A JPMorgan report reveals that JPM Coin has processed billions of dollars seamlessly with Ant International, the global arm of Ant Group, which owns and operates Alipay. The report emphasizes plans for client-hosted blockchain nodes, currently controlled by JPMorgan, to increase decentralization and direct client connectivity. JPMorgan Explores Programmable Banking and Payments With JPM Coin […]
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Aptos Reaches Milestone, Processes Over 95 Million Daily Transactions
The Aptos blockchain reached a milestone in its history, processing over 95 million in a single day. According to data provided by Artemis, a blockchain statistics platform, the number broke an L1 industry record on May 24, pushed by the tap to earn game Tapos, in which each tap or click constitutes a transaction. Aptos […]
Bitcoin News
‘Stringent AML and KYC Processes’ Can Help Build Consumer Confidence in the Web3 Economy — Przemek Kowalczyk
Integrating crypto into the global financial system has so far proved to be problematic to due what Przemek Kowalczyk, the chief product officer (CPO) of the fintech startup Ramp, described as “digital incompatibility.” Kowalczyk, a data scientist, told Bitcoin.com News that the “two paradigms” use distinct frameworks which in turn makes it difficult for the two to be combined.
Prioritizing User Experience
In written answers sent to Bitcoin.com News, Kowalczyk said this is because crypto is “decentralized and open source-based.” In contrast, the banking sector is more attuned to a “top-down” approach.
Meanwhile, when asked to identify some key factors which Web2 and Web3 must consider before attempting to integrate crypto with conventional payment platforms, Kowalczyk said the most important thing is knowing that not everyone is “interested in the complexities pervading the blockchain.” Understanding this means platforms that offer crypto on and off-ramp services should aim to make their user interface not only easy to use but “highly navigable.”
While many financial freedom advocates are still very opposed to the implementation of know-your-customer (KYC) or anti-money laundering (AML) measures by Web3 companies, Kowalczyk told Bitcoin.com News that doing this can help build consumers’ confidence in the industry. The Ramp Network CPO, however, said this should done without affecting the user’s experience.
Below are Przemek Kowalczyk‘s written answers to all the questions that were sent to him via Telegram.
Bitcoin.com News (BCN): For new users, the journey from fiat to crypto or vice-versa is still quite complicated. The fear of not being able to convert their crypto back to fiat often makes many prospective users unwilling to embark on this journey. On the other hand, many new users often have to rely on an external platform to buy or sell their crypto assets and this can be frustrating as well as time-consuming. Can you describe to our readers what the envisaged frictionless merchant-customer experience should look like?
Przemek Kowalczyk (PK): It should be a one-click system where all of the technical intricacies involved in converting crypto to fiat (and vice versa) are taken care of in the background. At Ramp we are trying to deliver an Apple Pay-like experience, such that when a Web3 product requests your payment, all you have to do is click once, and the transaction is done.
A truly frictionless merchant-customer experience is where users don’t ever have to learn about the intricacies involved in the crypto-fiat buy and sell process. Recently, we introduced our off-ramp solution that offers payouts to credit cards directly. I believe such steps are necessary to help lure in more users from traditional finance (trad-fi) into crypto.
BCN: What do think are some of the factors that Web2 or Web3 businesses should consider before integrating crypto on-ramp and off-ramp solutions for processing payments?
PK: First and foremost, any platform offering crypto on/off ramp should come with an easy-to-use, highly navigable user interface. This is important because not everyone is aware/interested in the complexities pervading the blockchain. Secondly, the payments being processed by these businesses need to be processed in a timely manner, with conversion rates being reasonable.
Lastly, we need platforms that are inclusive and easily accessible so that users from all over the world can benefit from them. Transparency is another key facet to consider when having this conversation, with businesses being upfront about things like fees, transaction charges, etc.
BCN: What are the biggest challenges to seamlessly integrating crypto into the global financial infrastructure? Do you agree that traditional finance (tradfi) institutions have been relatively slow to integrate crypto?
PK: The biggest hurdle to overcome when marrying crypto with trad-fi is that of ‘digital incompatibility.’ To put it simply, the two paradigms use completely different frameworks, with one being decentralized and open source-based while the other is top-down, controlled, and regulated in its structure. As a result, they encounter a lot of friction when operating in each others’ neck of the woods (such as difficulty in converting assets).
That being said, as more and more companies in the trad-fi realm begin to recognize crypto’s value, the two industries are starting to work in conjunction with one another rather than being at loggerheads. A prime example of this change is Paypal’s recent decision to release its very own stablecoin.
BCN: In terms of unlocking new economic value, do you believe that easier fiat on-ramping could boost user acquisition or retention for crypto-native businesses?
