Stablecoin launch and NFT integration back COTI’s rise to a new all-time high

September 28, 2021 Coin Telegraph

COTI price rallied to a new high after a series of partnerships, exchange listings and a pivot toward NFTs lure new investors to the project.

The blockchain ecosystem has evolved significantly over the past decade as smart contract capabilities have moved the industry from being a simple medium of exchange to a bustling ecosystem full of decentralized finance (DeFi) and nonfungible tokens (NFT).

One project that has benefited from the increased capabilities of blockchain technology and the recent launch of smart contracts on Cardano is COTI (COTI), an enterprise-grade fintech platform focused on helping organizations create their own payment solutions and digitize any form of currency as a way to facilitate decentralized payments.

Data from Cointelegraph Markets Pro and TradingView shows that since bottoming out at a low of $0.0884 on July 20, the price of COTI has rallied 652% to reach a new all-time high at $0.6665 on Sept. 25 as its 24-hour trading volume surged to a record $917 million.

*COTI/USDT 4-hour chart. Source: TradingView*

Three reasons for the steady rally in COTI include its launch of the Djed stablecoin on the Cardano network, a series of exchange listings and the launch of COTI’s NFT game which appears to be bringing new users to its ecosystem.

COTI launches a stablecoin on Cardano

COTI recently announced that its platform would be the official issuer of the Djed stablecoin on the Cardano network and the price continued its upward move on that news.

Stablecoins have emerged as one of the key components of the cryptocurrency ecosystem as a whole and for decentralized finance, in particular, because they provide sufficient liquidity for the market and create a safe haven during times of volatility.

Aside from its DeFi applications, the Djed can also be used to pay transaction fees on the Cardano network as a way to help prevent high gas fees and make the cost of conducting transactions more predictable.

New exchange listings boost trading volume

A second factor behind COTI's price growth is the token’s listing on several large exchanges, including Coinbase, the most active U.S.-based cryptocurrency exchange.

This announcement kicked off a series of exchange listings for COTI, including being added to Huobi, Crypto.com, the decentralized exchange 1inch and Celsius, which is an all-in-one banking and financial services platform.

To go along with these exchange listings, the team at COTI also revealed that it has started the process of inviting beta testers to apply for the COTI bank account and debit card for final testing before the full launch of the protocol’s banking solution.

NFT opportunities encourage invest hodling

A third factor helping to boost the value and activity within the COTI ecosystem is the project’s ongoing NFT activities, including the COTI NFT Game and the network’s future plan to help support NFTs on Cardano.

NFTs have been one of the hottest sectors in the cryptocurrency ecosystem throughout 2021 and protocols that offer a lower fee environment have seen increased activity in recent months.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for COTI on Sept. 21, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

*VORTECS™ Score (green) vs. COTI price. Source:* *Cointelegraph Markets Pro*

As seen in the chart above, the VORTECS™ Score for COTI climbed into the green zone on Sept. 21 and reached a high of 77 around ten hours before the price increased 135% over the next five days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Alchemy Pay to launch virtual crypto cards with Visa and Mastercard support

August 9, 2021 Coin Telegraph

Binance

Crypto payment firm Alchemy Pay is planning to roll out a crypto-linked virtual card that is accepted on the Visa and Mastercard payments networks.

Hybrid crypto-fiat platform Alchemy Pay announced Monday that the company will be launching virtual crypto-linked cards accepting more than 40 cryptocurrencies like Bitcoin (BTC).

The new cards can be linked to Google Pay and PayPal digital wallets, and make payments across the Mastercard and Visa networks, as well as popular e-commerce platforms like Amazon and eBay.

According to the announcement, Alchemy Pay has already completed the product’s development and launched beta testing in multiple key markets. The firm expects to proceed with a full roll-out of the new product at the end of 2021 or early 2022.

The new initiative is launched in response to growing demand for crypto-linked card transactions, allowing crypto businesses to offer a full range of services as well as to help traditional institutions integrate crypto-related solutions, Alchemy Pay said. As previously reported, Visa alone processed over $1 billion in total crypto spending in the first half of 2021.

Alchemy Pay did not immediately respond to Cointelegraph’s request for comment.

The news comes shortly after Alchemy Pay last week partnered with Binance, the world’s largest cryptocurrency exchange by trading volumes. As part of the integration with Alchemy Pay, Binance will unlock crypto payments across merchants of Alchemy Pay’s partners in 18 countries, including e-commerce giant Shopify, software technology company Arcadier, mobile payment provider QFPay and others. The new feature would be available through Binance’s payments application Binance Pay.

