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Payments, sanctions and TradFi adoption define Web3 stocks
Cryptocurrency is what cryptocurrency does. And cryptocurrency, it seems, is trying to do better.
The reference point of the European Union (EU) Cryptocurrency Markets Act The framework (MiCA) is now he livesand Web3 companies are already compliant, a fact that, according to industry observers, could represent the beginning of the growth phase and widespread adoption of digital resources.
But there is still a perception among some businesses and consumers that cryptocurrencies are primarily associated with illegal activity and speculation. This negative perception may be a barrier to wider acceptance.
While blockchain technology is secure, the broader ecosystem has been plagued by cyberattacks, scams, and thefts. This undermines trust and adds an additional layer of risk for businesses considering accepting cryptocurrencies. Additionally, the regulatory environment for cryptocurrencies is still evolving.
Different countries have different regulations and in some cases, cryptocurrencies are even banned. This creates uncertainty and risk for companies considering adopting them.
Overcoming these barriers will require technological advances, clearer regulatory frameworks, broader consumer education and a more stable market environment.
Cryptocurrencies Continue to Make Inroads into Global Institutions
Like PYMNTS he wrote As of last Thursday (July 4), we are halfway through 2024 and the cryptocurrency and blockchain industry is at a critical stage, with regulatory developments, interoperability, scalability, and institutional acceptance at the forefront.
But recent news has shown that the coldness that institutions have traditionally shown towards the Web3 space is starting to melt.
For example, based in Switzerland cryptocurrency wallet producer Tangem AG has launched a payment partnership with VisaCollaboration, announced A Visa payment card paired with a hardware wallet was launched on Friday (July 5), allowing Tangem users to make payments using their cryptocurrency or stablecoin balances at merchants that accept Visa.
Visa isn’t the only payment organization moving into the cryptocurrency space. MasterCard worked with Tezos Foundation AND Baanx to offer a range of non-custodial crypto card deals taking place on Etherlink, for Tuesday (July 9) relationshipMastercard and Baanx also have a debit card with the DeFi company 1 inch and together we are working on one with MetaMask.
Elsewhere, Singapore DBS Bank is ready to start a custody service for stablecoin reserves.
It’s part of a collaboration between the city-state’s largest lender and a local unit of cryptocurrency issuer Paxos Trust, PYMNTS reported last Tuesday (July 2); the partnership also includes cash management services.
Leading financial institution Goldman Sachs Consulting Firm is preparing to launch three tokenization projects by the end of the year, targeting major institutional clients, it reported on Wednesday (July 10). relationship.
Also Sony now owns and operates a cryptocurrency exchange, with a July 1 relationship indicating that the exchange aims to collaborate with various Sony Group businesses, leveraging the conglomerate’s vast intellectual property portfolio in the entertainment, music, and gaming industries. Sony Bank is also venturing into blockchain-based financial products, including NFT rewards and stablecoin issuance.
to know more: This Week in Web3: Mt Gox Bitcoin and the Future of Cryptocurrencies
Security issues and market perception
Of course, it will take some time for cryptocurrencies to shed their illicit connotations, as the sector remains a favorite among scammers.
By mid-2023, hackers had stolen $657 million in cryptocurrency. A year later, that figure was more than doubled at $1.38 billion, blockchain data company TRM Labs states in a report released Friday (July 5).
Still, thefts by hackers are a third below the first six months of 2022, which “remains a record year”.
Cryptocurrency analysts have alleged that an online marketplace called HuiOne Guarantee is where Southeast Asian cybercriminals, especially those involved in pig slaughter scams, go to launder their funds, the newspaper reported on Wednesday. relationshipMerchants on the platform offer technology, data and money laundering services and have transacted at least $11 billion in total.
But that doesn’t mean these criminals won’t eventually face the music. Two former FTX executives are set to face sentencing hearings later this year. Nishad Singh will be sentenced on Oct. 30 and Gary Wang on Nov. 20, both of whom pleaded guilty to fraud, PYMNTS reported on Tuesday.
Web3 Marketplace Moves
As always with cryptocurrencies, it is crucial to separate the signal from the noise. And the market continues to innovate and build.
TerzoFi.orga Web3 infrastructure protocol that provides Web3 users with identity and developers with application programming interfaces and software development kits, raised $2 million in funding on Wednesday. token financing investments.
And after a period of relative dormancy, the crypto game is once again showing signs of life, with Tap to Earn Games emerging in the cryptocurrency world, picking up where Play-to-Earn cryptocurrency games left off.
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