“Customer Demand” Pulling Them In; Goldman Sachs Joins Coin Metrics’ $15M Investment Round

“Customer Demand” Pulling Them In; Goldman Sachs Joins Coin Metrics’ $15M Investment Round

Money is pouring into the crypto market; as of April 27, 156 startups focused on digital technology had raised $3.1 billion, compared to just $2.3 billion raised in 341 deals in the entire 2020.

Coin Metrics has raised $15 million in a Series B investment round led by Goldman Sachs.

“We think this is a huge day for us,” Tim Rice, a co-founder and the firm’s chief executive officer said. “A huge credentialization.”

While Castle Island Ventures, Highland Capital Partners, Fidelity Investments, Avon Ventures, Communitas Capital, and Collab+Currency increased their investment in the company, new investors to join included Acrew Ventures, Morningside Group, BlockFi, and Warburg Serres Investments.

Founded in 2017, Coin Metrics is a cryptocurrency and blockchain data provider to institutional clients which plans to use the proceeds to grow in Europe and Asia, create new products and expand its current offerings.

Mathew McDermott, global head of digital assets for Goldman Sachs’s global markets division, will join Coin Metrics’ board of directors, Rice said in an interview.

According to Rice, the way large institutions such as asset managers and Wall Street banks are approaching crypto is different from the 2017 bull market as “This time around you have people looking for a holistic data solution,” he said. “They need to have solid data to get into the asset class.”

Fidelity Investments, one of Coin Metrics’ investors, is also its client. “We’ve definitely seen the institutions behave very seriously; they’re now signing contracts with us,” Rice said.

Banks that have been staying on the sidelines are also getting comfortable with the $2.47 trillion market.

“Customer demand is starting to pull them in,” Rice said.

Earlier this week, we reported that the largest cryptocurrency exchange in the US, Coinbase, also acquired data analytics platform Skew for an undisclosed amount to better serve its institutional and trading clients.

Money has been pouring into the crypto market amidst the ongoing bull run. Not just crypto assets but projects like Digital Asset Holdings LLC, Chainalysis Inc, Blockchain.com, Paxos Trust Co. are raising a lot of funds.

As of April 27, 156 startups focused on digital technology had raised $3.1 billion, compared to just $2.3 billion raised in 341 deals for all of 2020, according to CB Insights.

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Author: AnTy

Tala Partners With VISA To Drive USDC Adoption in Emerging Markets

Tala Partners With VISA To Drive USDC Adoption in Emerging Markets

Digital Financial services provider Tala has collaborated with VISA to make it easier for consumers to store, and use cryptocurrencies on a daily basis with USD Coin (USDC).

The collaboration will also involve Circle, the company behind USDC, and the Stellar Development Foundation that oversees the XLM cryptocurrency.

Tala Taps VISA For USDC Payments

According to a statement released by Tala, the fintech firm will provide access to USDC via its digital wallet.

The partnership with VISA will enable Tala to issue VISA cards linked to the wallet, thereby enabling customers to use their USDC balances anywhere they are in the world.

Tala’s mission of banking the unbanked will be aided through this partnership.

USDC is a stablecoin backed by the US dollar and governed by the Centre Consortium. It’s currently supported on the Ethereum, Algorand, Solana, and Stellar blockchains.

