Axie Infinity will launch a decentralized exchange (DEX) service with trading functionality limited to crypto-assets within the Axie Infinity ecosystem
The blockchain gaming industry is booming, as the play-to-earn model is attracting a rapidly growing number of players
AXS is the best performing crypto asset of the year, up 250x since January 1, 2021
The massively popular blockchain gaming company, Axie Infinity has announced on Friday that it is launching a decentralized exchange (DEX). The new DEX service will provide exclusive trading functionality limited to digital currencies that exist in Axie’s ecosystem.
According to a growth lead at Axie Infinity, Jeff Zirlin, the company decided it is time to offer native trading options. “People want to acquire and use their tokens from the same place without having to use a bridge constantly,” Zirlin explained in a recent episode of The Scoop podcast.
Blockchain gaming is booming, AXS is leading the charge
Axie Infinity belongs to a growing list of blockchain games that employ play-to-earn (P2E) mechanics to incentivize gamers with rewards for simply playing the game. In Axie Infinity’s world, players level up and send their fantasy creatures, called Axies, to battle. Players are also able to trade Axies amongst each other, and build different types of fantasy creatures with unique traits.
Splinterlands (SPS) is another gaming project that has attracted a massive amount of attention in the last few months. Splinterlands managed to achieve an impressive feat earlier in the month, becoming the most used decentralized application (DApp) on the market according to DappRadar.
In the days following the announcement of a DEX product made on October 1, AXS more than doubled in price, going from $74 to an all-time high value of $154, before retracing to $145 at the time of this writing.
AXS rallied to a new ATH of $154 on October 4.
When looking at the most successful crypto projects of the year, Axie Infinity has managed to string together one of the most impressive 10-month periods in the history of the blockchain industry. AXS token is now up more than 25,000% YTD and shows no signs of slowing down.
Cryptocurrencies like bitcoin are steadily growing in popularity and are moving even closer to the mainstream of financial business and investing. More outlets and institutions are accepting and trading in digital currencies. The steadily rising value of different forms of cryptocurrency is encouraging more people, experts and beginners alike, to see them as a sound investment. However, to enter the thriving world of crypto investing, it’s not just a matter of choosing which currency to go for: you also need to choose a cryptocurrency wallet.
What is a cryptocurrency wallet?
A cryptocurrency wallet keeps your currency secure and is also how you interact with the blockchain to make transactions. While crypto wallets come in several different forms, you will need one either online or connected to the internet to send and receive cryptocurrency.
This best crypto wallet review is very helpful for an overview of the different kinds of cryptocurrency wallets and their pros and cons; this best crypto wallet review is very helpful. However, an important point to remember at the outset is that your currency is not stored in the wallet. What is in the wallet are the identifying codes you use to access your currency: your private and public keys.
So where is my money?
The defining characteristic of cryptocurrency is that it doesn’t exist in any physical form, and therefore can’t be “stored” anywhere. All you have is a balance showing how much of this theoretical digital currency you own. This information is recorded on a decentralized public ledger, the blockchain, which runs on multiple computers in different locations with different owners. Because it is public information stored in numerous places, it can’t be changed, falsified, corrupted, or lost.
Why do I need a wallet?
In a way, the term ‘wallet’ can be misleading, as a cryptocurrency wallet is more like a bank account. Everyone knows that their bank doesn’t have their personal savings in a separate safe with their name on it. Rather, your account is a way for you to send and receive funds and check your notional balance and a way to make sure that you are the only person with access to your funds. A crypto wallet works in the same way.
When your wallet is online, you can monitor your balance in real-time, and you can make transactions using your private and public key. If you want to send someone money, you request their public key: a string of randomly-generated code that acts as the address you are sending the money to. This public key must then match with their private key for them to receive it. If all goes well, your balance will go down, and theirs will go up by the corresponding amount.
Why do I need two keys?
