Last week in review: Twitter launches dedicated crypto team

Twitter launches its own dedicated crypto team, Mastercard plans to launch crypto-backed payment cards in Asia Pacific and patrons of restaurants including Bubba Gump Shrimp will soon have the option to earn bitcoin with every meal.

There is never a dull moment in the world of crypto. Here’s our pick of the headlines.

Twitter is launching a dedicated crypto team

What

Twitter sets up crypto team to explore decentralised apps

Why

This marks the latest push by chief executive Jack Dorsey to embrace digital assets and decentralised apps and the ballooning communities around them.

What next

Tess Rinearson will lead efforts to build the platform’s blockchain offerings

Twitter has hired Tess Rinearson to lead the new Twitter Crypto team and “set the strategy for the future of crypto at (and on) Twitter”.

Jack Dorsey, co-founder and CEO of Twitter and a renowned bitcoin enthusiast, has long said he wants to integrate digital assets into Twitter’s future, after successfully introducing bitcoin support to the payments company Square that he also runs, two years ago.

In September, Twitter said it was introducing a new tool that will allow users to send tips to others for their content using bitcoin. It also said it was creating a feature for verifying non-fungible tokens (NFTs), digital collectibles that have exploded in popularity this year and that some Twitter users use as their profile pictures.

To learn more about blockchain technology and how it works, click here.

Mastercard to launch crypto-linked payment cards in Asia Pacific

What 

Mastercard has partnered with three leading cryptocurrency companies in Asia Pacific as part of plans to launch crypto-backed payment cards in the region.

Why

Almost half of APAC consumers are willing to consider adopting crypto for payments in 2022, a recent Mastercard survey found.

What next

Following the partnership, consumers and merchants in the APAC region will soon be able to obtain crypto-backed Mastercard debit, credit, and prepaid cards. This access could simplify the use of cryptocurrencies for users in the region.

Mastercard has partnered with three cryptocurrency companies in Asia Pacific as part of plans to launch crypto-backed payment cards in the region.

The trio of partners are Hong Kong-based crypto trading startup Amber Group, Australian cryptocurrency exchange CoinJar, and Siam Commercial bank-owned exchange platform Bitkub. These three companies are the first APAC-based virtual currency firms to join Mastercard’s Crypto Card Program.

Following the partnership, consumers and merchants in the APAC region will soon be able to obtain crypto-backed Mastercard debit, credit, and prepaid cards. This access could simplify the use of cryptocurrencies for users in the region.

To learn more about how you can start buying and selling crypto in a matter of minutes, visit our official site here.

Swiss Bitcoin Broker integrates Lightning Network to make Bitcoin transactions cheaper and faster

What     

Bitcoin Suisse, Switzerland’s biggest BTC broker, has made Lightning Network technology available for its crypto payment system.

Why 

The broker will use the Lightning Network to make Bitcoin (BTC) transactions both cheaper and faster.

What next

With the launch of this Bitcoin technology, consumers and merchants using Bitcoin Suisse and Worldline will be able to conduct faster transactions with lower blockchain costs

Bitcoin Suisse, Switzerland’s biggest BTC broker, has become the first to make Lightning Network technology available for its crypto payment system. 

With the launch of this second-layer Bitcoin technology, consumers and merchants using Bitcoin Suisse and Worldline will be able to conduct faster transactions with lower blockchain costs. The decision is a significant step forward in Bitcoin Suisse’s efforts to “promote the broader adoption of crypto technology,” according to the official press release.

The Lightning Network is a decentralised network built on Bitcoin’s second layer that employs smart contract technology to construct a secure network and allow small value transactions at faster speeds and lower costs. 

If you want to learn more about the Lightning Network and its unique properties, visit our educational resource here.

US Restaurant giant Landry’s to launch bitcoin loyalty reward program

What

Landry’s is partnering up with crypto custody firm NYDIG to power a bitcoin loyalty rewards program at its 500 locations nationwide.

Why

According to Patrick Sells, CIO at NYDIG, the program will help offer those unfamiliar with the cryptocurrency exposure to the digital token within an establishment they trust.

What next

Landry’s hopes to go live with the new bitcoin program before Thanksgiving. It will be available to the 3.2 million members of Landry’s loyalty program – Landry’s Select Club.

Restaurant and entertainment giant Landry’s is partnering up with crypto custody firm NYDIG to power a bitcoin loyalty rewards program at its 500 locations nationwide.

Trey Zeluff, Director of Digital Asset Strategy at Landry’s says the program is designed in part to help customers “gain comfort with the volatility” of bitcoin by watching their points grow and fall in purchasing power.

Landry’s hopes to go live with the new bitcoin program before Thanksgiving. It will be available to the 3.2 million members of Landry’s loyalty program – Landry’s Select Club. Diners earn a point for every dollar spent, with 250 points translating to a reward of $25 worth of bitcoin.

To discover how you could earn free Bitcoin by participating in our referral programme, or becoming a Bitcoin Pioneer, visit our website.

The Bank of England and the Treasury to launch a formal consultation on a UK central bank digital currency

What

Bank of England takes next steps in digital money plan

Why

This evaluation of the design and possible benefits of a new kind of digital money is a further step towards its possible creation.

What next?

But the consultation in 2022 will form part of a “research and exploration” phase and will help the Bank and government develop the plans over the following few years.

The Bank of England and the Treasury are to launch a formal consultation on a UK central bank digital currency. The currency, for use by households and businesses, would sit alongside cash and bank deposits, rather than replacing them. But the consultation in 2022 will form part of a “research and exploration” phase and will help the Bank and government develop the plans over the following few years.

Financial services minister John Glen said a retail central bank digital currency (CBDC) would be used by people and businesses for everyday payments needs and help Britain stay at the forefront of innovation and technology in the financial sector.

For a beginner’s guide to stablecoins including CBDCs, visit Luno’s learning resource here.

Zimbabwe is considering implementing cryptocurrencies according to government official

What

An official with the Zimbabwean government confirmed the country’s administration is currently gathering views about cryptocurrencies from knowledgeable persons.

Why 

Charles Wekwete, who is the head of the e-government unit, made the comments while responding to an enquiry from the attendees at an IT summit held in Victoria Falls. 

What next?

Wekwete suggested that the country will only adopt a formal position on cryptocurrencies once the consultation process is complete.

According to a Sunday News report, Charles Wekwete, head of the e-government unit — who addressed delegates that attended an IT summit that was held in Victoria Falls — made the comments while responding to an enquiry from the attendees. The attendees had asked Wekwete if the Zimbabwean government’s position on cryptocurrencies had shifted.

In his response, Wekwete started by reiterating his government’s lingering concerns about cryptocurrencies and its fears these could be used to facilitate nefarious activities. However, Wekwete still went on to reveal that the Zimbabwean government is already working towards finding the appropriate regulatory framework for cryptocurrencies. 

Bitcoin has the potential to provide a stable money alternative and help solve the economic crisis in Zimbabwe, even though markets have been somewhat volatile in the past. However, that volatility can also lead to value increases, rather than only downtrends as we see with fiat currency.

To discover the reason why Bitcoin is such a compelling alternative to combatting the current financial troubles taking place across the world, read our blog here.