PK: Absolutely! Allowing the non-crypto natives to make inroads into this space in the easiest manner possible would accelerate their shift towards Web3. The digital asset platforms should be able to transact with the fiat economy seamlessly. Also, as more people realize how easy it is to navigate between the two sectors, it will become progressively easier for crypto projects to retain non-native customers.
BCN: Your company Ramp Network offers a non-custodial solution that businesses can integrate into their platforms or apps to provide easy on- and off-ramp. In your opinion, why should businesses and users care about using a non-custodial solution?
PK: First off, let’s understand what the term ‘non-custodial’ means. It simply refers to a financial infrastructure where the owner of an asset is fully responsible for managing it. Simply put, the assets are in possession of the individual themselves rather than a third party like a bank, financial institution, etc. In fact, such a setup is the very basis of the entire Web3 revolution. Over the past 2-3 years, a growing number of people are beginning to realize the potential of such a financial setup, something that is highlighted by the fact that between 2021 and 2022 alone, the number of defi users in the world rose by a whopping 40%!
BCN: When talking about international financial transactions, AML and KYC obviously pop up. How do you help businesses ensure AML and KYC compliance while providing a smooth user experience?
PK: Crypto is still in its nascency, and as a result, there are some bad actors using this space for nefarious reasons. Naturally, it pushes many governments to regulate the ecosystem to protect customers. We always proactively comply with the laws, as it’s vital for crypto’s long-term health, and for users to feel safe when using web3 platforms.
That said, it is also essential to keep our user experience in mind and make these processes more accessible to the average crypto consumer. For example, when dealing with digital assets, it can be beneficial to make use of a dynamic verification system, which adjusts the KYC requirements from user to user on a per-transaction basis.
BCN: Ramp Network is reported to have set up a base in Brazil as the first step in Latin American (Latam) expansion. Can you talk about what makes Latam so attractive and whether it can fuel the next stage of growth for crypto projects?
PK: Latin America is the fastest-growing crypto region in the world. The region has a digitally savvy youth population that is educated and online. A large number of South Americans work in other countries and send remittances back home. These factors combined with the lack of widespread access to financial services make South America ripe for crypto adoption.
Brazil, in particular, has a central bank-supported national payment system called Pix that lets you make instant payments from your bank account. I believe that such innovative solutions would help bridge the gap between crypto and traditional finance. We at Ramp have integrated Pix as a payment method, allowing users a fast and convenient way to purchase crypto.
What are your thoughts about this interview? Let us know what you think in the comments section below.
Latam Insights – Inflation Skyrockets in Argentina, El Salvador Processes Digital Assets Licenses, Venezuelan Crypto Corruption Probe Continues
Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week. In this issue: Inflation in Argentina goes over 100%, El Salvador issues its first digital assets licenses, and the crypto-linked corruption probe in Venezuela is still ongoing.
Argentina Registers 104.3% Inflation In March, the Highest in Latam
The National Institute of Statistics and Census in Argentina released inflation numbers for March 2023, registering a 7.7% increase month-over-month. This number is higher than the 6.6% registered during February, produced by an increase in education and foods and beverages.
With this number, Argentina registers inflation levels of 104.3% year-over-year, being the highest inflation level in Latam according to regional estimations. Analysts are worried about the evolution of this variable, given that even government price control programs have been unable to slow it down.
Soledad Pérez Duhalde, an Argentine economist, stated:
The inflation data for March is terribly negative news. Inflation is rampant in Argentina, and without a program and without anchors it will be very difficult to break this trend.
El Salvador Issues Its First Digital Assets Licenses
The government of El Salvador delivered the first digital assets licenses in the country, allowing cryptocurrency exchanges and custody providers to issue digital securities in a regulated environment. The first company to receive the license was Bitfinex Securities El Salvador, a newly incorporated company that will operate independently from Bitfinex, the well-known cryptocurrency exchange.
According to statements from Bitfinex CTO Paolo Ardoino, this represents a milestone that will allow companies to tap into the digital market to raise capital, among other functions. Ardoino stated:
It means that a whole range of entities, from small companies to governments, can raise capital in a regulated environment, and tap into a class of investors that are extremely comfortable with crypto assets and tokenized securities, which represents a market of over trillion with a peak of trillion.
Two more licenses were also granted, one for E4, a company founded by Strike founder Jack Mallers, and Ditobanx, a Salvadoran startup.
Venezuelan Cryptocurrency Corruption Probe Continues
The oil-related cryptocurrency corruption probe, which allegedly involves the use of cryptocurrency linked to oil sales, continues evolving in Venezuela. According to reports, the existence of Sunacrip, the Venezuelan cryptocurrency watchdog, is at risk.
