A Nigerian startup specializing in blockchain-based payments and remittances has entered into a partnership arrangement with the stablecoin issuer Tether. The arrangement is expected to extend the benefits of stable digital transactions to a larger number of consumers and businesses across the African continent. Ivorypay, Tether Partnership Aims to Boost User Confidence Ivorypay, a Nigerian […]
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Toncoin Price Jumps 17% As Tether Widens Payment Choices On Telegram’s TON Network
Tether, the company behind the largest stablecoin in the market, USDT, has made a significant expansion move that has propelled the Toncoin price, the native token of The Open Network (TON), by 17% in the past 24 hours.
Tether Expands Reach To 15 Blockchains
On Friday, Tether announced the launch of its USDT dollar-pegged token and Tether Gold (XAUT), a gold-backed digital token, on The Open Network. This development marks a significant move for Tether, expanding its presence to 15 blockchains.
The integration of TON with Telegram, which boasts over 900 million global users, is expected to provide a “seamless and borderless” experience for peer-to-peer (P2P) payments within Telegram’s user base.
With the introduction of USDT and XAUT on TON, Tether aims to facilitate the easy transfer of value between users in the TON ecosystem and other blockchain networks while increasing the transfer speed and reducing costs.
Paolo Ardoino, CEO at Tether, expressed excitement about the launch, emphasizing their support for The Open Network’s vision of an open and “decentralized internet.” Ardoino stated:
We’re excited to bring USD₮ and XAU₮ to The Open Network because we support its vision of an open and decentralized internet and a borderless financial system. The launch of USD₮ and XAU₮ on TON will allow seamless value transfer, increasing activity and liquidity while offering users a financial experience that can match those found in the traditional financial system. This furthers our mission of powering open financial infrastructure across the blockchain space.
11 Million TON Tokens To Drive Adoption Of USDT, XAUT
Meanwhile, The Open Network claims to “revolutionize” global peer-to-peer payments, allowing Telegram users to send money instantly without needing a blockchain address or downloading a new app.
Notably, USDT on TON will be complemented by fully integrated on-ramps supporting most fiat currencies globally. Additionally, integrated global off-ramps will facilitate users’ withdrawal of supported fiat currencies directly to their bank accounts or cards.
The TON Foundation has allocated 11 million TON tokens as incentives to drive adoption. Five million TON will be utilized to boost rewards in USDT/TON liquidity pools across TON decentralized exchanges (DEXes) like StonFi and Dedust.
Another 5 million TON will be distributed to users who deposit USDT to the Earn campaign of Telegram’s wallet. Furthermore, withdrawals to TON from supporting exchanges such as OKEx, Bybit, and KuCoin will be free for all users until the end of June 2024.
Ultimately, the introduction of USDT and XAUT on TON, coupled with the incentives provided, is expected to accelerate the adoption of TON and establish it as a “faster, easier and more cost-effective” cross-border payment system compared to traditional financial services, according to The Open Network’s announcement.
Toncoin Price Rallies
Following the disclosure of the partnership, the Toncoin price surged, reaching a high of .02 on Friday. This marked the end of a sharp decline over the past week since the token achieved its all-time high (ATH) of .79 on April 11. After reaching the new ATH, the Toncoin price dropped to a low of .42 on Saturday, April 13.
However, with the recent partnership announcement, the Toncoin price has regained its bullish momentum and is currently trading at .59.
It aims to surpass the price resistance level of .70, which will pave the way for reaching and surpassing the mark. This would provide a favorable trajectory for the Toncoin price to conquer and exceed its current ATH.