As previously reported by Cointelegraph, both Visa and Mastercard have been aggressively moving into the cryptocurrency industry over the past year.

After announcing payment compatibility for Circle’s stablecoin USD Coin (USDT) in late 2020, Visa has reaffirmed its commitment to crypto payments and fiat on-ramps, outlining a particular focus on stablecoin-based integrations. Mastercard has entered partnerships with Circle and blockchain firm Paxos to enable banks and crypto companies to roll out crypto cards globally.

We have to be in the crypto space, Mastercard CEO says

July 30, 2021 Coin Telegraph

Adoption

Mastercard is angling to become the go-to for governments and private entities when testing and rolling out central bank digital currencies or stablecoins.

Traditional card networks are vying to ensure their services remain at the center of new developments in digital assets, whether they be central bank digital currencies or private sector stablecoins.

In an earnings call on July 29, Mastercard CEO Michael Miebach discussed recent developments in crypto and CBDCs, making the pitch that the company was well-positioned to remain a linchpin of intra- and international value flows:

"What we believe we do is bring a perspective to the market as a multi-rail payment provider. We have to be in this space because people are looking for answers."

Mastercard has been highly proactive in keeping up with innovations in digital currency, spurred, in part, by competition with its rival, Visa. In February, Mastercard unveiled plans to support crypto in 2021, paving the way for its nearly one billion users to spend their crypto at over 30 million supported merchants worldwide.

Earlier this week, the company announced a new startup engagement program as part of Mastercard Start Path – an accelerator program aiming to support fintechs and companies working with digital assets, cryptocurrency and blockchain technology. The latest to be onboarded include blockchain oracle startup SupraOracles, blockchain infrastructure provider STACS, digital asset firm Taurus and Mintable, a marketplace for issuing and trading NFTs.

On the public front, the company has also rolled out a virtual testing environment designed to help central banks to simulate issuance, distribution and transactions of CBDCs between multiple parties. The platform is geared for both wholesale and retail CBDC designs and offers practical insight into how, among many other possibilities, a CBDC could be interoperable with existing payment methods and be used to pay for everyday goods and services.

During the earnings call, Miebach argued: “All of these countries have to make a trade-off between existing delivery of financial products and what a CBDC is solving for, whether it's financial inclusion or cross-border payments. We have experience with all of that."

Nor is Mastercard overlooking the stablecoin sector, which has already seen successful currencies like Circle’s dollar-pegged USD Coin (USDC) and is poised for the launch of Facebook-affiliated Diem. Miebach confirmed that the company is readying its network to support stablecoin transactions, providing its issuers meet regulatory requirements and fulfill consumer protection and safety standards.

Visa’s CEO has this year made similarly bullish remarks regarding stablecoins, arguing that their blockchains can be thought of as payment rails similar to RPT or ACH networks. Nor is Visa averse to more volatile crypto assets, viewing them as a store-of-value for which the company can still provide fiat on-ramp services.

Eric Grover, a principal at Intrepid Ventures, told reporters this week that both stablecoins and CBDCs should be “in Mastercard and Visa’s wheelhouse” and that both card networks should engage with these developments “with gusto.”

Earlier this month, Mastercard announced fresh partnerships with Circle, Paxos, Evolve Bank & Trust, and many others on a joint project to enable banks and crypto companies to roll out crypto cards that can be used anywhere that Mastercard is accepted.

Crypto frenzy may be winding down, Visa CFO says

July 28, 2021 Coin Telegraph

Bitcoin Debit Card

This spring, crypto-related transactions using Visa were a significant boost to the company’s cross-border volume, although this effect is beginning to wane.

This year has seen unprecedented growth in the crypto markets, with lucrative knock-on effects for third parties like Visa. This, however, may already be beginning to dwindle, according to the company’s senior executives.

The payments giant’s newly released financial results for fiscal Q3 2021 show bullish figures for cross-border and overseas transactions — a key metric for analysts on the lookout for early signals of pandemic recovery.