USDC 0.00% USD Coin / USD USDCUSD $ 1.00
$0.000.00%
Volume 2.21 b Change $0.00 Open $1.00 Circulating 14.38 b Market Cap 14.38 b
8 h Tala Partners With VISA To Drive USDC Adoption in Emerging Markets 1 d Solana Hits its First $1 Billion Milestone in Total Value Locked (TVL) 2 d Both Coinbase.com and Pro Now Support USDT, “Making Arbitrage Across Exchanges Faster”
ETH -1.11% Ethereum / USD ETHUSD $ 3,488.63
-$38.72-1.11%
Volume 44.11 b Change -$38.72 Open $3,488.63 Circulating 115.77 m Market Cap 403.87 b
8 h Tala Partners With VISA To Drive USDC Adoption in Emerging Markets 9 h Bitcoin Dominance on a Decline for 8 Weeks Straight to Hit Three-Year Low 10 h Uniswap V3 Recording $265M in Liquidity and $70M in Volume After Going Live on the Ethereum Mainnet
ALGO 7.31% Algorand / USD ALGOUSD $ 1.55
$0.117.31%
Volume 518.51 m Change $0.11 Open $1.55 Circulating 2.98 b Market Cap 4.62 b
8 h Tala Partners With VISA To Drive USDC Adoption in Emerging Markets 1 w Tether’s Controversial Stablecoin, USDT, Is Launching on Coinbase Next Week 4 w Balancer Labs Has ‘Zero’ Involvement in Algorand; V2 Launch is the Sole Focus
SOL -3.45% Solana / USD SOLUSD $ 43.33
-$1.49-3.45%
Volume 390.86 m Change -$1.49 Open $43.33 Circulating 272.64 m Market Cap 11.81 b
8 h Tala Partners With VISA To Drive USDC Adoption in Emerging Markets 1 d Raydium (RAY) Alone Accounts for Nearly 90% of Solana Ecosystem’s TVL 1 d Binance Smart Chain (BSC) Is Feeling the Pressure of the Heightened Network Demand
XLM 6.11% Stellar / USD XLMUSD $ 0.65
$0.046.11%
Volume 4.8 b Change $0.04 Open $0.65 Circulating 23.04 b Market Cap 14.95 b
8 h Tala Partners With VISA To Drive USDC Adoption in Emerging Markets 3 d Due to Increased Demand, Social Trading Platform Firm eToro Now Supports DOGE 1 w Crypto ETP Issuer 21Shares Rolls Out Stellar And Cardano ETPs On Swiss SIX Exchange

Speaking on the new partnership, Shivani Siroya, Tala’s CEO and founder, said digital currencies have tremendous potential to open financial access and put more control directly into the hands of underbanked and underestimated people. Siroya said excitedly,

“We couldn’t be more excited that Visa, Circle, and the Stellar Development Foundation share our vision and want to work on a solution, not only for Tala’s six million global customers but for the billions more who can benefit.”

VISA’s crypto involvement has largely centered around Circle and its USD coin over the past few months.

In December, the credit card company partnered with Circle to drive USDC adoption into VISA’s network of digital wallets. The partnership saw VISA work with Circle to enable customers to send and receive USDC payments to businesses supported by VISA.

Founded in 2011, Tala is a California-based lending platform that has provided over $2 billion in credit to over 6 million customers in countries such as Mexico, the Philippines, Kenya, and India in the form of micro-loans.

The fintech company is focused on emerging markets and provides instant credit scoring, lending, and other personalized financial services all through its smartphone app, Tala.

The company raised over $200 million in funding, including a $110 million Series D in August 2019, from PayPal Ventures, RPS Ventures, and GGV Capital.

The partnership marks the first major crypto project for Tala, which recently expanded its product suite to provide a fuller scope of financial services to consumers in developing economies.

Stirring Stablecoin Use In Emerging Markets

Having seen the advent of cryptocurrencies being used for payments, especially Bitcoin, which an increasing number of companies has supported, it seems companies have also realized that there is a clear need for Stablecoin payments on blockchains as well. BTC -2.01% Bitcoin / USD BTCUSD $ 56,348.78
-$1,132.61-2.01%
Volume 69.3 b Change -$1,132.61 Open $56,348.78 Circulating 18.7 m Market Cap 1.05 t
7 h Georgia’s Apex Bank Considers CBDC, Calls For Partnerships 8 h Tala Partners With VISA To Drive USDC Adoption in Emerging Markets 9 h Bitcoin Dominance on a Decline for 8 Weeks Straight to Hit Three-Year Low

Some have argued that Bitcoin is too volatile to be used for payments. And with this, stablecoins are sought after since they help protect against currency fluctuations and foreign exchange (FX) conversion fees in international transactions.

Stablecoins brings the alternative of value-added risk management, cash management, onboarding, and more that are consolidated with existing fiat currency services.

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Author: Jimmy Aki

Circle Collaborates With Signature Bank On USDC Integration

Circle Collaborates With Signature Bank On USDC Integration

Global payment technology company Circle announced a collaboration with Signature Bank to integrate Circle products and services into the bank’s suite of products.

Circle Picks Signature for USDC Reserve Deposits

The new partnership will enable the New York-based Signature Bank to be the leading financial institution for Circle’s USDC reserve deposits, per its press release.

