Visa Supports USDC Payments on Solana
Leading digitalย currencies experienced slight growth in value inย theย previous week, signaling a positive week for the industry. Notably, Visa announced its support for USDC payments on Solanaย (SOL) while the London Stock Exchange Group (LSEG) revealed its intendsย to utilize blockchain technology for a digital exchange selling tokenized traditional financial assets.
Visaโs head of cryptocurrency, Cuy Sheffield, shared details about the companyโs new cryptocurrency offerings and pilot programs with Worldpay and Nuvei. Inย addition, worldwide organizations such as the European Monetaryย Authority (ECB), the International Monetary Fund (IMF), and the Financial Stability Board (FSB) continued responding to the increasing adoption of crypto.
Metamask Enables Crypto-to-Fiat Withdrawals
Metamask, a software cryptocurrency wallet provider, made headlines with its notice that it now facilitates crypto-to-fiat withdrawals. Furthermore, Kevin Owocki, co- founder of open-source funding platform Gitcoin, announced his return to the company, emphasizing his role as a network catalyst in synthesizing information and shaping Gitcoinโs roadmap together.
Grayscale Gains Advantage in Bitcoinย (BTC) ETF Approval Battle
According to ETF expert James Seyffart, cryptocurrency asset manager Grayscale has gained an advantage over the Securities and Exchange Commission (SEC) in its pursuit of a Bitcoinย (BTC) spot ETF approval. A judge for the federal appeals court ordered a review of the SECโs denial of Grayscaleโs application, citing a lack of coherent explanation.
Other Key Developments
Circle, the company behind USDC, has plans for further adoption, while Ethereumย (ETH) inventor Vitalik Buterin co-authored a paper on โprivacy poolsโ that complies with worldwide regulations. Southeast Asiaโs super application Grab integrated digitalย currency, and reports suggest that Sam Bankman-Fried, founder of FTX, is facing challenges during his time in the Metropolitan Detention Centre.
Hot Take
The cryptocurrency industry experienced positive developments thisย comingย week, with major players like Visa and Grayscale making wholeย lotย of moves. The support for USDC payments on Solana (SOL) and theย capacity approval of a Bitcoinย (BTC) spot ETF showcase the growing acceptance of digitalย currencies in traditional finance. It is clear that cryptocurrency is becoming increasingly mainstream, with more organizations and individuals embracing itsย probability. Nonetheless, the industry still faces challenges, as seen in the legal battles and regulatory scrutiny. Overall, futureย ofย the cryptocurrency looks promising, but it will require continued innovation and collaboration to overcome obstacles and accomplish widespread adoption.
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