Earlier this month, Visa revealed that its crypto-enabled cards had processed more than $1 billion in total spending for H1 2021, registering an impact on overseas volume as crypto users deposited funds into crypto platforms across various jurisdictions. These effects are still visible in the company’s latest results for Q3, with the report indicating that:

“Cross-border volume excluding transactions within Europe, which drive our international transaction revenues, increased 53% on a constant-dollar basis for the three months ended June 30, 2021. Total cross-border volume on a constant-dollar basis increased 47% in the quarter.”

In a fresh interview, however, Visa chief financial officer Vasant Prabhu said that much of the crypto-driven momentum behind higher cross-border spending was in fact limited to the first two months of the quarter.

Highlighting the spike in crypto purchases in April and May, Prabhu noted that it had begun to fall back by June. Given the faltering return to international travel, Prabhu warned that the cross-border volume could be poised to decline without being buoyed up by a booming crypto market.

The overall picture for the past quarter shows that Visa drew in significant revenues from its overseas transaction processing, which is significantly more lucrative for the firm than intra-national spending. Overall, the company reported a 34% year-on-year increase in payments using its cards — keeping in mind that much of the globe was under strict lockdowns last year. The company has also reported net revenues of $6.1 billion for Q3 2021, an increase of 27%, outstripping the $5.86 billion average of analysts’ estimates.

Among recent deals, the report notes Visa’s recent signature of a definitive agreement to acquire Currencycloud, a cross-border payments platform that supports roughly 500 banking and technology clients across over 180 countries. Currencycloud has recently entered a partnership with Ripple, the company behind XRP, to jointly explore new cross-border transactions mechanisms.

Visa to approve Bitcoin spending card for Australian startup CryptoSpend

July 14, 2021 Coin Telegraph

Australia

Crypto debit cards continue to catch on as an Australian digital assets start-up gets approval from Visa to release a spending card down under.

Global payment giant Visa is moving forward with its commitment to digital currency adoption by approving the issuance of a new Bitcoin (BTC) debit card in Australia.

Sydney-based crypto spending app CryptoSpend announced Wednesday that Visa has approved the issuance of a physical debit card that will allow Australians to spend their Bitcoin at local merchants.

CryptoSpend co-founders said in an interview with the Australian Financial Review that the new card will be issued by major local payments company Novatti and is expected to hit the market in September. Visa is expected to announce the approval later this week.

According to the report, the upcoming crypto debit card will allow users to spend a set of major cryptocurrencies including Bicoin, Ether (ETH), XRP, and Bitcoin Cash (BCH). Users’ crypto holdings will be custodied by BitGo.

CryptoSpend co-founder Andrew Grech said that the card will give Australians a way to cash out their Bitcoin profits as opposed to selling the cryptocurrency, stating:

“Spending it directly is a more convenient way of selling it. If the market is green, someone could say it’s time to spend some of my profits. On the other side of the fence, another person might say it’s going to keep going up, I’ll hold onto it. But we have seen more spending volume when the price is going up.”

According to the Financial Review, Visa has already approved the issuance of crypto spending cards in Australia for some global crypto exchanges like Binance, but they are not yet available in the country. Crypto exchange Crypto.com also received approval to be a direct issuer of Visa debit cards in Australia and is preparing to launch a card soon.

Visa did not immediately respond to Cointelegraph’s request for comment.

Visa reports over $1 billion in crypto spending in H1 2021

July 7, 2021 Coin Telegraph

Visa reports over billion in crypto spending in H1 2021

Adoption

Payment giant Visa will continue connecting the crypto economy to its “network of networks” to support the broader digital transformation of financial services.

Global payments giant Visa will continue to support the development and adoption of the cryptocurrency industry as part of its business, the company said in its latest crypto update.

In an official statement on Wednesday, Visa announced that its crypto-enabled cards processed more than $1 billion in total spending in the first half of 2021.

The company noted that Visa is partnering with 50 major companies in the crypto industry as well as crypto card programs enabling users to convert and spend digital currency at 70 million merchants worldwide. Given the size of spending on Visa crypto-linked cards, the company said that “it’s clear that the crypto community sees value in linking digital currencies to Visa’s global network.”

Visa emphasized that its digital currency support does not require global merchants to accept cryptocurrencies like Bitcoin (BTC) directly though. As previously reported, Visa has been working with major crypto players like cryptocurrency exchange platform Crypto.com to enable a crypto settlement system for fiat transactions. The company has also been closely working with other major crypto companies like FTX exchange, Coinbase, CoinZoom, and others.