Circle would also add its products into Signature’s blockchain-based real-time payment platform, Signet. Jeremy Allaire, CEO, and co-founder of Circle said,

“Adding a respected, forward-thinking financial institution to our USDC reserve network is another step forward in adoption and growth for the world’s fastest-growing digital dollar currency.”

The incorporation of Circle into Signet will bring about full integration of its products and services with the bank. Given that Signet offers real-time payment every day of the week, including weekends, the partnership will enable Circle’s customers to benefit from this special service.

Meanwhile, Signet’s speed of real-time payment during weekends is attracting many crypto industry players to the company.

Speaking on the development, Signature Bank President and CEO Joseph J. DePaolo disclosed that many of its digital asset-based commercial clients had demanded incorporating Circle into the Signet ecosystem. DePaolo added that the company would complete the integration of Circle in the Signet ecosystem in the coming months.

He equally said that the company would seize the opportunity to create future partnerships and tinker with the possible adoption of USDC stablecoin.

Circle had attracted partnerships from several global financial service firms in recent times because of the increasing usage of USDC.

In March, Visa Head of Crypto Cuy Sheffield tweeted that financial transactions can now be initiated and completed using USDC.

Circle’s USDC Growing Higher

The Boston-based Fintech firm is making waves in the crypto industry due to the growing adoption of USDC.

Earlier, the CEO of Circle Jeremy Allaire tweeted that the cryptocurrency industry will grow higher under the administration of US President Joe Biden. Allaire holds that Biden’s administration will be supportive because moderate politics benefit cryptocurrency.

Circle has continued to improve its service to enhance seamless transfer for customers. Earlier, the company announced the roll-out of a new Application Programming Interface (API) to enable users to convert USDC to USD through an automated clearinghouse (ACH) system in a seamless manner.

The first exchange to adopt the new API was FTX.

Speaking on the innovation, Jeremy Allaire said that Circle’s API provides a fast, reliable, and trusted infrastructure in connecting bank transfers to retails products with the aid of USDC.

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Author: Jimmy Aki

Nasdaq to Launch Coinbase’s COIN Options Trading Starting Today

Nasdaq to Launch Coinbase’s COIN Options Trading Starting Today

Options on Coinbase Global Inc would start trading on Nasdaq options exchanges starting today.

Less than a week after the largest cryptocurrency exchange in the US went public, the equity options on the stock will be launched. This would offer investors yet another way to bet on Coinbase.

On Wednesday, Coinbase made the high-profile debut that briefly valued it at over $100 billion. On the day, the COIN shares were worth as much as $430 at one point but are currently down 22.5% as it trades around $319.35.

image1

During the first day of trading, as we reported, Coinbase CEO Brian Armstrong sold about $292 million in shares in total, which is less than 2% of his entire holdings. Armstrong sold these shares in three batches of 749,999 each at prices ranging from $381 to $410.40 per share.

COIN has been very popular among the general public. It was actually the most bought across the retail clients of UBS for three consecutive days, as per John Street Capital. With a total 3-day inflow of $410 million, it was the largest 3-day period of inflows by a company only after Jack Ma’s Alibaba (BABA) initial public offering (IPO).

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Author: AnTy

Cathie Wood’s ARK Funds Buy More Coinbase (COIN) Shares, Now Owning Just Under 1.3 Million

Cathie Wood’s ARK Funds Buy More Coinbase (COIN) Shares, Now Owning Just Under 1.3 Million

Cathie Wood has rebalanced the company’s portfolio in favor of cryptocurrency stocks, yet again.

ARK funds bought 187,078 shares of Coinbase on Friday, adding to the 341,186 shares purchased on Thursday and 749,205 purchased on Wednesday. In total, Wood’s fund has 1,277,469 COIN shares worth almost $437 million at Friday’s closing price of $342.

The funds added to were the flagship ARK Innovation fund, the Next Generation Internet ETF, and the Fintech Innovation ETF.

Separately, it yet again sold 134,541 shares of electric car maker Tesla, valued at $99.5 million, from its flagship fund and Next Generation Internet ETF, but still, TSLA remains by far the firm’s biggest position by value on its major funds.

This big bet on Coinbase gives ARK more indirect exposure to cryptos on top of Tesla, which announced a $1.5 billion investment in Bitcoin this year and started accepting cryptos as payment for its cars.

