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Mt Gox Bitcoin and the Future of Cryptocurrencies
The 2014 Mt. Gox collapse 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 over 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 mainstream 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 urgent crypto and Web3 news, updates and announcements for our readers.
Making cryptocurrency more usable makes it 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 Half Billion Dollar Investment in Bitcoin: A 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 Solana Pay plugin updated for Shop To broaden the scope of accepted cryptocurrencies and introduce new merchant-centric features, the advantages and opportunities presented by cryptocurrencies in the e-commerce sector are waiting to be exploited.
However, we discovered that Crypto payments in eCommerce are a trickle, not yet a flood. And for widespread adoption there are still a number of challenges that need to be addressed.
To that purpose, Band AND Coinbase they collaborated to expand the Global cryptocurrency adoption 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 bring it back crypto payments this summer after stopping them in 2018.
With this partnership, Stripe will add USDC on the basis at his crypto 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 a Basis basis to theirs fiat-crypto access rampenabling customers in the United States 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 on-ramp to Coinbase WalletThis integration will allow for instant purchases of cryptocurrencies with credit cards and Apple Pay.
Meanwhile, cryptocurrency exchange Bito Group AND Banker of the Far East International Bank on Friday (June 21) teamed up to launch a “crypto-friendly bank account.”
In another recently announced partnership in the digital assets sector, 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 isn’t the only scandal-plagued cryptocurrency exchange that’s started paying off its creditors.
AS reported Cryptocurrency Exchange 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 declaration 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 goals of the cryptocurrency industry to get back in shape.”
This, while the cryptocurrency company A bra and its CEO and largest shareholder The Barhydt account 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 decentralized tool has debuted Authentication and communication called Liquid auth.LiquidAuth is an open source solution for “authenticated peer-to-peer communication between wallets and apps/dApps”, designed to end “over-dependence” on the centralized wallet communication provider WalletConnect.
As reported Friday (June 28), Six Flags has launched its own metaverse on the Roblox platform, while financial institution HSBC Holdings Plc is also testing new solutions metaverse experiences with the aim of capturing a larger share of business among the wealthy Indian diaspora.
And major U.S. asset management firms such as BlackRock, VanEck, Franklin Templeton, Grayscale Investments, Invesco Galaxy and 21Shares have moved a step closer to launching Ether Exchange Traded Funds (ETFs) as talks with regulators enter their final stages. Reuters reported The U.S. Securities and Exchange Commission (SEC) could approve spot Ether ETFs as early as July 4 on Wednesday.
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