Bitcoin rips and cruise ships: Bad crypto news of the week

Bitcoin rips and cruise ships: Bad crypto news of the week

Check out this week’s Bad Crypto podcast.

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It’s been a good week for the crypto markets. Bitcoin finally burst through the $11,000 ceiling, and kept going. According to some experts, the coin could be on its way to a full 2017-style bull run. Other analysts have identified five events that could move the markets this week, including the election’s effect on the dollar, Europe’s struggles with Brexit and the coronavirus, and Bitcoin’s high hash rate.

The investment experts at Stone Ridge Asset Management have been paying attention. After executives had made personal investments in cryptocurrencies, the company created a billion-dollar spinoff with a $115 million investment in Bitcoin. Square has been just as forward-thinking. The payments company has now put 1 percent of the company’s assets—about $50 million—into Bitcoins. 

The growth in crypto’s popularity has led some people to speculate that crypto banks are likely to overtake fiat banks within the next three years. In Italy, the banking system is trying hard to stay ahead. Some 100 banks there now use the blockchain network Spunta to speed up data transfers and settlements. In China, the city of Shenzhen gave away $1.5 million worth of a digital currency controlled by the country’s central bank, the People’s Bank of China. And the Winklevoss twins’ Gemini exchange is continuing to roll out regulated payment options for customers in the UK.

Closer to home, things are… well, a bit more cautious. The G7 has said that it will oppose Facebook’s Libra project until more oversight is in place. And Elon Musk has denied that his Tesla Gigafactory has Bitcoin ATMs. 

In the world of DeFi, things are looking more fluid. Chainlink might be about to lose its leadership of the ecosystem. Competition is heating up. Constellation Network is building a DeFi project on its Hypergraph protocol and has announced the support of early backers, including FBG Capital and Alphabit Fund. 

Cornell University has revealed that the most downloaded dissertation over the last eight years is Adem Efe Gencer’s proposal for Aspen, an algorithm for spreading the workload over a peer-to-peer network. (If you’re looking for a good place to read that paper, you can do worse than choose the crypto cruise ship Satoshi. It will soon be moored in the bay of Panama.)

That certainly rounds off a good week.

Check out the audio here.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.


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Check out this week’s Bad Crypto podcast.

Former Visa Exec-Led Startup Ships Nearly 4,000 Crypto Cards in a Week

Former Visa Exec-Led Startup Ships Nearly 4,000 Crypto Cards in a Week

Former Visa exec-led Crypterium has delivered nearly 4,000 crypto cards globally in one week

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Crypterium, crypto payment firm led by former Visa exec, has shipped about 4,000 crypto debit cards in a week since the launch of the card, according to a press release on June 27.

Crypterium, an Estoniaheadquartered fintech company, launched its Crypterium Card on June 12, offering global community a prepaid card loaded with major cryptocurrencies such as bitcoin (BTC), ether (ETH), litecoin (LTC), USD Coin (USDC), as well as Crypterium’s own CRPT token.

As the company wrote in the announcement, the new bitcoin card operates “in the same way as a traditional prepaid card,” enabling online and in-store crypto purchases on a number of services including Amazon, Netflix, as well as tuition fees, or medical bills, among others. With that, users can also cash out from “any of the 2 million” automatic teller machines (ATMs), with funds converted automatically to local currencies.

Crypterium has managed to deliver 3,736 Crypterium Cards to around 70 countries in the first week after the launch of the solution, citing “booming demand” amid the current BTC price surge and nascent bull market.

While the majority of card orders have come from the United States, the firm also noted a significant demand from the Asia-Pacific region, with Australia ranking third by orders. Exceptional demand, in particular, came from countries with weak local currencies and unstable economies.

Steven Parker, former General Manager of global payment giant Visa, said that these impressive numbers reflect the actual global demand for a “stable debit card” that provides equal status to crypto and traditional currencies in terms of payments.

On June 11, U.S.-based crypto exchange and wallet service Coinbase launched its Visa debit card in six European countries, enabling customers to sync their cards directly to their Coinbase accounts and withdraw fiat currencies from ATMs.

Earlier this week, Cointelegraph reported that the total number of global bitcoin ATMs (BTMs) has reached 5,000.


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Former Visa exec-led Crypterium has delivered nearly 4,000 crypto cards globally in one week