Category: Cryptocurrency

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Mastercard Inc. (NYSE:MA) has launched a new service called “Crypto Credential,” aimed at enhancing the security and ease of peer-to-peer crypto transactions across various European and Latin American countries. This service enables users to create a Mastercard username for sending and receiving Bitcoin and other cryptocurrencies via exchanges such as Bit2Me, Lirium, and Mercado Bitcoin, operating in regions like Brazil, Argentina, and France.

Walter Pimenta, Mastercard’s Executive Vice President of Product and Engineering for Latin America and the Caribbean, highlighted the need for secure transactions in the expanding blockchain and digital assets space. “With the rising interest in blockchain and digital assets in Latin America and globally, it is crucial to provide trusted and verifiable interactions across public blockchain networks,” Pimenta stated.

Crypto transactions traditionally involve complex wallet addresses, which are lengthy and random strings of characters. Mistakes in these addresses can lead to lost funds. Mastercard’s new service addresses this issue by alerting the sender if the recipient’s wallet does not support the specific asset or blockchain, thereby preventing the transaction and protecting users from potential losses.

Additionally, the service combats scams involving lookalike addresses. Fraudsters often exploit truncated wallet addresses, showing only the first and last few characters. Mastercard’s Crypto Credential mitigates this risk, ensuring safer transactions for users.

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Mastercard (NYSE:MA) is launching a peer-to-peer (P2P) platform for cryptocurrency users in Europe and Latin America. The new network, called Mastercard Crypto Credential, aims to facilitate cross-border digital asset transactions.

In its pilot phase, Mastercard Crypto Credential supports transactions on Bit2Me, Lirium, and Mercado Bitcoin exchanges, enabling cross-border payments between Europe and Latin America. This initiative is part of Mastercard’s strategy to leverage digital assets for cross-border payments, a rapidly growing sector in the payments industry.

“As interest in blockchain and digital assets continues to surge in Latin America and around the world, it is essential to keep delivering trusted and verifiable interactions across public blockchain networks,” said Walter Pimenta, executive vice president of product and engineering for Latin America and the Caribbean at Mastercard.

The P2P network will also feature Mastercard Crypto Credential aliases, which are shorthand labels for crypto wallets. These vanity addresses, similar to those offered by the Ethereum Name Service (ENS) on the Ethereum network, are designed to simplify cross-border payments. This feature is expected to help Mastercard capture market share in the fast-growing remittance services sector, a key focus of the company’s crypto initiatives.

According to data from the United Nations International Organization for Migration, migrants sent an estimated $831 billion in remittances worldwide in 2022, up approximately 16% from the $717 billion sent in 2020.

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Bankrupt crypto lender Genesis and crypto exchange Gemini have successfully returned over $2 billion in cryptocurrency to 232,000 retail customers of their jointly managed Gemini Earn program. This repayment provides customers a 242% return on assets that had been locked up since January 2023, Gemini announced on Wednesday.

Unlike other crypto companies that went bankrupt following the 2022 market crash, Genesis managed to return customers’ crypto assets instead of liquidating them for cash payouts.

Customers who loaned one bitcoin to Genesis will receive one bitcoin back, benefiting from the coin’s substantial price increase since Genesis declared bankruptcy. Bitcoin’s value has more than tripled since January 2023, rising to over $67,000.

“We are thrilled to have been able to achieve this recovery for our customers,” said Gemini co-founder Cameron Winklevoss. “We recognize the hardship caused by this lengthy process and appreciate our customers’ continued support and patience throughout.”

Gemini customers will receive approximately 97% of their repayment immediately, with the remaining amount distributed within 12 months, the company stated.

Previously, Genesis had estimated that its customers, including larger investors not part of the Earn program, would receive a 77% recovery in the bankruptcy. Gemini customers benefited from a $50 million settlement contribution from Gemini and settlements that enabled Genesis to sell shares in Grayscale bitcoin and ethereum trusts.

Participants in the Gemini Earn program loaned their crypto to Genesis and earned interest on their loaned assets. The total value of the Gemini Earn assets was $940 million when Genesis froze customer accounts in November 2022.

New York Attorney General Letitia James has alleged that the Gemini Earn program was a “scam” that misled investors. She has sued Genesis, Gemini, and Genesis’s parent company Digital Currency Group (DCG) over the program.

In February, James reached a settlement with Genesis requiring it to repay Earn customers before other creditors, including New York state and DCG.

