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The information you need to start your day, from PaymentsSource and around the web:
Central block
Ripple is testing a version of its distributed ledger for central bank digital currencies, contending its technology can add scale and speed for mass issuance.
The blockchain company says XRP can be a bridge asset between CDBCs and other digital currencies, reports Finextra. The claim is a potential source of controversy because the Securities and Exchange Commission is suing Ripple and pushing for XRP to be regulated as an investment.
Other companies such as Visa and BNY Mellon are working to provide private sector support for CDBCs, which are expected to be introduced in multiple countries over the next several years.
Bit button
Bitfinex is offering a gateway that’s designed to reduce navigation by connecting directly to the company’s cryptocurrency exchange.
Merchants create a widget on their sites to accept payments in Ethereum and bitcoin, explains TechCrunch. Consumers click on a Bitfinex Pay button, then are redirected to Bitfinex’s site. After the payment is approved, the consumer is directed back to the merchant’s site. Bitfinex additionally accepts Tether, a stablecoin designed to offset crypto’s volatility.
Consumers pay fees to send crypto tokens and merchants pay a fee to convert crypto to traditional currency on Bitfinex’s exchange.
Doge’s palace
BitPay has debuted Dogecoin payments for merchants and has picked up the Dallas Mavericks as an early adopter.
The NBA franchise, which also supports bitcoin and several other cryptocurrencies, will allow Dogecoin to be used to pay for tickets and merchandise. The Mavericks and BitPay see the deployment as a way to extend the basketball team’s brand to international markets where card payments are not as prevalent.
Dogecoin has its roots in internet memes, but has rallied to a market cap of more than $10 billion following several high profile investments.
To the bank
Revolut has introduced its bank in 10 new markets, mostly in Eastern Europe, following earlier rollouts in Poland and Lithuania.
The London fintech has its roots as a mobile payment company but gradually added financial services and markets in recent years, using partnerships like a collaboration with Visa to build a merchant base and support faster transaction processing in Europe, Asia and North America.
More recently, Revolut has obtained banking licenses in several jurisdictions as a hedge against Brexit.
From the web
Blockchain firm Ripple sees no fallout in Asia Pacific from SEC lawsuit
REUTERS | Friday, March 5, 2021
Blockchain payments firm Ripple has not experienced any fallout in its Asia Pacific business after being sued by the U.S. Securities and Exchange Commission (SEC), the company’s chief executive officer said on Friday.
Exclusive: Instacart mulls direct listing in snub to IPOs
REUTERS | Friday, March 5, 2021
U.S. grocery delivery app Instacart is considering going public through a direct listing, concerned that it could leave money on the table through a traditional initial public offering (IPO), according to people familiar with the matter.
This pan-African freelance platform is the first Zimbabwean startup backed by Techstars
TECHCRUNCH | Thursday, March 4, 2021
AfriBlocks is a global pan-African marketplace of vetted African freelance professionals. The startup was founded by Tongayi Choto and Roger Roman in July 2020 and has offices in Harare and Los Angeles.
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Discover opening call center in low-income Chicago neighborhood
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Square to buy Jay-Z’s music service Tidal, appoint him to board
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Regulations give crypto the push it needs to counter skeptics
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Embedded payments will change commerce as much as cards
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Interchange to rise in April, but card brands offer an olive branch
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Card Forum: Merchants must cater to the distracted shopper
A person who’s in the park walking a dog probably isn’t only walking a dog. That person is planning their day, checking finances and checking out sales.
Fed digital currency gains steam with Democrats in power
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Ripple founder funds upgrades in San Francisco small-business zones
Chris Larsen, co-founder and former CEO of Ripple, has partnered with the city of San Francisco to personally donate $1.7 million toward a new nonprofit to help small businesses recover from the pandemic.
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