A new report by the Bank of Indonesia highlights the country’s 2023 economic growth plan which will include the digitalization of payment systems and the creation of a Digital Rupee. This will comprise increasing the availability and use of digital payments, such as e-wallets and online banking. The government has been actively promoting the use…
CryptoSlate Wrapped Daily: More Bitcoin leaves Coinbase; Kraken CEO deems Binance’s proof of reserves ‘pointless’ Coinbase reserve declined by 50,000 BTC daily between Nov. 23 and Nov. 27-equating to roughly $3 billion, JP Morgan said that the coming regulation may lead to convergence of crypto and TradFi, and much more in this edition of CryptoSlate…
The unsustainable financial system in Lebanon has brought some Lebanese to crypto. Locals are mining Bitcoin or storing wealth with cryptocurrency and completing some payments with Tether. Dire Economic Situation in Lebanon In 2019, Lebanon fell into a financial crisis after years of expensive wars and poor spending decisions. A CNBC ground report outlined the…
Payments processor Stripe laid off 14% of its workforce — over 1,100 employees, CEO Patrick Collison announced in an email on Nov. 3. Collison attributed the layoffs to two “mistakes” by the leadership team — overestimating 2022 growth prospects and increasing operating costs. He wrote: “We were much too optimistic about the internet economy’s near-term…
The Bitcoin network facilitated a transaction worth over $500 million on Oct. 27, transferring around 24,530 BTC. The entire transaction was sent, processed, and confirmed for a fee of just $0.83. According to data from mempool.space, the 24.5 sat/vB fee was significantly overpaid, as only around 10 sat/vB would have been enough to include the…
Leading tech giant Google is set to integrate crypto payments into its cloud services following a new partnership with crypto exchange Coinbase. Google announced on Oct. 11 that from 2023 it will start accepting cryptocurrencies for payments and use Coinbase Prime to store its crypto holdings. The pilot phase will see a handful of customers…
With approximately 70% of financial institutions and 59% of consumers in Europe interested in crypto-enabled payments, Ripple has partnered with Lemonway and Xbaht to leverage its On-Demand Liquidity (ODL ) solution to offer crypto payments to customers in France and Sweden. Ripple’s ODL enables low-cost and instant cross-border payments without the need for pre-funded accounts….
Global payment processor Visa has partnered with crypto exchange FTX to offer its debit card service to customers in over 40 countries. The partnership will enable FTX customers to convert their cryptocurrencies into fiat, by simply linking the Visa card directly to their custodial account. Visa and FTX will complete the conversion process in the…
Bitcoin maximalist Michael Saylor used the Lightning network to send 3 million sats (0.03 BTC) to three winners of his Lightning meme contest. Crypto researcher Eric Wall shared a Twitter pool asking if Michael Saylor has completed more than three Lightning transactions. Being a vocal Lightning network advocate, Saylor replied to the pool with a…
Global financial messaging provider SWIFT has developed an infrastructure to facilitate the integration of different central bank digital currencies (CBDCs) and tokenized assets into the global financial system. SWIFT is a financial messaging platform that connects about 11,500 financial institutions across 200 countries to execute instant, frictionless, and interoperable cross-border transactions. With the advent of…