Category: Payments

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Bitcoin Mining Digital Asset Mining Payments

AMD Might Be Hopping Back On The Crypto Mining Hype Train

It’s been quite a week for cryptocurrency miners and investors alike. A new bullish trend focusing on Bitcoin has taken the main cryptocurrency to its highest point in almost a year — it’s passed $18,400 AUD so far. 

The bombshell that started the growth trend was PayPal announcing that they are getting into cryptocurrencies, launching the payment option in the USA, and planning to roll it out to Europe and Australia — among other locations — starting in 2021. 

Just 2 days later, a source that requested to remain anonymous revealed that PayPal is in talks with Bitcoin custodian BitGo —  a company valued at USD 178 million — backed by world-renowned financiers such as Goldman Sachs, Valor Equity Partners, and Founders Fund. 

The source also revealed that PayPal seems intent on buying another crypto custodian if the deal can’t be hashed out, indicating that this wasn’t a decision made on a whim. 

Interest In Mining Picks Up Again

Meanwhile, Ebang International Holdings — a company specializing in professional crypto mining rigs — just established a subsidiary in Australia, and are currently waiting for a financial license from the authorities before opening up. 

Cryptocurrency mining rigs can be prohibitively expensive for the budding crypto enthusiast — and the reason why many turn to online mining platform solutions.

A few years back, however, the majority of cryptocurrency enthusiasts mined digital currency using the graphics card in their own desktop. Although they weren’t able to keep up with the higher cost of electricity needed to mine, some continued the practice —  and for them, AMD might have an ace up the sleeve. 

Next week, the AMD Radeon RX 6000 “Big Navi” graphics cards tech specs should be unveiled. 

Data mining has revealed a “navi10 blockchain SKU” while looking through the Linux drivers for the new graphics card, hinting at a dedicated cryptocurrency mining GPU for personal use —  or at least support for this use of hardware generally reserved for gaming. 

With the emergence of a world-class mining rig producer on the Australian market, the renewed interest by payment-processing juggernauts, and more, crypto investors will probably be coming into the spotlight far more than previously.

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Bitcoin Industries Payments

PayPal Looking To Go Deeper Into Crypto Ahead Of Launching In Australia And Europe

Following the announcement made 3 days ago by PayPal – detailing the launch of cryptocurrency capabilities in the USA, to be followed by launches in Australia and the EU in the first half of 2021 – yet another announcement has come to light, showing that the move by the payment processing giant may be even bigger than previously detailed.

Acquisition Of Crypto Custodian In Sight

Bloomberg reports that BitGo – a crypto company focused on investors looking to keep their Bitcoin assets safe – is in talks with PayPal, the end goal being its acquisition by PayPal.

The sources are, so far, unofficial. PR representatives from both PayPal and BitGo have declined to comment on the issue. The person behind the leak has only spoken off the record –  and added that this is by no means a done deal.

However, whether BitGo is bought by PayPal or not, it seems that PayPal is truly intent on buying a cryptocurrency custodian – BitGo simply being the company PayPal is currently in talks with.

Founded in 2018, BitGo – based in Palo Alto, California – is valued at USD 178 million, and is backed by big-league financiers such as Goldman Sachs, Valor Equity Partners, and Founders Fund.

Although this wave of interest by PayPal has recently made the price of bitcoin spike, not everyone in the crypto world views the developments positively. THORChain – the company behind RUNE – tweeted that the majority of wrapped bitcoin (wBTC) is held by BitGo.

Understandably, an already large company gaining a large stake in the highest-valued cryptocurrency around could have vast consequences. However, it remains to be seen which way the wind blows – and if PayPal will go through with the acquisition. 

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Bitcoin Ethereum Payments

PayPal Joins The Crypto World

Today marks the day when leading payment processor PayPal opens up for cryptocurrency-powered business. A driving force in the crypto world, PayPal is the next big company – after Square – to see the potential in cryptocurrencies and adapt.

Crypto License Granted

Following the first “conditional BitLicense” granted by the New York State Department of Financial Services, PayPal Holdings Inc. has teamed up with Paxos Trust Company – allowing customers to pay and be paid in cryptocurrencies using one of the most popular household names in the world of payments.

