrate crypto payment options into your existing online store without requiring coding skills. Popular plugins like CoinGate for WooCommerce and BitPay for Shopify allow you to add crypto payment gateways to your checkout process with just a few clicks.
4. QR Code Payments:
QR code payments offer a user-friendly and straightforward method for accepting crypto payments in physical retail settings. All you need is a smartphone or tablet with a camera and a compatible cryptocurrency wallet app. Simply generate a QR code with your wallet address and display it at your checkout counter or provide it to customers via receipts. Customers can then scan the QR code using their wallet app and initiate the payment directly to your wallet. This method requires no technical skills and provides a seamless experience for both merchants and customers.
5. Decentralized Payment Gateways:
Decentralized payment gateways, such as Polus Payments, provide a user-friendly solution for accepting any crypto payments in decentralized services like marketplaces, GameFi platforms, and lending protocols. These gateways integrate a decentralized crypto wallet into the merchant’s account interface, making it easy to accept crypto payments without prior technical knowledge. With simplified registration processes and no manual checks or KYC requirements, merchants can quickly start accepting crypto payments without sacrificing convenience or security.
One of the primary objectives of the Polus Payments team is to educate users about security in the crypto space. Unlike centralized payment gateways, Polus Payments operates as a non-custodial service, meaning it does not store customers’ funds. This decentralized approach ensures that users have full control and ownership of their assets, minimizing the risk of hacks or theft. By embracing decentralized solutions, merchants can instill trust and confidence in their customers while transacting with cryptocurrencies.
By integrating the Polus crypto Wallet into the merchant’s personal account interface, Polus Payments allows even those unfamiliar with cryptocurrencies to accept digital payments seamlessly.
The combination of convenience, security, competitive pricing, and user-friendly interfaces makes Polus Payments an ideal solution for businesses venturing into the world of crypto payments. With support for multiple blockchains, low fees of just 0.5%, and fast registration via email, it provides a seamless experience for users.
Embrace the future of payments today and unlock the benefits that come with accepting cryptocurrencies.
In a world where digital payments are becoming increasingly important, businesses must adapt to new technologies to stay relevant. One such innovation is cryptocurrency. This article will guide you through the process of integrating cryptocurrency payments into your business, providing an overview of the benefits, challenges, and essential steps involved. Our goal is to help you navigate the world of digital currencies with confidence and ease.
Embracing the Cryptocurrency Revolution
As a forward-thinking entrepreneur, you may be seeking ways to expand your customer base and accommodate their evolving preferences. By embracing cryptocurrency payments, you can tap into a global market of tech-savvy consumers who value financial autonomy, security, and privacy. Not only can this choice enhance your company’s image as a modern, innovative enterprise, but it may also help reduce payment processing fees and streamline transactions.
Choosing the Right Cryptocurrency
There are thousands of cryptocurrencies available, so it’s crucial to select the one that best suits your business needs. When making your decision, consider factors such as transaction speed, fees, the inclusion of a valid crypto license, and market adoption. Bitcoin, Ethereum, and Litecoin are among the most popular options, but it’s wise to research lesser-known alternatives as well. You may also choose to accept multiple cryptocurrencies, offering your customers greater flexibility and convenience.
Partnering with a Payment Processor
To accept cryptocurrency payments, you’ll need to work with a reputable payment processor. These companies provide the tools and services necessary to facilitate transactions between you and your customers. They can help you convert cryptocurrency payments into fiat currency, manage refunds, and ensure regulatory compliance. There are several well-known payment processors to choose from, including BitPay, CoinPayments, and Coinbase Commerce. Each provider has its own fee structure, so be sure to compare your options and select the one that best aligns with your business goals.
Integrating Cryptocurrency Payments into Your Website
Once you’ve chosen a payment processor, the next step is to integrate cryptocurrency payments into your website. Most payment processors offer plugins or APIs that can be easily added to your e-commerce platform or custom-built site. This process typically involves adding a few lines of code, enabling you to start accepting digital currency payments quickly and seamlessly. Be sure to test the functionality thoroughly before launching it to the public, ensuring that everything runs smoothly and securely.