The firm also stated that stablecoins — cryptocurrencies pegged to the value of other assets or fiat currencies like the United States dollar — are “starting to live up the promise of digital fiat,” outlining its developer-friendly features combined with the reliability of fiat-backed reserves. “Stablecoins are on track to become an important part of the broader digital transformation of financial services, and Visa is excited to help shape and support that development,” the company wrote, adding:

“We’ve been busy at Visa, connecting the crypto economy to our ‘network-of-networks,’ a strategy designed to add value to all forms of money movement, whether on the Visa network, or beyond.”

One of the world’s largest payment companies, Visa made a major move into the crypto industry last year, partnering with Goldman Sachs-backed blockchain company Circle in order to make its USD Coin (USDC) stablecoin compatible with certain credit cards. The company has since reaffirmed its commitment to crypto payments and fiat on-ramps, as well as its particular focus on stablecoin-based integrations.

Institutional exchange launches crypto debit card

June 22, 2021 Coin Telegraph

Bakkt

Touted for its ability to allow users to "leverage the digital assets in their day-to-day lives,” the Bakkt Visa debit card is now available for online and in-store purchases.

Intercontinental Exchange subsidiary Bakkt has introduced a debit card allowing customers to use crypto for retail purchases.

In a Tuesday announcement, Bakkt said it had launched a fully virtual Visa debit card for both online and in-store spending. Card holders can spend Bitcoin (BTC) from their Bakkt accounts without waiting to convert the cryptocurrency to fiat.

“Imagine a Bitcoin user who sees a significant gain,” said Bakkt CEO Gavin Michael. “Now, instead of selling and waiting to transfer to a bank, they can simply walk into their favorite store, tap their Bakkt Card and buy that new item they’ve been eyeing [...] the Bakkt Card untethers Bitcoin owners from their online-only past into a world with countless options to leverage the digital assets in their day-to-day lives.”

Sutton Bank, a member of the Federal Deposit Insurance Corporation, is issuing the debit cards in compliance with a license from Visa. Bakkt avoids BTC transaction fees by selling crypto to users at a price higher than that of the current market rate, which it said has been “no more than 1.5% throughout 2021.”

The debit card release follows Bakkt announcing in March that it had launched a digital asset payments application allowing customers to use BTC and other cryptocurrencies for purchases. At the time, the platform was advertised as a way “to amplify consumer spending, reduce payment costs, and bolster merchant loyalty programs."

Many exchanges and digital asset marketplaces have launched their own crypto debit cards this year as awareness of the industry grows. BitPay announced in February that it would be offering a crypto Mastercard with support for six tokens, while the Visa card issued by Crypto.com allows users to fund their accountswith more than 100 cryptocurrencies.

Got crypto? Here are 3 debit cards that let you spend your stack

April 30, 2021 Coin Telegraph

Banking

Crypto debit cards are growing in popularity as holders look for effortless ways to spend their assets.

As blockchain technology and the public's awareness of cryptocurrency continues to grow, a range of new use cases a coming to market and enhancing the efficacy of legacy financial systems.

Despite its many applications, the original use case for Bitcoin (BTC) as a medium of exchange remains one of the most fundamental applications of blockchain technology and while BTC might not be the best asset to use for payments, there are service providers who have eased the process of settling transactions in other cryptocurrencies.

For now, the most widely accepted way to use cryptocurrencies for direct payments in everyday life is through the use of crypto debit cards which allow users to convert their crypto holdings into U.S. dollars. They essentially work in the same way that a prepaid debit does.

With institutions showing an increased interest in the growing cryptocurrency sector and mainstream awareness of blockchain technology at its highest level ever, crypto debits cards are increasing in prevalence as new players enter the field to try and capture a share in this growing market.

Three of the debit cards with a track record of success and attractive rewards are BitPay, Crypto.com and the Nexo Card.

Bitpay

The BitPay prepaid Mastercard has emerged as a top choice for many cryptocurrency holders thanks to its ease of use and low fees. It originally launched in 2016 as a US-only debit card and mainly functioned as a Bitcoin payments processor.

BitPay now supports eight different fiat currency options alongside support for Bitcoin, Ethereum (ETH), Gemini Dollar (GUSD), USD Coin (USDC), Paxos (PAX) and Bitcoin Cash (BCH).