DCG had argued that Genesis’s customers should be repaid based on the value of the crypto assets in January 2023. Under this argument, which a judge overruled on May 17, DCG could have taken the “excess” value from the rise in crypto prices rather than returning it to Genesis customers.

James’ lawsuit disrupted Genesis’s efforts to restart its business, ultimately pushing the company toward bankruptcy liquidation.

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Crypto bridging protocol LayerZero is expanding to the Solana blockchain, providing a new pathway for transferring crypto assets between Ethereum and its largest competitor, starting Wednesday.

This integration will allow Solana users to move their assets to Arbitrum, Ethereum, Polygon, and 70 other connected chains, and vice-versa, according to LayerZero Labs, the company behind the bridging protocol.

LayerZero functions as a bridging platform, enabling communication between blockchains that do not naturally interact. In the first quarter of 2024, LayerZero users transferred $6.7 billion worth of cryptocurrencies, generating $11.5 million in revenue, as reported by Messari.

In April, private venture investors valued LayerZero Labs at $3 billion during a significant funding round. The protocol is expected to issue its own token soon.

Solana, whose native token $SOL is the fifth-largest cryptocurrency by market cap according to CoinGecko, already has three major bridging protocols linking it to the larger Ethereum ecosystem, with Wormhole being the most notable.

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The State of Wisconsin Investment Board has become the first public institution in the U.S. to invest in cryptocurrency, putting $187.1 million into bitcoin and related crypto companies, as revealed in a May 14 quarterly filing with the U.S. Securities and Exchange Commission.

SWIB manages the assets of the Wisconsin Retirement System, the State Investment Fund, and other funds, with total assets exceeding $156 billion as of the end of 2023. The cryptocurrency investment represents a small portion—about one-tenth of 1%—of its total assets.

Bob Bukowski, managing partner of Alpha Investing Consulting, described the investment as a speculative bet. He explained, “If bitcoin doubles or triples in value, they can say they were invested. If it goes to zero, the loss is negligible.”

The largest portion of SWIB’s crypto investment is $99.1 million in iShares Bitcoin Trust (NYSEARCA:IBIT), an exchange-traded fund managed by BlackRock (NYSE:BLK), which launched in January after SEC approval. The fund closed at $38.98 on Tuesday, up about 46% from its January launch.

In addition to iShares Bitcoin Trust, SWIB invested $63.6 million in Grayscale Bitcoin Trust and $24.5 million in Coinbase (NASDAQ:COIN), a leading cryptocurrency exchange platform.

Bloomberg Senior ETF Analyst Eric Balchunas noted on Twitter that other public institutions might follow SWIB’s lead, saying, “Expect more, as institutions tend to move in herds.”

When contacted for comment, SWIB stated it “does not comment on specific investments.”

SEC Chair Gary Gensler emphasized caution, noting that bitcoin is a speculative asset often associated with illicit activities. He said, “Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto.”

Bukowski added that the SEC’s involvement is crucial for investor protection, stating, “The SEC now has the authority to monitor how these investments are managed and traded.”

Bitcoin traded between $66,685 and $70,314 per coin over the last five days, closing at $68,305 on Wednesday.

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Russian commodities firms facing challenges in executing financial transactions with Chinese counterparts are turning to stablecoins as a new method for settling deals. At least two major metals producers have begun utilizing Tether Holdings Ltd.’s stablecoin and other cryptocurrencies to settle cross-border transactions with primarily Chinese clients and suppliers. These settlements, in some cases, are routed through Hong Kong.

The shift towards blockchain-based transactions highlights the enduring impact of international restrictions imposed in response to the 2022 invasion of Ukraine on the Russian economy. Even unsanctioned Russian companies dealing in commodities such as metals and timber have encountered difficulties in receiving payments for their goods and procuring equipment and raw materials. Challenges persist despite China’s stance of not joining international sanctions, as the US Treasury Department’s threats of secondary sanctions on lenders facilitating sanctions evasion have led to increased compliance measures.

Stablecoins offer a faster and more cost-effective alternative for transactions, with transfers taking just seconds and costing only a few cents. Tether’s USDT stablecoin, pegged to the US dollar, provides added convenience for exporters. The alternative of traditional banking transactions carries the risk of account freezing, with some companies experiencing the frustration of multiple frozen accounts in various countries.

The growing role of cryptocurrencies in settlements is not unique to Russia, as countries under sanctions like Venezuela have increasingly turned to Tether for transactions, often brokered through intermediaries in Dubai. This trend reflects a broader shift in the Russian central bank’s stance towards the cryptocurrency industry. While previously considering a blanket ban, Governor Elvira Nabiullina now supports experimenting with cryptocurrency payments in international transactions.