Educating Your Staff and Customers
Introducing cryptocurrency payments may be a new concept for both your staff and customers, so it’s essential to educate them on the benefits and nuances of using digital currencies. Provide your team with resources and training materials to help them understand and navigate cryptocurrency transactions. Similarly, create clear and accessible content for your customers, detailing how they can use digital currencies to make purchases and what they can expect from the process.
Monitoring the Regulatory Landscape
Regulations surrounding cryptocurrency are continuously evolving, and businesses must stay informed to remain compliant. Familiarize yourself with the current legal landscape in your jurisdiction, and monitor changes to avoid potential pitfalls. Consult with legal professionals experienced in the field of cryptocurrency to ensure that your business adheres to all relevant laws and regulations.
Evaluating and Adapting Your Strategy
As you begin accepting cryptocurrency payments, it’s essential to track and evaluate your performance. Analyze data on transaction volume, customer satisfaction, and profitability to identify trends and areas for improvement. Be prepared to adapt your strategy as needed, and consider soliciting feedback from customers and employees to gain valuable insights. Continuously refining your approach can help you maximize the benefits of cryptocurrency payments for your business.
A New Frontier in Commerce
As digital currencies become more ingrained in our global economy, businesses that embrace this shift will be better positioned to thrive. By accepting cryptocurrency payments, you can not only expand your customer base but also demonstrate your commitment to financial innovation and inclusion. As you embark on this journey, remember that success hinges on your ability to adapt and evolve with the rapidly changing landscape.
Strengthening Security Measures
The decentralized nature of cryptocurrencies brings unique security concerns that businesses must address. Implementing robust security measures is crucial to protect both your company and your customers. Consider using multi-signature wallets, which require multiple authorizations for transactions, and cold storage solutions for keeping a majority of your assets offline. Regularly update your software, implement strong password policies, and consider investing in cybersecurity insurance to further safeguard your business.
To maximize the benefits of accepting cryptocurrency payments, it’s essential to communicate this new option to your customers. Leverage your website, social media channels, email marketing, and in-store signage to announce your support for digital currencies. Highlight the advantages of using cryptocurrencies, such as faster transaction times, lower fees, and increased privacy. By actively promoting your cryptocurrency adoption, you can attract new customers, foster loyalty, and differentiate your business from competitors.
As you integrate cryptocurrency payments into your business, remember that embracing change and innovation can yield significant rewards. Stay informed about the latest developments in the world of digital currencies, maintain open communication with your customers and staff, and be prepared to adjust your strategy as needed. By doing so, you’ll be well-positioned to navigate the evolving financial landscape and tap into the potential of this groundbreaking technology.
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In today’s evolving financial web3 and blockchain landscape, privacy and financial freedom are facing numerous threats. Spillways believes that privacy is a fundamental right and a key aspect of financial freedom and digital security. As such, Spillways was created to solve the privacy issues plaguing blockchain and financial services. The Spillways protocol offers a comprehensive privacy ecosystem and aims to be the leading privacy solution in the crypto space.
They are committed to solving the problem related to privacy being infringed upon in Blockchain. Currently, transactions can be traced which can comprise an individual’s security. Through their suite of products and services, they mitigate the present risks related to your personal data and transaction details. The Spillways Ecosystem supports all major chains and will keep expanding to offer maximum privacy to all our users.
Among their industry-leading products, you will find the following:
PrivateEVM, a layer-2 privacy solution. Spillways p(EVM) utilizes advanced cryptography techniques to ensure the confidentiality of transaction data. Their chain offers Zero-Knowledge proofs, multi-factor authentication, fast transactions and low fees.
Multi-Chain Mixer (ETH & USDC) built on improved Tornado Cash code and supports 10+ chains. All at a nominal fee of 1%. Cross-Chain mixing is already in development.
