Publishing platform Substack now accepts Bitcoin payments

August 23, 2021 Coin Telegraph

Substack has more than 500,000 paid subscribers, but Bitcoin payments will first be available to "a select group of crypto-focused publications."

An integration with payment processor OpenNode will allow content platform Substack to accept Bitcoin payments on-chain and using the Lightning Network.

In a Monday announcement, OpenNode said it had partnered with Substack “to make it easy for writers and publications to get paid in Bitcoin.” According to OpenNode and Substack, the integration will only be available to “a select group of crypto-focused publications” on the platform.

The publishing platform, which allows writers to send their work directly to readers, has more than 500,000 paid subscribers, with the most popular writers reportedly earning more than six figures annually. The select Substack readers will be able to pay for their subscriptions in Bitcoin (BTC), with certain publications allowed to keep their earnings in crypto as well.

Substack product designer Nick Inzucch hinted that the platform could later expand its crypto payment offering to other writers in an effort to give them “more flexibility and freedom.” A number of prominent figures in the crypto space currently publish using Substack, including analyst Willy Woo and Kraken growth lead Dan Held.

Founded in 2017, Substack is backed by venture capital firms Andreessen Horowitz, Y Combinator, Fifty Years, and others. After a March funding round led by Andreesen Horowitz, the platform reportedly has a valuation of roughly $650 million.

Second largest US mortgage lender will accept crypto payments this year

August 19, 2021 Coin Telegraph

Bitcoin Payments

Speaking during a conference call about the firm’s Q2 results, United Wholesale Mortgage CEO Mat Ishbia outlined plans to accept crypto payments this year.

United Wholesale Mortgage (UWM), the second-largest U.S.-based mortgage lender is planning to accept cryptocurrency payments this year starting with Bitcoin (BTC).

UWM CEO Mat Ishbia revealed the crypto plans on Monday in a conference call regarding the firms’ Q2 results — with the firm posting a $138.7 million net profit for the quarter.

"We’re excited that hopefully (this year) we can actually execute on that before anyone in the country," Ishbia said.

“We are evaluating the feasibility and requirements in order to accept cryptocurrency to satisfy mortgage payments.” – @Mishbia15
— United Wholesale Mortgage (@UWMlending) August 16, 2021

Speaking with the Detroit Free Press on Aug. 16, Ishbia said that the move would likely happen later this quarter, or at the start of Q4, adding, “I think we’re starting with Bitcoin, but we’re looking at Ethereum and others."

"We’re going to walk before we run, but at the same time, we are definitely a leader in technology and innovation and we are always trying to be the best and the leader in everything we do.”

"That’s the plan. Obliviously there’s no guarantees — we’re still working through some details,” the CEO added.

UWM was the second-largest mortgage lender in 2020, originating 560,798 loans worth almost $183 billion in 2020. Quicken Loans led the pack and originated $1.1 million loans worth $314 billion.

The use of crypto in real estate purchases has a history dating back seven years, with BitPay helping facilitate the sale of a Lake Tahoe property that sold for $1.6 million in BTC in 2014, however crypto mortgage repayments appear to be a relatively new phenomenon.

In April Matrix Mortgage Global, a Toronto-based mortgage brokerage firm announced that it was accepting BTC, Ethereum (ETH), Bitcoin Cash (BCH) and several stablecoins for its services via Bitpay.

Cointelegraph reported on Aug. 4 that Spanish political party the People’s Party introduced a bill proposal that would enable property owners to pay mortgages with crypto and authorize the real estate sector to use their own cryptocurrency for mortgage purchases.

Cinema operator AMC plans to accept BTC by 2022

August 10, 2021 Coin Telegraph

AMC Bitcoin payments

AMC chairman and CEO, Adam Aron, revealed the American cinema giant is looking to accept Bitcoin payments for movie tickets in response to customer demand.

American cinema operator AMC Entertainment is aiming to accept Bitcoin payments for movie tickets by 2022.

Speaking during a Aug. 9 conference call regarding the firm’s Q2 results announced earlier the same day, AMC chairman and CEO Adam Aron revealed that the cinema chain intends to have the infrastructure ready to accept BTC payments for online movie tickets by the end of 2021.

While details regarding AMC’s plan to accept Bitcoin are scant, Aron reported strong demand for buying movie tickets with crypto from the firm’s customers.

