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Crypto This Thursday: MoonPay-Mastercard Partnership, JPM Coin Reaches $1 Billion in Daily Volume, and More

Fernanda T
Latest News
October 26 2023 09:18AM

MoonPay and Mastercard team up to boost Web3 integrations and marketing

Digital asset payment platform MoonPay has announced a partnership with payments giant Mastercard (NYSE:MA) with the aim of promoting web3 integrations, strengthening connections and boosting marketing strategies. The partnership aims to explore how web3 tools can improve experiential marketing and expand customer loyalty and engagement. MoonPay will also integrate Mastercard tools into its services to ensure reliable and regulated transactions in the crypto markets.“ Joining forces will create new opportunities to showcase the potential of blockchain in establishing unique connections and meaningful moments, while expanding reach overall of our industry ”, described Ivan Soto-Wright, CEO and co-founder of MoonPay.

JPMorgan’s JPM Coin reaches $1 billion in daily transactions and considers retail expansion

JPMorgan’s (NYSE:JPM) JPM Coin, a blockchain-based cryptocurrency for institutional clients, has achieved significant adoption with daily transaction volume reaching $1 billion, as reported by Bloomberg on October 26. The bank’s Global Head of Payments, Takis Georgakopoulos, announced plans to extend its use to retail customers, highlighting the potential for growth. While successful, JPM Coin’s volume still represents a fraction of the bank’s daily transactions, which total $10 trillion. In other news, JPMorgan warned that the US Securities and Exchange Commission (SEC), by denying approvals for spot Bitcoin ETFs, could face legal action from applicants. Although unlikely, such a rejection is possible and could lead to a new legal battle. JPMorgan predicts that multiple spot Bitcoin ETF approvals could come soon.

Deutsche Bank and Standard Chartered test communication system for blockchain transactions

Deutsche Bank (NYSE:DB) and Standard Chartered’s (LSE:STAN) SC Ventures are conducting trials of a system that aims to enable communication between blockchain-based transactions, stablecoins and central bank digital currencies (CBDCs). This system, similar to the SWIFT messaging layer in traditional banking infrastructure, is being tested with use cases such as transferring and exchanging USDC stablecoins on the Universal Digital Payments Network (UDPN). UDPN is a permissioned blockchain network that includes validator nodes from banks and financial institutions, enabling transactions across different networks, from public stablecoin blockchains to CBDCs.

CyberConnect powered by Binance Labs investment

CyberConnect, a Web3-based social media platform, saw its value soar more than 30% shortly after the investment announcement from Binance Labs, the cryptocurrency exchange’s venture capital division. CyberConnect’s native token (COIN:CYBERUSD) rose to $6.35 in response to the announcement. The investment highlights growing interest in the Web3 space, which seeks to transform traditional social networks with privacy and decentralization. At the time of writing, the CYBER token was down -6.5% at $5.90.

PEPE price doubles in a week, reaching market capitalization of US$500 million

Pepe (COIN:PEPEUSD), a frog-themed memecoin, saw its price double in a week, reaching a market cap of $500 million, before dipping slightly. A major factor in this resurgence was the burning of tokens worth $5.5 million, alleviating concerns about sales by rogue developers. Other memecoins such as Dogecoin (COIN:DOGEUSD) and Shiba Inu (COIN:SHIBUSD) also saw notable rallies, boosting positive sentiment in the market amid rising hopes of Bitcoin ETF approval in the US.

Token sale of Memeland (MEME) tokens reaches $10 million in record time

Web3 company Memeland’s token sale raised a whopping $10 million in just 42 minutes after its launch on Thursday. Previously, community members had to participate in various activities to get on a waiting list, but now tokens are marketed as “100% memes, with no utility, script, promises or financial return.” Although already sold out, the sale continues until Friday for users on the waiting list. Memeland, created by the team behind 9GAG, offers NFTs and apps that combine metaverses, games and NFTs.

SBI Group predicts XRP price increase after market developments

Japanese financial giant SBI Group anticipates a slight increase in the value of Ripple’s XRP (COIN:XRPUSD) due to recent market developments. SBI VC Trade projected that the price of XRP will rise to $0.62, up from the current $0.56. The report also highlights developments in the legal case between Ripple and the US SEC, predicting greater acceptance of XRP by individual investors in the future. However, SBI warns about risks associated with market volatility and geopolitical issues.

Grayscale Bitcoin Trust (GBTC) shares outperform Bitcoin and S&P 500 with 220% gain

Investors who purchased shares of Grayscale Bitcoin Trust (USOTC:GBTC) at the beginning of the year were rewarded with a 220% increase in share value to $26.79. By comparison, Bitcoin (COIN:BTCUSD) rose 100% to $35,000, Nvidia (NASDAQ:NVDA) rose 198%, and the S&P 500 rose 9%. The optimism comes with hopes that the US SEC will approve the conversion of GBTC into a Bitcoin exchange-traded fund (ETF). GBTC’s discount to its net asset value (NAV) has also narrowed to 13% from the previous 46%, as traders adopt strategies to profit from the narrowing discount.

