Russian Ambassador to China Igor Morgulov disclosed that approximately 30 countries are interested in joining the BRICS economic bloc in an opinion piece published by the South China Morning Post last week. BRICS welcomed five new members in January: Egypt, Iran, the United Arab Emirates (UAE), Saudi Arabia, and Ethiopia. Last week, Russian Presidential Spokesman […]
Bitcoin News
VC Billionaire Chamath Palihapitiya Explains the $500,000 Bitcoin Case: Countries Will Become Dual Currency
Chamath Palihapitiya, the founder and CEO of Social Capital, a venture capital firm, has explained how bitcoin could reach 0,000 or even higher price levels in the coming months. During a podcast, Chamath clarified that considering the price performance in the previous halving cycles, bitcoin could reach that level pushed by the adoption of countries […]
Bitcoin News
Mastercard Expands Crypto Reach With P2P Platform Launch Across 13 Countries
Mastercard has announced the launch of a peer-to-peer (P2P) platform for cryptocurrency users in Europe and Latin America. This initiative allows users on supported exchanges to send and receive cryptocurrencies using Mastercard Crypto Credential aliases, streamlining the transaction process.
Mastercard Crypto Credential Pilot
As announced on Wednesday, the platform extends its services to users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay, enabling them to conduct cross-border and domestic transfers across multiple currencies and blockchains.
This expansion is further boosted by including Foxbit, a crypto wallet provider, and Lulubit, through its integration with Lirium, into the Mastercard Crypto Credential pilot ecosystem, reportedly broadening its reach to a larger consumer base.
The Mastercard Crypto Credential acts as a verification mechanism for interactions between consumers and businesses on blockchain networks. It is designed to simplify transactions by exchanging metadata, eliminating the need for users to know the recipient’s supported assets and chains, thus increasing trust and security in each transaction.
Moreover, Mastercard Crypto Credential complies with regulatory requirements, including the Travel Rule, which promotes transparency and prevents illegal activities in cross-border transactions.
Notably, this framework paves the way for additional use cases in the future, such as Non-Fungible Tokens (NFTs), ticketing, and other payment solutions based on market demand and compliance standards.
For users, the process begins with verifying the user against Mastercard Crypto Credential standards and issuing an alias to conduct transactions across all supported exchanges.
When a transfer is initiated, the platform validates the recipient’s alias and verifies that the recipient’s wallet supports the specific digital asset and associated blockchain.
If the recipient’s wallet does not support the asset or blockchain, the sender is immediately notified, protecting all parties from potential loss of funds. The announcement further reads:
This milestone marks the first real-world application of the Mastercard Crypto Credential vision, which was unveiled at Consensus in 2023. The live Mastercard Crypto Credential P2P transactions represent the potential to further expand and support the domestic and cross-border remittance market.
Access To Secure Crypto Transactions?
Walter Pimenta, Executive Vice President of Product and Engineering for Latin America and the Caribbean at Mastercard, expressed enthusiasm for the project, stating that the continued investment in technology, standards, and partnerships aims to deliver safe, simple, and secure payments.
Partners, including Bit2Me, Foxbit, Lirium, and Mercado Bitcoin, have also expressed their commitment to innovation and the development of crypto solutions that drive alternative payment options and increase user experience.
Initially, a select group of crypto wallet users will have access to Mastercard Crypto Credential on a first-come, first-serve basis. Over the following months, wider availability will be rolled out to more than 7 million users across the participating exchanges, “democratizing” access to “secure and efficient” crypto transactions.
