Crypto News: A Hectic October In Crypto Space
Despite the general downtrend, the cryptocurrency space continues to evolve. In October, the cryptocurrency market cap grew by about 4.99%, creating some excitement in the space. Here are the most interesting excerpts from the latest cryptocurrency news.
Latest important news about cryptocurrency
BNY Mellon offers crypto services
In early October, the world's largest custodian of assets announced the addition of Bitcoin (BTC) and Ether (ETH) to its custody offering. In 2021, BNY launched Fireblocks and Chainalysis, a digital asset technology solutions company. According to BNY Mellon CEO Robin Vince, customer demand for cryptocurrencies was a major factor in launching the crypto custody offering.
Earlier this fall, the 238-year-old bank received approval from the New York City Financial Services Authority, becoming the first of eight important system-wide US banks to hold digital currency. It is one of the leading banks that has enabled its customers to use a single storage platform for both cryptocurrency and traditional collectibles.
Google cooperates with Coinbase
Google will start accepting cryptocurrency payments for cloud services early next year. At its Cloud Next conference, the company announced that the company will receive cryptocurrency payments through the integration with crypto exchange Coinbase. The cryptocurrency payment suite is powered by Coinbase Commerce, which accepts the most popular digital currencies: Bitcoin, Ethereum, Dogecoin, Shiba Inu, Litecoin, USDC Stablecoin and others.
Initially, cryptocurrency payments will be available to some customers in the Web3 industry. Google will use Coinbase's trustee service, Coinbase Prime. Coinbase, which derives most of its revenue from retail transactions, will later transfer data-related apps from market leader Amazon to Google.
McDonald's Payments and Cryptocurrency
Fast food chain McDonald's has started accepting payments in bitcoin. The global fast food chain was one of the first to experiment with crypto in Lugano, in Italian-speaking Switzerland.
Bitcoin Magazine posted a short video on Twitter of a digital McDonald's kiosk ordering food, with a woman paying for her order on a physical register. In the video, you can see the logo next to the bitcoin symbol on the credit device. This is not surprising as the city of Lugano announced in March 2022 that it would accept Bitcoin, Tether and LVGA tokens as fiat currency.
Elon Musk bought Twitter
Elon Musk is currently seeking to complete the purchase of Twitter at $54.20 per share. The famous businessman made this offer in April and even got a discount of about eight percent, but unfortunately it did not happen. After lengthy negotiations and a series of lawsuits, the $44 billion deal will finally be closed this week.
However, the issue of raising the necessary capital remains. Elon Musk already has $12.5 billion in debt financing, but he needs another $32 billion to close the deal. It is looking for outside investors for financing. Musk's sale comes as the electric car company considers buying back its first stock, which could be worth $5 billion to $10 billion.
When Musk changed his Twitter profile tag to Chief Tweet indicating that the purchase would be final, the price of Dogecoin increased by 20%. DOGE's prices also soared to that level after Musk posted a video of him entering Twitter headquarters.
Twitter was rumored to launch a crypto wallet
Musk's protracted bid to buy Twitter isn't the only Twitter-related news that makes headlines in October. According to reports published by well-known software developer Jane Manchun Wong, a new Web3-based crypto wallet is being developed for a social media company. The rumors come at a turbulent time for the company.
There is no official confirmation or mention on social media in this regard. As Wang pointed out, the wallet is expected to support deposits and withdrawals, but the initial support for the token is unclear, as are many other details.
Kardashian agrees with the Securities and Exchange Commission
In early October, Kim Kardashian agreed to pay more than $1 million to settle SEC fees for failing to disclose payments she received for crypto promotions on Instagram.
According to the SEC, Kardashian has agreed to pay $1.26 million to settle fees related to promoting EthereumMax crypto assets. The authority added that it would cooperate with the ongoing investigation and agreed not to promote cryptocurrency securities for a period of three years. Kardashian's lawyer said in a statement that she would be happy to settle the matter. The celebrity did not admit the allegations, but he did not deny them either. According to attorney Duncan Levine, the settlement helped Kardashian avoid a more intrusive process that would have involved gathering testimony and documents.
