Circle plans to become a full-reserve national digital currency bank

Goldman Sachs-backed digital payment company Circle has officially disclosed plans to become a full-reserve national digital currency bank in the United States. Announcing the news on Monday, Circle co-founder and CEO Jeremy Allaire noted that Circle is willing to operate under the supervision and risk management requirements of the Federal Reserve, the U.S. Treasury, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation. “We believe that full-reserve banking, built on digital currency technology, can lead to not just a radically more efficient, but also a…

Blockchain-based digital art installation to launch on Vancouver bridge

Canadian public art exhibition organization Vancouver Biennale is preparing to unveil an art installation that combines physical and digital realities withblockchain technology. Located on the south side of the Cambie Street Bridge in Vancouver, the new Voxel Bridge installation is a blockchain-based augmented reality (AR) experience that can be viewed with iOS or Android devices. According to local enthusiasts, the installation is getting ready for the public launch this Tuesday and will run until spring 2023. The art object is a 1,800 square meter installation by New York-based artist Jessica…

What form of digital assets will be the future of payments?

We’re living in a time where digital assets are moving towards mainstream adoption. From retail customers to traditional banks and financial service providers, digital assets are on the rise. Many of these assets promised to disrupt financial markets and large incumbents, and while they have received widespread attention, they haven’t quite achieved their potential. That said, large institutions are taking notice — 86% of the world’s central banks are exploring digital currencies, according to a report by the Bank for International Settlements. They recognize that despite being in a golden…

Digital asset platform Zipmex partners with Visa in Asia Pacific

Asia-Pacific crypto-fiat trading platform Zipmex has forged a strategic partnership with Visa in a bid to improve the convenience of its payment programs and products. The platform’s payment network ZipSend, designed to enable users to spend their crypto, will be integrated into Visa’s worldwide network of 70 million merchants. Following the partnership, Zipmex aims to release a Visa-branded payment card later this year. Zipmex, which has compliant operations in Thailand, Indonesia, Singapore and Australia, currently has a user base of over 200,000 and has reported over $1 billion in gross…

Miami unveils its own digital coin

On June 2, 2021, Miami Mayor Francis Suarez tweeted that “MiamiCoin” will be the first “CityCoin” ever to be launched, representing Miami’s very own cryptocurrency. Fast forward about two months later and the anticipation surrounding the release of MiamiCoin has been on the rise.  Initially, it may appear as if the Magic City’s digital currency will function just like other cryptocurrencies that can be bought, sold and traded to profit both investors and the city of Miami. Yet, “MiamiCoin” is quite unique from other digital currencies. A developer platform for…

Fidelity purchases 7.4% stake in Marathon Digital Holdings for $20M

Multinational financial services firm, Fidelity Investments, has announced the purchase of a 7.4% stake of major North American mining company, Marathon Digital Holdings. Marathon currently operates 19,000 miners, with a further 100,000 machines slated for deployment over the next 12 months. With $4.9 trillion in assets under management Fidelity is one of the world’s largest financial service companies and has serviced more than 35 million clients worldwide. The deal was finalized for $20 million on July 22, with the shares set to be spread across four index-based funds — Fidelity…

Voyager Digital acquires crypto payments company Coinify

Crypto-asset trading firm Voyager Digital has arranged to purchase payments company Coinify in a deal worth $85 million in cash and stock. In a Monday announcement, Voyager said it would issue 5.1 million shares of its stock — worth roughly $70 million at the time of publication — as well as provide $15 million in cash to Coinify investors. The company said it would retain $5.5 million in cash from Coinify’s balance sheet. The acquisition of Coinify is aimed at helping Voyager expand its capabilities, potentially giving crypto users around the…

Ukraine central bank now officially allowed to issue digital currency

The Ukrainian government is moving forward with its central bank digital currency (CBDC) plans, as the National Bank of Ukraine (NBU) is now officially authorized to issue a digital currency. Ukrainian President Volodymyr Zelenskyy has signed the law titled “On Payment Services,” officially enabling the country’s central bank to issue a CBDC, the digital hryvnia, according to a Thursday announcement. The new law authorizes the NBU to set up regulatory sandboxes for testing payment services and instruments based on emerging technologies. The new legislation also requires close collaboration between the…

FinCEN’s new digital currency advisor says crypto’s ‘just another means of payment’

Michele Korver, the first-ever chief digital currency advisor for the Financial Crimes Enforcement Network’s (FinCEN), believes crypto assets are just another way of transferring value. Speaking to Law360 on July 29, the newly appointed Korver said cryptocurrency was “just another means of payment or value transfer that’s developed over time, just like any financial technology.” Korver offered a cool assessment of the digital asset sector, describing it as a natural evolution. “Financial technologies evolve over time and the innovation of money payments and value transfer will continue,” she said. “The…

IMF intends to ‘ramp up’ digital currency monitoring

The International Monetary Fund, or IMF, plans to “step up” its monitoring of digital currencies, according to a report by Reuters. This intent, as published in an IMF paper Thursday, details how the fund plans to “manage this far-reaching and complex transition” toward a digitized economy. “Rapid technological innovation is ushering in a new era of public and private digital money,” the report reads, highlighting the benefits of digital assets. “Payments will become easier, faster, cheaper, and more accessible, and will cross borders swiftly. These improvements could foster efficiency and inclusion, with major…