Kategorie: Crypto News

• Crypto exchange Crypto.com is giving away an Aston Martin F1 merchandise package to celebrate its partnership with the team.
• 10 participants stand to win a merchandise pack ahead of Mexico GP.

Crypto.com has announced an Aston Martin F1 giveaway as it celebrates its partnership with the Formula One team. The merch pack is available via a campaign period between October 25 and October 29, the crypto exchange noted in a blog post.

“We’re buzzing with anticipation about the upcoming Formula 1 Gran Premio de la Ciudad de México 2023, and are celebrating the event — and the Aston Martin Aramco Cognizant Formula One team’s efforts in the constructor championship — with a giveaway!”

The Mexico Grand Prix is near, and we’re celebrating with a #giveaway.

🏆Enter to win a #CryptoCom x @AstonMartinF1 merch pack

How to participate👇

🏁 Guess what positions @alo_oficial and @lance_stroll will finish at the #MexicoGP
🔵 Like and RT
✅ Follow @cryptocom pic.twitter.com/Pn4hM3OWDs

— Crypto.com (@cryptocom) October 25, 2023

According to the exchange, ten lucky people stand a chance to win a co-branded merchandise package. To win, one has to correctly predict the performance of Lance Stroll and Fernando Alonso at the Mexico Grand Prix. 

Participation is optional and is accessible on X (formerly Twitter), with interested users not asked to make any purchases. Crypto.com says it will randomly select winners, and inform them directly via X on 31 October.

Cronos (CRO) and Aston Martin Cognizant Fan Token (AM)

A look at the Crypto.com market shows the native token Cronos (CRO) traded around $0.059 on Thursday morning, about 3.5% up in the past 24 hours and 16% higher in the past week. 

Meanwhile, the price of Aston Martin Cognizant Fan Token was $0.58, with a 24-hour price gain of -0.5% and 7-day change of +5%.

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• Deutsche Bank and Standard Chartered test Universal Digital Payments Network (UDPN) for digital currency transactions.
• UDPN connects blockchain networks, facilitating seamless transactions between stablecoins and CBDCs.
• UDPN, with 25 participating organizations, aims to enhance digital currency transactions.

Global banks Deutsche Bank and Standard Chartered are pioneering a groundbreaking solution that could revolutionize cross-border transactions in the realm of digital currencies.

These financial giants are currently engaged in testing a network known as the Universal Digital Payments Network (UDPN), which has the potential to be a game-changer in the world of blockchain-based transactions.

How the UDPN works

UDPN, conceived as a permissioned blockchain system, is a brainchild of tech consultancy GFT Group and Red Date Technology, co-founder of the Chinese Blockchain-Based Service Network (BSN). The system is designed to facilitate seamless transactions between a wide spectrum of digital assets, ranging from stablecoins on public blockchains to central bank digital currencies (CBDCs).

In a cross-border currency transfer scenario, the sending institution converts the value into a token, which is then transferred into a smart contract managed by UDPN. This smart contract, in turn, releases the intended target currency without the need for a centralized messaging system like SWIFT.

Crucially, the Universal Digital Payments Network does not merely operate in isolation. It serves as an interoperability bridge between disparate blockchain networks, offering an essential link that is often missing in the blockchain and digital currency ecosystem. Additionally, it applies established decentralized digital identity standards (DIDs) to participants, ensuring that transactions take place within a secure and regulated environment.

Organizations participating in the UDPN pilot

Deutsche Bank and Standard Chartered are not alone in this endeavor.

The UDPN currently boasts around 25 participating organizations, including banks from the United States, Australia, Latin America, and Europe. These entities are actively involved in conducting roughly ten proof-of-concept tests concurrently.

This initiative marks another significant stride in the financial industry’s efforts to streamline and standardize the management of blockchain-based transactions in private settings. By focusing on interoperability and decentralized identity standards, UDPN may provide a compelling solution for digital currencies to communicate effectively and securely, ultimately paving the way for more efficient cross-border transactions.

The post Deutsche Bank and Standard Chartered pilot SWIFT alternative for digital currencies appeared first on CoinJournal.

• Circle, BitoGroup, and Taiwan FamilyMart join forces to launch a ‘Points-to-Crypto’ service in Taiwan.
• ‘Points-to-Crypto’ service allows for the conversion of FamilyMart’s FamiPoints into digital currencies like USDC.
• The partnership empowers the Taiwanese community to embrace digital fintech innovations.

