Payments Giant Visa Reveals Roadmap to Supporting Bitcoin (BTC) and Cryptocurrency
Visa is laying out its plan to support Bitcoin (BTC) and the cryptocurrency space at large.
In a new blog post, the payments giant says it recognizes the role of digital assets in the future of money.
“The concept of digital currency — or a digital version of cash controlled by a private key — was created more than a decade ago, with the launch of Bitcoin.
Today, fiat-backed digital currencies, commonly referred to as “stablecoins,” have emerged as a promising new payment innovation, combining the benefits of digital currencies with the stability of existing currencies like the US dollar.”
Visa is already active in the cryptocurrency space, working with crypto platforms Coinbase and Fold. The company says it plans to extend its services to digital currency wallets through its FastTrack program, allowing fintechs to integrate with Visa’s global network of 61 million merchants.
The firm says it’s just getting started and plans to expand its support for crypto assets, with more announcements related to digital currency coming in the future.
“We’ve been advancing and evolving our digital currency strategy for quite some time. Last year we made an investment in Anchorage, a company building security infrastructure for the digital currency ecosystem…
We believe that digital currencies have the potential to extend the value of digital payments to a greater number of people and places. As such, we want to help shape and support the role they play in the future of money. We look forward to sharing more with you on this work in the months that follow.”
Visa says it’s working with policy leaders and regulators to ensure that the company’s digital currency strategy reflects its values and strong stance on security, privacy, integrity and trust.
- Apex Crypto News – SBI Moves Into Security Tokens as Secondary Markets Pump
- Apex Crypto News – Avanti Announces ‘Cash-Equivalent Stablecoin Disruptor’
- Blockchain Bites: Ghosn’s Crypto Payments, Russia’s Red Line and Why Banks Won’t Bite
- Apex Crypto News – pNetwork Launches Yield Farming Programme, Steroids
Apex Crypto News – SBI Moves Into Security Tokens as Secondary Markets Pump
Major Japanese financial services company SBI Holdings now owns a 10% stake in the digital security offering platform Boostry.
The news follows the signing of a memorandum of understanding between Nomura Research Institute — a joint venture of Boostry’s majority-owner Nomura Holdings — and SBI. 54% of the platform is owned by Nomura Holdings, Nomura Institute holds a 34% stake, and SBI has 10%.
The memorandum also establishes that the three entities will form a strategic alliance concerning the operation of Boostry.
The agreement between Nomura and SBI comes as the security token sector has shown consistent growth, with monthly secondary trading volume exceeding $2 million for the first time in June.
Despite the sector’s momentum, Overstock’s tZERO alternative trading system is estimated to host 95% of secondary security token trade. Overstock’s digital security OSTKO represents approximately 80% of secondary volume, with tZERO’s native token TZROP comprising 15% of the monthly total.
The platform announced yesterday that it will soon support a third token in ASPEN, the digital security representing fractionalized ownership in a five-star 179-room resort located in Colorado.
Rivals are quickly moving to enter the space, with Watchdog Capital announcing a new U.S.-based securities offering platform on July 23.
Watchdog is a registered broker-dealer with the U.S. Securities and Exchange Commission and facilitates exempt securities offerings.
In May, Rialto Markets also received approval from the U.S Financial Industry Regulatory Authority (FINRA) to launch an alternative trading system for digital securities.
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Apex Crypto News – Avanti Announces ‘Cash-Equivalent Stablecoin Disruptor’
Avanti Bank & Trust, Wyoming-based pioneering financial institution planning to offer services to the crypto industry, has announced plans for a ‘stablecoin disruptor’ that’s designed to modernize U.S. dollar payments.
In a July 23 announcement, Avanti said that the payment instrument, dubbed ‘Avit,’ is not a security and predicted it “will likely be treated as a cash equivalent” by regulators. Avit will be programmable via Avanti’s API.
The firm believes Avit will see adoption among “institutional traders and corporate treasurers,” and described the monetary commodity as “a real-time payment settlement solution in US dollars that does not suffer from the delayed settlement and chargeback issues of traditional payment solutions, or the legal, accounting, and tax issues of stablecoins.”
Avanti also revealed that the Wyoming Division of Banking has accepted its application for a bank charter on July 15, bringing the targeted launch date for its banking business forward to October of this year.
“Our charter application incorporates truly novel ideas that have received detailed scrutiny from multiple regulators,” said Avanti CEO and Wall Street veteran, Caitlin Long.
“It is the culmination of an enormous effort by Avanti’s fantastic team — several thousand hours of planning and work with regulators, and hundreds of pages of supporting policies, procedures and documentation.”
Long also expressed delight with the U.S. Office of the Comptroller of the Currency’s July 22 announcement permitting federally chartered banks to custody crypto assets, tweeting: “GAME ON!”
While emphasizing the benefits of the news to the broader crypto ecosystem, Long said Wyoming had a massive lead over rival states in making it happen, having already spent two years “developing its digital asset custody initiative”.
