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Playboy Accepts Ethereum As NFT Payments And Ends Up Losing $5 Million

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Playboy, founded by the late Hugh Hefner, announced a staggering impairment loss of $ 5 million on its Ethereum holdings from last year. The company attributed the loss to the prolonged crypto winter that had a significant impact on the broader market, causing a decline in cryptocurrency prices.

During the pinnacle of the crypto market in October 2021, the company unveiled its “Rabbitar” NFT project. According to TradingView data, Ether, the native coin of Ethereum, has lost over 60% of its value since then.  Read more...

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Silvergate Halts Crypto Payments After Suffering $1 Billion Loss

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Silvergate Capital has pulled the plug on its Silvergate Exchange Network (SEN) after the bank specializing in digital assets voiced questions about its viability.

SEN, the bank’s platform for crypto payments, is one of its most popular services. Unlike regular bank wires, which might take days to clear, the service enabled investors and crypto exchanges to make transfers at any time.

Viability Doubts Impact Silvergate Exchange Network

In the face of mounting uncertainty, Silvergate clients have distanced themselves from the bank, encouraging customers to direct assets elsewhere while assuring them that their funds are secure.  Read more...

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Xapo Bank Becomes 1st Lender To Enable Near-Instant Bitcoin Payments

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Xapo Bank announced it has integrated the Lightning Network and formed a partnership with Lightspark. This collaboration will make the organization the first private bank to accept Lightning payments with a complete license.

According to a press release, Xapo Bank users can now pay instantly for minor purchases up to $ 100 at any vendor accepting Lightning payments, without incurring exorbitant transaction fees or lengthy blockchain confirmation wait times.

Xapo Bank Bridges The Gap Using Lightning Network

Xapo intends for the integration to bridge the gap between traditional finance and cryptocurrency. The platform currently offers a yearly interest rate of 4.1% on U.S. dollars in accounts with a deposit guarantee of $ 100,000, and will eventually offer up to 1% on Bitcoin.  Read more...

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Xapo Bank Becomes First Bank To Offer Bitcoin Lightning Payments

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Xapo is partnering with Lightspark to allow its customers to send bitcoin near-instantaneously to any vendor who accepts BTC over Lightning.

Gibraltar-licensed private bank Xapo Bank has partnered with Lightspark, the startup spearheaded by former Facebook crypto lead David Marcus, to integrate the Lightning Network and enable near-instant bitcoin payments for its customers. 

Xapo Bank members can now make small purchases of up to $ 100 USD at any vendor that accepts Lightning payments, without high transaction fees and long blockchain confirmation waiting times. This integration will make Xapo Bank the first fully licensed private bank to offer Lightning payments.  Read more...

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South African Retail Giant Pick-n-Pay Now Accepts Bitcoin Payments At All Locations

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Pick n Pay has partnered with CryptoQR in order to accept bitcoin at more than 2,000 stores.

Pick n Pay, a South African retailer, has launched acceptance of bitcoin for payments throughout all of their stores. Previously, a test pilot had rolled out to 39 stores in November 2022. Now, all stores under the Pick n Pay brand will allow customers to use CryptoQR to buy their groceries using bitcoin, according to an announcement by the payments platform on Twitter.

Customers will also be able to “buy airtime and electricity, plane and bus tickets, and pay your municipal bills with Bitcoin at the till!” according to the tweet.  Read more...

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Indian Retail Chain Enables CBDC Payments In Stores

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Digital currency is becoming popular as several countries have begun launching their own central bank digital currency (CBDC) while promoting its adoption. In today’s news, India’s largest retail chain, Reliance Retail, announced that it had added support for the CBDC digital rupee payments in its stores’ lines. 

According to the retail chain, it plans to further expand the support to its other businesses in the future. Reliance Retail is one of the first firms in India to accept the country’s CBDC as a payment method. Currently, the digital rupee is accepted in Reliance Retail gourmet store line, Freshpik.  Read more...

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Twitter Prepping For Payments, Could Include Bitcoin And Crypto: FT

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Elon Musk’s Twitter is preparing to add payments functionality that could potentially include cryptocurrency, inside sources told the Financial Times.

  • Twitter is prepping for payments, and bitcoin might be in the mix.
  • According to a Financial Times report, Elon is open to adding BTC and crypto to its Twitter payments vision.
  • While the “super app” vision would prioritize fiat, its future will likely include the alternative payment method.

Elon Musks’ Twitter has reportedly begun applying for regulatory licenses across the U.S. in apparent preparation to begin facilitating payments through the app.  Read more...

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Wyre Payments Becomes Latest To Limit Withdrawals Due To Crypto Winter

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Amidst the crypto winter casualties continuing, the California-based crypto payment channel Wyre disclosed limits on withdrawals for all users. The payment company joins others that previously restricted withdrawals or laid off their workforces to survive in a bear time.

Per an official statement, the company has restricted users from withdrawing entire funds they stored on the platform.  But the platform allows cashing out of 90% of a user’s funds, with daily transaction limits imposed too. The number of BTC and ETH that could now be withdrawn within 24H is fixed at 5 and 50. Similarly, the daily transaction limit for the US dollar stands at $ 1,500,000 and €1,400,000 in Euro.  Read more...

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Major Ukrainian Pharmacy Chain Enables Bitcoin Payments

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ANC Pharmacy is enabling bitcoin payments via Binance Pay at more than 1,000 locations across Ukraine.

One of the largest pharmacy chains in Ukraine, ANC Pharmacy, has partnered with Binance to enable bitcoin and cryptocurrency payments at all of their locations. With over 1,000 stores across the country, it is one of the largest implementations of bitcoin payments in Europe. 

