Friday, July 23. The week is coming to an end, so we can talk about the most interesting news in the crypto industry for this week.
Mastercard is going to simplify the conversion of digital assets to fiat
In a recent press release, Mastercard said that the payment system is going to expand the card program for crypto organizations. This is done to simplify the conversion of digital gold into a traditional currency.
Mastercard is planning to test a new feature. It will help a large number of banks and crypto organizations to offer their cards to those people who want to use their digital assets wherever the Mastercard payment system exists. The payment system will be assisted in the implementation of the idea – Evolve Bank & Trust, Paxos and Circle.
The press release notes that crypto-transmitters currently face a number of problems when trying to convert currency. The innovation will help to alleviate this difficulty.
To facilitate currency conversion, the Paxos and Circle platforms will be used. The test will be conducted using the Circle stablecoin (USDC). At this stage, this is the only stablecoin that will be used in testing.
Robinhood estimated at $30 million the possible costs of a “fundamental settlement”
The Robinhood platform, which treats digital assets positively, estimated the minimum cost of $30 million in order to settle the claim put forward by the New York State Financial Services Authority (NYDFS).
The department has a number of questions about Robinhood Crypto. They are related to cybersecurity and the fight against money laundering. Perhaps the department will include its own independent expert in the staff of the division, who will monitor the operational activities of the company.
Last year, in order to resolve the conflict with the management, Robinhood sent $10 million to the reserve. At the beginning of 2021, an additional $5 million was reserved.
In March 2021, the firm estimated the cost of resolving the conflict with the US Financial Industry Regulatory Authority (FINRA) at $26.6 million. However, as it turned out at the beginning of the summer, the calculations were incorrect. On June 1, it became known that Robinhood will have to pay a record $70 million.
Katie Wood: Bitcoin will be greener than the traditional financial sector
Ark Invest founder Katie Wood said during a conference at The B Word that the first cryptocurrency will become more environmentally friendly than all other industries after a certain period of time.
In her statement, it was said that a large number of institutions are already engaged in supporting environmental, social and corporate governance (ESG). She also notes that bitcoin will be significant in the social aspect, since it will be able to provide access to payment systems for residents of certain regions where there is no banking service.
Katie Wood also emphasizes that the social component of digital assets is much stronger than people usually believe.
Elon Musk on SpaceX’s investment in the first cryptocurrency
In addition to the founder of Ark Invest, Elon Musk also took part in the conference at The B Word. During the conference, Musk said that his second company, SpaceX, will invest in bitcoin.
«I have bitcoin, Tesla has bitcoin and SpaceX also has bitcoin» the businessman said.
Musk did not forget to mention that he is also the holder of other digital assets, such as Ethereum and Dogecoin.
The value of Dogecoin has risen by 18% in 24 hours.
The official website of The B Word says that the purpose of the conference is to explain “how organizations can use and accept the first cryptocurrency and how we should all support the network.”
Recall that in February, Elon Musk’s company Tesla invested $1.5 billion in the first cryptocurrency. Later, the company began a short sale of its electric cars for bitcoin.