Crypto News: A Hectic October In Crypto Space
Despite the general depression trends, the cryptocurrency space continues to grow. In October, the cryptocurrency market capitalization increased by approximately 4.99%, which caused some excitement in the industry. Here are the most interesting of the latest cryptocurrency news.
Latest and latest cryptocurrency news
BNY Mellon offers crypto services
Earlier in October, the world's largest asset custodian announced the addition of Bitcoin (BTC) and Ether (ETH) to its custodian offering. BNY established a division in 2021 to develop digital asset technology solutions using Fireblocks and Chainalysis companies. According to Robin Vince, CEO of BNY Mellon, customer demand for crypto was a big reason for launching the crypto protection offering.
The 238-year-old bank received approval from New York's Financial Supervisory Authority earlier this fall, becoming the first of eight major US banks to store digital currencies in the system as a whole. It is also one of the leading banks to enable its customers to use its escrow platform for crypto and traditional holdings.
Google partners with Coinbase.
Google will start accepting crypto payments for cloud services early next year. The company announced at the Cloud Next conference that the company will integrate with the Coinbase cryptocurrency exchange to accept cryptocurrency payments. The cryptocurrency payment package is compatible with Coinbase Commerce, which accepts the most popular cryptocurrencies: Bitcoin, Ethereum, Dogecoin, Shiba Inu, Litecoin and a few others including the USDC stablecoin.
Crypto payments will initially be released to some customers in the Web3 industry. Google uses Coinbase's trustee service, Coinbase Prime. Coinbase, which derives most of its revenue from retail transactions, will shift data-related applications from market leader Amazon to Google.
McDonald's payments and cryptocurrencies
Fast food chain McDonald's has started accepting Bitcoin payments. The global fast food chain is one of the first to participate in crypto testing in Lugano, an Italian-speaking region of Switzerland.
Bitcoin Magazine tweeted a short video of a woman ordering food at a McDonald's digital kiosk as she pays for her order at a regular register. In the video, a logo can be seen next to a Bitcoin symbol on a credit ATM. This is not surprising because in March 2022 the city of Lugano announced that it will accept Bitcoin, Tether and LVGA as fiat currency.
Elon Musk buys Twitter
Elon Musk is currently trying to complete the purchase of Twitter for $54.20 per share. The popular retailer made this offer in April with a discount of around eight percent, but unfortunately it didn't happen. After a series of protracted negotiations and court cases, the $44 billion deal will finally close this week.
However, the question of raising the necessary capital remains. Elon Musk already has $12.5 billion in debt financing, but needs another $32 billion to close the deal. He is looking for foreign investors to help pay for it. Musk's sale comes as the electric car company considers its first stake buyback, which could cost between $5 billion and $10 billion.
Dogecoin's price spiked by 20% when Musk changed the original account on his Twitter profile to a tweet to signal that the purchase would finally be made. DOGE price also increased after Musk posted a video of himself at Twitter headquarters.
Twitter has reportedly launched a cryptocurrency wallet
Musk's bid to buy Twitter wasn't the only Twitter-related news to make headlines in October. According to a report first released by front-end software developer Jane Manchun Wong, a new Web3-based crypto wallet is in the works for the social media company. The news comes at a difficult time for the company.
There is no confirmation or mention from the social media company on this matter. As Wong pointed out, the wallet is expected to support deposits and withdrawals, but initial support for the token is unclear along with many other details.
Kardashian settles accounts with SEC
In early October, Kim Kardashian agreed to pay more than $1 million to settle SEC charges that she failed to disclose payments she received for promoting cryptocurrencies on Instagram.
According to the SEC, Kardashian agreed to pay $1.26 million to cover costs associated with promoting the crypto asset EthereumMax. The regulator also agreed to cooperate with the ongoing investigation and not promote crypto assets for three years. In a statement released by Kardashian's attorney, she said she was glad the case had been resolved. The celebrities have neither admitted nor denied these allegations. Attorney Duncan Levine said the settlement helped Kardashian avoid a more intrusive process that would have involved filing and collecting documents.