You need both your private and public keys to access your cryptocurrency funds, and you keep your keys in your wallet. Your public key is shared whenever you want to make a transaction, but your private key should never be shared with anyone. Giving someone your private key is basically like opening your virtual cryptocurrency safe and telling them to help themselves. And unlike with regular currency, there’s no safety net if your crypto funds are stolen or misappropriated. You are 100% responsible for taking care of your own money.
How do I know my wallet is secure?
There’s never any guarantee of security with anything, but there are steps you can take to make sure that your keys, and therefore your money, are as well protected as possible. An online digital wallet is necessary to complete transactions and check your balance, but anything online can potentially be hacked. Keeping your keys in an offline wallet, for instance, a USB device, on your desktop PC, or a removable hard drive, protects them from hackers, but there is always the risk of the device becoming damaged, corrupted or simply lost.
Whether online or offline, protect your wallet with randomized passwords, changed regularly. Use two-factor authentication and pin codes, and consider multi-signature authorization, where two parties are needed to access the wallet. Choosing the cryptocurrency wallet that’s right for you depends on how you’re going to use it: for instance, whether you will be making frequent transactions or preserving your capital over a long period. But whichever choice you go for, security is paramount.
Ethereum developer, Virgil Griffith has pleaded guilty to the conspiracy charge and is currently awaiting sentencing that will take place in January 2022. Griffith was arrested after giving a presentation about blockchain technology at a North Korean conference in 2019.
Key takeaways:
Although the prosecution and Griffith’s legal defense were preparing for a trial, in an unexpected turn of events, Griffith has pleaded guilty to violating the International Emergency Economic Powers Act (IEEPA).
By entering a plea deal, the Ethereum developer is looking at 63 to 78 months in prison. The jury will carry out the sentencing procedure at the start of next year.
The exact details of what the Ethereum developer shared during the North Korean conference is not public knowledge. Some legal analysts familiar with the case, however, have pointed out that most of what Griffith shared during the conference is widely available and can’t be considered as insider information.
According to South China Morning Post, Griffith started providing cryptocurrency mining services to North Korean individuals in 2018 and, having done so, violated the US sanctions on the isolated Asian country.
While out on a bail, Griffith used his Coinbase funds in order to cover his legal expenses, which the prosecution deemed was a breach of the terms of his bail agreements. Griffith was reprimanded and jailed in Metropolitan Correctional Center, which is infamous for its harsh living conditions.
Griffith’s legal representative, Brian Klein, said that his client is “deeply remorseful” about the whole ordeal. Klein added that Griffith has “many wonderful qualities”, and that he should not be defined by this one mistake.
For years, Bitcoin has been forced to sit on the sidelines and watch as the trends go by the crypto industry, attracting multiple new users and developers to the sector of the blockchain that offers various services of development platforms. For many Bitcoin fans, this likely looked like one missed opportunity after another, as the way Bitcoin is — its very design and architecture — are preventing it from functioning as a development platform and offering the same features.
However, that might be about to change now, with the arrival of Sovryn — Bitcoin’s first and only native DeFi ecosystem that exists on Bitcoin and for Bitcoin.
What is Sovryn All About?
Simply put — Sovryn is a DeFi platform for Bitcoin. It is fully and truly decentralized financial protocol that exists within the Bitcoin ecosystem, and it offers users the ability to trade, lend and borrow funds, and more, with plans to introduce oracles, derivatives, NFTs, zero-interest loans, Bitcoin-backed stablecoins, and pretty much anything else that can be expected to be found in a DeFi ecosystem.
The project started working on the Sovryn DeFi protocol back in 2020, and at the time, it started with only 5 developers. By the time it launched — April 2021 — that number climbed to 60 individual contributors, and after a recent hackathon event, they attracted 1,400 developers who started submitting projects for the Sovryn ecosystem. So far, nearly 60 individual projects were submitted.