Non-KYC Card Credit Card service that can generate anonymous virtual Visa or Mastercard, soon with 3D-secure support. Use your ETH, BNB and soon multiple other cryptos for daily purchases. There is also support for Apple Pay and Google Pay, depending on the country.
DAO-Voting allows members to vote and propose changes to the protocol using $SPD on our autonomous DAO platform. Community governance is an integral part of the Spillways ecosystem.
A Browser Wallet is also in development, with integrated ZK functionality, security layer and Spillways dApp features.
Their future is bright, with various yet-to-be-released products in development such as a Visa Card Top-Up, Escrow Platform, Privacy Stablecoin, Mobile Application, and a Tornado-Stuck-Note Collector. The team’s roadmap is set with key enhancements and catalysts. The Spillways developer and team are committed to offering a secure and superior product eclipsing any currently available competitor on the market. Spillways is pushing anonymous payment technology into the future, all while being legally compliant.
JOIN SPILLWAYS AND BUILD THE FUTURE.
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Singapore, December 12, 2022 — STASIS, the issuer of the largest euro-backed stablecoin, has deployed its EURS stablecoin on XDC Network, enabling the XDC community to advance their crypto journey into stablecoins.
Turbulence is a familiar feeling to dwellers in the crypto realm. In a record-breaking bear market, even trusted companies lose crowns and go bankrupt, while stablecoins and ecosystems can fail in the blink of an eye. Recent events have only strengthened the need for transparent solutions that keep users as risk-free as possible.
Given that the global user base has just started climbing their learning curve in understanding the risks behind cryptocurrency products, many stablecoin companies have tried to penetrate the market with various models, struggling to achieve notable adoption. If you’re up for a crypto journey, start not only with trusted, but transparent solutions.
By 2022, the STASIS-issued EURS has cemented its place as the most reliable asset in the euro stablecoin segment and even beyond for users, businesses, traders, merchants and pretty much everyone else involved in the cryptocurrency domain.
The combination of specific qualities makes the STASIS-issued stablecoin stand out from the crowd. The deep research conducted by the project team clearly shows why EURS is a superior multichain asset after facilitating a study on the euro stablecoins.
Being focused on multichain development, the STASIS team was happy to upgrade EURS with the features of a new blockchain that offers enhanced transaction time, fewer fees and better scalability. This continuing initiative boosts the EURS userbase, and the team is pleased to elevate XDC community’s trust in stablecoins with the introduction of the first euro stablecoin on the network.
“With the help of XDC, EURS gained support of new powerful tools and a new global community and enterprise participants. By now, we have enforced our brand sufficiently to see the need for our stablecoin become apparent in world markets. More companies are realizing the importance of transparency, and this is a confirmation that we are doing our job right — educating the cryptocurrency community and improving the financial inclusion within Web3,” — said STASIS CEO Gregory Klumov.
About XDC Network
The XDC Network is an enterprise-grade, EVM-compatible Layer 1 network equipped with interoperable smart contracts. A highly optimized, bespoke fork of Ethereum, the XDC Network reaches consensus through a delegated proof-of-stake (XDPoS) mechanism, which allows for two-second transaction time, near zero gas fees, and over 2,000 transactions per second (TPS).
Secure, scalable, and highly efficient, the XDC Network powers a wide range of novel blockchain use cases.
XinFin the creators of the XDC Network was founded in 2017, whereas XDC Foundation was formed in 2021 to support the growth, development and adoption of the XDC Network by collaborating with an informed and active community of developers, world trade experts, and content creators. XDC Network is designed to support those who utilize blockchain technology to more efficiently store and exchange data, assets, and ideas.
STASIS is a European financial technology company that provides a bridge from Web2.0 to Web 3.0 financial services and is a pioneer in the commercialization of stablecoin use cases. The team develops customer-friendly instruments to enable institutional and retail customers to manage digital currencies and public blockchains for payments and settlements, e-commerce, and DeFi.
