Fun

Crypto Biz: X payment system, Block moves into Bitcoin mining and more

News Feed - 2024-04-27 06:04:00

Ana Paula Pereira3 hours agoCrypto Biz: X payment system, Block moves into Bitcoin mining and moreThis week’s Crypto Biz examines X’s upcoming payment system, the NYSE’s potential 24/7 trading, Block’s expansion into Bitcoin mining, and more.992 Total views4 Total sharesNewsletterOwn this piece of crypto historyCollect this article as NFTJoin us on social networksSocial media platform X is set to incorporate a wide range of financial services into its ecosystem. Christopher Stanley, X’s head of payments, compared the future functionality of the platform to the combination of Venmo and Apple Pay in an X post on April 22.


Meanwhile, Jack Dorsey’s financial technology conglomerate, Block, is advancing its cryptocurrency initiatives by developing a Bitcoin (BTC) mining ecosystem. The initiative targets key industry challenges, including the high demand for ASIC mining rigs.


On Wall Street, the New York Stock Exchange (NYSE) is exploring the possibility of transitioning to 24-hour trading, similar to the cryptocurrency markets. This change could increase liquidity for traders but also lead to increased volatility for retail investors.


This week’s Crypto Biz examines recent developments, including X’s upcoming payment system, the NYSE’s potential move to 24/7 trading, Block’s expansion into Bitcoin mining and the overall volume of crypto investments.X payments details released: App to become your bank account


The head of payments at X, Christopher Stanley, outlined an ambitious plan for the platform’s payment system in a recent announcement. X plans to expand its basic tipping service into a comprehensive financial ecosystem. Initially, the service will resemble Venmo, allowing users to send and receive money within the app. Over time, the capabilities will expand to include features typically associated with bank accounts, such as earning interest on stored funds, according to Stanley. X plans to evolve into a system where users can buy products and make in-store purchases similar to Apple Pay, generating economic activity within its ecosystem.Source:Christopher StanleyNYSE gauges interest in 24/7 stock trading like crypto: Report


The NYSE is exploring the possibility of extending its trading hours to 24 hours a day, similar to the cryptocurrency markets. The NYSE’s data analytics team has conducted a survey to gauge the interest of market participants in moving to 24/7 or continuous weekday trading. The survey also seeks feedback on what measures should be implemented to safeguard traders against potential price volatility during overnight trading sessions. Currently, the NYSE, along with other major exchanges like Nasdaq and the Chicago Board Options Exchange, operates from 9:30 am to 4:00 pm Eastern Time, Monday through Friday.Block announces development of “full Bitcoin mining system”


Block, the payments company previously known as Square, has announced the development of a new Bitcoin mining system. This initiative stems from Block’s completion of a three-nanometer chip specifically designed for BTC mining, following an earlier prototype of a five-nanometer BTC mining chip developed in May 2023. Block aims to offer both a standalone mining chip and a complete mining system to support the decentralization of Bitcoin mining, it said. The company is advocating for a decentralized approach to Bitcoin mining and is inviting inputs from the mining community on issues such as the acquisition of miners, maintenance, transparency and software challenges.Crypto investment products see outflows for second consecutive week — CoinShares


Investments in digital asset funds have continued to decline, marking the second consecutive week of significant withdrawals. According to CoinShares, a total of $206 million was withdrawn between April 15 and 19. Bitcoin exchange-traded funds saw the largest decrease, with $192 million withdrawn ahead of the halving event. Ether funds also experienced a decline, with a $34 million outflow, continuing a six-week trend of negative flows. Additionally, investment in blockchain equities dropped for the 11th week in a row, totaling a $9 million loss. This trend of outflows is attributed to investor concerns over rising interest rates in the United States, which make traditional, less risky financial instruments more appealing than the more volatile cryptocurrencies. Current economic conditions and inflation data suggest the Federal Reserve’s hopes to ease monetary policies by mid-2024 may be unlikely.


Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.# Twitter# Mining# Business# NYSE# Elon Musk# Cryptocurrency InvestmentAdd reaction

News Feed

Stablecoin Supply Shift: TUSD Jumps 110% While Others Experience Reductions
Stablecoin Supply Shift: TUSD Jumps 110% While Others Experience Reductions Four stablecoins have reduced their supplies this month, while the stablecoin token TrueUSD (TUSD) has s
BlackRock's ETF could flip GBTC in Bitcoin holdings within 3 weeks
Tom Mitchelhill6 hours agoBlackRock"s ETF could flip GBTC in Bitcoin holdings within 3 weeksBlackRock’s spot Bitcoin ETF could soon surpass the Grayscale Bitcoin Trust (GBTC) in Bitcoin held within 14 trading days, bas
Major South Korean Bank Shinhan Is Set to Offer Crypto Custody-Related Services
Major South Korean Bank Shinhan Is Set to Offer Crypto Custody-Related Services A major commercial bank in South Korea is entering the crypto business by allocat
Helen Partz10 hours agoPayPal scores UK crypto license after brief local Bitcoin buy haltLicensed by the FCA on Oct. 31, 2023, PayPal has requirements or restrictions placed on the financial services activities that it c
Pro-Bitcoin Miami Mayor Says He Will Take Next Paycheck 100% in BTC
Pro-Bitcoin Miami Mayor Says He Will Take Next Paycheck 100% in BTC The mayor of the U.S. city of Miami says that he is going to take 100% of his next paycheck in bitcoin and becom
Vauld Raises $2 Million to Establish Stronghold in India
Vauld Raises $2 Million to Establish Stronghold in India Singapore-based crypto bank Vauld is working hard to elevate crypto to the status of a separate, viable
William Suberg8 hours agoBTC price jumps to 2-week highs on Grayscale vs. SEC Bitcoin ETF winBTC price volatility returns as good news over GBTC’s conversion to a spot Bitcoin ETF sends markets rallying.8670 Total view
David Attlee14 hours agoCBDC will improve tax collection — Argentine central bankerJuan Agustín D’Attellis Noguera publicly supported Sergio Massa in promoting a central bank digital currency as a remedy for the nat
Ukraine’s Largest Bank Suspends Money Transfers to Crypto Exchanges
Ukraine’s Largest Bank Suspends Money Transfers to Crypto Exchanges Privatbank, the largest commercial bank in Ukraine, has temporarily halted transfers in national currency to d
William Suberg15 hours agoFOMC versus BTC price ‘local bottom’ — 5 things to know in Bitcoin this weekBitcoin network fundamentals have never looked better, as optimism trickles back when it comes to BTC price stre
Kyle White5 hours agoWhy is Bitcoin price down today?Bitcoin price quickly reversed course today after hitting a 2023 high. Cointelegraph investigates why.119443 Total views312 Total sharesListen to article 0:00Markets N
Ark Invest Expects Bitcoin to Become a Multitrillion-Dollar Market — Predicts BTC Price Could Reach $1.48 Million
Ark Invest Expects Bitcoin to Become a Multitrillion-Dollar Market — Predicts BTC Price Could Reach $1.48 Million Investment management firm Ark Invest says bitcoin is “li