The company also managed to hit some rather impressive milestones. For example, it managed to raise $23 million from institutional investors, including Greenfield One, Monday Capital, Pomp, Collider Ventures, and others. It facilitated $568 million in transactions, and its TVL rose to $77 million in record time.
Benefits of Using the Sovryn Protocol
Sovryn is a protocol that aims to solve a number of problems that traders face even now, despite all the work that other projects have put in towards solving them. Those include things like high transaction fees, the need to give up personal information to use various projects, security issues, inefficient stablecoin liquidity, blockchain incompatibility across the entire DeFi ecosystem, and more.
Sovryn aims to solve these problems one by one. For example, it wishes to reduce gas fees to 1/100 of Ethereum’s fees. It already solved the problem of personal detail requirements by becoming 100% permissionless. A bug bounty event that brought so many new developers to it also helped increase security.
It also created xUSD pools for all stablecoins that will help solve the inefficient liquidity that they have to deal with. Another common issue that it solved is the blockchain’s incompatibility with the DeFi sector, which it solved by being EVM-compatible. As such, it can be used on all blockchain platforms, which opens an entire world of possibilities for the project.
Sovryn doesn’t plan to stop there, either. It will also create technical bridges for the transfer of assets on and off the Rootstock network, and even create a decentralized bridge that will connect Bitcoin to smart contracts. Its app is integrated with a fiat on-ramp, provided by Transak, where users can buy BTC with fiat directly.
It also aims to bring the Origins Launchpad — a launchpad for new and early-phase projects on Rootstock. Token allocations from these projects can be made available to Sovryn stakers, as well as the wider community.
In other words, there are many problems that the protocol has already figured out how to solve, as well as many unique upcoming solutions for the community to look forward to. But, in the end, this will be something that will finally allow Bitcoin to join the DeFi game, thus increasing its functionality and potential, giving it new use cases, expanding its purpose, and making it a capable competitor in the DeFi sector.
It is no news that the cryptocurrency industry has gained a lot of attention over the years, slowly taking transactions from the physical to a digital environment. People now even gamble with Bitcoin rather than real cash. Indeed, cryptocurrency has come a long way from its beginnings.
However, it is not spared from online vices such as hacks. The result of this is the disappearance of a large quantity of digital currency. The hackers are, of course, almost impossible to trace as they equally disappear into the vast world of the internet.
To avoid these occurrences, you need to understand crypto and how to protect your bitcoin from theft. Here, we shall take a good look at some ways you can avoid hacks and secure your bitcoin.
1. Use physical and online wallets
One of the best ways to protect your cryptocurrency is using a secure wallet. You can save your cryptocurrency on a digital wallet or an exchange. However, it should be stored in a digital wallet. Still, there are several wallets, and each has its advantages and security features. You should do extensive research on different kinds of wallets before settling for one.
There are two basic types of wallets; the hardware wallet and the online wallet. The hardware wallet, also known as a physical wallet, looks like a USB drive and acts as physical storage for coins. Each hardware wallet has a private key that allows only you to assess the tokens or coins that are stored.
The online wallet works just like the physical wallet without USB devices. Like the physical wallet, these wallets have private keys that cannot be recovered once lost. Therefore, it is important to note store these keys in a safe and private location.
Though both wallets can be kept secured, it is advisable to keep most of your cryptocurrency in a physical wallet. Only a small amount should be left in the online wallet. Similarly, have separate keys for both wallets.
2. Use strong passwords
Most times, we create passwords that we can easily remember. However, while doing this, have in mind that it must be something unique and strong. Never use the same password for different accounts, especially cryptocurrency wallets. If you have two wallets, create two strong passwords.
3. Avoid sharing your secret key
Your private key is what gives access to send or receive digital coins. Therefore, the key should be your secret. This means that you should avoid sharing it with anyone. The safest way to store your private key is cold storage. Cold storage means printing out your private key and removing all digital traces of it.