Founded in 2014, Ark invests in companies involved with disrupting trends.

While up 6.6% from Thursday closing prices, COIN share prices it is still down 21% from its debut peak of almost $430, about 42% above the reference price of $250.

The uptrend in share prices came as the price of Bitcoin recovered after falling to $60,000, and Loop Capital Markets analyst Kenneth Hill advised clients to buy shares of the largest crypto exchange in the US. BTC -8.23% Bitcoin / USD BTCUSD $ 56,246.00
-$4,629.05-8.23%
Volume 97.65 b Change -$4,629.05 Open $56,246.00 Circulating 18.69 m Market Cap 1.05 t
9 h A New Record: Over 1 Million Traders Liquidated for a Whopping $10.1 Billion 10 h Cathie Wood’s ARK Funds Buy More Coinbase (COIN) Shares, Now Owning Just Under 1.3 Million 11 h BitMEX Co-Founder Arthur Hayes Puts Ether Moon Target Above $20,000

The latest analyst to call for buy highlighted “lots of runways” for the company ahead of a “takeoff.”

“Coinbase’s market valuation may seem excessive to some given the prospects of increased competition in digital wallets business, which should rapidly eat into Coinbase’s sweet profit margins,” Ipek Ozkardeskaya, senior analyst at Swissquote, told Bloomberg.

“On the other hand, the competition is not here yet, while large trading volumes continue boosting Coinbase’s revenues for the moment.”

Besides the funds, retail traders also jumped in on COIN. Day traders purchased a net $57 million of shares during the debut on the Nasdaq Stock Market, as per VandaTrack.

Retail accounted for 7% of the $822 million individuals spent on all US stocks and ETFs on the day, making Coinbase the fifth-most popular debut with day traders since 2017.

image1

Coinbase was also the most traded stock on Fidelity’s platform on the day, with over 148,000 shares changing hands, nearly 9x more than Tesla.

The exchange going public has been seen as a watershed moment for the crypto industry, taking it further into the mainstream.

Coinbase CEO Brian Armstrong called this direct listing a “shift in legitimacy” for the entire industry.

“Crypto has a shot at being a major force in the financial world.”

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Author: AnTy

BSC Recording ‘Tremendous’ Usage, Fees Cut in Half as Transactions & Active Wallets Explode Higher

BSC Recording ‘Tremendous’ Usage, Fees Cut in Half as Transactions & Active Wallets Explode Higher

BNB price is soaring while several DeFi projects launch flash loans, margin trading products, and more on BSC, “offering strong competition for Ethereum.”

While heightened activity on the Ethereum blockchain ends up pricing out smaller users, sending the gas fees to crazy levels, Binance Smart Chain has cut down its fees in half this week in light of growing network usage.

On Wednesday, the BSC community urged the validator to decrease the minimum gas price amidst the BNB price surging to new highs above $400 and the blockchain itself growing fast. BNB 8.40% Binance Coin / USD BNBUSD $ 418.12
$35.128.40%
Volume 4.55 b Change $35.12 Open $418.12 Circulating 154.53 m Market Cap 64.61 b
4 h TrueUSD (TUSD) Stablecoin to Go Live on Tron Network Tomorrow 8 h BSC Recording ‘Tremendous’ Usage, Fees Cut in Half as Transactions & Active Wallets Explode Higher 10 h Crypto Market Is Getting Ridiculously Euphoric; Bitcoin Only Consolidating with Several Catalysts Ahead

“The greatest benefit of BSC rather than Ethereum network is lower transaction fees. We would like to decrease BSC gas fee for the future growth of BSC DeFi platforms,” wrote one user on the platform.

The same day the community celebrated the gas fees cutting down in half.

The fees on the network are rising fast with the usage with the highest so far 6,031 BNB collected in fees on Monday while it was keeping under 1k BNB up until Jan.

According to Cryptofees, Binance Chain is generating about $42k in average daily fees versus $25 million by Ethereum network. ETH 3.84% Ethereum / USD ETHUSD $ 2,088.41
$80.193.84%
Volume 25.32 b Change $80.19 Open $2,088.41 Circulating 115.39 m Market Cap 240.98 b
2 h Billion Dollar Stablecoin Fei Protocol Struggles As Token Drops Below USD Peg 4 h TrueUSD (TUSD) Stablecoin to Go Live on Tron Network Tomorrow 8 h BSC Recording ‘Tremendous’ Usage, Fees Cut in Half as Transactions & Active Wallets Explode Higher

Ethereum’s gas fees going through the roof is one of the reasons people are shifting to BSC.