Featured image from Shutterstock, chart from TradingView.com
Deutsche Bank Survey: Over Half Expect Crypto to Become ‘Important’ Asset Class and Payment Method
A new Deutsche Bank survey found that over half of respondents expect cryptocurrencies to become an important asset class and a method of payment. In addition, 10% of respondents expect the price of bitcoin to be above ,000 by year-end. Deutsche Bank’s Crypto Survey A recent Deutsche Bank survey of over 3,600 consumers, published this […]
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Singapore Imposes New Rules for Digital Payment Token Services
Singapore’s central bank, the Monetary Authority of Singapore (MAS), has announced amendments to the Payment Services Act to impose additional requirements on digital payment token service providers and broaden the scope of regulated services. The central bank warned that entities that do not fulfill the requirements must cease the activities when the amendments come into […]
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Telegram Implements Toncoin Payment Integration For Ads, TON Price Sees Impact
Telegram, the renowned messaging platform, recently unveiled a new feature that allows users to promote their channels through advertising. With the launch of this feature, users can now purchase ad space using Toncoins (TON), the native cryptocurrency powered by the TON blockchain.
Telegram Implements TON Blockchain For Ad Payments
Acknowledging the potential for channel owners to generate advertising revenue, Telegram’s announcement highlighted that channels collectively accumulate over 1 trillion views each month.
Realizing this opportunity, Telegram has implemented a revenue-sharing model, enabling channel owners with a minimum of 1000 subscribers to receive 50% of the ad revenue generated from ads displayed on their channels.
The decision to integrate the TON blockchain into this feature was driven by various reasons, as noted in the social media platform’s announcement on Sunday:
We chose the TON Blockchain because it has low fees, high transaction speeds – and holds a record for the number of transactions it can process per second. Anyone can now promote their bot or channel – with budgets as low as a handful of Toncoins. When creating a Telegram ad, you choose the exact channels where you’d like it to appear, so you have full control over their context.
Telegram CEO Pavel Durov had previously emphasized the importance of fast and secure ad payments and withdrawals, expressing that the TON blockchain would be the exclusive platform for these transactions. Durov stated:
To ensure ad payments and withdrawals are fast and secure, we will exclusively use the TON blockchain. Similar to our approach with Telegram usernames on Fragment, we will sell ads and share revenue with channel owners in Toncoin. This will create a virtuous circle, in which content creators will be able to either cash out their Toncoins — or reinvest them in promoting and upgrading their channels.
TON Shows Bullish Momentum
As Telegram unveils these new features and developments that can significantly boost the adoption and usage of the TON token, the cryptocurrency has responded positively.
Over the past 24 hours, TON has surged by more than 5%, reaching a current trading price of .30. This surge adds to its impressive 100% price increase over the past 30 days alone.
Notably, the announcement has also caused a substantial increase in the trading volume of TON, which has soared to 4,869,370 in the past 24 hours. This represents a rise of over 74% compared to Sunday’s trading volume, according to CoinGecko data.
Furthermore, the TON token is approaching its all-time high (ATH) mark of .69, reached on March 25. With the introduction of these new features in Telegram and the notable increase in trading volume, the token appears to be on the verge of setting a new ATH in the coming days if the demand continues to rise.
However, the token must surpass the significant resistance level of .45 for this scenario to unfold. This price level has proven to be a hurdle for the token, as it has attempted three times to break through and consolidate above it to reach a new ATH but has failed. Overcoming this resistance level is crucial before the token can approach new ATH levels.
On the TON/USD 4-hour chart, the support level that could potentially halt a price correction following the recent uptrend is .26. This support level acts as a buffer to prevent a significant downward correction in price.
Featured image from Shutterstock, chart from TradingView.com
Bitcoin.com Announces Integration of VERSE Token With BitPay for Expanded Payment Options
Bitcoin.com, a leading figure in the world of cryptocurrency and blockchain technology, is thrilled to announce a significant enhancement to the utility of its ecosystem token, VERSE. In a groundbreaking collaboration, VERSE has now been integrated with BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services. This integration heralds a new era of […]
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Taproot Wizards Reveal Bitcoin’s Onchain Payment Struggles During $15M Sale
Sending bitcoin onchain remains a poor payment experience despite the hype surrounding the leading crypto asset, according to Taproot Wizards founder Udi Wertheimer. In a recent post-mortem of a high-volume sale using bitcoin, Wertheimer detailed several pain points with onchain payments including long confirmation times, lack of payment amount enforcement, high fees, and insufficient Lightning […]
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Stablecoin Issuer Tether Leads $25 Million Funding Round for Mobile Payment Startup Oobit
On Monday, Tether, the leading issuer of stablecoins, revealed its role as the lead investor in the Series A funding round of mobile payment startup Oobit, which successfully garnered million. The investment round saw contributions from notable entities such as Titan Fund, Solana’s Anatoly Yakovenko, and 468 Capital.
