NFT Leader Dapper Labs Partners With Google To Scale Its Operations On Flow Blockchain

NFT Leader Dapper Labs Partners With Google To Scale Its Operations On Flow Blockchain

Google is finally getting into the world of non-fungible tokens (NFTs) via a partnership with NFT leader, Dapper Labs.

Announced on Tuesday by Forbes, search engine giant Google announced a strategic partnership with the fourth largest NFT blockchain studio, Dapper Labs, with an aim to support the development of new Web3 products and services, such as NFTs. The partnership is the first for Google in the NFT space, showing the massive strides the digital asset industry has taken in 2021.

Google and Dapper Labs signed a multi-year partnership with Google Cloud, acting as the network operator and providing the needed infrastructure to boost the growth of Flow blockchain, Dapper Labs’ main network. The partnership paves the way for developers on FLOW, who can now connect Flow access nodes at a lower latency due to Google Cloud’s infrastructure.

Speaking on the strategic partnership, vice president of Google Cloud North America, Janet Kennedy, stated,

“This new evolution of consumers reimagining their relationship, their ownership of digital assets, digital collectibles—this is just the very beginning. We’re really excited about the work that Dapper Labs is doing and that we’re providing that infrastructure and security for them.”

Through the partnership, Google aims to provide a developer-friendly environment for blockchain services. According to Kennedy, node operators on Flow will be free to use any hardware they wish, including Amazon Web Services, but promises to streamline the process making it easier for developers to integrate Google Cloud services and its software.

Since the start of 2021, Dapper Labs, the creator of popular NFT collections such as NBA Top Shot and CryptoKitties, has grown its user base exponentially, with the collective NFT sales records reaching a high of $680 million since its launch in September 2020. Currently, the platform ranks fourth in NFT sales, only lagging behind OpenSea, Axie Infinity, and CryptoPunks.

With the partnership with Google, Dapper Labs aims at reaching a billion users in the coming year as they scale NFT collections lines running on the FLOW blockchain.

Despite the recent tumble in NFT sales since hitting all-time highs in August, Google sets its eyes on building the future of Web3 products and services on its cloud service.

“This new evolution of consumers reimagining their relationship, their ownership of digital assets, digital collectibles—this is just the very beginning.”

“We’re really excited about the work that Dapper Labs is doing and that we’re providing that infrastructure and security for them.”

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Author: Lujan Odera

Spruce Partners with Etheruem & ENS to Improve Online Identity Verification

Spruce Partners with Etheruem & ENS to Improve Online Identity Verification

Applications for blockchain technology remain diverse, with different companies coming up with impressive ideas on integrating the technology.

One novel approach comes from Spruce – a decentralized identity software firm. The company is now working on improving identity verification, and it recently got backing from the Ethereum Foundation.

Work to Begin in Earnest

Earlier this week, Spruce confirmed in a press release that it had secured a partnership with the Ethereum Foundation to help build its decentralized identity verification system. The company would work with the Ethereum Foundation (EF) and Ethereum Name Service (ENS) to develop a secure sign-in module built on the Ethereum blockchain.

Spruce’s network had been selected after the EF and ENS submitted requests for proposals in July. The companies had sought developers who would build a secure sign-in package using Open Authorization (OAuth) – an open standard for access delegation that is frequently used to grant websites or applications access to Intenet users’ data.

As Spruce explained, it will focus on giving users more control of their data. This way, they hope to offer an alternative to big tech companies and platforms, which are notorious for data harvesting. The company added that the EF is the perfect partner, thanks to its user base that runs into the millions. Ethereum is also the largest community of developers in the crypto space, so Spruce has many resources at its disposal with this backing.

Spruce added that it would work closely with the ENS and EF to ensure that its solution is compatible with the Ethereum blockchain’s standards. Success with their project will empower millions of Ethereum users to control their digital identities and seamlessly access the web.

The first step will be user research and building specifications drafts. Core development work is expected to begin shortly.

More Use Cases for Ethereum

Identity management has become a significant focus for the blockchain space. Allowing people to seamlessly access the web while controlling their data could be one of the biggest ways that the industry disrupts traditional tech, and Ethereum has had a major role to play in that.

In July, Numio – a layer-two scaling solution, raised $1.25 million in funding to push into decentralized finance (DeFi). As part of the company’s expansion, Numio will also be building on its identity management system. The system uses zkProofs to let users verify their identities on third-party platforms without sending any identity documentation.