According to a recent report by Dapp Radar, Binance Smart Chain has seen “tremendous growth in the DeFi sector” by allowing users to swap tokens relatively cheaply.

BSC has overtaken Ethereum in Q1 of 2021, with the former bringing in an average of 105,000 daily active wallets compared to the latter’s 75k.

“‘ETH is scaling; it’s coming.” Okay, I’ll be excited then, but BSC is doing 4x as many transactions as ETH today, and SOL is superior tech than ETH with a burgeoning developer community springing up,” noted trader The Crypto Dog. SOL -0.04% Solana / USD SOLUSD $ 27.03
-$0.01-0.04%
Volume 378.18 m Change -$0.01 Open $27.03 Circulating 268.42 m Market Cap 7.26 b
8 h BSC Recording ‘Tremendous’ Usage, Fees Cut in Half as Transactions & Active Wallets Explode Higher 10 h Crypto Market Is Getting Ridiculously Euphoric; Bitcoin Only Consolidating with Several Catalysts Ahead 1 d Tether (USDT) to Become First Stablecoin on Polkadot (DOT) And Kusama (KSM) Network

However, in terms of total value locked (TVL), Ethereum is keeping its leadership and “is still the most significant blockchain within the DeFi ecosystem.”

In the meantime, the Binance Smart Chain usage has exploded this year as the market rides the bulls, DeFi protocols, and NFT.

According to BSC scan, on April 7, BSC recorded more than 4 million total transactions, up from about 350k at the beginning of the year and just a few thousand in Sept. last year.

BSC is particularly getting a lot of traction in Asia as DeFi heats up in the region. The low fees is making it an attractive alternative to Ethereum.

Moreover, as DeFi goes multi-chain, popular projects like Alpha Finance, SushiSwap, and others are also launching on BSC. ALPHA -1.76% Alpha Finance Lab / USD ALPHAUSD $ 1.75
-$0.03-1.76%
Volume 89.16 m Change -$0.03 Open $1.75 Circulating 250.15 m Market Cap 438.47 m
8 h BSC Recording ‘Tremendous’ Usage, Fees Cut in Half as Transactions & Active Wallets Explode Higher 2 w Alpha Tokenomics Makes Value Accrual Integral to the Usage of Core Protocols; 75% of Fees to Stakers 2 w Total Value Locked in Binance Smart Chain (BSC) Surpasses $15 Billion; Brave Joins in with Wrapped BAT
SUSHI 1.37% SushiSwap / USD SUSHIUSD $ 14.41
$0.201.37%
Volume 213.89 m Change $0.20 Open $14.41 Circulating 127.24 m Market Cap 1.83 b
8 h BSC Recording ‘Tremendous’ Usage, Fees Cut in Half as Transactions & Active Wallets Explode Higher 9 h Coinbase Accelerates Altcoin Listing Ahead of Going Public, Bringing Millions of Retail to DeFi 3 d Force DAO, A DeFi Hedge Fund, Loses Over $375k in xFORCE Token Exploit

Today, Cream announced that it is bringing flash loans onto BSC and bZx is yet another one “excited” to launch Yield Farming on BSC — “the first DeFi margin trading product on BSC.” CREAM 8.96% Cream Finance / USD CREAMUSD $ 161.61
$14.488.96%
Volume 6.46 m Change $14.48 Open $161.61 Circulating 616.38 K Market Cap 99.61 m
8 h BSC Recording ‘Tremendous’ Usage, Fees Cut in Half as Transactions & Active Wallets Explode Higher 3 w DeFi “DNS Hijack:” Cream Finance Deployed to New Domain, PancakeSwap Regains Access 1 mon Rug Pulled on Users as DeFi Project Meerkat Finance Disappears Along with $31 Million

“BSC is offering strong competition for Ethereum in the DeFi ecosystem. Taking into consideration how extensively DeFi dapps are expanding to BSC, it might not take long for BSC to become a leader across all key metrics,” concluded Dapp Radar.