The European Union bans payments from Russian crypto accounts
In a statement issued on October 6, European Union regulators banned all Russian crypto-asset wallets, accounts and storage services. The move is part of another package of sanctions against Russia over the protracted conflict in Ukraine.
The new ban includes a complete ban on cross-border crypto payments between Russia and the European Union. The statement “restricts any wallet, account, or crypto-asset storage service, regardless of wallet size.” Previous sanctions limited crypto payments from Russia to EU wallets at 10,000 euros (about $9,900).
The ban only came into effect after Russian officials approved cross-border cryptocurrency payments. It has been reported that the Bank of Russia and the country's Ministry of Finance have just reached an agreement allowing cross-border payments in cryptocurrency.
Rio de Janeiro allows citizens to pay taxes using cryptocurrency
The Globe reported on October 11 that the Brazilian city of Rio de Janeiro will allow residents of its crypto-holding company to use its coins to pay property tax bills starting next year. According to the newspaper, the Brazilian mayor’s office published a decree in its city newspaper stating that Rio de Janeiro will “contract private companies to convert crypto assets into fiat money” to force residents of Rio to pay property taxes. Which is called Iptu (Iptu). capable planning and property taxes).
The city government said its deals with crypto companies will allow the municipality to “get 100% value” of crypto payments “at no additional cost” to the mayor’s office. The project is the brainchild of Mayor Eduardo Paez, a staunch pro-crypto government official who indicated earlier this year that he was exploring ways to get Rio to start hoarding cryptocurrency in its vault.
Tenge is accepted by Binance
The Binance team is waiting for the National Bank of Kazakhstan to prepare an alternative to using digital tenge. Binance CEO Changpeng Zhao has announced that the BNB network will play a role in the digital currency of the Central Bank of the Republic of Kazakhstan (CBDC). The Central Asian country is entering the CBDC competition from May 2021.
Zhao tweeted that the Binance team is tireless in promoting the adoption of the cryptocurrency around the world. In recent weeks, the advisers met with the first vice-president of the National Bank of Kazakhstan (NKB), Perik Chulbankulov, and the director of the Technology and Payments Center, Penur Zalinov. Although the details are not yet known, it is likely that the CBDC will be based on a multi-chain architecture. In fact, in December 2021, the NKB announced that CBDC R3 would be tested on the Corda platform.
MAS proposes measures to reduce the risks of cryptocurrency trading
On October 26, the Monetary Authority of Singapore (MAS) proposed regulatory measures to reduce the risk of consumer harm from cryptocurrency trading and support the development of stablecoins. These actions will become part of the Payment Services Act that came after the bankruptcy of Singapore-based Crypto Crypto hedge fund, Three Arrows Capital (3AC).
The Central Bank of Singapore has issued two advisory documents with proposals to regulate the operations of digital payment token service providers and stablecoin issuers under the Payment Services Act. Both advisory documents aim to reduce consumer risks associated with cryptocurrency trading and improve the quality of transactions associated with stablecoins.
MasterCard launches cryptocurrency trading for banks
Mastercard, one of the largest international payment companies, continues its efforts to promote cryptocurrency by developing a new tool that allows banks to trade cryptocurrencies such as Bitcoin. On October 17, MasterCard officially announced a new program that will allow financial institutions to offer cryptocurrency trading opportunities and services to their clients.
The software is called CryptoSource and is designed to allow users to buy, hold and sell cryptocurrency, as well as MasterCard's CryptoSecure solution for added security and compliance. The tool was developed in partnership with Paxos Trust Company, the current partner of MasterCard, and is said to be launched in the fourth quarter of 2022. Paxos is known for providing services similar to global payments giant PayPal, which launched its first crypto service in late 2020.
StealthEX launched its own encryption app
October was also a busy month for SteathEX.io. The platform has just launched its new crypto app that allows you to buy cryptocurrency on Android mobile devices with just a few clicks. It's currently available for pre-registration and you can sign up to download it later. If you want to know more about the StealthEX encryption app, read our press release.
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