Numio’s authentication solution uses public-key cryptography, which is heralded as more secure than the Time-based One-Time Password (TOTP) used by platforms like Authy and Google Authenticator.

Operations like these are some of the reasons why the Etheruem blockchain remains an incredibly important part of the crypto ecosystem. Ethereum’s profile has risen significantly over the last year, and there has been a lot of talk about its token – Ether – flipping Bitcoin to become the most valuable cryptocurrency.

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Author: Jimmy Aki

Australian Neo-bank Volt Partners With Crypto Exchange In A First-of-Its-Kind Deal In The Country

Australian Neo-bank Volt Partners With Crypto Exchange In A First-of-Its-Kind Deal In The Country

Australian neo-bank Volt has partnered with BTC Markets (BTCM) to provide the cryptocurrency exchange with banking capabilities.

BTCM, which has around 325,000 Australian customers, will now be able to offer its users access to a corporate cash management account with real-time notifications and payment automation.

In the coming months, the exchange will invite its customers to open Volt bank accounts for real-time trading, the companies said.

Deposits in Volt accounts are actually covered by the protection of a maximum of A$250,000 (roughly $186k) per account holder under the Financial Claims Scheme, added the firm.

This is the first-of-its-kind deal in the country which could help neo-banks break into the banking market with low-cost offers. Australia is currently dominated by the “Big Four” banks Commonwealth Bank of Australia, Westpac Banking Corp, New Zealand Banking Group, and National Australia Bank, which collectively control nearly 80% of the market.

Earlier this year, Australia’s banking watchdog, the Australian Prudential Regulation Authority (APRA), initiated stricter requirements for companies seeking banking licenses. Further increasing the scrutiny of new entrants in the market, it highlighted concerns around “neo-banks.”

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Author: AnTy

Monetary Authority of Singapore Partners With World Bank and IMF to Launch Global CBDC Challenge

Monetary Authority of Singapore Partners With World Bank and IMF to Launch Global CBDC Challenge

The Monetary Authority of Singapore (MAS) has launched a global challenge for financial institutions to submit ideas and solutions relating to retail Central Bank Digital Currencies (CBDCs).

The apex bank unveiled the challenge in partnership with the International Monetary Fund (IMF), World Bank, Asian Development Bank, and the Organisation for Economic Co-operation and Development.

Global Challenge To Seek Solutions For CBDC

The Global CBDC competition seeks innovative retail CBDC solutions to enhance payment efficiencies and promote financial inclusion.

Financial technology (FinTech) companies and financial establishments around the world have been invited to contest this challenge.

According to the bank, the competition would see participants submit solutions to 12 unresolved problems regarding CBDC instruments, distribution, and infrastructure.

At the end of the contest, three winners will be chosen, with each receiving S$50,000 (US$37,193) in prize money. In addition, up to 15 finalists would have the chance to receive mentorship and access to the APIX Digital Currency Sandbox.

The sandbox offers a comprehensive test and development platform, including a host of different application programming interfaces (APIs).

The chosen finalists would pitch their solutions to a global audience on Demo Day at this year’s Singapore FinTech Festival. The Singapore FinTech Festival is a global festival that will be held from 8 to 12 November 2021.

Other UN agencies which MAS partnered with on this project include the United Nations High Commission for Refugees, United Nations Development Programme, and United Nations Capital Development Fund.

The Global CBDC Challenge will also be supported by Amazon Web Services, Mastercard, payments platform Partior, blockchain software developer R3 and blockchain project Hyperledger.

Banks Around The World Working On CBDCs

Many central banks around the world are currently developing CBDCs. According to reports from Bison Trails, 80% of Central banks are studying CBDCs and making efforts to make their currencies compatible with the digital economy.

Most of these advancements are focused on wholesale CBDCs, which will promote central bank-level payments. However, some are also considering retail CBDCs, which consumers and businesses will be able to use like cash.

China still has the lead in developing and deploying CBDCs. The country is currently testing a digital Yuan version, where customers can transact payments over their mobile phones.

The US kicked off a Digital Dollar Project last month to test how a Federal Reserve-issued CBDC would operate.

The project, which consists of five pilot projects, is aimed at evaluating how the digital dollar can benefit people who are unbanked or underbanked as well as individuals who do have access to banking services and small businesses.