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Author: AnTy

Kevin O’Leary Calls Bitcoin “Blood Coin,” says, “Institutions Will Not Buy Coin Mined in China”

Shark Tank’s Kevin O’Leary Calls Bitcoin “Blood Coin,” says, “Institutions Will Not Buy Coin Mined in China”

Shark Tank’s Kevin O’Leary says he will only buy Bitcoin that is mined sustainably in countries that use clean energy.

“I see over the next year or two, two kinds of coins. Blood coin from China, (and) clean coin mined sustainably in countries that use hydroelectricity, not coal,” he told CNBC’s “Capital Connection” on Monday.

While his fellow investor on the show Mark Cuban already owns Bitcoin, Ether, and other coins, have been dabbling in DeFi, and is working on NFT projects, O’Leary can’t seem to make up his mind about the leading digital currency which has grown more than 15x from its March lows to become a trillion-dollar asset.

Back in December, he had called Bitcoin ether, saying, “I’m waiting for the day that one of these regulators comes down hard on bitcoin. Grown men are going to weep when that happens,” adding the loss of capital will never be seen before. He then advised people to get ready for it.

Now he is saying, “I’m going on the side of clean coin.”

This time, O’Leary’s rant was solely focused on China, and according to him, institutions won’t buy a coin mined in the country.

“All these issues … have now come to the fore on bitcoin,” he said. “Institutions will not buy coin mined in China, coin mined using coal to burn for electricity, coin mined in countries with sanctions on them.”

As we have been seeing ever since last year, institutions have been coming in increasing numbers, from corporations like Tesla and Square to big banks like Goldman Sachs, Morgan Stanley, and BNY Mellon, along with family endowments funds, high net worth individuals, pension funds, and insurance firms.

As for China mining Bitcoin, the hash rate of the leading cryptocurrency coming from the country has taken a big drop from above 75% in 3Q19 to 65% in 2Q20.

Personally, O’Leary’s reason for not buying Bitcoin is, “No blood coin for me,” as he puts it.

“I’m not buying coin unless I know where it was mined, when it was mined, the provenance of it,” he said.

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Author: AnTy

Visa to Settle Payments in USDC on Ethereum; ‘Major Turning Point in Mainstream Crypto Adoption’

Visa to Settle Payments in USDC over Ethereum; A ‘Major Turning Point in Mainstream Crypto Adoption’

The second-largest stablecoin has added 7 billion to its total supply of almost 11 billion in just the three months of 2021.

Digital payments service provider Visa has announced support for stablecoin USDC as a native currency and settlement system on its network.

The USDC will now be used to settle the transaction with Visa over Ethereum ETH 7.83% Ethereum / USD ETHUSD $ 1,821.24
$142.607.83%
Volume 22.76 b Change $142.60 Open $1,821.24 Circulating 115.25 m Market Cap 209.91 b
10 h Decentralized Exchange, Uniswap, Accounts for 80% of The Daily Active DeFi Users 10 h Visa to Settle Payments in USDC over Ethereum; A ‘Major Turning Point in Mainstream Crypto Adoption’ 2 d “We are Believers in Bitcoin,” says Oakland A’s President on Accepting BTC & HODLing it
instead of the legacy banking system.

“We see increasing demand from consumers across the world to be able to access, hold and use digital currencies and we’re seeing demand from our clients to be able to build products that provide that access for consumers.”

Cuy Sheffield Head of Crypto at Visa

This bridge between digital and traditional fiat currencies is made possible with Visa’s pilot program with payment and crypto platform Crypto.com. The exchange reported “record-breaking growth” over the last year.

Visa is also working with Anchorage, the first federally chartered digital asset bank, which is its exclusive digital currency settlement partner.

Throughout last year, Visa was working on establishing a pathway for digital currency settlement within its existing treasury infrastructure, a platform that the company says moves billions of dollars each day across thousands of institutions in more than 200 markets and 160 currencies.

All of this will also allow Visa to support central bank digital currencies (CBDC) directly.

The settlement layer for the world

USD Coin (USDC) is a fast-growing stablecoin whose supply has increased 7 billion in just the three months of 2021 to a total supply of almost 11 billion, the second-largest stablecoin after Tether (USDT). Last year, USDC supply went from a mere $521 million to nearly $4 billion.

