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Mastercard Will Start Supporting Cryptocurrencies Directly on its Network – Finance Bitcoin News

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Kevin Helms

Payments giant Mastercard has announced that it is preparing to allow a number of cryptocurrencies to move through its network directly. Customers, merchants, and businesses will no longer need to convert cryptocurrencies into fiat currencies to transfer through the Mastercard network.

Mastercard Prepares to Let Cryptocurrencies Move Through its Network

Mastercard announced Wednesday that it will start “bringing crypto onto its network.” In a blog post on the company’s official website, Raj Dhamodharan, Executive Vice President of Digital Asset and Blockchain, explained that “digital assets are becoming a more important part of the payments world.” He noted that customers are using Mastercards to buy cryptocurrencies, especially during bitcoin’s bull runs, elaborating:

We are preparing right now for the future of crypto and payments, announcing that this year Mastercard will start supporting select cryptocurrencies directly on our network. This is a big change that will require a lot of work.

“We will be very thoughtful about which assets we support based on our principles for digital currencies,” the executive emphasized, adding that the same standard applies to stablecoins. “We are here to enable customers, merchants and businesses to move digital value,” he opined.

Dhamodharan pointed out that Mastercard is involved in a number of crypto projects, having teamed up with Wirex and Bitpay last year to create crypto cards that allow people to transact using their cryptocurrencies. The company then joined forces with crypto exchange LVL this year. “These relationships — with many more planned in the pipeline — build on our many years of crypto collaborations,” he said.

Even though Mastercard is involved in a number of crypto projects, Dhamodharan said that “cryptocurrencies still don’t move through our network. Our crypto partners convert the digital assets on their end to traditional currencies, then transmit them through to the Mastercard network.” He continued:

Our change to supporting digital assets directly will allow many more merchants to accept crypto — an ability that’s currently limited by proprietary methods unique to each digital asset. This change will also cut out inefficiencies, letting both consumers and merchants avoid having to convert back and forth between crypto and traditional [fiat currencies] to make purchases.

Lastly, Dhamodharan said that his company is “actively engaging” with several major central banks worldwide as they explore central bank digital currencies (CBDCs). “Last year, we created a test platform for these banks to use these currencies in a simulated environment,” he noted, adding that Mastercard already has “one of the payments industry’s biggest blockchain patent portfolios to draw from to make these projects successful.”

Commenting on the Mastercard news, bitcoin bull Mike Novogratz tweeted: “The Mastercard news is huge. A few months ago it would have been all the crypto community would focus on for the ensuing month. Now we are getting so much good news it almost goes unnoticed. Let me repeat. It is huge news. Crypto adoption is here.”

Recently, Mad Money host Jim Cramer said that Mastercard, along with Paypal and Elon Musk’s Tesla, is driving bitcoin more into the mainstream. Tesla revealed Monday that it has put $1.5 billion into bitcoin.

What do you think about Mastercard directly supporting cryptocurrencies on its network? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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22% of Investors Say Their Institutions Likely to Trade or Invest in Cryptocurrencies – Finance Bitcoin News

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Terence Zimwara

A recent JP Morgan poll found that 22% of the respondents said their respective organizations were likely to trade or to invest in cryptocurrencies. This figure (22%) is double the percentage of respondents (11%) who said yes when asked if their respective organizations were already trading or were invested in cryptocurrencies.

The Institutional Embrace of Cryptos

According to a report, the findings of this latest poll represent fresh evidence that backs the claim that more mainstream institutions are embracing crypto assets. Already, since the start of the year 2021, major corporations like Tesla have revealed their cryptocurrency holdings. Similarly, large hedge funds like Blackrock have signaled their intention to get exposure to crypto-assets like bitcoin (BTC).

Still, as the same report shows, an overwhelming majority (78%) of investors whose institutions are yet to embrace cryptos; said there were no plans to invest or to trade in cryptocurrencies. Additionally, nearly all the respondents (98%) “believe fraud in the crypto world is ‘somewhat’ or ‘very much prevalent.’”

Cryptos Are Here to Stay

Yet, despite this perception or reluctance to invest in cryptocurrencies, some 58% of the respondents still believe that this new asset class is “here to stay.” On the other hand, some 7% of the investors assert that cryptocurrencies “will become one of the most important assets.”

Since the start of Q4 of 2020, when Square Inc., announced its BTC holdings more listed companies have revealed the values of their cryptocurrency holdings. This fact is also supported by the latest data from bitcointreasuries.org, a website that tracks public and private companies that hold BTC. According to the site’s data, more than 1.36 million bitcoins, or 6.49% of the crypto asset’s circulating supply is currently in the hands of large companies and hedge funds.

Still, despite this apparent embrace of digital assets by mainstream organizations, some 21% of the polled investors still see cryptocurrencies as just a “temporary fad.” Additionally, about 14% of the respondents are in agreement with the characterization of crypto assets as “rat position squared.”

Do you agree with the view that crypto assets will become one of the most important assets? Tell us what you think in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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‘In Terms of Dollars Bitcoin Is Going to Infinity,’ Says Kraken CEO – Markets and Prices Bitcoin News

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Jamie Redman

While bitcoin prices have been coasting along between $46k to $48k during the last three days a number of proponents are still bullish about the crypto asset’s long-term value. On Thursday, Kraken CEO Jesse Powell said that he thinks bitcoin could easily reach a million-dollar valuation per coin. “When you measure it in terms of dollars, you have to think it’s going to infinity,” Powell insists.