However, the central bank has emphasized that cryptocurrency payments are acceptable only for cross-border transfers and should not be promoted domestically. Legislation is being considered to establish a legal framework for stablecoin use in international transactions.

Meanwhile, cryptocurrency-linked banking services in Russia are expanding, with Rosbank becoming the first Russian lender to initiate cross-border payments with cryptocurrency for businesses in June last year. Other banks have followed suit since then.

In contrast to stablecoin adoption, some commodities firms are opting for barter deals to settle transactions, entirely avoiding cross-border transfers. This approach, once considered exotic, involves swapping commodities for goods shipped to Russia.

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Semler Scientific (NASDAQ:SMLR) witnessed a remarkable 25% increase in its stock price during early U.S. trading hours on Tuesday following its announcement of purchasing 581 bitcoins for its treasury.

Before the surge, the company boasted a market capitalization of under $200 million. In its most recent earnings statement, Semler revealed holding cash and cash equivalents amounting to $62.9 million at the end of the first quarter. The company reported first-quarter revenue of $15.9 million, with operating cash flow standing at $6.1 million.

According to a press release issued this morning, Semler acquired 581 bitcoins for $40 million, implying an average price of approximately $68,850 per token.

Eric Semler, the company’s Chairman, highlighted Bitcoin’s emergence as a significant asset class, boasting a market value exceeding $1 trillion. He emphasized Bitcoin’s unique attributes as a scarce and finite asset, capable of serving as a viable hedge against inflation and a haven amidst global uncertainty. Additionally, Semler expressed a preference for Bitcoin over gold, citing Bitcoin’s digital resilience compared to the traditional precious metal.

Despite today’s impressive gain, Semler’s stock remains just 2% lower on a year-over-year basis.

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Maple Finance, a cryptocurrency lending firm, has introduced Syrup, a new loans platform and rewards token aimed at integrating institutional-friendly yield-bearing digital assets with the decentralized finance sector.

Maple’s Syrup platform offers users up to 15% yields by depositing Circle’s USDC stablecoin. Users receive LP tokens (syrupUSDC) and additional yield in the form of “Drips,” a loyalty payment derived from the usage of the SYRUP rewards token, as announced in a press release on Tuesday.

Holders of MPL, Maple’s native token, will be able to migrate to the SYRUP token on a one-for-one basis.

While many centralized crypto lending firms have struggled over the past few years, Maple has endured the bear market by maintaining a stringent approach, accepting deposits only from accredited investors with comprehensive know-your-customer checks. This method allows Maple to operate within the U.S. and serve regulation-conscious institutions, according to Maple co-founder Joe Flanagan.

“We aim to keep our institutional focus while staying true to our DeFi origins,” Flanagan said in an interview. “The launch of Syrup allows us to function within the broader DeFi ecosystem. This enables us to bring institutional-quality yields sourced from over-collateralized loans to the largest institutions and a DeFi audience.”

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Riot Platforms Inc. (NASDAQ:RIOT) has made an unsolicited $950 million bid to acquire Bitfarms Ltd. (NASDAQ:BITF), following the smaller Bitcoin miner’s rejection of a previous takeover proposal last month.

Riot offered $2.30 per share in cash and stock for Bitfarms, representing a 20% premium over Bitfarms’ trading price before Riot’s initial April offer, which was privately submitted to the board.

Riot has accumulated a 9.25% stake in Bitfarms, becoming its largest shareholder, according to a statement on Tuesday that confirmed an earlier Bloomberg News report.

Citing recent management turnover at Bitfarms as evidence of corporate governance issues, Riot announced plans to call for a shareholder vote to add new directors to Bitfarms’ board.

This bid is part of a trend of consolidation in the cryptocurrency mining sector, spurred by a Bitcoin code update known as “the halving,” which is expected to reduce revenue for miners significantly. Large-scale mining companies are seeking acquisitions to expand their operations and adapt to the industry’s evolving economics.

If successful, the merger would create the world’s largest Bitcoin miner based on projected computing power growth, significantly increasing Riot’s Bitcoin production capabilities alongside major players like Marathon Digital Holdings Inc. (NASDAQ:MARA) and CleanSpark Inc. (NASDAQ:CLSK).