Meanwhile, unlike other countries, El Salvador took a more radical approach as opposed to having a CBDC. The country recently became the first to make Bitcoin a legal tender.

El Salvador is also considering mining Bitcoin using geothermal energy derived from volcanoes.

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Author: Jimmy Aki

Solana-based Pyth Network Partners with High-Frequency Trading Firm Virtu Financial After GTX & Jump Trading

Solana-based Pyth Network Partners with High-Frequency Trading Firm Virtu Financial After GTX & Jump Trading

Solana-based oracle solution Pyth Network has partnered with Virtu Financial, one of the global leaders in trading and execution services, to deliver institutional-grade market data to all decentralized Finance (DeFi) participants.

This decision to join the platform by Virtu was first announced in April by Jump Trading Group that followed a similar move made by fellow high-frequency trading firm GTS earlier this month.

Both Virtu and GTS are two of the biggest traders in the US stock market, while Jump is another major player in derivatives.

This is a step towards Pyth’s objective of building a decentralized, HiFi financial market data distribution platform as the world’s most sophisticated market participants seek better ways to distribute precise, real-time market data using high-performance blockchains.

Virtu provides execution services to its clients and delivers liquidity across 25,000 securities spread over 230 venues in more than 50 countries. Joe Molluso, Virtu’s co-president, and the co-chief operating officer said,

“For something like this to succeed, the data needs to be something people can rely on — that’s where we see the opportunity to help.”

“I’m not sure anyone has a crystal clear picture of what it’ll look like in the future,” but “the end game could be very exciting.”

It will now publish its unique sets of equities, FX, and cryptocurrencies’ market data on Pyth Network for sophisticated asset pricing and consumption by smart contract using “ultra-fast, high-throughput low-latency blockchain with near costless transactions” Solana blockchain and other major blockchains. GTS CEO Ari Rubenstein said in an interview,

“We’re just donating the trading that we’re doing to this facility so that content can be more efficiently propagated to the investment community.”

“We think if you lower barriers to entry, you’ll get more trading and demand for risk transfer services.”

According to Douglas Cifu, CEO of Virtu Financial, Puth Network will become an integral part of the infrastructure in the quickly evolving DeFi ecosystem.

Meanwhile, Dave Olsen, the president, and CIO of Jump says with their data, which updates fast and is accessible by anyone, users will “now have a window into the insider market for prices of financial assets.”

For Olsen, who worked at JPMorgan for almost 25 years, “This is one of the most exciting things I’ve ever worked on.”

He sees parallels to when tech giant Apple first started letting developers make apps for the iPhone, and while no one could have predicted that something like Uber will emerge from that, the potential was clear, he said.

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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

Sotheby’s Partners with Coinbase to Accept BTC & Ether for Banksy’s Iconic Painting: ‘Love Is In The Air’

Sotheby’s Partners with Coinbase to Accept BTC & Ether for Banksy’s Iconic Painting: ‘Love Is In The Air’

Sotheby’s CEO says they have been thinking about it for quite some time, and “What better combination to introduce crypto than an iconic Banksy painting.”

Auction house Sotheby’s has collaborated with Coinbase Commerce to accept cryptocurrencies for the iconic protest painting “Love is in the air” of famed artist Banksy. The catalog note from Banksy’s “Wall and Piece” reads,

“I like to think I have the guts to stand up anonymously in a Western democracy and call for things no-one else believes in – like peace and justice and freedom.”

This is yet another step in “bringing the utility of cryptocurrency mainstream,” said Coinbase on Tuesday.

Bitcoin (BTC) and Ethereum (ETH) will be accepted for the artwork that is to be auctioned on May 12th in New York, which currently has an estimated bidding price of $3 million to $5 million as mentioned on the website.

The auction will be conducted in USD, but the buyer and artist will have the option to transact in either crypto or fiat currencies. Coinbase will support the payment and help manage price fluctuations.

“It’s something we have been thinking about for quite some time,” said CEO Charles Stewart in an interview with CNBC. “What better combination to introduce crypto than an iconic Banksy painting.”

Last month, Sotheby’s accepted Ether for another artwork, but it was for an NFT created by anonymous digital artist Pak. Christie’s, another old auction house, has been involved in crypto through Beeple’s “Everydays: The First 5000 Days” and then CryptoPunks.

