Monat: Oktober 2024

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Alchemy Pay integrates Samsung Pay into its virtual card service

  • Alchemy Pay integrates its virtual card service with Samsung Pay for seamless crypto use.
  • Users can now make purchases at retailers like Amazon and Netflix using crypto.
  • The integration simplifies setup and expands Alchemy Pay’s supported payment platforms.

Alchemy Pay has announced the integration of its virtual card service with Samsung Pay. This development allows users to seamlessly spend their crypto holdings through Samsung’s contactless payment platform.

The new feature is set to enhance convenience for the growing number of users eager to utilize digital currencies in everyday transactions, following a similar integration with Google Pay just weeks earlier.

Alchemy Pay expands its crypto payment options

Alchemy Pay’s integration with Samsung Pay aims to bolster the utility of its virtual card service, which already boasts over 500,000 users.

The integration is part of a broader strategy to tap into the increasing demand for cryptocurrency payment solutions among mainstream consumers. With this integration, Alchemy Pay users can now make purchases both online and in-store at a variety of supported retailers, including popular platforms like Amazon, Netflix, eBay, and the Apple Store.

Alchemy Pay, a Singapore-based crypto payment provider founded in 2017, has seen substantial growth, with more than one million registered users on its platform. This latest partnership allows users to easily link their Alchemy Pay virtual cards to Samsung Pay, enabling them to make transactions using their crypto assets.

This development aligns with a growing trend of integrating crypto payment solutions into established digital wallet services, providing users with additional flexibility and options for spending.

The announcement also highlighted Alchemy Pay’s ambition to expand its services further. A spokesperson indicated that they expect to see increased demand for their products through the integration with Samsung Pay, particularly from indirect users who may engage with the service through partnerships and collaborations.

This strategy emphasizes Alchemy Pay’s commitment to enhancing accessibility to cryptocurrency payments, bridging the gap between traditional finance and digital currencies.

Alchemy Pay virtual card on Samsung Pay

Getting started with the Alchemy Pay virtual card on Samsung Pay requires users must first verify their card’s compatibility on the Alchemy Pay website. Once confirmed, they can add the card to the Samsung Pay app and start making crypto transactions almost immediately.

This streamlined setup process is designed to make it easier for users to adopt cryptocurrency payments without facing technical hurdles.

Looking ahead, Alchemy Pay plans to continue expanding its supported payment platforms, aiming for full integration with major card networks such as Visa, Mastercard, and American Express. By doing so, Alchemy Pay hopes to further solidify its position as a leader in the crypto payment sector, providing users with robust, flexible payment solutions that align with the evolving landscape of digital finance.

This integration with Samsung Pay is a pivotal step in making cryptocurrency more accessible to a wider audience, catering to the growing appetite for innovative payment options in today’s digital economy.

The post Alchemy Pay integrates Samsung Pay into its virtual card service appeared first on CoinJournal.

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Crypto.com sues the US SEC after Wells notice

  • com has sued the SEC for overreaching its regulatory authority over crypto.
  • The lawsuit challenges SEC rules categorizing most crypto transactions as securities.
  • com seeks clarity on crypto derivatives through a petition with the CFTC.

Crypto.com has today filed a lawsuit against the US Securities and Exchange Commission (SEC) in response to a Wells notice received from the agency.

According to a communication from the exchange, the lawsuit aims to challenge what Crypto.com describes as the SEC’s overreach and misguided regulatory actions that threaten the future of the crypto sector in the United States.

The complaint asserts that the SEC has improperly expanded its jurisdiction, claiming that virtually all cryptocurrency transactions qualify as securities, except for those involving Bitcoin (BTC) and Ethereum (ETH).

This claim is based on the assertion that the SEC has established an unlawful rule without the necessary notice and comment period mandated by the Administrative Procedure Act.

According to Crypto.com, this arbitrary enforcement contradicts the fundamental principles of fair regulatory practices, particularly given that the characteristics and sales methods of various crypto assets are often indistinguishable from those of BTC and ETH.

Crypto.com emphasizes that it has always prioritized compliance and security, operating as a registered money services business with the Financial Crimes Enforcement Network (FinCEN) and holding over 40 state money transmitter licenses. The company views this lawsuit as a necessary step to halt the SEC’s actions, which they argue exceed its legal authority and violate federal law.

In addition to the lawsuit, Crypto.com’s subsidiary, Crypto.com | Derivatives North America, has filed a petition with the Commodity Futures Trading Commission (CFTC) and SEC. This petition seeks a joint interpretation confirming that certain cryptocurrency derivative products fall solely under the CFTC’s jurisdiction, further demonstrating Crypto.com’s commitment to clarifying regulatory frameworks for the industry.

As Crypto.com navigates this unprecedented legal challenge, the company remains steadfast in its operations, asserting that its commitment to regulatory compliance will ultimately benefit its customers and the broader crypto ecosystem.