Have you added your BitPay Card to @Apple Pay® yet? Easily make online and in-store purchases with crypto. #apple #applepay #bitpay #bitcoin #bitpaywallet #bitpaycard #crypto pic.twitter.com/hRp7nm6vDu
— BitPay (@BitPay) February 23, 2021

Users who wish to obtain the card must first pay a $9.95 activation fee and provide their social security and driver’s license number to gain access. Once approved, the user can load cryptocurrencies onto their BitPay wallet and then convert them to dollars to make them available on the card.

There are no transaction fees for users in the U.S., and the card has a daily spending limit of $10,000 with a maximum account balance of $25,000.

Crypto.com

For the ardent cryptocurrency fan, the Crypto.com debit card is one of the top choices due to the fact that it has a built-in native token called Crypto.com Coin (CRO) which functions as the primary currency and reward token for the blockchain.

Benefits of using the card include 100% cashback on popular streaming services like Netflix and Spotify as well as up to 8% cashback on regular purchases.

Crypto.com users can choose from a list of more than 100 of the top cryptocurrencies to fund their card by depositing them into their account and converting them into a stablecoin which is then loaded onto their debit card.

We’re excited to share news of a historic moment:https://t.co/vCNztABJoG & @Visa successfully conducted the first settlement of transactions using USDC!

A huge milestone for the industry as crypto and fiat networks begin to converge.https://t.co/v70qC8n4Yy
— Crypto.com (@cryptocom) March 29, 2021

The Crypto.com ecosystem offers five different Visa debit cards that have a tiered reward structure that increases depending on the amount of CRO that a user has staked in their account.

Tiers range from requiring a stake of 5,000 CRO for the Ruby Steel card, all the way up to needing 5 million staked CRO to obtain the Obsidian card which offers 8% cashback on all purchases. There is also a basic version of the card that doesn’t require any staking and offers 1% cashback on all purchases.

Nexo Card

A third choice that offers a different structure than most crypto debit cards is the Nexo Card and its native NEXO cryptocurrency which currently trades at $3.63.

Instead of requiring users to convert the cryptocurrency held into their accounts into U.S. dollars before use, Nexo issues an instantaneous loan based on the value of the cryptocurrency held in a users account and settles the transaction in fiat currency.

Want to #hodl your #crypto & spend at the same time?

Оur Instant Crypto Credit Line™ is just the thing for you.

Need more reasons? Check our blog post:https://t.co/uB0SkM4Qke
— Nexo (@NexoFinance) April 22, 2021

This allows users to access the value of their cryptocurrency assets without having to sell them. The loan can be repaid using either cryptocurrency or fiat through their Nexo account with the possibility of having the minimum payment paid off by the yield earned on a users staked cryptocurrency assets.

Interest rates for charges on the card are set at 5.9%, and there are no monthly or annual exchange fees. In addition to this, users receive 2% cash back in the form of Nexo tokens or BTC.

As more banks and institutions in the U.S. and around the world take a stake in the cryptocurrency sector in order to find ways to capitalize on the growing market, crypto debit cards are likely to become a more prominent fixture in legacy payment channels.

Gemini users can now buy Bitcoin with Apple Pay and Google Pay

April 23, 2021 Coin Telegraph

Apple Pay

Crypto exchange Gemini has integrated deposits via Apple Pay and Google Pay to simplify crypto purchases.

Major American cryptocurrency exchange Gemini now lets its users purchase cryptocurrencies like Bitcoin (BTC) with Apple Pay and Google Pay.

According to a Thursday announcement, Gemini users can now connect their debit cards to Apple Pay or Google Pay for buying crypto with fiat on the platform. The firm noted that user funds will be available to withdraw one hour after a purchase was made.

The new feature is available for over 30 cryptocurrencies supported on Gemini, including major coins like BTC, Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH), as well as Ethereum-based tokens like AAVE, DAI and Maker's MKR.

Gemini did not specify the amount in fees it takes for buying crypto via Apple Pay or Google Pay. The platform retains 3.49% of the total purchase amount from deposits carried out via debit card transfers, while wire transfers and crypto-to-crypto deposits are free of charge.

The cryptocurrency industry has been expanding in recent months in terms of growing integrations with traditional finance payment services like Apple Pay. In February, major crypto payment processor BitPay announced a major Apple Pay integration allowing its users to connect to Apple Wallet and pay for goods and services with digital coins like BTC, ETH and LTC. Crypto payment firm Simplex also enabled Apple Pay users to purchase the COTI cryptocurrency in March.

Debit Cards