Ripple pushes XRP for central bank digital currencies; Revolut’s bank expands

0

[ad_1]

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.

More from PaymentsSource

How to apply for Most Influential Women in Payments: Next
For many years, PaymentsSource’s Most Influential Women in Payments has been celebrating top-performing senior executives. Now we invite you to take part in a new opportunity to advance the mission of gender parity.

India’s payments ‘umbrella’ could provide uneven cover
A government-backed digital transaction system will soon have private sector rivals, who will have an inside track to returns on massive investments.

A variety of payment types is better than just ‘digital’
With so many personally and financially impacted by COVID-19, consumers have made it clear that the way customers pay for goods or services can no longer follow a one-size-fits all approach, says eBay’s Alyssa Cutright.

Arizona’s app store bill could force Durbin-like changes
A video game publisher’s battle with Apple could have as much impact as the Durbin amendment if a proposed Arizona law comes to pass.

Discover opening call center in low-income Chicago neighborhood
Discover will build its newest call center on Chicago’s South Side on the site where a Target store closed two years ago, bringing 1,000 jobs to a beleaguered urban zone by 2024.

Square to buy Jay-Z’s music service Tidal, appoint him to board
Square Inc. has agreed to buy a majority stake in Tidal, the streaming music service led by rapper Jay-Z, as part of an effort to expand the company’s suite of financial tools to musicians and emerging artists.

Regulations give crypto the push it needs to counter skeptics
It is imperative that the crypto asset industry up its game as there’s still a great deal of concern in respect to legitimacy or even purpose.

Embedded payments will change commerce as much as cards
Linking a variety of services to a payment account opens a new more flexible world of financial services, says Tribe Payments’ Alex Ressish.

Interchange to rise in April, but card brands offer an olive branch
The update, delayed from last year, would be the most substantial change to the interchange rate structure in a decade — and the card networks have not signaled plans to delay it further.

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
WASHINGTON — Democratic leaders in the Biden administration and Congress are raising the volume on proposals for the Federal Reserve to issue a digital currency and establish government-backed accounts to expand banking options to underserved consumers.

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.



[ad_2]

Leave a Reply

Your email address will not be published. Required fields are marked *