Digital Financial News

The coveted ‘challenge speaker’ keynote gives the chosen delegate free rein to share their true views around some of the more contentious elements of the global environment in which banks operate.

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Cryptocurrency adoption across the globe has been growing rapidly. Looking at the impressive market of digital tokens, several countries have been working on the regulations front- China being an exception. The opinion of lawmakers in this regard is of prime importance. Even so, the perception of a country’s citizens matters too.

On 11 April, Coinbase announced its decision to list over 50 assets made up of 45 ERC-20 tokens and 5 Solana Program Library tokens. Since then, however, the exchange giant has been under fire as many believe that a few of the tokens could be irrelevant or subject to massive rug-pulls.

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MoonPay provides firms in the crypto space KYC, payment processing, liquidity and delivery, fraud prevention, regulatory licenses, ecosystem identity verification, and custom checkout flows.It has also become a major player in the NFT sector, where marketplaces such as OpenSea trust it to provide users a simple, fast and safe way to buy and sell any digital asset. Earlier this year, the firm released a plug-and-play service for buying and selling NFTs with a credit card.The NFT angle has attracted celebrity users: MoonPay investors including Gwyneth Paltrow, Snoop Dogg and Post Malone have tapped the company's concierge service to buy Bored Ape Yacht Club NFTs.Says MoonPay CEO Ivan Soto-Wright about the famous investors: "We're on the cusp of a creative crypto renaissance, and our strategic investors are helping to lead that movement.

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Online brokerage Robinhood Markets, Inc. (HOOD) added four new cryptocurrencies to its trading platform on April 12, 2022, leading to excitement among cryptocurrency traders and holders. Robinhood Crypto now features Compound (COMP), Polygon (MATIC), Solana (SOL), and Shiba Ibu (SHIB),all top 100 cryptocurrencies on the CoinMarketCap ratings.

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Singapore-based major payment institution FOMO Pay has introduced a new cryptocurrency payment solution for retailers in the island city-state.

Hong Kong-based MaiCapital Limited announced Tuesday that it has secured approval from the local Securities and Futures Commission (SFC) to fully manage virtual assets portfolios.

India decided in February to tax income from cryptocurrencies and other digital assets at 30%.

MoonPay counts singer Justin Bieber (left), tennis star Maria Sharapova and others as investors.

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Quoting people familiar with the project,the FT reports that Zuck Bucks would be controlled by Meta directly — much like the in-game currencies used on games such as Fortnite and Roblox.A spokesperson for Meta says the firm is "focused on building for the metaverse and that includes what payments and financial services might look like".In addition, Meta is exploring 'social tokens' or 'reputation tokens', which “could be issued as rewards for meaningful contributions in Facebook groups, for example,” the FT reports. The company is also apparently looking into traditional financial services like small business loans.Internal memos seen by the FT suggest that Meta is also exploring ways to monetize NFTs via "fees and/or ads".A new study by Vista conducted among 2000 UK adults suggests that third of UK consumers view the metaverse as a new shopping destination, ultimately populated by most high street brands.

The watchdog has granted a financial services licence to Blackfridge to undertake payment services and issue electronic money.Blackfridge is now set to launch its stablecoin product, called “poundtoken”, the first e-money instrument constituted as a GBP-pegged stablecoin issued in the British Isles.Lyle Wraxall, cheif executive, Digital Isle of Man, says: "Blackfridge is a cutting-edge business, and we’re pleased to have played a part in their journey as they reach this regulatory milestone ahead of the launch of their stablecoin.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

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"Dollar digital currencies like USDC are fuelling a global economic transformation, and Circle's technology infrastructure sits at the centre of that change. This funding round will drive the next evolution of Circle's growth," says Jeremy Allaire, CEO, Circle.In February, Circle renegotiated a Spac deal with Concord Acquisition Corp, the blank check firm run by former Barclays bigwig Bob Diamond, doubling the firm's valuation to $9 billion.

DTCC is working on the prototype in collaboration with The Digital Dollar Project, a non-profit led by former US regulators, tech leaders and executives from Accenture. The pilot aims to demonstrate the direct, bilateral settlement of cash tokens between participants in real-time delivery-versus-payment (DVP) settlement and assess the implications for counterparty risk, capital efficiency and automated workfow.“DTCC has for several years been experimenting, engaging and leading the conversation around the digitalization of financial markets, and Project Lithium represents the next major step in our exploration of DLT, tokenization and other emerging technologies,” says Jennifer Peve, managing director, head of strategy and business development at DTCC.

According to the filings Mastercard sees four key applications for its services in the metaverse:“Downloadable music files authenticated by non-fungible tokens (NFTs); downloadable multimedia files containing artwork, text, audio, and video authenticated by non-fungible tokens (NFTs);…E-commerce software to allow users to perform electronic business transactions in the metaverse and other virtual worlds”“Marketplaces for digital goods and NFT backed media”“Processing of virtual credit card, virtual debit card, virtual prepaid card, and virtual payment card transactions in the metaverse… Payment processing services, namely credit card, prepaid card, gift card, and payment card transaction processing services in the metaverse; Providing financial information in the metaverse and other virtual worlds”“Events and performances in the metaverse in the fields of finance, cryptocurrency, and NFTs”“Online communities for digital assets, NFTs, metaverse and virtual worlds”Mastercard is not alone in tapping into a virtual economy that Citibank analysts estimate could be worth $13 trillion by 2030Kondoudis last month also picked up on patent filings by rival card scheme American Express to to register its name, logo, and slogans for a range of banking services in the virtual world.