4. Enable Two-factor Authentication
Like every account you would want to secure, always enable two-factor authentication. This would add another layer of security, making it more difficult to hack. To enable this, go to the settings of your account. Once there, you can set up the 2FA through google authenticator or get codes texted to you.
5. Use a secure mobile device
Many people with a crypto wallet access it with a mobile app. What they do not know is that mobiles are more susceptible to hacks. Due to its frequent use, hackers are motivated to target investors through mobile phishing. This gives them access to personal information such as your login credentials.
Aside from mobile phishing, hackers can engineer attacks from anywhere in any form on a digital device. For example, some malicious mobile applications can monitor your screen activity.
To avoid these, ensure that your device is updated with the latest anti-virus applications that can protect your device. Strong anti-viruses improve your device security and prevent hackers from penetrating the firewall.
6. Install an antivirus software
As a bitcoin holder, you must secure your funds, and another way of securing your funds is to protect your device. It is essential to install anti-virus software on your computer system. This is because windows, just like android, are exposed to many virus programs and worms.
7. Use a secure internet connection
While making transactions, make sure you use only a secured internet connection. Also, avoid public wi-fi networks. Even while using your home network, use a VPN for better security. A VPN works by changing your IP address and location, which keeps all your activities safe from threat.
8. Do not click on unknown links
Cybercriminals often use deceptive links to set traps. They put effort into getting your attention with well-constructed words and luring you to clicking unknown links. These links often lead to websites that steal private data and harm your devices as well. So, avoid clicking on links that you are not familiar with.
9. Use Trustworthy platforms
Hackers use different ways to get access to cryptocurrency wallets. So, before using any platform, research their security features and understand how they secure their data. Before investing a single dollar, make sure you research extensively about cryptocurrency exchanges.
An exchange platform allows users to buy and sell digital currencies, but there are different options to pick. Use only platforms that have a trustworthy history, like the Bitcoin Power official website.
Conclusion
As a trader or an investor, you know how essential digital currencies are. With this, you should also know that it is very important to keep those currencies safe. The points buttressed above are some tips that can help you prevent crypto hacks and protect your bitcoin. Inculcate these secure methods to avoid being a victim.
Cryptocurrency trading and exchange platforms are transforming how financial transactions are processed. As the digital asset economy becomes more popular, cryptocurrency trading is becoming more widespread, with many exchanges worldwide to choose from. By choosing one of these platforms, you’ll be able to access a comprehensive range of cryptocurrency trading tools, including wallet services, market visualization software, historical price trends analysis tools, and so much more. Let’s take a closer look at the different exchanges and how each one works.
What is an exchange?
Cryptocurrency trading platforms are particular marketplaces that enable investors to buy and sell digital assets. The price of assets traded on these platforms is established by buying and selling, and these platforms facilitate direct market transactions between buyers and sellers. Although the same company may operate trading platforms as the cryptocurrency they support, there are some benefits to using separate platforms for multiple cryptocurrencies. For example, if an exchange supports various cryptocurrencies, you can invest in numerous blockchains simultaneously without paying for individual accounts within a single exchange. These different crypto exchanges offer users extra convenience for choosing their favorite asset of choice at the right time.
How do cryptocurrency exchanges work?
Cryptocurrency exchanges are marketplaces where traders can buy and sell cryptocurrencies for fiat currency.
These platforms allow users to buy and sell digital assets using their local currency.
Most exchanges require users to provide identification before they can purchase or sell digital assets.
Most platforms also let users create an account within the exchange. They can use fiat currency to trade on the forum, deposit cryptocurrency into their account, and withdraw funds from the exchange at their convenience.
How many types of cryptocurrency exchanges are there?
There are three main types of cryptocurrency exchanges: cryptocurrency-to-cryptocurrency, fiat-cryptocurrency, and cryptocurrency-to-fiat.
A fiat-cryptocurrency exchange:
A fiat-cryptocurrency exchange lets investors trade digital assets directly with the same company that owns the company that manages the given currency.