Oobit Secures Million in Series A Led by Tether
With its crypto tap-and-pay service, Oobit aims to make strides in the mobile payment sector, offering its services to over 100 million retailers worldwide. This recent infusion of million in capital is earmarked for further development, propelling the company towards its ambition of fostering widespread crypto adoption.
Tether, in its announcement, highlighted the synergy between its objectives and Oobit’s initiatives. “Our support is founded on a mutual vision to drive the widespread adoption of cryptocurrencies on a global scale,” Paolo Ardoino, the CEO of Tether said in a statement sent to Bitcoin.com News. “Oobit, in our perspective, stands as a catalyst, breaking down barriers and facilitating frictionless transactions for crypto holders worldwide.”
Oobit is essentially a mobile payments app that allows users to make payments at any supported Visa or Mastercard point-of-sale (PoS), using cryptocurrencies, directly from the app with its tap-and-pay feature. Oobit was founded in 2017 and its goal is to provide a simple and secure way for crypto holders to pay in-store and worldwide. The Series A capital raise comes on the heels of Oobit adding to its advisory board with the addition of John Linden, the founder of Mythical Games, in October.
Moreover, this move aligns with Tether’s recent flurry of investments across various sectors, including technology, artificial intelligence (AI), and bitcoin mining. Among its ventures are investments with the Academy of Digital Industries, Northern Data Group, Volcano Energy, and Citypay.io. Since 2020, Tether has spearheaded eight out of nine investment initiatives.
According to Crunchbase data, Oobit’s recent Series A round brings the startup’s total funding to million. Echoing a similar strategy, prior to Oobit’s funding, the financial powerhouse Paypal backed the digital finance innovator Mesh, furnishing the startup with PYUSD as investment capital. The precise sum deployed by Paypal Ventures into Mesh remains under wraps, yet the PYUSD capital infusion succeeded Mesh’s million funding endeavor.
What do you think about Tether and others investing million into Oobit? Share your thoughts and opinions about this subject in the comments section below.
House Financial Services Committee Members Demand More Time to Debate New Digital Payment Proposal
Leading members of the U.S. House Financial Services Committee, Chairman Patrick McHenry, Subcommittee Chairman French Hill, and Representative Mike Flood, have requested an extension of the public comment period for the CFPB’s proposed rule on digital consumer payment applications. This request centers on the committee’s concerns over the rule’s potential impact on the digital asset industry and its demand for a more comprehensive stakeholder review.
US Lawmakers Challenge CFPB Over Digital Asset Rule, Seek Extended Discussion
Top members of the United States House Financial Services Committee and its Subcommittee on Digital Assets, Financial Technology and Inclusion have requested an extension of the public comment period for a proposed rule by the Consumer Financial Protection Bureau (CFPB). The rule, which aims to redefine the regulatory landscape for digital consumer payment applications, has drawn scrutiny for its potential impact on the digital asset sector.
#NEW: Chairman @PatrickMcHenry, Subcommittee Chairman @RepFrenchHill, and @USRepMikeFlood sent a letter to @CFPB Director Rohit Chopra urging his agency to revisit its larger participants digital consumer payment proposed rule.
Read more https://t.co/CYczuI681v pic.twitter.com/W2kYVmQEM4
— Financial Services GOP (@FinancialCmte) January 30, 2024
In a letter dated Jan. 30, addressed to CFPB Director Rohit Chopra, Committee Chairman Patrick McHenry, along with Subcommittee Chairman French Hill and Representative Mike Flood, expressed concerns over the proposed rule titled “Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications.” The lawmakers argued that the rule lacks sufficient justification, provides unclear guidance for third-party service providers, and could have unintended consequences on the digital asset ecosystem.
