Venmo, the digital payment platform owned by PayPal, is set to launch a new feature that will allow users to buy, hold, and sell cryptocurrencies directly within the app. The move is aimed at making it easier for Venmo's more than 70 million users to access the world of cryptocurrencies. The new feature, which is expected to be rolled out in the coming weeks, will support four cryptocurrencies initially: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. With the increasing popularity of cryptocurrencies, Venmo's latest offering is likely to further accelerate the adoption of digital assets in mainstream financial transactions.
Mastercard is reportedly seeking to expand its offerings in the crypto space with new partnerships. The financial services giant is said to be exploring collaborations with various cryptocurrency firms, including wallets and exchanges, as it looks to strengthen its presence in the digital asset market. Mastercard already supports several cryptocurrencies on its network, and the new partnerships would further enhance its ability to offer innovative payment solutions to its customers. The move comes as more financial institutions embrace cryptocurrencies and blockchain technology, signaling a shift towards a more decentralized financial system. With Mastercard's latest push into the crypto space, it is clear that traditional finance is no longer ignoring the impact of digital assets on the future of money.
Bitcoin transactions have recently hit a record high, reflecting the growing adoption and mainstream acceptance of the world's largest cryptocurrency. The surge in transactions has been attributed to a variety of factors, including increased institutional adoption, rising demand from retail investors, and a greater acceptance of cryptocurrencies as a means of payment. The blockchain technology underpinning Bitcoin allows for secure and transparent transactions without the need for intermediaries, making it an attractive option for those looking for a decentralized and efficient payment system. The milestone highlights the continued growth of the crypto industry, which is rapidly gaining traction as a viable alternative to traditional finance.
Coinbase, one of the world's largest crypto exchanges, has announced the launch of an offshore crypto derivatives exchange. The move represents a significant expansion for the company, which has long focused on providing trading services for a limited number of major cryptocurrencies. The new exchange, which will be based outside the United States, will allow Coinbase to offer a wider range of financial products, including futures and options contracts, to customers around the world. The move is part of Coinbase's broader strategy to diversify its revenue streams and expand its global footprint.
MoonPay, a leading crypto payments infrastructure firm, has announced the launch of a new crypto app that is aimed at retail consumers. The app, which has been in testing since March, will allow users to buy, sell, and store a variety of cryptocurrencies directly from their mobile devices. The move is part of MoonPay's broader strategy to expand its product offerings beyond its core payments infrastructure business. With the crypto market continuing to gain mainstream acceptance, MoonPay's new app could help drive greater adoption of cryptocurrencies among retail consumers. The app is available for download on both iOS and Android devices, and MoonPay has stated that it plans to add support for additional cryptocurrencies and features in the coming months.
The White House has proposed a new tax on the electricity used for crypto mining. The proposed tax would be 30% of the electricity cost used for mining digital currencies. This comes as a part of the Biden administration's efforts to tackle climate change and reduce carbon emissions. The tax would target the energy-intensive mining process, which has come under scrutiny for its negative environmental impact. The proposal has drawn mixed reactions from the crypto industry, with some expressing concern that it could stifle innovation and growth, while others see it as a necessary step towards more sustainable practices.