In this type of platform, buyers can buy or sell digital assets from a single platform without going through multiple steps to find a seller or buyer from a different exchange.
However, because fiat-cryptocurrency exchanges only accept digital currencies in exchange for a limited range of cryptocurrencies, they do not offer users as much flexibility as other trading platforms.
Not all cryptocurrencies can be purchased on fiat-cryptocurrency exchanges.
A cryptocurrency-to-cryptocurrency exchange:
Cryptocurrency-to-cryptocurrency exchanges allow users to purchase and sell digital assets for other cryptocurrencies instead of fiat currency.
This type of platform does not recognize the concept of a central administrator and allows users to control their accounts.
Users can fund their accounts using one or more cryptocurrencies and withdraw funds from the exchange using one or more cryptocurrencies.
Because cryptocurrency-to-cryptocurrency exchanges do not recognize centralized control, they offer the most excellent flexibility when trading digital assets across different platforms.
However, buying and selling on a fiat-cryptocurrency trading platform offers greater liquidity for trading cryptocurrency assets.
A cryptocurrency-to-fiat exchange:
This type of platform allows users to purchase or redeem cryptocurrencies using fiat currency.
The exchange rate, also called the base price, is set by the company managing the given cryptocurrency.
Due to the strict regulations surrounding this type of platform, it offers some of the highest levels of security available in any digital asset marketplace today.
What are the essential things to know before trading digital assets?
Exchanges provide prices that are estimated based on current market conditions. However, markets can change quickly, and because cryptocurrency is not always regulated, there is no guarantee that you will receive the price you expected if you trade digital currency. Therefore, please remember that a transaction is a trade where a buyer agrees to pay a seller a specific fee for a given asset or vice versa. The price is determined by an open market between two parties with different agendas where sellers compete for buyers and buyers compete for sellers. By understanding how these platforms work and their advantages and disadvantages, cryptocurrency traders can decide when to buy or sell currencies online.
What to consider when using cryptocurrency trading and exchange platforms?
While many cryptocurrency trading platforms offer similar essential functions, there are critical things to consider when choosing an exchange. Different platforms offer differing levels of security, and it is necessary to consider where your assets will be held before jumping into any cryptocurrency market.
Which cryptocurrencies are supported on the platform?
Cryptocurrency is a rather broad term, and there is no unified standard for digital currencies worldwide. Most importantly, not all cryptocurrencies are created equal.
Some digital assets are more stable than others, meaning they can generate more revenue when they are distributed correctly.
Some may also want to consider investing in such cryptocurrencies as Ripple (XRP) and Cardano (ADA).
What is the exchange’s platform like?
Cryptocurrency platforms vary widely in terms of design and functionality. Users generally need to register with their details before they can use cryptocurrency-to-cryptocurrency platforms. However, some platforms give users greater control over their transactions using protocols like atomic swaps and intelligent contracts. It’s essential to consider the functionality of a platform before using it to exchange digital assets.
How much does each transaction cost?
While most fiat-cryptocurrency platforms charge a small fee for transaction processing, cryptocurrency-to-cryptocurrency exchanges typically charge a small fee that is included in the transaction price. However, some providers may charge additional fees for faster transactions or more significant amounts of transactions. Exchanges typically charge higher fees than INX cryptocurrency trading platform does because they have additional infrastructure costs. However, cryptocurrency exchanges also provide users with more liquidity and flexibility when trading their currencies online.
How are transactions performed?
Trading platforms offer users the ability to trade their cryptocurrencies with programmed instructions, called an API.
API trading allows users to make transactions without keeping track of the cryptocurrency’s value or buy/sell it through an exchange.
However, API trading does not allow for cryptocurrency-to-fiat exchanges.
Some platforms allow users to transfer cryptocurrencies between their accounts using different fiat currencies using cross-chain transfers or atomic swaps.