“The OCC and 49 other states do not yet have in place the comprehensive legal structure necessary for enabling digital asset custody without significant legal risk,” Long said.
“They also do not have a roadmap for courts to adjudicate disputes involving digital assets and do not provide the certainty in bankruptcy that Wyoming provides for digital asset custodians,” she added.
Blockchain Bites: Ghosn’s Crypto Payments, Russia’s Red Line and Why Banks Won’t Bite
Cryptographers call out Craig Wright’s latest claims, blockchain business deposits are growing at Signature and Carlos Ghosn’s smugglers were paid in crypto.
Related: First Mover: Crypto’s $35T Moment Could Come From Analog-World Stock Listings
Related: Blockchain Bites: OCC’s Crypto Letter, Eth 2.0’s ‘Official’ Testnet and Dinwiddie’s Tokenized Airball
Signature Bank saw $1 billion in deposit growth in the second quarter of 2020 from the firm’s digital assets team, according to its latest filing.
The New York-based bank is one of a handful – including Silvergate Bank and Metropolitan Commercial Bank – willing to take deposits from blockchain firms. And it’s a risk that seems to be paying off.
Signature’s blockchain-related business lines represented one-eighth of the firm’s total $8 billion deposit growth this quarter.
“This is now the fourth consecutive quarter exceeding $1 billion in both total and average deposit growth, non-interest bearing deposits of $16.1 billion still represent a high 32% of total deposits since the second quarter of last year,” DePaolo said.
For years, crypto and banking was like oil and water. Most of the Wall Street banking powerhouses – like Chase, Citigroup and Wells Fargo – were reluctant to enter into this poorly understood and underregulated market.
In 2017, for instance, J.P. Morgan Chase CEO Jamie Dimon called Bitcoin a fraud. It now looks like he’s singing a different tune – with his bank taking on Coinbase as a client last May.
Brian Brooks, Coinbase’s former chief legal officer and now senior deputy at the Office of the Comptroller of the Currency, which recently issued a letter allowing crypto custody among chartered banks, said at the time the trend will likely continue.
This doesn’t necessarily mean the original lot of crypto-friendly banks will be pushed out of the market. Silvergate, which once banked Coinbase, has plans to continue expanding its crypto services.
In an industry of constant evolution, there will always be new paths to profits.
Author: Daniel Kuhn
Apex Crypto News – pNetwork Launches Yield Farming Programme, Steroids
The pNetwork, the decentralised ecosystem backing the cross-chain pTokens solution, has announced the launch of its yield farming programme, Steroids. The programme will run for a period of one month and will award Uniswap liquidity providers with up to 10% monthly interest, distributed in pNetwork Token (PNT).
Designed to onboard new users, increase liquidity and boost adoption of the entire pNetwork ecosystem, Steroids will go live later this month to coincide with the launch of the pNetwork DAO.
The pTokens solution enables the free movement of crypto assets across a variety of blockchain networks. As the project works towards its progressive decentralisation roadmap, the pNetwork DAO will be introduced as a way to start decentralising the system’s infrastructure, and to encourage community participation. As an initial incentive for boosting engagement, a 42% APR reward is granted to DAO members who actively contribute to its governance.
This new Steroids yield farming initiative will be introduced to bring even further benefits to the entire ecosystem. Yield farming could be defined as any kind of effort which puts crypto assets to work to generate returns on those assets. This strategy has resulted in Ampleforth’s Geyser achieving the biggest pool on Uniswap (ETH<>AMPL), which today holds more than $25 million in liquidity.
Similarly, the Steroids programme incentivises users to add liquidity to Uniswap’s pool for PNT, the first token to go on Steroids, as well as multiple pTokenised assets in future. Up to 200,000 PNT tokens are dedicated to the interest rewards. The more liquidity users provide, and the longer it is staked for, the higher the reward is.
All PNT token holders can receive rewards by adding liquidity to the Uniswap V2 PNT/USDT liquidity pool. By providing this liquidity, token holders will receive “UniV2” pool tokens in return, which act as a receipt for one’s contribution and represents their share within the liquidity pool. Holders will receive up to 10% monthly interest as a reward. Users can increase their earning potential based on how much, and for how long they supply liquidity for. The more contributed, the greater the share of the PNT pool received.
Additionally, Steroids functions as an app within the pNetwork DAO. This component enables the UniV2 PNT/USDT pool tokens to be staked directly within the DAO. This makes it possible to combine both Steroids rewards with pNetwork DAO voting rights, which unlocks 42% APR rewards.
The Steroids programme provides scalable infrastructure for managing a variety of yield farming initiatives hosted within the pNetwork ecosystem. PNT on Steroids is the first attempt to boost adoption and encourage healthy growth for the project, an experiment that forms the basis for other well-balanced initiatives in the future.
The project is familiar with such approaches, having launched limited, one-off staking programmes in the past. Thanks to these initiatives, the project was able to design an effective staking programme for the pNetwork DAO, which is much larger in scope. The DAO will kick off next week with 29 Million PNT tokens already at stake within the system, accounting for approximately 50% of the total supply.
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