This lawsuit not only underscores the growing tension between cryptocurrency businesses and regulatory agencies but also highlights the urgent need for clearer regulations in the rapidly evolving digital economy.

The post Crypto.com sues the US SEC after Wells notice appeared first on CoinJournal.

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Bison launches insured Ethereum staking service

  • Bison announced its insured Ethereum staking product in partnership with Munich Re and Staking Facilities.
  • Users can stake as low as 0.005 ETH and earn weekly rewards.

Bison, a crypto trading and exchange-traded funds platform by the Böerse Stuttgart Group, has unveiled a new staking service offering insured staking with Ethereum.

According to an update on Oct. 8, the product is part of a partnership between Bison and Germany-based companies Munich Re and Staking Facilities.  Munich Re is a global reinsurance company while Staking Facilities is a Web3 infrastructure provider that offers non-custodial staking.

Staking from 0.005 ETH

Bison offers 27 tradable assets on its platform, including Bitcoin (BTC), Ethereum (ETH) and Cardano (ADA). The platform also provides access to more than 2,500 stocks and exchange-traded products.

With the new feature, Bison users will be able to stake Ether from as low as 0.005 ETH, allowing more holders to support the network and earn staking rewards.

More than this, Bison now supports insured ETH staking, with a gradual roll-out that includes slashing protection and weekly payouts. In terms of slashing, the insurance means stakers have protection against validator losses that arise from improper actions.

Bison also benefits from compliant services, with all staked assets under custody by the Böerse Stuttgart Digital Custody. The regulated platform has a license from the Federal Financial Supervisory Authority, or BaFin.

Earlier this month, Boerse Stuttgart successfully completed a pilot on tokenized securities settlement involving major banks as part of the European Central Bank’s DLT tests.

In September, the company’s crypto subsidiary Börse Stuttgart Digital announced a partnership with DZ Bank to bring crypto trading and custody to its users.

The post Bison launches insured Ethereum staking service appeared first on CoinJournal.

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Phantom Wallet adds support for Coinbase’s Base network

  • Phantom Wallet adds beta support for Coinbase’s Base layer-2 network.
  • Phantom users can now send, receive, and purchase Base-based assets via multiple methods.
  • Base network faces security risks, but Phantom strengthens user protection features.

Phantom, the cryptocurrency wallet initially built for the Solana ecosystem, has expanded its capabilities by launching beta support for Coinbase’s Base network, an Ethereum-based layer-2 solution.

This new feature allows Phantom Wallet users to manage their digital assets across multiple blockchains seamlessly according to a blog post published by Phantom. With functionalities like sending, receiving, and purchasing stablecoins and cryptocurrencies using various payment methods, Phantom aims to enhance user experience and broaden its ecosystem.

Enhanced features for asset management on Phantom

With the introduction of Base support, Phantom users can now interact with a range of features tailored to facilitate efficient asset management.

The wallet will now allow users to send and receive Base-based stablecoins, such as USD Coin (USDC), and cryptocurrencies like Ethereum (ETH). Users can purchase these assets easily using debit and credit cards, Apple Pay, or directly through Coinbase, making it more accessible for newcomers and seasoned crypto enthusiasts alike.

However, it is important to note that this support is currently in beta and requires users to opt in via their wallet settings.

In addition to managing assets, Phantom has integrated functionalities that enable users to engage with decentralized finance (DeFi) applications and non-fungible tokens (NFTs) within the Base ecosystem.

The wallet emphasizes security with features such as compatibility with Ledger devices, automatic spam detection for malicious NFTs and tokens, and transaction simulation to flag suspicious activities, thereby addressing growing security concerns in the crypto space.

A growing ecosystem amid security challenges

Phantom’s expansion comes at a time when the crypto landscape is increasingly susceptible to security threats.

Recent data from Trugard Labs revealed that Coinbase’s Base network accounted for over 34,000 high-risk detections in its smart contracts during August. The network has experienced vulnerabilities, particularly concerning digital signature issues and malicious boolean checks on token transfers.

These challenges highlight the pressing need for robust security measures as malicious actors exploit vulnerabilities in smart contracts.

Nevertheless, despite these risks, the partnership between Phantom and Base signals a positive direction for both entities.

Jesse Pollak, creator of Base and recently appointed to lead the Coinbase Wallet as the engineering vice president at Coinbase, emphasizes the shared vision between Base and Coinbase to simplify the on-chain experience for users. He expressed enthusiasm for the new role and the mission to bring a billion people and a million builders onto the blockchain.

As the crypto space continues to evolve, Phantom’s integration with Base represents a significant step toward expanding its user base while also addressing the pressing need for security and accessibility in the decentralized ecosystem.

With the growing popularity of layer-2 solutions like Base, the future looks promising for Phantom and its users as they navigate the complex landscape of cryptocurrencies.

The post Phantom Wallet adds support for Coinbase’s Base network appeared first on CoinJournal.