AMC’s Q2 results showed significant improvements compared to last year, reporting $444 million in revenue compared to Q2 2020’s $18.9 million in revenue. Net losses also declined from $561 million or $5.38 per share to $349 million or $0.71 per share year-over-year.

Along with adopting BTC payments, AMC also announced plans to open more than one dozen locations across the U.S., Europe and the Middle East this year.

The chairman also made the unlikely claim that he first learned about crypto assets after being elected to the board of Centricus Acquisition Corp. on May 6 — one week before Centricus acquired blockchain technology firm, Arqit.

Related: Robinhood stock outruns Bitcoin in intraday crash, down over 10% in pre-market

AMC’s impressive Q2 results come just one year after the firm appeared destined for bankruptcy, with the cinema operator being forced to close venues as the global coronavirus pandemic spread.

Amid the pandemic, notorious Reddit-based pump-n-dump group, Wallstreetbets, converged on AMC’s shares to drive a 900% gain in its stock during January. According to data from TradingView, the price of AMC stock is up 1,200% year-to-date after rallying from roughly $2.60 to $34 as of this writing.

Cryptocurrency Gaining Mainstream Interest as Payment Option: Report

August 4, 2021 Bitcoin.com

Bitcoin and Submarine Sandwiches: Quiznos Restaurant to Pilot Payments via the Bakkt App

August 3, 2021 Bitcoin.com

BTC payments coming to certain Quiznos shops, thanks to Bakkt collaboration

August 3, 2021 Coin Telegraph

Adoption

Quiznos customers will soon be able to pay in Bitcoin via Bakkt's app at certain Colorado locations.

An upcoming collaboration between Bakkt and Quiznos will allow customers to pay for meals at certain locations with Bitcoin (BTC).

Customers will be able to pay in BTC at certain Quiznos shops in Colorado’s capital as part of an initial test run, according to a public statement on Tuesday. “The pilot will be available at select Quiznos locations across the Denver market, including the high-traffic Denver airport location, starting in mid-August,” the statement said.

Folks will be able to pay with Bitcoin via Bakkt’s app — a versatile hub for holding and spending Bitcoin, as well as managing reward points and other features. Quiznos is owned by REGO Restaurant Group. REGO’s president, Mark Lohmann, said in a statement:

“Partnering with an innovative platform such as Bakkt is appealing to us for a number of reasons, primarily because it allows us to accept bitcoin directly at the point of sale as part of a quick and seamless transaction [...] As we continue our digital transformation journey and respond to mobile and millennial consumer demand for alternative and cryptocurrency payment options, we are excited to offer yet another accessible way for customers to buy a meal, in this case, through the Bakkt digital asset wallet.”

The test run comes with an extra perk as well. Quiznos goers will earn $15 of free Bitcoin if they get Bakkt’s app, purchase some BTC on it and then spend that BTC at a participating Quiznos shop, the statement included.

“Through a partnership with Bakkt, merchants and franchisees have the opportunity to accept bitcoin payments from consumers while still benefiting from a cash-settled experience,” the statement said. The statement was not clear on whether or not Quiznos would sell the received BTC right away.

Cointelegraph reached out to Bakkt for comment but did not receive a response in time for publication.

Bank of America outlines 4 potential benefits of El Salvador’s Bitcoin strategy

August 1, 2021 Coin Telegraph

Bank of America

“More than 70% of the adult population of El Salvador does not have a bank account,” reads the latest Global Research report from Bank of America. “For that reason, democratizing access to electronic payments, through Bitcoin, has a progressive touch.”

Bank of America, one of the nation’s largest financial institutions based on total assets, believes El Salvador could have a lot to gain with its latest foray into Bitcoin (BTC).

In a report published last week, analysts at the bank said El Salvador’s decision to recognize BTC as legal tender could streamline remittances, promote financial digitization, provide consumers with greater choice and open up the country to American firms and digital currency miners.

The bank noted that remittances account for a staggering 24% of El Salvador’s gross domestic product, but a sizable chunk of that goes toward transaction fees.

“Using Bitcoin for remittances could potentially reduce transaction costs compared to traditional remittance channels,” the report said, according to an image provided by state-backed Diario El Salvador. “The idea is that Bitcoin could be used as an intermediary for the cross-border transfer, so that dollars are converted to Bitcoin by the sender and then converted back to dollars domestically by the receiver.”