The DFS’s superintendent – Linda A. Lacewell – stated that this development is a direct result of their new approach to cryptocurrencies. Hoping to attract entrepreneurs and businessmen with a cutting-edge vision, cryptocurrencies were naturally a major area of interest.

“DFS’s approval today follows our June 2020 announcement for a new framework for a conditional Bitlicense to encourage, promote, and assist interested institutions to have a well-regulated way to access the New York virtual currency marketplace in a way that is both timely and protective of New York consumers, through partnerships with New York authorized virtual currency firms.”

With over 26 million merchants and 325 million customers worldwide, this is a welcome addition for anyone who needs to make payments online. Other projects – such as the pending Cardano integration for Shopify stores are also bringing eCommerce and cryptocurrencies closer every day.

Although PayPal only provides support for cryptocurrencies in the USA for now, the first half of 2021 should bring the service to other markets worldwide – with Australia and the European Union among the chief markets targeted.

The cryptocurrencies supported initially will be Bitcoin, Ethereum, Bitcoin Cash, and Litecoin – although support for more cryptocurrencies should be added in the future.

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Payments Sponsored Article

The Way People Use Bitcoin to Transfer Funds Around the World

The number of payments in Bitcoin or cryptocurrencies, in general, has never been higher. Crypto coins are gradually replacing traditional financial services, as people are slowly switching from e-wallets and intermediaries like Western Union to online crypto payments. On the one hand, this is bad news for providers who charge hefty fees for money transfers. Still, on the other hand, cryptocurrencies are giving people more options in terms of transferring funds to friends and family members or in terms of paying for a product or a service.

Having the ability to transfer money online might be easy for many of us, but this is not the case for everyone. Sending money to, or receiving money from certain parts of the world can be very challenging. Luckily, this process has become a little bit easier because of the transactional flexibility one gets from using Bitcoinor any other digital asset that can be used as an equivalent to fiat currencies.Crypto coins can be transferred instantly from one crypto wallet to another, and they can solve problems, which people have had to deal with for years.

Cryptocurrencies do not only help people avoid problems like facing losses from currency devaluations, but they also make it easy to do business with customers from all over the world. They can be used for the purchase of a knitting kit from a company in Austria, or to pay for a banner presenting the Jack and the Beanstalk slot to the players in New Zealand. These transactional capabilities can only have positive effects on the value of cryptocurrencies,and this can only be good news for crypto coin investors. Higher demand for crypto transfers will acceleratethe incorporation of crypto coinsto the real economy.

The Pros and Cons with Regulating Cryptocurrencies

Fully incorporating crypto coins to the real economy will not happen in a day. There are a lot of obstacles Central Banks, and financial institutions need to overcome,to eliminate the toxicity still affecting the performance of crypto coins. Even though cryptos like Bitcoin have performed relatively well after recovering from the burst of the crypto bubble, investors are still hesitant when it comes to opening trading positions. A very recent example was when Bitcoin’s price fluctuated around the 10K mark, and investors were worried that a drop below that price could end up being catastrophic. While their concerns are understandable if one makes assumptions based on the developments that took place a couple of years ago, there is no recent evidence hinting another 80% value drop.

Regulating cryptocurrencies, or at least establishing guidelines for trading and using them, will increase investor trust, engage businesses to start accepting digital coins and reduce the risk of seeing another cryptocurrency bubble. Additionally, it will reduce the probability of seeing their price fluctuate uncontrollably. This, of course, can be both an advantage and a disadvantage. On the plus side, there will be a lower risk of seeing your investment crash and burn, but on the minus side, traders will probably never see a cryptocurrency reach record high prices overnight.

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Blockchain Cardano Payments

Australian Developer Working To Bring Cardano To Shopify Stores

Shopify stores may soon allow users to pay using Cardano  (ADA) tokens with a new app that removes the need for any third parties in order to pay with cryptocurrency.

Jeronimo Backes – an Australian developer who has invested a fair sum in ADA and is a fan of this cryptocurrency – is working on this app voluntarily.