This latest crypto support, according to Sotheby’s Chief Technology Officer Stefan Pepe, will be “enhancing our client buying experience and developing new ways to expand our client base by meeting them where they are,” while according to Coinbase, it “will pave the way for further adoption of cryptocurrency across Sotheby’s auctions.”

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Author: AnTy

Ethiopia’s Ministry of Education Partners With IOHk’s Cardano (ADA) for Blockchain-Based ID System

Ethiopia’s Ministry of Education Partners With IOHk’s Cardano (ADA) for Blockchain-Based ID System

Cardano developer IOHK is collaborating with the Ethiopian government on digitalizing the country’s education system.

Blockchain ID for African Schools

The new partnership will see Cardano develop a digital ID solution to be integrated into the country’s education sector.

Cardano’s CEO Charles Hoskinson tweeted that the collaboration is focused on developing a nationwide identity system based on Atala Prism. Once completed, the deployment could cover as much as 5 million students across the East African nation.

The Atala Prism decentralized identity solution will help record and monitor educational performance in 3,500 schools, including 5 million students and 750,000 teachers.

Cardano disclosed that every pupil would be given verifiable digital qualifications, increasing social mobility and ensuring that lesson plans are monitored.

The initiative will minimize bogus university applications and provide an opportunity to check the validity of students’ grades without the need of third parties.

As a result, the initiative is hoped to enhance the transparency of the grading process in Ethiopia’s education system through its “tamper-proof records.”

Ethiopia is one of the leading countries in Africa embracing digital transformation and growth. The country’s collaboration with Cardano Developer is part of its Digital Ethiopia 2025.

The Digital Transformation Strategy of the country is set to cover all sectors, including massive economic reforms and the proposed establishment of Ethiopia’s first stock market.

In the same vein, the government is making moves to provide all teachers and students with tablets and an uninterrupted internet network for instant access to their academic records.

Hoskinson has always had big plans for Cardano. He had informed Forbes of his plan to deploy the technology in the track-and-trace of smallholder agricultural supply chains and provide digital IDs for transport healthcare.

Ethiopia’s Confusing Stance on Digital Revolution

Meanwhile, some Cardano supporters are beginning to query the plausibility of the collaboration given that the Ethiopian government’s shut down of internet service in the region of Tigray still exists as a result of conflict between the region and the national government.

Nevertheless, it appears Ethiopia is not backing down on the digital revolution. Recently, the Ethiopian government engaged in a $400 million deal using blockchain technology, per Global Trade Review post.

The deal with the Eastern and Southern African Trade and Development Bank, OCP Group, led to the supply of phosphate fertilizer to Ethiopia, per the report. Interestingly, the trade finance deals that usually take weeks to be completed were actualized with the Ethiopian government in hours due to blockchain.

With the gradual adoption of technology in Ethiopia, the country may be setting the pace in Africa.

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Author: Jimmy Aki

Intel Partners With Microsoft to Curb the Cryptojacking Malware Using Threat Detection Tech

Intel Partners With Microsoft to Curb the Cryptojacking Malware Using Threat Detection Tech

Intel is set to collaborate with Microsoft to defend against cryptojacking. According to an official press release, the two leading tech companies will work hand-in-hand in fighting cryptojacking threats for users.

Machine Learning to the Rescue

Both companies plan to use machine learning to identify and nuke cryptojacking efforts before they escalate.

Intel’s Threat Detection Technology (TDT) will be integrated into Microsoft Defender for Endpoint. This will enhance easy detection capability and protection against cryptojacking malware.

The new technology will enable the tech company to detect malware irrespective of the malicious code’s obfuscation strategies being adopted.

Intel’s Senior Director of Strategic Planning and Architecture, Michael Nordquist, believes that the new technology will set a genuine inflection point for the security industry, per the press release.

Cryptojacking is the unauthorized use of another person or entity’s computer to mine cryptocurrency.

The illegal act is often carried out through the use of malware or compromised websites.

According to Microsoft, cryptojacking attacks rose by 53% in the fourth quarter of 2020 compared to Q3. Although cryptojacking has significantly reduced as a result of the surge in crypto prices in 2021.

However, Karthik Selvaraj, the principal security research manager at Microsoft, believes the collaboration with Intel underscores Microsoft’s efforts in collaborating with technology partners across the industry.