Bitcoin to Infinity and Beyond

During the last few weeks as bitcoin (BTC) prices saw a climactic rise above the $58k handle a number of crypto proponents and analysts think BTC could region six-digits in USD value. There have been a lot of calls suggesting BTC will reach $100k this year and even people who say it could hit $200 to $350k per unit.

After bitcoin touched an all-time high (ATH) on February 19, 2021, on Thursday the CEO of the cryptocurrency exchange Kraken told Bloomberg reporter Lynn Thomasson that he believes the leading asset could make it to $1 million someday.

$1 Million per BTC in 10 Years: 'In Terms of Dollars Bitcoin Is Going to Infinity,' Says Kraken CEO
In 2011, Kraken founder Jesse Powell visited the offices of the bitcoin exchange Mt Gox after the Japanese company’s 2011 security breach. Powell told Bloomberg that he started working on Kraken as a replacement for Mt Gox when he started the exchange ten years ago. Ten years from now, Powell thinks bitcoin could tap a $1 million per unit price tag.

Not too many people call seven-digit BTC prices but Jesse Powell, Kraken’s CEO said; “We can only speculate, but when you measure it in terms of dollars, you have to think it’s going to infinity.”

The founder of the San Francisco trading exchange said that “true believers” think BTC could replace all the global currencies. “The true believers will tell you that it’s going all the way to the moon, to Mars, and eventually, will be the world’s currency,” Powell detailed in his recent interview.

Powell also disclosed that the company Kraken is considering an initial public offering (IPO) next year following the footsteps of the popular crypto exchange that’s also located in San Francisco, Coinbase.

Kraken Research: ‘Long-Term Trends Show We Are Still Far Away From a Major Market Cycle Top’

Kraken also published a February 2021 market recap on Friday, which looks at a number of key takeaways. A few of them being, BTC’s Logarithmic Regression Retracement data, bitcoin’s price returns, and volatility, alongside other digital assets in the crypto economy.

“Historic price action shows that bitcoin bull market corrections typically retrace between 70-90%,” Kraken’s researchers wrote on Friday. “When examining long-term trends, our analysts conclude we are still far away from a major market cycle top.”

Powell is also optimistic about BTC’s steady rise and the leading crypto asset’s value against the U.S. dollar. “[The U.S. dollar] is only 50 years old and it’s already showing extreme signs of weakness, and I think people will start measuring the price of things in terms of Bitcoin,” Kraken’s Powell concluded.

What do you think about the Kraken CEO’s prediction that BTC could reach a million dollars per unit? Let us know what you think about this subject in the comments section below.

Tags in this story
$1 million, Bitcoin, Bitcoin (BTC), Coinbase, cycle top, Infinity, initial public offering, IPO, Jesse Powell, Kraken, Kraken CEO, kraken exchange, Kraken Research, Mt Gox, price predictions, Prices, San Francisco, San Francisco Exchange, Value, volatility

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Polkadot’s Gavin Wood to Give Lecture Series as Part of UC Berkeley Blockchain Curriculum – Blockchain Bitcoin News

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Reuben Jackson

University of California, Berkeley and Parity Technologies are joining forces on several blockchain fronts, including educational development and awareness, by leveraging Parity’s expert team and the Substrate framework as knowledge-building resources.

UC Berkeley Blockchain Xcelerator Partners with Parity to Promote Blockchain Adoption

To bring more resources to the University of California, Berkeley community and Blockchain Xcelerator, Parity Technologies and the academic institution are expanding existing ties by forming a resource-rich educational framework for the 2020-2021 academic year.

This deepening cooperation follows Berkeley Blockchain Xcelerator’s existing familiarity with Parity and Polkadot ecosystem startups through its program, which has already accelerated 45 high-value blockchain projects since its inception in 2019. These growing ties will see the Parity development team help expose the University’s students to innovation through a multi-pronged approach, starting with efforts centering on a blockchain curriculum.

Parity’s Substrate blockchain-building framework and Polkadot’s second-generation protocol will play a significant role in this educational effort given their usefulness as tools and utilities in the ever-expanding ecosystem. Additionally, Parity’s involvement will cover the advancement of new project ideas and exploration of other valuable educational angles to improve the community’s overall blockchain-engagement.

Taking a Hands-On Approach to Blockchain Guidance

One of the noteworthy developments in this new partnership will be a lecture delivered by Dr. Gavin Wood. Wood, a co-founder of Parity Technologies and the Polkadot network, is well-known within blockchain circles. In his previous role as Ethereum’s CTO and co-founder, he was responsible for designing the Solidity language alongside the Ethereum Virtual Machine.

Dr. Wood will be taking part in the A. Richard Newton Distinguished Innovator Lecture Series in March of 2021, granting the Berkeley community a unique opportunity to tap into his breadth of experience.

According to Dr. Wood,

Blockchain innovation moves fast, and as we advance this industry beyond legacy networks into next-generation, production-grade blockchains like Polkadot, it is critical that the next generation of coders, engineers, and entrepreneurs are up to speed on what it takes to make it in this competitive space. If we are to achieve the Web 3.0 vision I outlined in 2015, students like Berkeley’s must-see an alternative to the traditional Silicon Valley Web 2.0 world they are used to diving into straight out of school.

Besides exposing community members, faculty, and students to next-generation technologies via educational programming and the lecture, Parity intends to deepen its support for the Berkeley Blockchain Xcelerator. This advisory effort will include consultations on Polkdaot development and the growing Web3 ecosystem. To date, Xcelerator has already nurtured several projects designed for the Polkadot network. These include decentralized finance (defi) ecosystem Acala and Stake Technologies, which delivers smart contract capabilities.

How far do we think we are from a full-blown blockchain degree? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Epicenter Podcast

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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