Since its inception in 2017, it has functioned as the most transparent and institutional-friendly part of the European blockchain ecosystem through the strategic intersection of licensed financial intermediaries and distributed ledger technology. The Malta-based startup has rightfully gained the trust of traditional and conservative regulated institutions.
The STASIS team built an app that allows customers to pay, earn and run digital asset treasuries globally and stay compliant with a traditional financial system. The institutional grade infrastructure is based on and connected to the leading banking (BankFrick), capital markets (Exante), data compliance (Chainalysis, Elliptic), and custody (PrimeTrust, BitGo) service providers.
STASIS is the issuer of the largest non-USD stablecoin EURS with $6B+ of transferred value. EURS successfully competes in the DeFi corner with the biggest euro-denominated staking pools. Currently, EURS is the largest stablecoin pegged to the world’s second most-traded currency and ranks as a top-10 stablecoin globally, accumulating tens of thousands of users in its global communities.
Name: Gregory Klumov, CEO & Founder
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Tel Aviv, November 23 – Calypso Pay today announces it added support for Bitcoin Lightning Network enabling almost free and near-instant BTC transfers. Along with Lightning, Calypso Pay utilizes automated transaction formation and mempool analysis to credit the funds before they are placed in a block to ensure near instant settlement that Bitcoin network was unable to provide.
Calypso Pay is a high-volume crypto processing platform that lets merchants receive payments in crypto from their clients and pay their partners and workers almost instantly with minimal commissions. Users can create invoices and use the payment widget to accept payments or charge subscriptions with advanced analytics on top. Calypso Pay even provides a dedicated management module for crypto treasuries to cover their specific needs.
The Lightning Network is a second layer added to Bitcoin’s blockchain that allows off-chain transactions. It enhances the scalability of blockchain applications processing millions to billions of transactions per second across the network while still benefiting from the mainnet’s powerful decentralized security. The payment speed is measured in milliseconds to seconds as it excludes from the process the waiting time for block confirmation, and it allows for exceptionally low fees, and thus can be used for instant micropayments.
“Merchants and their clients tend to choose Bitcoin for their transactions, but at the moment this payment channel limits them significantly in speed and volume. We at Calypso Pay strongly believe the Lightning Network offering scalable and instant blockchain transactions will become the way of payments for the future”, says Svyatoslav Dorofeev, CEO of Calypso Group. “Today we’re glad to announce we’re adopting it at the forefront of global payment platforms — we’ll continue working to allow our users to take advantage of Lightning for recurring payments, and beyond.”
Calypso Pay charges 1% for Lightning transactions — same fee as for all other services with no setup fees, no monthly minimums and no hidden taxes. Transfers via Bitcoin Lightning Network are available to all its users without any limitations: they can enjoy cheap and secure payments with instant deposit and withdrawal and no transaction limits.
According to the report by Arcane Research, the number of payments in the Lightning Network has roughly doubled over 2021, while their value in US dollars has increased by more than 400%.
The Lightning Network support is powered by the technology of WatchBlock, a SaaS platform for tracing and monitoring transactions. Both Calypso Pay and WatchBlock are part of Calypso Group, a crypto-native fintech ecosystem for businesses. The Group aims to bring modern fintech experience to the world of web3 and let businesses accept payments in crypto, confirm their origin for regulatory purposes, run payouts and payroll.
Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
Binance, the biggest cryptocurrency exchange in the world, announced the release of USDⓈ-M Binance Bluebird Index perpetual contracts on Wednesday. BNB, DOGE, and MASK tokens are all tracked by the Bluebird Index. Some believe Binance CEO “CZ” mentioned payment tokens that Twitter will enable. It is already anticipated that BNB and Dogecoin (DOGE) would be supported on Twitter.
Binance CEO claimed the company is only an investor in the purchase and isn’t involved in Twitter operations. Binance can assist Musk with web3, accept cryptocurrency payments, and decrease spambots. But he thinks Twitter ought to embrace more cryptocurrencies than only DOGE and BNB. Probably not the best course of action is to choose only one crypto.
