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This Week in Web3: Wells Notices, Crypto Payments and Usability
- Collpased crypto exchange FTX will repay its customers in full with interest, having pulled together assets worth between $14.5bn and $16.3bn enough to pay back 98% of its creditors.
- Crypto payments look to unlock scalability and real-world usability; Jack Dorsey, Block head and Square head, emphasised during his company’s earnings results call on Thursday that bitcoin would be that common protocol for the internet’s native currency.
- Coinbase CEO, Brian Armstrong, speaking to investors, said crypto payments were becoming a key opportunity area, driving utility in crypto through building a better payments experience on crypto rails.
- Swiss National Bank is conducting a pilot project using wholesale central bank digital currency (CBDC), allowing it to settle and tokenise bond issuances and secondary-market transactions.
- Vodafone is reportedly planning to integrate cryptocurrency wallets and blockchain-based payment solutions directly into mobile phone SIM cards.
- Crypto firms are subject to regulatory struggles, Bakkt is cutting staff after warning of the future of the company earlier this year; cryptocurrency startups are reportedly engaging in aggressive fundraising.
- Revolut has launched a stand-alone cryptocurrency exchange for professional crypto traders, named Revolut X; while crypto.com seeks to increase its sports sponsorships to reach a wider audience.
- Robinhood’s cryptocurrency business could become the latest target of regulatory action, with the trading platform receiving a Wells Notice from the SEC indicating enforcement action against the company.
- Nigeria is reportedly stepping up its cryptocurrency crackdown with a proposed ban on peer-to-peer (P2P) trading, the move being the latest effort by the West African country to place tighter controls on the crypto sector.
- Cryptocurrency firms bemoan the 2% tax levied by credit-card firms on every transaction in the economy, an issue they hope to tackle through innovation that streamlines the ease of use for crypto payments for both merchants and customers.
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