Wednesday, June 7, 2023

Crypto Biz: Mastercard opens its USDC network, OKX leaves Canada and Bitcoin rises

For example, the recent problems with the USD Coin (USDC) issued by the Circle, when it lost its peg in the US dollar after the failure of Silicon Valley Bank. Two weeks later, Mastercard ventured to stabilize its currency in the Asia-Pacific region, allowing users to use USDC through its network. It is done, friends!

And let’s not forget about Bitcoin (BTC): that digital gold continues to rise and fall off Wall Street, once again proving its value proposition and prompting calls for long-term equity holdings.

This week’s Crypto Biz documents the latest developments in cryptocurrency adoption around the world, and how fears from the banking system are impacting the digital asset space.

Banking turmoil and regulatory hurdles around the world haven’t slowed down today’s mix of traditional and decentralized finance (DeFi). The approach ramps on both sides seem to be changing even with stronger winds.

Mastercard will deploy a stable of wallet transactions in APAC

Mastercard, a global payment service provider, has taken another step in the cryptocurrency space, allowing retail customers in the Asia-Pacific region to receive stable payments anywhere Mastercard is accepted. This release is made possible through a partnership with Stables, an Australian stable platform. Users can spend and save USDC by converting it to fiat and settling on the Mastercard network. The wallet will accept deposits in various currencies, including Tether (USDT) and Binance USD (BUSD), and all deposits will be automatically converted to USDC.

MetaMask allows direct purchase of cryptocurrencies in Nigeria

The ramps for digital transactions are also increasing in Nigeria, as the wallet provider MetaMask has expanded its direct wallet transactions with local banks. MetaMask’s parent company, ConsenSys, has partnered with MoonPay to allow users in the region to trade cryptocurrencies via instant bank transfers without the need for a credit or debit card. The integration is estimated to reduce the decline rate of direct cryptocurrency purchases in Nigeria from 90% to 30%. Nigeria is an important market for MetaMask, ranking third in monthly active mobile phone users. Chainalysis reports Nigeria as one of the 20 countries at the top of cryptocurrency adoption.

OKX will cease trading in Canada on June 22, 2023

In a “temporary shutdown,” cryptocurrency exchange OKX sent an email to Canadian users saying the company “will no longer provide services or allow users to open new accounts in Canada as of March 24, 2023.” OKX cited “new regulations” behind the move, saying it’s just a matter of time while it works with local regulators. As of June 22, OKX clients in the country must close open options, margin, perpetual and futures positions. All funds must be withdrawn on that day as well. In February, Canadian securities regulators issued a notice requiring exchanges to sign new legally binding obligations while they await their registration with regulators.

Message sent by users to Canadian OKX on March 20, 2023. Source: OKX

Cathie Wood believes the bitcoin banking crisis will “attract more institutions”

With fears of a global banking crisis rising, Bitcoin’s value proposition is on full display as its price continues to rise following the collapses of Silvergate, Valley Bank and Signature Bank. ARK Invest CEO Cathie Wood believes that the current collapse of the price of BTC from the equity market could attract more institutions to Bitcoin over time. As for the price impact on Bitcoin from institutional interests, Wood expects most companies to invest between 2.5% and 6.5% of their investment portfolios in BTC by 2030, which will push the price of the largest cryptocurrency to between 1 and 1.5 million dollars.

The Impact of the Credit Suisse Crisis on the Cryptocurrency Market

How to analyze banks and avoid inaccurate stock market indices, such as Silicon Valley Bank worth $15.8 billion? Cryptanalyst Marcel Pechman delves into the enterprise value metric and how it provides a better picture of a bank’s balance sheet by subtracting net debt from market capitalization. Of course, Pechman points out the relationship between bank valuation and cryptocurrency first, specifically the Bitcoin ethos.

Crypto Biz is a weekly pulse of the business behind the blockchain and cryptocurrency industry delivered straight to your inbox every Thursday.

Research into crypto assets is not regulated. They may be eligible for sales and all the money invested will be lost. The services or products offered are not directed at or accessible to investors in Spain.

World Nation News Desk
World Nation News Desk
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
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