Featured image from Shutterstock, chart from TradingView.com
P2P Bitcoin Exchange Hodl Hodl Suspends Lending Services for US and UN Embargoed Countries’ Residents
Hodl Hodl, a non-custodial Bitcoin exchange, has announced changes to its “Terms of Service” agreement affecting the availability of its lending services. The platform is now excluding residents of the U.S. as well as U.N. embargoed countries from its lending platform, citing “regulatory uncertainty” as the reason behind these changes. Hodl Hodl to Exclude US […]
Bitcoin News
IMF Official: Countries Are Reevaluating Their Reliance on the US Dollar
First Deputy Managing Director of the International Monetary Fund (IMF) Gita Gopinath recently revealed that some nations are reconsidering their reliance on the U.S. dollar. Gopinath explained that this originated in the recent shocks from the coronavirus pandemic, the geopolitical situation with Russia, and national security concerns. IMF Executive: Nations Examining Reliance on U.S. Dollar […]
Bitcoin News
Developing Countries Need Decentralized Physical Infrastructure Networks – Karam Lakshman
Karam Lakshman, CEO of Wifi Dabba, asserts that a country like India, which is the world’s fifth-largest economy, needs enhanced connectivity and innovation. He suggests that Decentralized Physical Infrastructure Networks could be the solution for the country, which currently trails other major economies in fixed broadband connectivity. Using Blockchain to Establish Transparent Networks Lakshman supports […]
Bitcoin News
US, UK, Germany Among Countries With Largest Government Crypto Holdings, Arkham’s Data Shows
The United States, United Kingdom, and Germany rank among the top countries holding cryptocurrencies at the government level, according to data from Arkham Intelligence. The crypto analytic firm’s onchain analysis shows that the U.S. government holds 212,847 bitcoins while El Salvador has been purchasing one bitcoin daily as announced by its president. Top Government Holders […]
Bitcoin News
Tim Draper Expects Bitcoin to Transform El Salvador Into One of the Richest Countries in the World
Tim Draper, a venture capitalist famous for his bitcoin price predictions, has praised El Salvador’s vision of embracing this new technology and talked about the benefits of this decision for its people. According to Draper, bitcoin will make El Salvador one of the richest countries in the world in the next 30 or 40 years. […]
Bitcoin News
Crypto Exchange Gemini Secures Registration in France — Now Operational in Over 70 Countries
Cryptocurrency exchange Gemini is now registered as a digital asset service provider in France. The crypto firm explained that following the launch of its EU headquarters in Ireland in 2022, “Gemini is now operational in more than a dozen EU countries and more than 70 countries worldwide, with more countries on the roadmap.”
Gemini Registered in France
Crypto exchange Gemini announced Wednesday that it is now registered as a digital asset service provider (DASP) by Autorité des marchés financiers (AMF), France’s financial markets regulator. Gemini detailed:
Following the launch of our EU headquarters in Ireland in 2022, Gemini is now operational in more than a dozen EU countries and more than 70 countries worldwide, with more countries on the roadmap.
The crypto exchange explained that with its French DASP registration, its products “will be available to retail and institutional users across France in the coming weeks.” Gillian Lynch, Gemini’s head of Ireland and the EU, opined: “We are delighted to welcome customers based in France onto the Gemini platform in the coming weeks as we further expand access to crypto across Europe.”
In April last year, EU lawmakers voted to implement the Markets in Crypto-Assets Regulation (MiCA). “By creating a standardized legal framework across the EU, MiCA not only increases the accountability of service providers but also fosters consumer confidence in using and investing in crypto-assets,” Gemini described. “This harmonization also facilitates easier access to cross-border services, ensuring EU consumers benefit from a diverse and competitive market.”
An AMF survey, released in November last year, revealed: “The rate of individual holdings of crypto assets stands at 9% of the French population. The ownership rate of listed shares stands at 7%, close to the level estimated by the Kantar Institute in March 2023.” Moreover, the survey showed that “New investors invest less frequently in the stock market than traditional investors” and “Many have taken an interest in crypto assets.”
What do you think about Gemini obtaining registration in France? Let us know in the comments section below.
Coinbase Partners With Yellow Card to Expand Access to Its Products in 20 African Countries
The leading crypto exchange Coinbase has said it will expand access to its products to 20 African countries. Coinbase also claimed that its partnership arrangement with the Africa-focused crypto exchange Yellow Card can help increase financial freedom in countries where it is lacking.
Increasing Financial Freedom
On Jan. 11, 2024, Coinbase, the U.S. cryptocurrency exchange, announced that it will expand access to its products to 20 African countries. According to a statement by Coinbase, users from the selected African countries will be able to “purchase USDC directly in our [Coinbase] Wallet app starting in February” through its partnership with the Africa-focused stablecoin platform Yellow Card.
As part of the arrangement, Yellow Card users will be able to acquire the stablecoin USDC on the Ethereum layer two (L2) chain Base. Coinbase claims that this arrangement will benefit African users, some of whom reside in inflation-hit countries, by providing them with cheaper payments and faster transfers.
Coinbase also claimed that its partnership arrangement with Yellow Card can help increase financial freedom in countries where it is lacking.
“This partnership with its emphasis on USDC will increase economic freedom in places that have lacked it, and help stand up a modern financial system where one hasn’t existed,” the crypto exchange said.
According to Coinbase, the partnership arrangement can help enhance African users’ economic freedom by making it possible for them to send remittances at fees not exceeding 2%. Currently, many Africans remitting funds to their loved ones pay fees ranging between 3% and 6%. In addition, by providing access to the USDC, the partnership will effectively connect African small and medium enterprises (SMEs) to the global financial system.
Meanwhile, Coinbase described its partnership with Yellow Card as one of its “Go Broad, Go Deep” strategies of compliant international expansion. Besides easing Coinbase’s entry into the so-called low economic freedom markets, the strategy also complements its “close engagement with local payments regulators in more mature markets.”
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What is your take on Coinbase’s foray into Africa? Let us know what you think in the comments section below.