A groundbreaking partnership between Circle Internet Financial, BitoGroup, and Taiwan FamilyMart is set to transform the loyalty points economy in Taiwan, making it more accessible and valuable for consumers while advancing the adoption of cryptocurrencies.

In Taiwan, the loyalty points ecosystem has become an integral part of daily life, particularly in the context of the nation’s high-density convenience stores. According to the Market Intelligence & Consulting Institute (MIC) in Taiwan, loyalty points’ accumulation and redemption are highly valued by consumers. In 2021, 87% of users engaged in points accumulation, with 99% of them frequently redeeming points for products. This underscores the importance of loyalty points in the Taiwanese market.

Points-to-Crypto Service and the loyalty points industry

To enhance the value and accessibility of loyalty points, Circle Internet Financial, a global fintech company, has partnered with BitoGroup, Taiwan’s leading cryptocurrency market leader, and Taiwan FamilyMart, the nation’s second-largest convenience store chain.

This partnership introduces a new ‘Points-to-Crypto’ service on the Taiwan FamilyMart App and the BitoPro Exchange. Customers can now convert their FamilyMart loyalty points, known as FamiPoints, into digital currencies like USDC, a stablecoin issued by Circle. Notably, this conversion process eliminates the loss of value that loyalty points can experience over time and comes with zero transaction fees, making it easier and more cost-effective for consumers to venture into the world of cryptocurrencies.

The collaboration’s primary goal is to empower the Taiwanese community to seamlessly participate in the digital economy and embrace digital fintech innovations. By integrating USDC into the ‘Points-to-Crypto’ service, this partnership aims to offer convenience and utility to the Taiwanese market.

BitoGroup, a company with nearly 800,000 members and a dominant market share, operates a range of services, including BitoPro (a cryptocurrency exchange), BELS (an NFT empowerment platform), and O2 META (a metaverse-focused social media platform). This partnership not only signifies a transition from physical to online experiences but also reinforces Taiwan’s position as a leader in the digital economy, advancing the Web3 era.

Taiwan FamilyMart, with over 17 million members, is committed to continually enhancing the value of FamiPoints and offering more diverse and convenient avenues for loyalty point utilization. This collaborative effort introduces a wider range of virtual currencies that FamiPoints can be exchanged for, positively impacting the loyalty points economy in Taiwan.

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• Banco de España has backed the digital euro.
• The digital euro promises offline payments and privacy, akin to cash.
• European central banks, including the Bank of Finland, are supportive of the digital euro project.

In a significant move towards digitalization, Banco de España, Spain’s central bank, is aligning with its European counterparts to introduce a digital euro.

This initiative aims to revolutionize the way financial transactions are conducted, offering a range of potential benefits for consumers and businesses.

A new era in finance with the digital euro

Banco de España has joined the growing chorus of European central banks in endorsing the digital euro, a central bank digital currency (CBDC).

The traditional form of physical cash, according to the central bank, falls short of harnessing the advantages presented by the increasingly digitalized economy and society. As a response, the digital euro is set to emerge as a pivotal component of the financial system, paving the way for electronic payments to become more seamlessly integrated into daily financial transactions.

The “preparation phase” of the digital euro project, which commenced on October 18, is expected to continue until 2025. It’s important to emphasize that the final decision regarding the issuance of the pan-European CBDC is yet to be determined.

As more and more people are choosing to pay digitally, we want to offer a digital form of central bank money with the same guaranteed value as cash.

That’s what a digital euro would be.

Why would it be so important for Europe? Find out more https://t.co/uNeB5sZtHa #digitaleuro pic.twitter.com/M7EMpWsTrQ

— European Central Bank (@ecb) October 25, 2023

The Bank of Finland has also expressed its support for the digital euro, underscoring its significance in the European payment sector. Furthermore, the European Central Bank (ECB) has launched a dedicated information page to enlighten the public about the digital euro’s potential benefits, promising an “easier life” and a “stronger Europe.”

As the digital euro project advances, it holds the promise of revolutionizing the way financial transactions are conducted, offering enhanced privacy, offline payment capabilities, and a seamless transition into the digital age of finance.

Key advantages of the digital euro

One of the notable features of the digital euro is its ability to facilitate offline payments. Users will be able to engage in transactions even without an internet connection, enhancing its versatility and accessibility.

The other advantage is that the level of privacy offered by the digital euro. The digital euro will hopefully address concerns about data security and user anonymity. Notably, when using the digital euro online, user data will remain visible only to their respective financial institutions and not to the central bank’s infrastructure provider, Eurosystem.

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