Blockchain
Mt Gox Bitcoin and the Future of Cryptocurrencies
The collapse of Mt. Gox in 2014 was one of the first major cryptocurrency scandals.
More than 100,000 creditors of the digital asset exchange have lost more than $9.4 billion in bitcoin – and now, nearly 10 years later, the exchange announced which is (finally) ready to start repaying its creditors in bitcoin (BTC) and bitcoin cash (BCH) as early as July.
The real story is what happened in the next decade. After all, a lot has happened, but at the same time a lot has remained the same in the Web3 space.
First, the adoption of cryptocurrencies as a traditional payment mechanism it is a priority for businesses and merchants across all verticals, but its benefits have yet to be fully exploited.
That’s why every week PYMNTS rounds up the most pressing cryptocurrency and Web3 news, updates, and announcements for our readers.
Making cryptocurrencies more usable makes cryptocurrencies more scalable
Usability and utility must go hand in hand for cryptocurrencies and tokenized assets to make significant and sustainable progress in the global financial sector.
This, ultimately, is a motivation for To blockthe investment of half a billion dollars in bitcoin: learn about it the technology and how to use it, the company She said Thursday (June 27).
And PYMNTS explained how, with the news last week (June 13) that helium has updated its Solana Pay plugin for Shop to expand the scope of cryptocurrency acceptance and introduce new merchant-focused features, the benefits and opportunities that cryptocurrencies offer in the e-commerce industry are waiting to be exploited.
However, we discovered that cryptocurrency payments in eCommerce they are a trickle, not yet a flood. And for widespread adoption a number of challenges still need to be addressed.
To that purpose, Band AND Monetary base have collaborated to expand the global adoption of cryptocurrency and provide a faster and cheaper financial infrastructure. This collaboration aims to serve businesses and people around the world, Coinbase She said Thursday.
to know more: This week on Web3: Growing acceptance of cryptocurrencies and cross-border payments
Stripe said in April it would report cryptocurrency payments this summer after stopping them in 2018.
With this partnership, Stripe will add USDC on the basis at his cryptocurrency payments product, according to the post. This will allow Stripe platforms to make “faster and cheaper” money transfers in more than 150 countries.
Additionally, Stripe will add USDC on Base to its fiat to cryptocurrency ramp, allowing customers in the US to make faster fiat-to-crypto conversions. In a third key integration that is part of this collaboration, Coinbase will add Stripe’s fiat-to-crypto ramp to Coinbase Wallet. This integration will allow instant purchases of cryptocurrencies with credit cards and Apple Pay.
Meanwhile, the cryptocurrency exchange BitoGroup AND Banker of the International Bank of the Far East On Friday (June 21) they teamed up to launch a “crypto-friendly bank account.”
In another recently announced partnership in the digital assets space, Ripple AND Arcade said on June 13 that they had extended their existing collaboration to bring tokenized real-world assets (RWA) on the XRP Registry (XRPL).
This collaboration brings together Ripple’s enterprise blockchain and crypto solutions and Archax’s capabilities as a UK Financial Conduct Authority Digital exchange, broker and custodian regulated by the (FCA).
Regulatory Oversight and the Future of Cryptocurrencies
Mt. Gox is not the only cryptocurrency exchange engulfed in the scandal to have started repaying its creditors.
AS reported Cryptocurrency exchange goes bankrupt on Tuesday (June 25). FTX is prepared to ask permission to refund customers in cash. The bankrupt company will ask a judge to allow its customers to vote on a liquidation plan which would allow cash refunds, despite protests from some customers who feel defrauded. Since his bankruptcy filing In 2022, FTX’s new management managed to raise $16 billion to repay customers and said it plans to refund them in full.
Elsewhere on the regulatory front, the Financial Stability Board (FSB) is taking a closer look use of stablecoins in emerging markets. Reporting on stablecoin regulatory efforts, PYMNTS previously wrote that digital assets “stand at the center of the cryptocurrency industry goals for a return to form.”
This, while the cryptocurrency company A bra and its CEO and largest shareholder Bill Barhydt Have an agreement has been reached with 25 state regulators. The settlement follows states’ discovery that Abra and Barhydt were operating a mobile app to buy, sell, trade and invest in cryptocurrencies without receiving required state licenses, the Conference of State Bank Supervisors (CSBS) said Wednesday (June 26).
Various market movements
The cryptocurrency market is rarely boring and rarely stops.
Wednesday, Blockchain builder Algorand a tool for decentralization has debuted Authentication and communication called Liquid autoLiquidAuth is an open source solution for “authenticated peer-to-peer communication between wallets and apps/dApps”, designed to end “over-reliance” on the centralized wallet communication provider WalletConnect.
As reported on Friday (June 28), Six Flags has launched its own metaverse on the Roblox platform, while the financial institution HSBC Holdings Plc is also testing new solutions metaverse experiences with the aim of capturing a greater share of business among the wealthy Indian diaspora.
And major asset management firms in the US such as BlackRock, VanEck, Franklin Templeton, Grayscale Investments, Invesco Galaxy and 21Shares have taken a step towards launching Ether exchange-traded funds (ETFs) as talks with regulators enter in the final stage. Reuters reported The U.S. Securities and Exchange Commission (SEC) could approve spot Ether ETFs as early as July 4 on Wednesday.
See more in: Bitcoin, currency, Cryptocurrency payments, cryptocurrency, e-commerce, FTX, helium, Mount Gox, News, PIMNTI news, Ripple, shopify, Band, Web3