Kategorie: Crypto News

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dtcpay to phase out BTC, ETH support amid services shift

  • dtcpay has announced that it will be shifting its payments services to stablecoins only effective 2025.
  • The Singapore-based platform will phase out Bitcoin and Ethereum by end of the year.

Singapore-based payment institution dtcpay has made a major announcement effective 2025, Fintech News has reported.

The licensed payment platform has announced breaking ties with digital assets Bitcoin and Ethereum as payment modes. It intends to support only stablecoins and fiat currency payment modes.

The move majors more on stability of stablecoins and fiat currency rather than the volatility nature of crypto. Business operators and consumers are also assured of a more secure payment mode and in line with the country’s regulations.

dtcpay eyes stablecoins in services pivot

In its announcement, dtcpay mentioned that there will be a paradigm shift come January 2025. Announcing its cancellation for accepting BTC and ETH, it intends to accept stablecoins USDT, USDC, Worldwide USD (WUSD) and First Digital USD (FDUSD) among others.

dtcpay’s decision comes amid an increased trajectory that has seen the regulated digital payments provider’s users lean towards stablecoins. The growth is what the company is looking to tap into, with digital payments seen as the new frontier in revolution that’s crypto.

Stablecoins make a huge chunk of this, with a Chainalysis report for Q2, 2024 indicating that the asset-backed tokens accounted for an estimated $1 billion in payments.

dtcpay’s strategic move is a strong indicator of the need for a stable and most reliable way of digital payment. Owing to its long-serving trend and trust, the platform boost of consumer confidence.

The platform’s good record in innovation, progressive growth in the digital world and different accolades has seen it become a darling to businesses.

In October 2024, the payment platform, and the only Asia -based company was picked for the Mastercard Starter Path programme. It also became the first to launch a regulated POS in Singapore enabling business owners to accept crypto payments.

The post dtcpay to phase out BTC, ETH support amid services shift appeared first on CoinJournal.

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XRP hits new high above 2.80 amid fresh bounce

  • XRP price reached $2.82, its latest high as bulls dominate.
  • The cryptocurrency surged amid reports that Donald Trump could name his SEC Chair pick in coming hours.
  • XRP traded at an all-time high of $3.40 in January 2018 and struggled amid SEC lawsuit filed in Dec. 2020.

XRP, the cryptocurrency that has seen the most gains among the top 10 coins in the past few weeks, has spiked to a new high above $2.80.

The cryptocurrency of the Ripple ecosystem soared another 20% on Tuesday to lead the largest crypto assets by market cap as its price crossed $2.82 for its highest level since 2018. With this surge, XRP bulls are now eyeing the $3 level, a landmark level that could open up another vertical run past the all-time high of $3.40 reached on January 7, 2018.

XRP Chart. Source: TradingView

Why is XRP soaring today?

XRP has soared 110% in the past week and 457% in the past month – gains that go back to Trump’s win on November 5, 2024.

As most coins edged higher, led by Bitcoin’s rally to near $100k, XRP accelerated past $1 and then $2. This came as the community reacted to news that SEC Chair Gary Gensler will step down on January 20, 2025.

Ripple’s legal woes, which had the SEC suing the company in December 2020, helped constrain XRP’s price. However, with Ripple winning an epic court battle that ended with XRP declared not a security, bulls have looked to make up for lost time.

The latest uptick in prices comes amid news that president-elect Donald Trump could name Gensler’s replacement as SEC Chair “soon as tomorrow.”

Fox Business journalist Eleanor Terrett shared the news on X early Dec. 3.

XRP has also benefited immensely from the recent spate of positive ETF related news. On Monday, asset manager WisdomTree joined several firms that have filed for XRP spot ETFs with the SEC. WisdomTree’s S-1 filing joins applications by Bitwise, 21Shares and Canary Capital.

The firms seek the listing and trading of exchange-traded funds that track the daily price of XRP. A change at the SEC has the community highly bullish on the potential approval for the products.

Analysts looking at these factors and the overall market outlook are extremely bullish on XRP. Many see the XRP price spiking past the ATH reached almost 7 years ago as it cements its position as the third-largest cryptocurrency behind Ethereum and Bitcoin.

The post XRP hits new high above 2.80 amid fresh bounce appeared first on CoinJournal.

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Cambodia crackdown locks out 16 crypto exchanges

  • Cambodia has intensified its digital assets regulatory measures.
  • It has placed a ban on 16 popular cryptocurrency exchange platforms.

Cambodia has reportedly blocked websites of 16 crypto exchanges amid regulatory efforts to combat potential crypto related crime.  Among those blocked are Binance and Coinbase.

Binance is the world’s largest cryptocurrency exchange by trading volume and global user count, while Coinbase is the largest US-based crypto exchange.

Cambodia’s crackdown on unregistered exchanges

In a move to regulate the crypto space, the Cambodian government requires the exchanges to obtain a legal licence from the country’s Security and Exchange Regulator and the said exchanges failed to do so.