Binance Bluebird Index Sparks Interest
The BNB, DOGE, and MASK performance are tracked by the Binance Bluebird Index, a cryptocurrency price index introduced in November 2022. The Index is determined by a method that takes into account the weighted averages of the tokens’ current USDT prices on the Binance Spot market.
According to an official announcement made on November 2, Binance Futures will introduce USDⓈ-M Binance Bluebird Index perpetual contracts (BLUEBIRDUSDT Perpetual Contracts) on November 2 at 12:00 UTC. In the case of perpetual contracts, Binance intends to provide leverage of up to 25x.
BNB, Dogecoin (DOGE), and Mask are among the cryptocurrencies that are tracked by Binance’s new cryptocurrency price index. Additionally, Binance uses weighted averages of the current USDT prices of the constituent tokens on the Binance Spot to generate the index.
Crypto expert Miles Deutscher wonders if Binance CEO “CZ” made any allusions to the cryptocurrencies that would be accepted for Twitter payments. The theory behind the rumor is that if Elon Musk integrates Dogecoin for payments on Twitter, Binance will seek to support BNB there.
In fact, “CZ,” the CEO of Binance, stated in an AMA yesterday that it is not preferable to endorse a single cryptocurrency on Twitter. Not just DOGE and BNB, but other cryptocurrencies should have support from Elon Musk on Twitter.
Furthermore, he stated Elon Musk is preoccupied with managing Twitter and firing workers. Therefore, there isn’t a good time right now to support cryptocurrency on the platform. Elon Musk, though, holds Bitcoin and is a major Dogecoin fan. Therefore, Twitter might add some crypto-related features.
BNB, DOGE, and MASK see a surge in trading volume.
Dogecoin and BNB experienced a huge trading volume and price movement due to Twitter rumors that supported these crypto assets. Dogecoin’s arrival on Twitter was previously teased by Elon Musk. On Twitter, the CEO of Binance also suggested support for BNB. The price of DOGE increased by almost 130% in a single week, while the price of BNB increased by over 12%.
The price of the MASK token, however, increased by around 250% in a single week. The MASK price has increased by more than 55% in the past day and is currently trading at $3.63. A day’s worth of trading volume has increased by over 270%.
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You probably are aware that Elon Musk completed the $44 billion Twitter deal just a few days ago. Now, the speculations about crypto payments being implemented for Twitter is increasing by the hour. This is largely because Musk, the self-proclaimed leader of Dogecoin, shall reportedly be introducing Dogecoin payments for Twitter blue services. The news of this caused the meme coin to surge by almost 70% within mere hours.
Currently, Dogecoin is selling at $0.146 with a surge of 25.53% over the last 24hrs and 144.52% in the last seven days.
Musk, being a major supporter of all things crypto, is almost certain to introduce crypto payments for the platform- as he did so for his other company Tesla as well. However, the question arises: Which assets will he choose for this?
Reportedly, most Twitter users are not in favor of the platform’s subscription service. Experts are of the opinion that the subscription will not only help Twitter to gain revenue but will also resolve content-related issues. Before the completion of the Elon-Twitter deal, the Tesla CEO had backed off due to spam accounts and bots.
Dogecoin To Be The First One To Enter Crypto Twitter Payments
It’s not just Dogecoin that could benefit from crypto payments on Twitter; there are many which are expected to be introduced.
Well-known crypto influencer, Ran Neuner, claims Binance’s stablecoin, BUSD, could also be at the forefront of Crypto Twitter payments. He added that along with BUSD, Bitcoin might also stand a chance to be considered for crypto payments.