Conclusion
The benefits of using cryptocurrency trading platforms are many. However, there are some things to keep in mind before jumping into any market. With all exchanges, it is essential to remember that this type of platform is not regulated. Therefore, you must thoroughly completely understand how the digital assets are transferred before engaging in any transaction. The users are also responsible for their assets when using this type of platform, and they must remain in control of their private keys at all times.
Ojamu – a marketing technology (MarTech) platform that leverages the power of blockchain, Ai, and NFTs to create and automate the most effective digital marketing campaigns for Brands – has announced the closing of its $1.7 million private sale.
The oversubscribed private sale saw participation from strategic partners such as Ascensive Assets, Master Ventures, Moonrock Capital, Morningstar Ventures, A195 Capital, Protocol Ventures, Genesis Block Ventures, Vendetta Capital, X21, Waterdrip Capital, Chain Capital, Rarestone Capital and others.
“We believe that as the Blockchain and crypto space becomes increasingly competitive and mature as an industry, so will the need for advanced marketing solutions. The Ojamu team is building a platform which is incredibly adept in its thinking and usage and we’re looking forward to supporting them in every regard,” remarked Oliver Blakey, Managing Partner at Ascensive Assets.
Ojamu’s Intelligent Platform and Neural Predictive Engine collect and analyze hundreds of millions of data points at a vastly superior speed and efficacy compared to manual data collection and analysis.
The Ojamu Ai is trained to connect with NFTs, making NFTs an access point for not only an industry vertical’s key data but also cross-correlating other previously unknown data points. It helps brands conduct competitive research, identify market gaps, and make marketing decisions that have a higher probability of success due to the data-driven approach.
Ojamu CEO Hal Bame said, “We’re extremely excited to have the support of such strong strategic partners, as we bring our vision for the Ojamu platform to reality. We believe both Blockchain/crypto Brands and more traditional business Brands, have an enormous need for automated digital marketing solutions based on Ai/Blockchain-driven technology – and Ojamu will fill that need.”
About Ojamu
Built to be interoperable across leading Blockchains such as Ethereum, Polygon, Polkadot, Solana and Avalanche, Ojamu is a Singapore-based MarTech platform that automates and optimizes digital marketing campaigns across any industry vertical; utilizing ‘real-time’ data, Ai and Blockchain technology.
Ojamu enables Brands to reach their digital marketing goals with data-driven predictions and recommendations across all digital channels, both in the Blockchain and ‘traditional’ business space.
Weakening US Dollar spurs investors’ interests in the cryptocurrency markets
Prominent analysts, who correctly predicted the end of month performance of BTC for two straight months believes we will see a $135K BTC by the end of 2021
Digital assets are up big over the last 24 hours, posting high single-digit gains
Bullish trading action that has taken place over the last couple of hours has led to the cryptocurrency market gaining almost $200 billion. Virtually all coins are exchanging hands in the green zone with most of them showing mid- to high-single-digit gains.
Bitcoin rallies above $47,000 following latest US labor data
Following a mostly sideways trading action over the past seven days, Bitcoin has successfully broken through the $45,000 barrier. The bullish momentum carried the price of the world’s largest crypto to almost $48,000, reaching its highest point since September 20, when the selloff of Chinese real estate giant Evergrande had plunged the price of cryptocurrencies across the board.
Bitcoin saw a sharp increase in value, growing by nearly 10% in the last 24 hours.
Some analysts are attributing the recent uptick to the inverse correlation between the strength of USD and Bitcoin. The strength of USD in comparison to six other fiat currencies, measured by the so-called U.S. Dollar Index (DXY), has reached its highest level since September 28, 2020. Following the latest labor data, however, which showed that the number of weekly jobless claims surpassed analysts’ predictions by roughly 10%, the DXY has made a small retraction. After the news broke, BTC rallied to a two-week high.
Prominent Dutch financial investor with 25-year worth of experience in financial markets, which goes by the name of PlanB on Twitter, believes BTC could reach as high as $135K by the end of the year. He correctly predicted the closing price of BTC in August as well as in September using a self-made stock-to-flow model.