Bitmain launches new air-cooled Antminer T21 Bitcoin miner

Bitmain, a leading global manufacturer of application-specific integrated circuits (ASIC) for Bitcoin, has unveiled the Antminer T21, a new air-cooled Bitcoin miner. The device supports temperatures of up to 45 degrees Celsius and is designed to mine cryptocurrencies based on the SHA256 algorithm, such as Bitcoin (COIN:BTCUSD), Bitcoin Cash (COIN:BCHUSD) and Bitcoin SV (COIN:BSVUSD). With a hash rate of 190 terahashes per second and energy efficiency of 19 joules per terahash, the Antminer T21 is expected to be available for purchase from January 2024.

SEC Chairman’s speech reveals $5 billion surveillance

SEC Chairman Gary Gensler highlighted the agency’s $5 billion worth of enforcement actions in judgments and orders during the 2023 Securities Enforcement Forum. Gensler, however, sparked controversy in the crypto community by reaffirming his stance strict on cryptocurrency regulation, stating that most crypto assets fall under securities and should be regulated as such. He also compared the current crypto ecosystem to the financial landscape of the 1920s, highlighting the need for stricter regulations.

Sam Bankman-Fried prepares to testify in criminal fraud trial

Businessman Sam Bankman-Fried is scheduled to testify in his criminal fraud trial after the prosecution phase concludes. Two defense witnesses will be interviewed before Bankman-Fried takes the stand for at least four hours. The decision to testify involves risks, as he will face rigorous questioning from prosecutors, who accuse him of misusing client and investor funds totaling more than $8 billion. Former colleagues also testified for the prosecution, alleging that he oversaw Alameda Research’s misappropriation of funds.

Euroclear and World Bank launch native digital bond on the Luxembourg Stock Exchange

Euroclear, a Belgian bank, and the World Bank issued digital bonds worth 100 million euros on the Luxembourg Stock Exchange. Digitally Native Notes (DNN) were distributed and settled via blockchain, with Citigroup (NYSE:C) acting as the issuance and payment agent and TD Securities as the dealer. R3’s Corda technology was used for the issuance, seeking to establish a scalable structure that combines digitalization with accessibility and liquidity. This advancement could transform debt capital markets and strengthen digitalization in post-trade services.

UK strengthens powers to confiscate cryptocurrency assets in criminal cases

The UK government has passed a law expanding authorities’ powers to seize cryptocurrency assets associated with criminal activity, including money laundering, fraud and ransomware attacks. The new legislation allows government agencies such as police to seize cryptocurrency assets during investigations, even without the need to arrest an individual for a crime.

Circle, BitoGroup and Taiwan FamilyMart transform loyalty points into cryptocurrencies

Stablecoin issuer Circle (COIN:USDCUSD), in partnership with BitoGroup and Taiwan FamilyMart, is introducing an innovative “Points-to-Crypto” service. BitoGroup is Taiwan’s leading crypto service provider, and Taiwan FamilyMart is the country’s second-largest convenience store chain. Customers can now convert their FamilyMart loyalty points, called FamiPoints, into digital currencies like USDC. This democratizes access to crypto, preserving the value of loyalty points and eliminating transaction fees. This collaboration expands the utility of loyalty points and promotes entry into the digital economy in Taiwan by leveraging the country’s dense network of convenience stores. Circle seeks to expand its presence in the APAC region, promoting strategic alliances like this.

High-ranking public officials in South Korea have declared their cryptocurrency holdings to ensure transparency

To promote transparency and avoid conflicts of interest, Gyeonggi Province, South Korea, announced that civil servants at level 4 or higher must declare their cryptocurrency holdings daily. Of the 228 affected employees, 23 reported their participation. The review of professional responsibilities and important decisions confirmed that there was no conflict between his official duties and cryptographic assets. Officials involved in crypto regulations cannot trade based on official information and must report their virtual assets.

Anboto Labs raises $3M, launches non-custodial cryptocurrency trading platform

Hong Kong-based Anboto Labs has raised $3 million in funding and introduced an institutional-grade non-custodial trading platform. The investment was raised from investors such as Kronos Ventures, Cherry Crypto, Mechanism Capital, XBTO and Matrixport. The platform, which has already undergone an 18-month closed beta with $4 billion in trading volume, offers execution algorithms, multi-factor authentication and enhanced security. The company plans to expand its capabilities to democratize access to cryptocurrency execution tools.