Access to the contactless payments will initially only be available at locations in Kyiv, per an official statement. In order to use bitcoin to pay for orders starting on January 3, patrons will need to download the Binance application and then complete their purchase at the ANC website with Binance Pay, before picking up their order at the store.  Read more...

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CoinCorner Partners With Pouch To Bring Instant Remittance Payments To The Philippines Utilizing Bitcoin’s Lightning Network

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The Philippines’ remittance market now has a faster, cheaper option through the use of the Lightning Network.

Customers in the U.K. and Europe can now use CoinCorner’s Send Globally feature to transfer funds to the Philippines after partnering with Pouch, a Lightning service provider based in the Southeast Asian country.

Send Globally utilizes the Lightning Network to convert one fiat currency into bitcoin, which is then sent over the Lightning Network to a receiving entity which converts the bitcoin into another fiat currency, effectively making global payments instant.  Read more...

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SHIB, BONE, And LEASH Payments Now Available For Amazon And Netflix

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Most of the utilities of SHIB have manifested in the form of the meme coin being used as a form of payment. This was the case through the last year when even prominent merchants had begun to accept SHIB payments, in a bid to draw the large community to their products and services. This time around, another payment platform has added another layer to the wide array of things that the token can be used to purchase.

Amazon And Netflix Payments  Read more...

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McDonald Set To Accept Payments In Tether And Bitcoin In Lugana, Switzerland

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The American multinational fast food chain McDonald’s has started accepting payments in Bitcoin and Tether in Switzerland’s city of Lugana, populated by around 63,000 people. The announcement comes in a tweet by Bitcoin magazine on October 3. And it posted a video in which a customer ordered food using McDonald’s kiosk and paid for it using a digital wallet app on mobile. The credit card machine used to scan the QR code to proceed with payment was labeled with Bitcoin and Tether.  Read more...

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Bahrain Approves Bitcoin, Crypto Payments For Over 5,000 Merchants

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Bahrain’s central bank approved a partnership between EazyPay and Binance enabling 5,000 POS and online payment gateways to accept bitcoin and crypto.

  • The Kingdom of Bahrain approved EazyPay to enable Bitcoin payments for over 5,000 merchants in the MENA region.
  • EazyPay partnered with Binance enabling instant POS and online payments in bitcoin and crypto.
  • Bahrain recently began testing bitcoin payments through the central bank’s financial services testing platform.

The Central Bank of Bahrain (CBB) has approved EazyPay, an online payments platform, to launch Bitcoin and cryptocurrency payments in the region, per an announcement from the company’s CEO Nayef Alawi.  Read more...

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Iran Crypto Businesses Finally Get Permitted To Use Bitcoin Payments

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Iran has now finally given a green signal to the use of cryptocurrency for imports into the nation while international trade sanctions are underway.

This approval has come from Iran’s Industry, Mines and Trade Ministry.

Trade Minister Reza Fatemi Amin gave confirmation that these regulations which are quite detailed have been approved and were in sync with the use of cryptocurrencies for trade and supplying fuel and electricity to Bitcoin and crypto miners in the country.

The regulatory change was mentioned in the automotive industry exhibition which was just a week later when Iran had placed its first-ever import order for vehicles which were nearly amounting to $ 10 million, paid through cryptocurrency as a method of payment.  Read more...

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Iran Greenlights Bitcoin, Crypto Payments For Imports: Report

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Iran reportedly passed a law enabling the use of bitcoin as payment for imports and establishing a framework for the asset class, including mining regulations.

  • Iran has passed legislation establishing a legal framework for bitcoin and other cryptocurrencies.
  • Under the new law, cryptocurrency can be used as payment for imports to the country by government and local businesses.
  • The law also addresses fuel supply and electrical consumption for bitcoin mining.

Iran passed an act which enables the use of Bitcoin and cryptocurrency payments for imports through a comprehensive legal framework, per a report from local news outlet Tasnim.  Read more...

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Binance Partners With Virtuzone To Enable Digital Payments For Startups In UAE

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Virtuzone, the UAE’s leading firm providing corporate and business formation services, secured a strategic partnership with Binance to enable digital payments via Binance Pay, according to a PR published on August 29.

Interestingly, the partnership plans to support web 3 developments in Dubai and open the way for startup companies in the UAE to expand their reach globally via implementing cryptocurrency payments and blockchain solutions.

Related Reading: Xbox Head Shows More Interest In Metaverse Than Play-To-Earn Games

Virtuzone has joined the list of Majid Al Futtaim, while JA Resorts and Hotels have already partnered with Binance Pay. Still, it has become the first corporate service provider in the UAE to offer digital payment setups for business companies.  Read more...

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Crypto Payments Still Underrated, Says Vitalik Buterin

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The crypto industry has evolved exponentially, dating from the time of its creation till now. As a result, several advantages are attached to using these digital tokens as a payment means. Many people are more conversant with making payments using fiat currencies, such as USD. However, adding cryptocurrencies to the already established payment method will be a huge plus.

Some notable advantages of implementing cryptocurrencies as a payment means are better control of funds, simplicity, privacy, reduced fees, and security. However, people are still unable to see these advantages, thereby underrating these digital tokens for payments.

Vitalik Buterin’s Opinion  Read more...

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Here’s Why Vitalik Buterin Believes Crypto Payments Will Become Mainstream

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Crypto payments have become more popular, especially following the bull market run in 2021. There are now millions of merchants worldwide accepting cryptocurrency payments through direct and indirect integrations. Even big corporations have jumped on the bandwagon.

Nevertheless, crypto payments still remain in their very early stages. There are still a good number of places worldwide where users cannot pay for goods and services using cryptocurrencies. However, Ethereum founder Vitalik Buterin expects this to change soon.

Crypto Is Going Mainstream  Read more...

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