As is often the case, when BTC gets going, other crypto-assets follow in its footsteps. At the moment of this writing, only 4 out of the top 100 largest projects by market cap are trading in the red zone.
The second-largest cryptocurrency, Ethereum has managed to gain almost 8% in the last 24 hours and is now trading firmly above the $3,000 mark. Binance Coin, Solana, Polkadot, and Uniswap are up roughly 10%, at the time of this writing.
The big gains of countless cryptocurrencies are reflected in the overall performance of the market. Over the course of the last 24 hours, the cumulative value of digital assets has grown by 7.3%, meaning that the market capitalization grew by $170 billion.
The crypto market reaches its highest point in the last seven days – $2.086 trillion.
It will be exciting to observe where we go from here. If PlanB’s predictions continue to be correct, we could witness an explosive end to the year, with Bitcoin doubling its previous all-time high, and the total market cap surpassing $4 trillion USD. As of right now, BTC is just $1,500 away from reaching the highest value in the last 20-week period.
Visa developed a novel concept that showcases interoperability functionality between different blockchains
The so-called Universal Payments Channel (UPC) will allow different CBDCs, stablecoins and other digital tokens to be exchanged among each other, despite the underlying blockchain
Some of the most prominent companies in the financial services industry are betting on the long-term success of crytpo
A growing number of countries are assessing the possibility of transferring the fundamental aspects of their monetary systems onto the distributed ledger technology, in the form of central bank digital currencies (CBDCs). Given that each nation is developing CBDCs using its proprietary solutions, exchanging different CBDCs could become a major problem in the future.
Visa is taking a preemptive approach and is already searching for a solution that would enable interoperability between various blockchains CBDCs are built on. The payment processing giant is not only looking to provide solutions for CBDCs, but also for all kinds of other digital tokens and stablecoins that exist on different blockchains.
Visa aims to build a “network of blockchain networks”
In a recently published whitepaper, Visa outlined a concept of an interoperability platform for digital currencies, which would enable “transfers of funds across different networks through payment channels.” The concept is called Universal Payments Channel (UPC). The whitepaper highlights the core problem and outlines the solution:
“As the number of DLT networks increases, each with varying design characteristics, the likelihood that transacting parties are on the same network decreases. Thus, it is crucial to facilitate payments that are universal across networks, scalable to massive loads, and highly available.”
Visa’s cryptocurrency department lead, Cuy Sheffield told The Block in an interview that Visa is looking far ahead into the future and is envisioning the possibility of the company becoming a bridge between cryptocurrencies developed on various blockchains.
UPC is designed to utilize Ethereum’s smart contract functionality to facilitate payments among different crypto networks. Visa hopes UPC becomes a “network of blockchain networks” and makes the problem of transferring funds between different chains a thing of the past. Going forward, Visa is looking to facilitate the smart contact functionality of other crypto platforms to expand the UPC’s utility.
The financial industry is deepening its ties to crypto
Visa is far from being the only company in the financial services space that is eyeing the possibility of increased involvement within the blockchain sector. An international financial corporation, Mastercard has recently announced the acquisition of CipherTrace, a crypto analytics firm that specializes in tracing transactions made on the public ledger. Earlier in the year, Mastercard also announced that it will start supporting digital assets directly on its network, showing the company’s long-term commitment to the growing industry.
PayPal decided to implement cryptocurrency functionality into its repertoire of existing products and services in October of last year. Since then, the payments giant has been expanding its digital currency offerings, by integrating cryptocurrencies into its PayPal wallet, and by adding crypto functionality to its Venmo platform.
Over the course of the year, several investment banks have started offering crypto services to their customers via a variety of different investment products. For instance, JPMorgan started providing access to Grayscale’s Bitcoin and Ethereum funds in July. Shortly thereafter, Wells Fargo began offering exposure to crypto assets to qualified investors.