#ElSalvador El Presidente @nayibbukele comparte esta mañana algunas de las oportunidades que @BankofAmerica ve en El Salvador, tras la adopción del #Bitcoin pic.twitter.com/08D1RuGFYI
— Diario El Salvador (@elsalvador) August 1, 2021

In June of this year, El Salvador became the first nation-state to accept Bitcoin as legal tender, marking an important milestone in the digital currency’s evolution from obscurity to mainstream acceptance. The decision to integrate BTC into the country’s financial system has been met with criticism by the International Monetary Fund and the United Nations’ Economic Commission for Latin America and the Caribbean. Meanwhile, JPMorgan Chase believes El Salvador’s Bitcoin gambit could place additional pressure on the network’s already limited ability to serve as a medium of exchange.

Survey data shows half of Salvadorians are skeptical about using BTC as legal tender. Those who choose to adopt BTC for transactions can use the state-backed Chivo Bitcoin wallet, among many other options available to them.

Since El Salvador recognized Bitcoin as legal tender, several other Latin American nations have hinted at pursuing a cryptocurrency strategy of their own. However, until now, no other country has followed in El Salvador’s footsteps.

Inside El Salvador’s Bitcoin experiment: Cointelegraph video report

July 27, 2021 Coin Telegraph

Adoption

Cointelegraph traveled to El Salvador to investigate whether citizens believe its new Bitcoin Law will be beneficial to the nation's economy.

Last month, Bitcoin was adopted as legal tender in El Salvador, joining the U.S. dollar.

The country's new Bitcoin Law, which will be enforced starting Sept. 7, will allow Salvadorans to use Bitcoin (BTC) as a currency to purchase goods and services, as well as to pay taxes and debt.

El Salvador’s president, Nayib Bukele, has stated that Bitcoin adoption will hugely benefit the 70% of the local population that lacks access to banking services. He also believes that it will attract investments and create new jobs.

However, the Bitcoin Law has raised multiple concerns. Skeptics say the cryptocurrency's high volatility could pose a threat to the country’s financial stability. A very low internet penetration rate, along with a lack of education about Bitcoin and cryptocurrency within the country, could also prevent Bitcoin from reaching widespread adoption in El Salvador.

To boost Bitcoin adoption, President Bukele has promised to build the necessary infrastructure. This includes 1,500 Bitcoin ATMs and a government wallet meant to guarantee instant conversions of Bitcoin into dollars.

Will that be enough for Bukele’s monetary experiment to succeed? To answer this question, Cointelegraph talked with the people of El Salvador, as well as with critics and supporters of the Bitcoin Law.

Check out the full report from El Salvador on Cointelegraph's YouTube channel, and don’t forget to subscribe!

Amazon plans to accept Bitcoin payments this year, claims insider

July 25, 2021 Coin Telegraph

Amazon

“It begins with Bitcoin,” an anonymous insider said in describing Amazon’s intent to enter the cryptocurrency payments arena.

An anonymous source within Amazon has reportedly told London business newspaper City A.M. that the e-commerce giant is planning to accept Bitcoin (BTC) payments by the end of 2021, possibly setting the stage for broader mainstream acceptance of crypto transactions.

“This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future – this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work,” the anonymous source told City A.M., according to a report published on Sunday

She indicated that, while Bitcoin is the first step in Amazon’s crypto ambitions, executives at the company were keen to add other established cryptocurrencies in the future. The “directive is coming from the very top,” referring to Jeff Bezos, she said, adding:

“This entire project is pretty much ready to roll.”

In addition to accepting Bitcoin payments, Amazon is said to be exploring the creation of its own cryptocurrency, possibly as early as 2022, she said.

Speculation about Amazon’s entry into the cryptocurrency market has been raging for days after a new posting for “Digital Currency and Blockchain Product Lead” appeared on the company's job board last week. As per the job description, the new hire will help develop Amazon’s digital currency strategy and product roadmap. The position requires strong domain expertise in blockchain, distributed ledgers, central bank digital currencies and crypto more generally.

This isn’t the first crypto-focused job posting at Amazon. As Cointelegraph reported, the e-commerce giant in February recruited for a technical lead to help develop its new “Digital and Emerging Payments” platform.

Busking for Bitcoin: Report Finds Street Performers Depend on Digital Payments

July 17, 2021 Bitcoin.com

Bitcoin Payments

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