Bitfarms shares rose 3.3% in Toronto on Monday to C$2.86, approximately $2.10 USD, giving the company a market value of about $750 million. Riot’s shares rose 4% in New York on Friday, with a market capitalization of around $3 billion.

Management Changes

The potential deal follows Bitfarms’ dismissal of interim CEO Geoffrey Morphy, who has filed a lawsuit against the company seeking $27 million in damages for breach of contract.

Riot’s offer, made on April 22, was rejected by Bitfarms’ board without engaging in substantive discussions, according to Riot. Under the proposed terms, Bitfarms shareholders would own approximately 17% of the combined entity.

Riot also plans to request a special shareholder meeting to consider appointing new independent directors after Bitfarms’ annual meeting on May 31.

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Looking for the next cryptocurrency to hit $1 in 2024? With robust trading volumes in the crypto market, savvy traders are eyeing the best penny cryptos to buy right now. Identifying the next crypto to hit $1 involves considering factors like market capitalization, current price, and the problems each project aims to solve.

In this article, we’ve highlighted several cryptocurrencies at various stages of their journey. We’ve identified the top six cryptos likely to hit $1 in 2024 and categorized them into high-cap and low-cap coins.

Best Low-Cost Cryptos to Buy Now

While no one can definitively tell you which crypto to buy next, we’ve compiled a list of reputable projects with potentially promising price histories in their sub-$1 tokens. Let’s start with some of the higher-cap coins.

The Graph (GRT)

The Graph (GRT) focuses on making Web3 information more accessible online. By indexing all the information on the Ethereum network, The Graph aims to allow users to search for Ethereum data much like Google allows for Web2 searches. For instance, decentralized apps (dApps) needing historical and real-time price info for Ethereum or data from smart contracts can benefit from The Graph’s solutions. Currently trading at $0.31, GRT has a 24-hour volume of around $70,000 and a market cap above $3 billion. It’s up 28% on the month and 166% on the year.

Hedera Hashgraph (HBAR)

Hedera Hashgraph (HBAR) is a proof-of-stake distributed ledger similar to Ethereum but aims to be faster, more compliant, and more scalable. Scalability, a major issue in Web3, refers to making blockchain networks usable for more people without slowing down. HBAR, priced at $0.11, is up over 100% this year, with a market cap of $3.8 billion.

Stellar (XLM)

Stellar (XLM) aims to facilitate cheap cross-border payments, targeting peer-to-peer remittances for individuals and businesses. The project is popular and reputable, especially after partnering with IBM for industrial-level cross-border payments. XLM is currently trading at $0.10, maintaining a relatively stable price range between $0.07 and $0.16 over the past year. This stability can be attractive to traders, with the RSI at 44 indicating it is neither oversold nor overbought.

Promising Cheap Cryptocurrencies for 2024

Now, let’s explore more promising altcoins under $1 with smaller market caps that could be good buys for 2024. It’s important to remember that smaller market caps can mean increased price volatility and potential losses, so always conduct your own research and practice proper risk management.

Basic Attention Token (BAT)

Basic Attention Token (BAT) is linked to the Brave browser, which allows users to earn money for their data and interaction with ads or block them entirely. BAT is transforming online data ownership, making it user-centric rather than ad company-centric. Currently, BAT is trading at $0.23 with a market cap of around $368 million.

Harmony (ONE)

Harmony (ONE) aims to make blockchain transactions fast and secure, benefiting apps on Web3 protocols. Harmony’s Effective Proof-of-Stake (EPoS) ensures fast and secure transactions, with a focus on interoperability with other blockchain networks. ONE tokens fuel the network, currently trading at $0.02 with a market cap of $271 million, and have increased by 43% in the past year.

Flux (FLUX)

Flux (FLUX) provides decentralized cloud infrastructure, useful for Web3 developers who need computing power without the high costs of owning the hardware. Similar to Amazon Web Services (AWS) for Web2, FLUX offers discounted services for platform users. Trading at $0.94, FLUX is a strong candidate to hit $1 in 2024, with a market cap of $329 million and a 96% price increase over the past 12 months.

Choosing the Best Low Priced Cryptocurrencies to Invest In

While it’s tempting to invest in trending low-priced cryptocurrencies, it’s crucial to exercise caution in the crypto space. Use indicators like the RSI and MACD for insights into your chosen coin’s performance, and stay updated on relevant news, partnerships, and project developments. Remember the mantra: “never invest more than you can afford to lose.” We hope this list of cheap and promising cryptocurrencies helps in your search for the next crypto to explode in 2024!

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