Jack Dorsey this week challenged venture capitalists for pushing a ‘false’ idea of a decentralized Web3
Here’s a recap of that story and others you might have missed ahead of the holiday season.
Block CEO Jack Dorsey intervenes in Bitcoin vs. Dollar debate
Former Twitter CEO and current Block (formerly Square) Jack Dorsey has had his say on the Bitcoin v Dollar topic. Responding to a Tuesday tweet from US rapper Cardi B asking if Bitcoin will replace the dollar, the Bitcoin enthusiast was affirmative in his response. His response sent waves through the crypto communities, receiving pledges from both divisions.
His position was anything but a surprise, as Dorsey has often professed his passion for Bitcoin. He previously noticed that Bitcoin is the most important thing he needs to work on in his life. Last month, the Twitter co-founder stepped down as CEO of the social media giant and will now focus on his digital payments and financial services company, Block.
Following the tweet, market changes gave Bitcoin a slight bump. The world’s largest crypto coin has seen a downtrend amid concerns over the impact of the Omicron variant in recent weeks. This week it also became clear that Dorsey is not a fan of Web3, or rather VC control of the technology.
Tuesday, the Bitcoin bull tweeted saying that Web3 was nothing less than a centralized entity. The argument with the VCs and the whole idea of Web3 continued with Elon Musk asking if anyone had seen Web3. Dorsey responded, “it’s somewhere between a and z,” which may imply that it is controlled by the venture capital firm a16z.
Visa Completes Acquisition of Global Payment Solutions Company Currencycloud
Monday, Visa confirmed that it had finalized the acquisition of the cross-border payment solutions company Currencycloud. The deal was sealed in July for £ 700million, which Visa said at the time was part of its ‘network of networks’ strategy. The announcement also confirmed that Currencycloud will retain its headquarters in London.
Currencycloud, which facilitates currency solutions for banks and fintech companies, and Visa can now provide better control, flexibility and transparency to partners and customers. Through this effort, Visa also intends to improve the user experience for customers and reduce the difficulties associated with completing a B2B cross-border money transfer.
The agreement is part of a strategic partnership agreement from 2019 between the two companies as part of an agreement committing to cooperate. The plan was to improve innovation in cross-border payments and to offer Visa customers innovative, digital travel payment solutions that would help improve visibility and control over their money when traveling in various regions.
Currencycloud uses application programming interfaces (APIs) to provide currency exchange services to financial service providers. It also provides virtual account management, instant notification for currency transactions, in addition to multi-currency management. The enterprise-class payment platform serves approximately 500 customers across technology and banking industries across 180 countries.
Crypto Regulation Proposal Passes Paraguayan Senate
Last Thursday a bill to regulate crypto mining and trading was first introduced in mid-July by the lower house by MP Carlitos Rejala has received a majority of 29 votes against 8 votes against in the Paraguayan Senate. MP Rejala won the support of Senator Fernando Silva Facetti, who championed the bill in the upper house.
The main point of advocacy for the proposed bill has been the abundant amount of energy generated by the Latin American country. Paraguay produces a large amount of hydroelectric power, about five times the amount it actually uses, with most of the excess being wasted.
Regulating the crypto industry and allowing international miners to set up mining farms near power plants would monetize excess energy that would otherwise go unused. The proposal aims to create straightforward regulations for the crypto industry. If implemented, it would validate crypto mining as a legal sector and recognize virtual asset mining as “a digital and innovative industry.”
Entities interested in setting up mining operations, authorization for industrial use of electricity should be obtained before applying for a license. It’s a big win for crypto backers, but the journey is not over yet. The bill will be debated and voted on by the Chamber of Deputies (lower house) next year, after which the president can sign it.
Crypto.com buys Super Bowl 2022 commercial
Crypto.com is not slowing down as it seeks to join the best mainstream brands in the United States over the next three to five years. Wednesday, The Wall Street Journal reported that as the last major financial move of the year, the Singapore-based crypto exchange had bought advertising space in the biggest sporting event on American television – the Super Bowl.
The exchange will air a 30-second commercial at the popular sporting event, for which it is said to have paid $ 6.5 million. The Super Bowl is set for February 2022 and is a sports game known to enjoy a huge number of viewers. This year’s version garnered 96.4 million viewers, or roughly one-third of the US population. The ad could prove to be profitable, as indicated by the good advertising figures.
Crypto.com has been on a roll this year, entering into several mainstream partnerships. In addition, this week, Tuesday, the exchange announced a four-year agreement with Angel City Football Club to become the official NFT and crypto partner of the team. The deal saw Crypto.com become a founding sponsor and partner of the new team, an opportunity he plans to use to raise awareness of crypto, blockchain, and Web3. Not too long ago, the exchange struck a 20-year, $ 700 million deal for naming rights for the previously named Staples Center Stadium.
Former US President Donald Trump only wants the dollar, not the crypto
Former United States President Donald Trump spoke to TBEN News host Maria Bartiromo on his Mornings With Maria TV show on Monday. The former head of state warned of the danger of cryptocurrencies, while taking a softer stance on the NFT project planned by Melania Trump.
In the interview released on Tuesday, the former president expressed his preference for the dollar, saying he was never really a fan of crypto. Trump told Bartiromo that crypto is a very dangerous thing that could one day see a bigger burst than the dot-com crash at the turn of the century.
He referred to earlier combative comments he had made regarding digital assets, such as when he remark the crypto appeared to be a scam and needed strict regulation in June. Trump, however, felt that former first lady Melania would do very well with his plans to start an NFT project.
Melanie announcement his NFT business Thursday last week with said NFTs available for 1 Solana, valued at around $ 180 right now. NFTs would be published at regular intervals, with a portion of the proceeds going to charity. National Committee for Responsive Philanthropy Chairman Aaron Dorfman said the lack of clarity on how much would be donated to charity is “a huge red flag. “