Visa Supports USDC Payments on Solana
Leading digital currencies experienced slight growth in value in the previous week, signaling a positive week for the industry. Notably, Visa announced its support for USDC payments on Solana (SOL) while the London Stock Exchange Group (LSEG) revealed its intends to utilize blockchain technology for a digital exchange selling tokenized traditional financial assets.
Visa’s head of cryptocurrency, Cuy Sheffield, shared details about the company’s new cryptocurrency offerings and pilot programs with Worldpay and Nuvei. In addition, worldwide organizations such as the European Monetary 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 Gitcoin’s roadmap together.
Grayscale Gains Advantage in Bitcoin (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 Bitcoin (BTC) spot ETF approval. A judge for the federal appeals court ordered a review of the SEC’s denial of Grayscale’s application, citing a lack of coherent explanation.
Other Key Developments
Circle, the company behind USDC, has plans for further adoption, while Ethereum (ETH) inventor Vitalik Buterin co-authored a paper on “privacy pools” that complies with worldwide regulations. Southeast Asia’s super application Grab integrated digital currency, and reports suggest that Sam Bankman-Fried, founder of FTX, is facing challenges during his time in the Metropolitan Detention Centre.
The cryptocurrency industry experienced positive developments this coming week, with major players like Visa and Grayscale making whole lot of moves. The support for USDC payments on Solana (SOL) and the capacity approval of a Bitcoin (BTC) spot ETF showcase the growing acceptance of digital currencies in traditional finance. It is clear that cryptocurrency is becoming increasingly mainstream, with more organizations and individuals embracing its probability. Nonetheless, the industry still faces challenges, as seen in the legal battles and regulatory scrutiny. Overall, future of the cryptocurrency looks promising, but it will require continued innovation and collaboration to overcome obstacles and accomplish widespread adoption.
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