Removing The Third Party

Although Shopify stores can already accept payments in cryptocurrency, intermediaries – who also take their cut – are needed in order to carry out the transaction.

Backes sees Cardano as the cryptocurrency most likely to make the transition to large-scale enterprises due to its scalability.

“Unlike others, this one is the one I think is being built to last. It’s not like Ethereum, EOS, Tron, and others who are still in a proof-of-concept phase in relation to large-scale business use-cases.”

The code – available on GitHub for anyone who wants to help – will remain open-source, in a bid to help online stores integrate the new app into their systems.

Any store owners that would like to integrate the app into their ecosystem will only need to select it from the range of payment applications made available to them by the Shopify interface, Backes stated.

 Once integrated, users will be sending funds directly to the store’s private wallets – invisible to anyone except the customer and the online store.

As of 2020, Shopify provides an online store interface to over 1 million businesses operating in over 175 countries, with total gross merchandise volume exceeding US$41.1 billion during the calendar year 2018.

The new Cardano wallet will eventually support plugins, adding extra functionalities such as automatic tax calculations.

Having recently hit a snag in development that forced Backes to build a new wallet from scratch, the Cardano and Shopify integration will be delayed – but should be released before the beginning of 2021.

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Australia Crypto Exchange Payments

Revolut Enters The Australian Cryptocurrency Market

It’s only been a month since Revolut went live in Australia following a beta with 30,000 more on the waiting list. Now, the possibility to buy cryptocurrencies has also been enabled.

For the moment, Aussie crypto enthusiasts can trade in bitcoin (BTC), ether (ETH), litecoin (LTC), bitcoin cash (BCH), XRP and stellar (XLM) right from their new banking app, with the possibility of more cryptocurrencies being added later still in discussion.

Users of Revolut’s premium service, Revolut Metal, will be the first to access the new crypto trading service. This feature will be rolled out to other customers shortly.

Ease of Exchange

Already known as the app that allows you to enjoy a vacation without worrying about where to find the best exchange rates, Revolut users in Australia will be able to buy cryptocurrency assets in a total of 27 currencies at great rates.

With fewer options for purchasing cryptocurrency than in the European Union, for now, Revolut CEO Matt Baxby saw the app as a way to simplify the hassle of moving assets between platforms, facing fees every time.

“We’re very excited to be adding another feature to our Financial SuperApp with the introduction of our cryptocurrency exchange services.

We’re cutting out that complexity – with Revolut anyone can easily set up an account in minutes and start buying and selling digital currencies instantly, alongside all our other great features.”

Edward Cooper – the head of the crypto division at Revolut – also weighed in on why ease of exchange is central to the company’s ethos. According to Cooper, public feedback on the main crypto trading platforms was quite negative about the semi-hidden exit and deposit fees – something they sought to change.

Carrying over the transparent and advantageous platform fees at the root of their success in the fiat market, Revolut plans to gauge interest for crypto trading in Australia before expanding into other APAC territories, such as Japan and South Korea.

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Crypto News Cryptocurrencies Payments

Coca-Cola Amatil Invests in Centrapay to Make Contactless Crypto Payments a Reality

International beverage giant Coca Cola Amatil has announced an expansion of its current partnership with New Zealand and Australia-based payment processor Centrapay, investing in the platform’s recent seed funding round.

Amatil X, Coca Cola’s corporate venture capital fund, announced a minority investment in Centrapay’s seed funding round on Thursday. The Centrapay platform, which currently provides services to companies that include KFC, Carlton Draught, and BP, secured an investment from Amatil X in order to fuel a new initiative that will expand the platform’s payment capacities. 

Coca-Cola Amatil launched a corporate partnership with Centrapay earlier this year that brought cryptocurrency payment options to thousands of vending machines around Australia and New Zealand. Centrapay’s new funding round and investment from Amatil X will see the platform expand into contactless fiat currency payments, gift cards, and vouchers. 

While Centrapay has not yet announced any plans to integrate cryptocurrency payments into the new contactless payment options under developments, the new services offered will allow Centrapay Wallet users to send fiat or any other supported payments in the same manner as a text message — potentially including cryptocurrency payments.

