NFT News by Thebittimes.Com

Soramitsu is developing a cross-border payment system that uses Cambodia’s CBDCs and targets Japan, India, China and Southeast Asia. Japanese blockchain startup Soramitsu is exploring new central bank digital currency (CBDC) applications with a new project on the cross-border payment system for Asian countries . Soramitsu will deploy Cambodia's CBDC and fiat-pegged stablecoin s as part of its new payment system targeting countries like India, China, Japan and regions like Southeast Asia. The new project builds upon Soramitsu’s CBDC expertise, including its involvement in the Asian CBDC project Bakong in Cambodia and Laos' Lao kip, Nikkei reported on Aug. 8. Launched in 2020, Cambodia’s Bakong is a public-private initiative allowing Cambodian residents to pay at stores or send money through a mobile app using the local currency riel or U.S. dollar. Since launch, Bakong’s adoption has expanded to countries like Malaysia, Thailand and Vietnam. By late 2022, Bakong reportedly h...

The company cited that it will cease operations of its exchange services as part of the shareholders' decision to restructure the business to focus on Cashlink. Nigerian social payment s app, Bundle announced on July 20 that it is shutting down its crypto exchange arm.  According to a statement released on the company blog, explaining that it is ceasing its crypto exchange operations as it focuses on expanding the services of Cashlink as a payment solution. Bundle stated that it will cease operations of its exchange services as part of the shareholders' decision to restructure the business to focus on Cashlink. Screenshot of Bundle press release statement. Source: Bundle In the statement, the company cited that this decision by its shareholders is a result of the observed growth of the Web3 and blockchain community and hence the need to focus on payment solutions that meet the ecosystem's needs. In the company’s press release, it confirmed that users won’t be able to si...

According to Strike CEO Jack Mallers, the expansion drive aims to counter the “clouded world of crypto exchanges and hidden, unregistered licensing regimes and 1,000 different coins.” Strike, a Chicago-based Bitcoin (BTC) payment provider, expanded its services to 65 countries in parallel to relocating its global headquarters to El Salvador. Before its expansion, the mobile app was operational only in the United States, El Salvador and Argentina. According to Jack Mallers, the CEO and founder of Zap, Strike's parent company, the expansion drive aims to counter the “clouded world of crypto exchanges and hidden, unregistered licensing regimes and 1,000 different coins.” Speaking to Fortune, Mallers revealed that the move to relocate its headquarters to El Salvador was a response to the growing anti-crypto regulatory sentiments in the U.S. On one hand, regulations prevent Strike from offering its service in New York. On the other hand, El Salvador introduced crypto-inclusive regu...

While the collapse of FTX shaved $100 billion off of BTC’s market cap in just four days last year, BTC has managed to fully recover and stack on another $65 billion. A 48% Bitcoin (BTC) price surge since the start of the year has pushed BTC's market cap past that of payment processing giant Visa once again. With the BTC price currently at $24,365, its market cap of $470.16 billion is now marginally above that of Visa, which has a market cap of $469.87 billion, according to CoinMarketCap. BTC has “flippened” Visa again. Source: CoinMarketCap. This is the third time that BTC has “flippened” the market cap of Visa, according to Companies Market Cap. The first time came in late December 2020, when BTC also happened to hit $25,000 for the first time. This was achieved during a price surge that saw BTC rally from $10,200 in September 2020 to $63,170 seven months later, in April 2021. Visa re-took the lead between June and October 2022, which then saw BTC surpass Visa for a very brief m...

Cryptocurrency payment gateways are digital currency payment processors that allow merchants to offer cryptocurrencies as a payment method. The parallel development of payment processors for digital currencies is taking place along with the implementation of blockchain technology in various industries like healthcare, academics, supply chain and among others. Businesses willing to accept cryptocurrencies as a payment method rather than fiat currencies rely upon crypto payment gateways to operate.  Without the trouble of needing to keep a cryptocurrency wallet and convert digital currency into fiat money, a crypto payment gateway can offer a straightforward solution for a merchant to adopt crypto. This facilitates the broader acceptance of digital currencies and makes it simpler for a vendor to provide cryptocurrency payment options. This article will highlight the role of crypto payment gateways in the cryptocurrency market, their advantages and disadvantages and how a crypto payment ...

Amidst the ongoing bear market, regulators from all across the globe have been scrutinizing the Bitcoin-led industry. Brazil, however, was taking a leap into the crypto -verse with its latest regulator y framework. According to a recent report, Brazil’s Chamber of Deputies went on to approve a bill that regulates the crypto -verse. This bill had previously attained a green signal from the Senate. However, the Chamber of Deputies remained silent about the same since April. At present, it requires the signature of President Jair Bolsonaro for it to become law. It should be noted that President Bolsonaro’s term ends on December 31, 2022. Through this approval, Bitcoin and its counterparts will reportedly be recognized as an asset with a value that can be employed for payments. JUST IN: 🇧🇷 Brazil lawmakers vote in favor of recognizing #Bitcoin as a means of payment. — Watcher.Guru (@WatcherGuru) November 30, 2022 This long-awaited crypto bi...