The crypto market underwent a correction this week when Tesla CEO expressed environmental concerns
Tesla no longer accepts BTC
Earlier this week, electric car manufacturer Tesla announced that it no longer accepts Bitcoin as a means of payment for its vehicles. Tesla CEO Elon Musk said the move was the result of environmental concerns. He claimed that Bitcoin mining consumes a lot of energy, which affects the environment. Musk added that Tesla will look at other cryptocurrencies that use less energy than Bitcoin. This has led to far-reaching conversations about the cryptocurrency that could replace Bitcoin in Tesla’s payment option. Various experts discussed ETH, XRP and DOGE as possible alternatives. Dogecoin is a strong option, as Musk conducted a Twitter survey at Tesla a few days before the Bitcoin removal. Over 70% of the respondents were in favour of the electric vehicle manufacturer accepting the memecoin as a payment option.
MoneyGram enables users to withdraw cash from crypto holdings
MoneyGram, one of the largest financial service providers in the world, has teamed up with Coinme to offer people in the United States the opportunity to withdraw their crypto holdings in cash. Coinme users can use any of the thousands of MoneyGram branches in the United States to buy cryptocurrencies in cash or sell their cryptos and receive cash in return. MoneyGram will expand the service to other parts of the world in the coming months. The company said it wanted to be a pioneer in bridging the gap between cryptocurrencies and cash. The new service will make it easier for people to exchange both.
Huobi Ventures raises USD 100 million to invest in DeFi and M & amp; As
The Huobi Group has founded its newest subsidiary, Huobi Venture. The subsidiary will focus on expanding Huobi’s venture investment portfolio by supporting innovative blockchain projects through long-term investment strategies. According to the press release, Huobi Ventures will invest $ 100 million in early-stage blockchain and distributed Finance (DeFi) projects over the next few years. In addition, strategic acquisitions are to be carried out in order to diversify and expand the existing offering. A $ 10 million non-fungible token (NFT) platform will also be launched. Huobi is one of the leading cryptocurrency exchanges in the world. The launch of Huobi Ventures will provide the company with opportunities to further expand its presence in the world of digital assets in the coming years.
Binance under surveillance by US government officials
Binance, the world’s largest crypto exchange by trading volume, is reportedly being watched by officials from the US Department of Justice and the Internal Revenue Service. Sources familiar with the matter told Bloomberg that officials are investigating the activities of Binance and its users. This is part of efforts to curb illegal transactions and activities within the cryptocurrency space, as the report adds. Officials are concerned that cryptocurrencies are being used to conduct illegal transactions. These include theft, drug trafficking and misdemeanors. The IRS is concerned that Americans who have made profits trading cryptocurrencies on the platform are evading taxes. However, the sources said US government officials did not accuse Binance of any wrongdoing at the moment.
UBS could offer wealthy clients access to cryptocurrencies
Swiss banking giant UBS is currently exploring ways to offer customers access to cryptocurrencies. For the time being, the service will be limited to wealthy customers. UBS will only allow them to invest a small portion of their assets to protect them from the volatile nature of cryptocurrencies. A source told Bloomberg that UBS could offer the service through third-party investment instruments. However, it is unclear which partner UBS will choose for this project. UBS is now the latest case of an investment bank considering entering the crypto space. It follows in the footsteps of JPMorgan Chase, Julius Baer Group and Citigroup.
Diem enters into partnership with Silvergate and moves to the USA
The Facebook-backed Diem Association announced its partnership with Silvergate Bank earlier this week. Through the partnership, Silvergate will become the exclusive issuer of the Diem USD Stablecoin, while Diem will operate the Diem Payment Network (DPN). This is an approved blockchain-based payment system that enables the real-time transfer of stablecoins. In addition, Diem is moving its main operations from Switzerland to the United States. The blockchain association said it would no longer register with the Swiss financial Supervisory authority FINMA, but with the US Financial Crimes Enforcement Network (FinCEN).
Samsung equips Galaxy phones with crypto hardware wallet feature
Korean tech giant Samsung announced yesterday that it has added cryptocurrency hardware wallet features to its Galaxy smartphones. Thanks to this latest development, users of a Galaxy smartphone can access third-party hardware and manage their cryptocurrency portfolio through the Samsung Blockchain Wallet app. According to the company, managing cryptocurrencies through hardware wallets is better because it offers higher security compared to hot wallets and exchanges. In 2019, Samsung introduced the blockchain Keystore and a wallet. However, these were not available to Galaxy smartphone users. Now the feature is available on smartphones running Android 9.0 or later.
eBay will support NFTs
Popular e-commerce platform eBay revealed earlier this week that its customers can now buy non-fungible tokens (NFTs) on their platform. eBay is one of the most popular platforms for buying and selling collectibles. Adding NFTs is a logical step. The site starts with a small group of trusted sellers before expanding their NFT platform. EBAY’s latest development comes barely a week after the CEO told CNBC that the platform wants to enter the NFT space and is also considering accepting cryptocurrencies as payment options.