“This is massive news, and marks a major turning point in mainstream adoption of crypto,” said Jeremy Allaire, co-founder & CEO of Circle, which along with Coinbase, created USD Coin.

The Ether community is excited, calling it “another step on Ethereum’s journey to becoming the settlement layer for the world.”

With this connection to existing global networks, it will “accelerate (USDC’s) adoption as both a store of value and medium of exchange,” said Allaire.

Now any customer who has a USDC in a wallet and a card attached to their wallet can spend their USD-backed crypto at any Visa accepting merchant.

“This is “Over-the-Top” (OTT) money, and a major step in our mission to build a new global economic system on a more open, global, safe and inclusive foundation built on crypto and blockchain tech.”

Jeremy Allaire Co-Founder & CEO of Circle

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Author: AnTy

Twitter CEO Jack Dorsey Donates a ‘Generous’ Gift of $1 Million to Coin Center

Twitter CEO Jack Dorsey Donates a ‘Generous’ Gift of $1 Million to Coin Center

Twitter chief executive Jack Dorsey has gifted $1 million to cryptocurrency policy think tank, Coin Center, as per the tweet from the organization director Jerry Brito.

“Coin Center has received an incredibly generous gift of $1 million from jack — we’re speechless,” shared Brito. Dorsey also thanked the organization for their “incredible work.”

The donation from Dorsey came amidst the largest digital asset manager, Grayscale’s donations campaign to Coin Center, where it is offering to match up to $1 million in help in addition to its $1 million donations.

“We’ve been stunned by the outpouring of support from the community,” tweeted Brito.

Dorsey is a Bitcoin proponent whose payment firm Square has invested millions in Bitcoin and its green initiative. Just yesterday, Twitter’s CFO also talked about the company considering adding Bitcoin to its company reserves.

The social media giant is also looking at payment options, allowing its employees and vendors to receive cryptocurrencies.

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Author: AnTy

Elon Musk: The “One Coin to Rule Them All” is Not Bitcoin

Elon Musk: The “One Coin to Rule Them All” is Not Bitcoin

Elon Musk continues to make headlines, and this time he tweeted that he “bought some Dogecoin for lil X, so he can be a toddler hodler.”

Doge continues to receive love from Musk, who time and again sends its price flying, currently trading at $0.072.

“The most ironic outcome would be Dogecoin becomes the currency of Earth in the future,” Musk said earlier this month.

Interestingly, sometime ago, Dogecoin decided to support merged mining with Litecoin and other Scrypt based coins, which allow users to mine DOGE and other coins at the same time. While the hash rate for DOGE is in line with LTC, the former remains less labor-intensive for the time being.

Now, the profitability of mining DOGE has matched LTC, which Denis Vinokourov of Bequant says “could herald the new era of flippening.”

Besides sending love towards DOGE, Musk also shared an important message saying, “Any crypto wallet that won’t give you your private keys should be avoided at all costs.”

This advice came in regards to the FreeWallet app sharing DOGE’s wild rally, which prompted Musk to impart the most important thing about owning your crypto holdings, “not your keys, not your coins.”

Earlier this week, Musks’ Tesla announced that it had purchased $1.5 billion worth of Bitcoin, which sent the digital currency’s prices to new highs. Now the market is excited to know which company would be the next to follow in Tesla’s footsteps.

Following Tesla, even Twitter is considering adding Bitcoin to its balance sheet, revealed the company CFO, who said no changes had been made yet. Nathan Cox, CIO at investment firm Two Prime, said,

“These are just the early innings of corporate adoption, as digital currencies are beginning to play a larger role in robust balance sheet management.”

Senator Cynthia Lummis also took this move by Tesla, which has already been made by MicroStrategy and Square months back, as an opportunity to point out that people and companies are shifting to digital currencies because of the debasement of fiat currency, for which Congress’ lack of fiscal discipline is largely responsible. She said,

“Congress’ debt addiction is decimating savers return on their hard-earned dollar. The potential to address that, if Congress fails to address its own debt-fueled spending addiction, is the most compelling reason to follow digital assets extremely closely.”

For Bitcoin, what works in its favor is its finite supply that creates a meaningful store of value and the decentralized network that constantly confirms and secures the publicly available ledger.

Most importantly, she said, it “is the potential for savers to be rewarded with an appreciating (or at least stable) asset.”

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Author: AnTy