Centrapay Focuses on Pushing Digital Currency Adoption

Centrapay CEO Jerome Faury highlighted the importance of bringing new payment options to market, notably referencing “programmable” money — reflecting the functionality offered by smart contract enabled cryptocurrencies such as Ethereum:

“The global money supply is evolving rapidly with new economic models and the advent of smart, programmable money. The way we exchange value is set to change dramatically. There’s more change likely in the next 10 years than we’ve seen in the past 100.”

Faury also stressed the core focus of the Centrapay platform as a means to push adoption of digital currency, noting that Centrapay is focused on playing a “pioneering role in driving acceptance of digital assets with merchants.”

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Australia Cardano Payments

30 Percent Of Australian Businesses Go Cashless, Paving The Way For Retail Crypto Adoption

During the ongoing pandemic, businesses across Australia have seen a marked increase in cashless payments — nearly a third of businesses now receive over 95% of their payments via contactless methods, with the steepest drop in cash payments during this period happening in  April.

Australian developers are now actively working to make it easier to pay businesses in cryptocurrency, the possibility to pay with alternative currencies may be on the horizon.

Colin Birney, Head of Business Development at Square Australia, released a statement  showing that as the current pandemic began health and safety concerns became the main focus for business owners adapting to the changing market.

“This raised questions of how to properly conduct business and accept payments during social distancing and stay-at-home mandates,” stated Birney. “The result has been a significant shift by many Australian businesses away from cash, although we have seen variances across industries and in different parts of the country.”

30% of Australian businesses are prepared to enact a payment environment similar to the one found in Holland where cashless payments are strongly preferred, and sometimes the only option. Many businesses appear to be considering introducing cryptocurrency payment options in order to smooth the transition.

Crypto as Cash in Australia Not Far Away

Australian regulatory frameworks provide both Aussie businesses and consumers with the ability to sell or buy goods and services with cryptocurrency. The ATO provides detailed guidance for businesses interested in accepting cryptocurrency as a payment method, with nuanced tax laws allowing consumers to exchange crypto for products or services without a significant tax bill. 

With over 300,000 active cryptocurrency users , Australian businesses have a vested interest in maintaining customer loyalty by allowing them to pay whichever way makes them comfortable. Cryptocurrency payment options would mirror European markets such as Germany and the Netherlands, where Sofort and iDEAL are alternative payment methods that can be used in most stores due to popular demand.

Due to projects such as Cardano e-Commerce paving the way for mass adoption of cryptocurrency payments on the Australian market, a future where cryptocurrencies are accepted as readily as credit cards may not be too far away.

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Blockchain Crypto News Payments

Eftpos Announces Partnership with Hedera to Launch Aussie Dollar Stablecoin

Eftpos — Australia’s largest debit card system, has announced a partnership with blockchain platform Hedera Hashgraph that will see the point of sale tech provider execute micropayments with an AUD stablecoin.

In an announcement published on July 22, Hedera Hashgraph stated that it would begin collaborating with eftpost Payments Australia in order to launch a micropayments proof of concept.

The collaboration, based on an Australian dollar stablecoin, is designed to test a new blockchain-based payment system that will function as an alternative to online paywalls or subscriptions.

Stephen Benton, eftpos CEO, stated that the integration of Hedera technology is part of a new innovation strategy designed to streamline the micropayment process.

The eftpos platform, which executes over 2 billion transactions worth over $130 billion annually, is focused on stress testing the capabilities of a new AUD stablecoin powered by the Hedera Consensus Service.

The core functionality of the new collaborative platform will allow Aussie consumers to load wallets with small payments and use them to pay for online content in a seamless manner.

The Hedera platform is a decentralized blockchain network that allows users and enterprises to create fast, scalable applications.

Eftpos appears to be pushing into new tech platforms as part of a forward-leaning strategy, recently partnering with Australia post to deliver a digital identify solution in order to connect merchants and government services. 

While the new Hedera and eftpos collaboration won’t result in an AUD stablecoin hitting the crypto markets just yet, the rapid adoption of blockchain technology by Australian payment processors represents a significant step forward toward a blockchain-powered future.