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With the popularity of online casinos, we also witnessed a growth in variations of payment options. Even before, you could only bring your cash into land-based casinos; now, you have dozens of different banking options at your fingertips. You can choose anything from traditional credit cards to cryptocurrency and, beyond all, digital wallets. Since the lost opportunity is one of the most popular ones, we wanted to focus more on PayPal casinos PA and their popularity in many states, including Pennsylvania. After all, PayPal online casinos have several advantages. Here we can include quick withdrawals and security associated with venues when an online casino takes PayPal. Therefore, today we will focus on all the possible pros and cons of gambling online with PayPal and see why so many players reach out specifically for this platform.
Safety and Security
Since gambling became legal in Pennsylvania, many online casinos have tried to maximize profit. One of the best ways to do so was to introduce many new payment options. Only several years ago, you had to choose between a credit card, a direct deposit, a debit card, or even pay by phone. Nowadays, however, every casino has at least 10 and up to 30 payment options, depending on your country or state. You have to do prior research before committing to a particular system. Since today we are discussing PayPal, we wanted to highlight the importance of security. Since it is a digital wallet and your money goes through a third party, not just the casino, you are maximizing your safety. In other words, you’re not directly inputting your personal information into the gambling database. Since it is a highly reputable and widely popular platform, the number of identity theft almost comes to 0.
We have partially mentioned the reputation of this particular platform. After all, it is one of the most significant advantages of PayPal. Even though you might be paying extra fees or taking longer to deposit or withdraw your money, you’re doing so for a good reason. It is a trusted platform used by millions of people in the United States and Europe. It has efficient customer service and is ready to resolve your complaints if there are any. We would always choose the second option between trusting your chosen casino directly and putting more responsibility on a highly appreciated platform. Even if your casino is licensed and trustworthy, getting an extra level of protection from a company with an excellent reputation is only a plus.
Quick Withdrawals and Deposits
Time is of the essence, or so they say. Naturally, if you finally win a long way to the jackpot, you don’t want to waste a lot of time waiting for withdrawals or deposits to go through your bank account. However, PayPal usually takes its time. It will take roughly five to 10 business days to finally see your withdrawal in your bank account. Indeed, it is not the quickest way to get your money. Still, as we have mentioned before, the procedure is long for a reason. Sadly, sometimes you still have to choose between fast and quality service. One doesn’t necessarily guarantee the other, yet in the case of PayPal, taking extra time will not hurt your money.
The last thing everyone needs to consider is the extra fees associated with the majority of similar platforms. If you are using a credit or debit card, usually, it will require around 10%, maybe less, to withdraw or deposit a certain amount. Naturally, everything will depend on your particular bank and the sum of money you’re trying to withdraw. The situation is much easier if you’re using PayPal. Most transactions are associated with an average fee of one dollar and up to two dollars. Therefore, PayPal also remains one of the less lucrative options out there.
Overall, you must choose between different payment options if you are a fan of online games. Most of them differ depending on your country, personal tastes, the sums of money you were trying to withdraw, and other similar matters. The majority of players usually enjoy the benefits of digital wallets, and PayPal is one of the best among them. It is an easy and quick method to withdraw or deposit money using an online casino. Besides, doing so through a highly reputable and trustworthy third party is the best option, especially if you are testing a casino for the first time.
Scott Witter ( Author’s Bio )
Scott is an adamant player with a preference for online titles like blackjack. Still, he does like occasional traditional video games like Resident Evil for a night in. Since Scott loves playing just as much as writing, he always has the best advice for other gamers.
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The post Elon Musk Promotes New Fragrance That Accepts Dogecoin Payments appeared first on Coinpedia Fintech News
Elon Musk advertised The Boring Company’s “Burnt Hair” perfume in a tweet today, emphasizing that purchases may be made in Dogecoin.
As Musk describes, it is “the best scent on Earth!” and costs $100 for customers in the US, including tax and delivery. Notably, given current exchange rates, this is slightly more than 1650 DOGE. For interested consumers, the product will be available in Q1 2023.
Notably, Elon’s long-running love for Dogecoin as a payment method continues. Elon specifically stated in a tweet that the scents could be purchased using dogecoin.