EU bans payments from Russian Crypto accounts
In a statement on October 6, EU regulators banned all Russian crypto-currency wallets, accounts and protection services. The move is part of a new round of sanctions against Russia over the protracted conflict in Ukraine.
The new sanctions include a complete ban on cross-border crypto payments between Russians and the EU. This statement "includes a ban on any crypto asset protection wallet, account or service, regardless of wallet size." Previously imposed sanctions limited cryptocurrency payments from Russian wallets to the EU to 10,000 euros (about $9,900).
The ban comes shortly after Russian authorities approved cross-border crypto payments. The Bank of Russia and the country's Ministry of Finance have reportedly reached an agreement to allow cross-border payments in cryptocurrency.
Rio de Janeiro allows citizens to pay their taxes in cryptocurrency
The Globe reported on October 11 that the Brazilian city of Rio de Janeiro will allow its crypto-owning residents to use their coins to pay their property tax bills starting next year. According to the newspaper, the Brazilian city council published in the municipal newspaper that Rio "will hire special companies to make the residents of Rio pay a property tax called IPTU (tax)." estate and municipal buildings).
The city government's agreements with crypto businesses will allow the community to accept 100% fiat crypto payments at "no additional cost" to the city council. The project is the brainchild of Mayor Eduardo Paes, a staunchly pro-crypto government official who indicated earlier this year that he was looking at ways to allow crypto to be held in Rio de Janeiro.
Tenge is accepted by Binance
The Binance team is waiting for the National Bank of Kazakhstan to develop options for using DigitalTing. Binance CEO Changpeng Zhao announced that the BNB chain will play a role in the digital currency of the Central Bank of the Republic of Kazakhstan (CBDC). The Central Asian country is on track to get a digital currency from its central bank from May 2021.
On Twitter, Zhao wrote that the Binance team has worked tirelessly to embrace global cryptocurrencies. The advisers met with Perek Chulpenkolov, first deputy governor of the National Bank of Kazakhstan (NKB), and Bennur Zalinov, director of the Payments and Technology Center, in recent weeks. Although more details are not yet known, CBDC seems to be based on a multi-chain architecture. In fact, in December 2021, NKB announced that a CBC will be tested on the Korda platform for R3.
MAS introduces measures to reduce the risks of cryptocurrency trading
October 26, the Monetary Authority of Singapore (MAS) proposed regulatory measures to reduce the risk of harm to consumers from the cryptocurrency business and to support the development of stablecoins. These measures will form part of the Payment Services Act. Losses follow Singaporean hedge fund Three Arrows Capital (3AC).
The Central Bank of Singapore has published two consultation documents on proposals to regulate the operation of digital payment token service providers and stablecoin issuers under the Payment Services Act. Both advisory documents aim to reduce consumer risk associated with cryptocurrency transactions and improve transaction parameters related to stablecoins.
MasterCard has launched cryptocurrency transactions for banks
Mastercard, one of the world's largest payment companies, continues its efforts to encourage cryptocurrency adoption by developing a new tool for banks to exchange cryptocurrencies such as Bitcoin. On October 17, Mastercard officially announced a new program that allows financial institutions to offer cryptocurrency trading capabilities and services to their customers.
The program, called Crypto Source, allows users to buy, hold and sell cryptocurrencies, as well as MasterCard's CryptoSecure solution for added security and compliance. The device was developed in collaboration with current MasterCard partner Paxos Trust and is expected to be operational in the last quarter of 2022. Paxos is known for providing similar services to global payment giant PayPal, which launched its first cryptocurrency in late 2020.
StealthEX launched its own crypto app
October was a productive month for SteathEX.io. The platform recently released a new app for buying crypto on Android phones. It is currently available for pre-registration and you can log in to download later. If you want to know more about StealthEX encryption app, read our press release.
Follow us on Medium, Twitter, Telegram, YouTube and Reddit to stay up to date with the latest news on StealthEX.io and the rest of the crypto world.
Remember to do your own research before buying cryptocurrencies. The views and opinions expressed in this article are solely those of the author.
Tags crypto news crypto world elon musk stealthEX news twitterCryptocurrency News: Infected in the Crypto Space was originally published on StealthEX.