The Cambodian Telecommunication Regulator cited that the 102 sites banned were linked to online gambling. Shockingly, Binance which had signed a partnership with the Cambodian authorities in 2022, is among those whose sites are inaccessible following the TRC ban.

However, despite this ban, most of the banned exchanges’ mobile apps remain functional.

The National Bank of Cambodia banned the use of cryptocurrency in 2017 though citizens continued to gamble and do online exchanges of the said digital assets. The recent ban, as Nikkei Asia reported, is because the exchanges lack the licenses as required by TRC.

Despite the unfolding development, exchanges and other platforms play a huge role in the development of the country’s growing digital assets economy

Binance presence in Cambodia

In 2022, Binance signed an agreement with SERC to support Cambodia’s digital assets. The exchange went further to cement its presence in the country with a partnership with the conglomerate Royal Group.

Binance is among multiple exchanges that also faced a similar scenario to that reported in Cambodia earlier this year.

In January 2024, Indian authorities banned several platforms for failing to register.

This came a few days after India’s Financial Intelligence Unit pushed for the removal of exchange apps of several crypto exchanges from the Apple App Store and Google Play Store. It wasn’t until August 2024 that Binance officially reentered the Indian market, paying a $2 million penalty in the process.

The post Cambodia crackdown locks out 16 crypto exchanges appeared first on CoinJournal.

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Michael Saylor urges Microsoft to adopt Bitcoin, says it represents digital capital

  • Michael Saylor said Bitcoin represents the “greatest digital transformation of the 21st century”
  • Saylor believes it “makes sense” for Microsoft to buy and hold Bitcoin rather than buy stock back or hold bonds
  • Over the past five years, Saylor said that Microsoft has surrendered hundreds of billions of dollars of capital

Michael Saylor has told Microsoft that Bitcoin is the best asset a company should own, claiming it represents the “greatest digital transformation of the 21st century.”

Taking to X, Saylor, CEO of MicroStrategy, posted a three-minute video tagging Satya Nadella, Microsoft’s chair and CEO, and its board of directors. In the video, Saylor said:

“Microsoft can’t afford to miss the next technology wave, and Bitcoin is the next wave. Bitcoin represents the greatest digital transformation of the 21st century; it represents digital capital.”

Talking about long-term capital, Saylor noted that risk – including general taxes, politics, recession, regulation, war, and the weather – is destroying over $10 trillion in capital each year.

Because of this, investors are turning their attention to digital capital, such as Bitcoin, to avoid these risks. In Saylor’s view, “it makes sense” for Microsoft to buy and hold Bitcoin rather than buy back stock or hold bonds.

“If you’re going to outperform, you’re going to need Bitcoin,” Saylor said. “You’ve surrendered hundreds of billions of dollars of capital over the past five years, and you’ve just amplified the risks that your own shareholders face. If you want to escape that vicious cycle, you’re going to need an asset without counterparty risk.”

In Saylor’s opinion, that lies with Bitcoin.

MicroStrategy is fully behind Bitcoin

Since August 2020, MicroStrategy has been buying Bitcoin. Since then, the company now holds 402,100 Bitcoin, valued at more than $38.4 billion, according to MSTR-Tracker.

Earlier this month, MicroStrategy purchased an extra 51,780 Bitcoin, valued at $4.6 billion. In a post on X yesterday, Saylor posted that the company had bought an extra 15,400 Bitcoin at $95,976 per Bitcoin.

The post Michael Saylor urges Microsoft to adopt Bitcoin, says it represents digital capital appeared first on CoinJournal.

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Coinbase partners with Apple Pay for fiat-to-crypto purchases

  • Coinbase has added Apple Pay for fiat-to-crypto purchases via its Coinbase Onramp.
  • The integration brings a tool for building onramps into users’ existing products.

Coinbase has announced the integration of Apple Pay for its fiat-to-crypto on-ramping.

The Apple Pay partnership will see users benefit from easy fiat-to-crypto purchases via the crypto exchange’s Coinbase Onramp, a tool that allows users to build onramps into their existing products.

Get on-chain easily with Coinbase Onramp

With onboarding to crypto largely complex for many platforms and users, made even more unwelcoming with the back and forth of KYC, Coinbase says its tool removes all these.

“Coinbase Onramp takes the hassle out of fiat-to-crypto conversions with lightweight KYC for eligible purchases, free USDC on and off-ramping, and access to the most popular payment methods. With Apple Pay, getting onchain only takes seconds,” the exchange wrote in a blog post.

Adding Apple Pay as a payment method means users will enjoy faster onboarding. The end-to-end experience will only take seconds for users to convert their fiat to crypto. Coinbase Onramp also means businesses can access more than 60 million Apple Pay users in the US.

The integration also means free on and off-ramping with USDC.

In April this year, Coinbase announced support for Apple Pay for its users in the UK, adding the capacity to buy Bitcoin, Ethereum and other digital assets with the payment option.

The post Coinbase partners with Apple Pay for fiat-to-crypto purchases appeared first on CoinJournal.