The letter focused on several key issues. Firstly, the proposed rule was criticized for expanding the Bureau’s regulatory reach into the payments industry without adequate justification or analysis of its impact on competition and consumer welfare. Secondly, the rule’s coverage of third-party service providers remains ambiguous, leading to potential regulatory uncertainty. Lastly, the proposed inclusion of digital assets within the scope of “funds” under the Dodd-Frank Act was seen as a move that could destabilize the digital asset industry by introducing regulatory uncertainty around digital asset transactions.
Given these concerns, the representatives urged the CFPB to reopen the comment period for an additional 60 days. This extension, they argued, would allow for more comprehensive feedback from a broader range of stakeholders before any further action is taken on the rule.
The letter also pointed out the significance of peer-to-peer transactions in the digital asset ecosystem, particularly through “self-hosted wallets.” The lawmakers cautioned that the proposed rule’s broad definition might introduce regulatory risks to digital asset wallet providers, especially those that do not maintain ongoing relationships with consumers.
If the CFPB’s proposed rule goes into effect, how might it impact the crypto industry? Share your thoughts and opinions about this subject in the comments section below.
Bit.Store Elevates Crypto Payment Experience With Binance Pay Integration
PRESS RELEASE. Main Takeaways:
- Bit.Store introduces Binance Pay for efficient crypto top-ups.
- Seamless integration offers a quick, secure method for BitStore cardholders.
- Collaboration reflects Bit.Store’s commitment to user-friendly crypto solutions.
- The partnership underscores Bit.Store’s expanding global service outreach.
In a significant development for crypto card users, Bit.Store, a front-runner in the cryptocurrency card industry, has integrated Binance Pay into its platform. This collaboration introduces a streamlined, secure method for users to top up their virtual and physical Bit.Store cards, leveraging the ease and reliability of Binance Pay.
The integration of Binance Pay is a strategic move by Bit.Store to enhance user experience. This feature simplifies the crypto loading process for Bit.Store cardholders, allowing them to efficiently manage their digital finances. The move is especially beneficial for the global user base of Binance, offering them an additional utility for their crypto assets.
Detailed Process for Bit.Store Card Top-Up via Binance Pay:
- Visit Bit.Store’s Web App: Access Bit.Store’s platform via a mobile device or PC.
- Initiate Top-Up: Navigate to the card top-up section.
- Select Binance Pay as Payment Option: Choose Binance Pay from the list of available payment methods.
- Secure Transaction: Follow the prompts to complete the top-up process on Binance Pay’s secure platform.
- Card Activation: Upon successful transaction completion, the Bit.Store card is ready for immediate use.
Bit.Store has been at the forefront of simplifying cryptocurrency usage for everyday transactions. Offering both virtual and physical card options, Bit.Store caters to a diverse range of user needs, balancing the convenience of traditional financial instruments with the innovative aspects of digital currencies.
Binance Pay is a contactless, borderless cryptocurrency payment technology developed by Binance, the world’s leading cryptocurrency exchange. It allows users to make and receive payments in crypto globally, emphasizing security and user convenience.
The integration of Binance Pay into Bit.Store’s services is part of a broader vision to continuously enhance the platform’s capabilities. This collaboration is a testament to Bit.Store’s commitment to innovation in the crypto payment sector. Looking ahead, Bit.Store plans to expand its service offerings, introducing new features and strategic partnerships to further cement its position as a leader in crypto payment solutions.
About Bit.Store
Bit.Store is your gateway to seamless cryptocurrency integration in the real world. Committed to safeguarding privacy and ensuring user-friendly accessibility, our virtual and physical cards allow for crypto conversions, enabling secure and simple spending across online and offline in-store platforms. Bit.Store redefines the ease of crypto asset management — store, spend, and earn with confidence and simplicity.
Website | Twitter | Telegram | Discord | Bit.Store Card
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.