Former employees of the institution explained that all the available personnel had been laid off without justification, which has led to speculation about the future of the institution. In addition, the logo of the institution has been retired from the building where its offices were.
As a consequence of this probe, all registered Bitcoin mining farms were ordered to stop operations on March 15, with miners complaining about significant losses resulting from this decision.
What do you think about the developments in Latin America this week? Tell us in the comment section below.
Ghanaian and Nigerian Central Bank Open Respective Regulatory Sandbox Application Processes
The Ghanaian and Nigerian central banks have invited financial innovators that wish to be included in their respective regulatory sandboxes to submit applications. The Bank of Ghana said its sandbox will also support innovations that attempt to solve the financial exclusion challenge.
Solving the Financial Exclusion Challenge
The Ghanaian central bank has called on registered financial institutions and unlicensed fintech startups to apply for admission into its regulatory sandbox. In a press statement issued on Jan. 26, the bank said the process to admit the first cohort of participants will open on Feb. 13 and close on March 14.
According to the Bank of Ghana (BOG), the sandbox will support innovations that include “new digital business models not currently covered explicitly or implicitly under any regulation.” The sandbox will also support innovations that attempt to solve the financial exclusion challenge as well as “new and immature digital financial service technology.”
As reported by Bitcoin.com news, Ghana’s central bank launched the sandbox, which was developed in collaboration with Emetech Solutions Inc, on Aug. 22, 2022. At the time, the bank characterized the sandbox launch as proof of its “commitment to providing the enabling environment for innovation to promote financial inclusion, and facilitate Ghana’s digitization and cash-lite agenda.”
As per the press release, interested participants are required to submit a complete form which can be accessed via a link. The statement adds prospective participants will be informed of the outcome of their respective applications “within twenty-one (21) working days after the closure of the application window on 14th March 2023.”
Meanwhile, the BOG’s Nigerian counterpart, the Central Bank of Nigeria, recently said its own regulatory sandbox is now live. The bank said interested innovators can now submit “expressions of interest to participate in the regulatory sandbox to explore novel applications of technology and innovation on behalf of our customers and stakeholders.”
In a video shared via Twitter, the Nigerian central bank said all entities with innovative financial solutions can apply online.
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What are your thoughts on this story? Let us know what you think in the comments section below.
Stellar Network Processes 1.8 Billion Transactions, Was 2021 Its Best Year Ever?
The Stellar Development Foundation (SDF) has published the end-of-year metrics for their ecosystem and the underlying network. Presented by Denelle Dixon, Executive Director, and CEO at the SDF, the metrics showed a significant increase across the board.
Related Reading | How Stellar Will Host Ukraine’s CBDC Pilot Test With Tascombank
In 2021, per the report by the SDF, the Stellar Network experienced a 32% rise in its number of total accounts with respect to 2020. The number of total accounts stands at 6 million.
On the other hand, the Stellar Network has processed over 1.8 billion total operations. This represents a 127% increased since 2020. The total assets available on this ledger have risen from 8,639 to 90,297 which represents a 945% increase over the same period.
The SDF claims the rise over these metrics suggests there is a growing interest in the Stellar Network. In that sense, they added the following while showing more data on “relevant assets”:
It’s not just about raw network growth. We track growth in relevant assets – assets tethered to real financial instruments – and relevant asset transactions. Since the start of 2021, we’ve seen 11% of relevant assets, and a 2.3x increase in daily transaction volume of these assets.
Source: SDF via Twitter
As a consequence, the Stellar ecosystem has expanded. The SDF records over 10 new anchors coming into the network during this year. This represents a 33% increase since 2020.
The anchor services for this network stand at 30, as shown in the image below. Most of these entities are spread across the globe with a significant percentage in North America, Latin America, and Africa.
Source: SDF via Twitter
2021 The Year Of Important Partnerships For Stellar
In 2021, the SDF saw the deployment of stablecoin USD Coin (USDC) on the Stellar Network. Managed by the Centre consortium, created by Coinbase and Circle, the USDC is one of the most important digital assets to transact in the crypto space.
This was one of Stellar most important partnerships this year, the ecosystem was leveraged by MoneyGram and other major companies. In addition, the SDF’s Enterprise Fund invested over million in projects for companies, such as AirTM, Tala, and Wyre.
The community was a big part of this year’s progress for Stellar, as reported by the SDF. This organization worked with over 50 universities and thousands of students everywhere for hackathons and other activities.
The initiative Stellar Quest welcomed new developers for this ecosystem and generated over 2,700, per the report. In that, the Stellar Community Fund was also a great success which granted over million in the XLM token to be used for developing DeFi, NFTs, and many more use cases on this network.
The SDF celebrated a “tremendous” 2021 and presented its strategic objectives for 2022. This includes increasing Stellar’s network capacity and innovation, increasing the level of participation, and “demanding and promoting diversity and inclusion”.