Selvaraj added that the company would intensify partnership with chipmakers to adopt new hardware-based defenses capable of protecting against cyber threats.

Clampdown on Cryptojacking

Given the challenges that cryptojacking poses to the crypto space, efforts are being made to nip the issue in the bud.

The research was earlier conducted on cryptojacking by the cybersecurity firm Aqua Security to identify the root cause and ways to end it.

According to Aqua’s report, out of 16,371 cybersecurity attacks on its decoy servers, it was established that 95% were primarily aimed at mining cryptocurrency through the deployment of malicious programs.

The attackers were also more interested in mining Monero (XMR) compared to other cryptocurrencies such as Bitcoin. XMR 0.76% Monero / USD XMRUSD $ 400.20
$3.040.76%
Volume 593.82 m Change $3.04 Open $400.20 Circulating 17.9 m Market Cap 7.16 b
6 h Intel Partners With Microsoft to Curb the Cryptojacking Malware Using Threat Detection Tech 1 w Plasm Network Partners with Secret Network to Launch the First Polkadot-Cosmos Cross-Chain Bridge 1 mon Acer Technologies Targeted In ‘Largest Ever’ Ransomware Attack; Hackers Demand Monero (XMR)
BTC 2.90% Bitcoin / USD BTCUSD $ 55,064.29
$1,596.862.90%
Volume 49.32 b Change $1,596.86 Open $55,064.29 Circulating 18.69 m Market Cap 1.03 t
5 h U.S Bank Dives into Bitcoin with Crypto Custody Offering 5 h Gemini Taps MasterCard as Partner for Crypto Rewards Credit Card 6 h BadgerDAO & RenVM Launch A ‘Bridge’ to Bring Bitcoin to Ethereum in ‘One Click’

Interestingly, Microsoft’s recent report shows that crypto-mining attacks have reduced due to rising volatility and mining difficulties. Although the report claims that users in countries like Singapore, Vietnam, and India still stand a higher risk of being attacked.

With respect to the ongoing clampdown on cryptojacking, two members of the notorious Romanian hacker gang Bayrob Group were sentenced to 20 years in U.S. prison, having been found guilty of using malware to mine crypto on 400,000 infected computers.

The Court’s pronouncement shows that the Group leader Bogdan Nicolescu and co-conspirator Radu Miclaus were guilty of the charges leveled against them.

It was established that the duo deployed malware to mine Bitcoin and Monero using their host computers’ processing power.

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Author: Jimmy Aki

Camping World Partners with BitGo to Accept Cryptocurrency Payments to Purchase RV’s

Camping World Partners with BitGo to Accept Cryptocurrency Payments to Purchase RV’s

U.S. Recreational Vehicle (RV) heavyweight Camping World Holdings Inc. announces a partnership with BitPay in a move to start accepting Bitcoin payments. However, the company will immediately convert the Bitcoin to fiat currency via the crypto processing service.

Cryptocurrency adoption finally gets its roots into institutions with the latest addition to the growing list, Camping World Holdings, America’s largest recreational vehicle (RV) company. The RV Dealer announced a partnership with BitPay in a move that allows clients and customers to make RV purchases using cryptocurrencies.

Announced on Monday, Camping World will accept Bitcoin (BTC), Ethereum (ETH), and a host of other top cryptocurrencies in a bid to boost innovation across the firm. Through the partnership with BitPay, the RV firm aims to attract new customers and provide maximum convenience for their existing customers through various payment methods. The release reads,

“The initiative is part of the Company’s renewed focus on accelerating innovation in the RV marketplace.”

The company, however, does not plan to hold any crypto o its balance sheet; hence every crypto purchase will be immediately converted to fiat via BitPay.

Speaking on the launch of crypto payments and partnership with BitPay, Marcus Lemonis, CEO and Chairman of Camping World, said,

“As the industry leader, we have a responsibility to adapt to new preferences and elevate the customer experience, whether through the products and services we offer or in the ways we interact and transact with the customer. Accepting cryptocurrency is simply another part of our vision to make RVing easy in an increasingly digital world.”

At launch, the service will be available to Chicago, IL, and Kenosha, WI, with the company set to expand to other regions this summer. This partnership will further fasten the company’s goal of having a “paperless experience” to users while buying an RV, the report reads.

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Author: Lujan Odera