Related Reading | Stellar To Power VISA’s New Partnership, XLM Begins Breakout
As of press time, XLM trades at ,28 with a 1.2% profit in the last 24-hours.
XLM moving sideways in the 4-hour chart. Source: XLMUSDT Tradingview
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Fairspin Adds 3 New Providers to Offer 2000+ Games, Processes Over $20,000 One-Time Payouts in May 2020
The popular blockchain casino Fairspin has made itself more attractive to its patrons by introducing lots of new options. It recently announced an expansion in the number of game titles and developers listed on the platform.
According to Fairspin’s press release, three leading developers Quickspin, Pragmatic Casino and Pragmatic Live have been included to its list of providers. With this addition, the number of providers on Fairspin now stands at 12 with over 2000 game titles divided among them.
Fairspin holds the distinction of being the first mover in the online gambling industry by implementing a combination of classic gambling games with blockchain technology for added transparency and uncompromised user experience. The Fairspin casino is integrated with the TruePlay platform powered by its native TPLAY tokens. Through this integration, Fairspin stores all gaming transactions in ERC20-compliant TPLAY tokens so that players can verify all deposits and withdrawals at any time over a blockchain explorer. Apart from the payout history, the casino also lists payout percentage of each game on its website and respective smart contracts.
The use of smart contracts to store gaming transactions and the added anonymity offered by Fairspin makes it one of the most transparent online gambling platforms of all time. The online casino is also known among gambling enthusiasts for the exciting winning opportunity it presents. A lot of players have been able to put their funds, bonuses, and promotional freebies to good use a win a small fortune.
May the Fairspin Be with You
As various countries imposed lockdowns to contain the spread of COVID-19 pandemic, a lot of people found refuge in online gambling. Fairspin registered a huge surge of about 57% in the number of people visiting the platform during the months of April and May as compared to February.
The month of May 2020 also witnessed some big one-time payouts, with the top three winners raking in 37.89 ETH (,090), 29.74 ETH (,244) and 0.48 BTC (,683) on May 28, May 30, and May 14, respectively. These winnings can be confirmed on the blockchain. The largest one-time payout on Fairspin currently stands at 2.5 BTC (,000 at the time of transaction) earlier this year in March 2020.
So far, Fairspin has processed over 95,486 ETH, roughly equivalent to .3 million in winnings to its patrons.
Winning Date | Payout Amount | Game |
May 28, 2020 | 37.89 ETH (90.00) | Warlords: Crystals of Power by NetEnt (mobile version) – The user started playing with a balance of 1.54 ETH. A bet of brought a big win of ,924. (The game’s payout percentage: 96%)
|
May 30, 2020 | 29.74 ETH (44.00) | Dragon Legend by PGSoft – The user started playing with a balance of 7 ETH. A bet of brought a big win of ,020. (The game’s payout percentage: 117%)
|
May 14, 2020 | 0.88 BTC (83.00) | Book of Gold: Symbol Choice by Playson – The user started playing with a balance of 0.16 BTC. The player used bonus spins to make a bet of and won ,645. |
What’s Hot on Fairspin
Fairspin constantly offers exciting bonuses and promotional offers to its users. The online blockchain casino is now offering plenty of free spins giveaways, which are being frequently announced on its official social media and other channels. Fairspin is also organizing tournaments by Booongo and Playson with prize pools between €20,000 and €50,000.
Both new and existing players on Fairspin are eligible for deposit bonus. New players registering on the platform now receive 100%-200% bonus on their initial deposits. Similarly, existing players can get 20%-40% bonus on their continued deposits, which can be used to place more bets.
Fairspin also has a cashback program with cashback ranging from 5% to 25% of the wager based on the games.
Players wishing to win more on the platform can try these 4 most sought-after games
- Claws vs Paws with sum of winnings at ,555 and payout of 96%,
- Hip Hop Panda at ,381 in winnings and payout of 97%
- Double Bonus Poker with winnings at ,864 and payout of 98%
Warlords: Crystals of Power with winnings at,183 and payout of 96%
Want to try Fairspin? Visit https://fairspin.io/ and start playing.
Chinas Zhejiang Processes $6M via DLT Medical Billing Platform
n Chinas Zhejiang province processed about million through its blockchain medical billing system using Ant Financials blockchain techn
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Chinas Zhejiang Processes $6B via DLT Medical Billing Platform
n Chinas Zhejiang province processed about billion through its blockchain medical billing system using Ant Financials blockchain techn
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UK-Based Digital Exchange to Use R3s Corda for Post-Trade Processes
n A U.K.-based digital exchange will use blockchain software firm R3s Corda technology for its post-trade processesn
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