A lot has happened in the crypto industry over the last seven days. One of the biggest news came from payment giant Visa. The company announced last Tuesday that it was continuing to pursue its crypto ambitions, this time by processing payments on the Solana blockchain using USDC stablecoin.
That day, Visa’s Director of the Crypto department, Cuy Sheffield, took to X (formerly Twitter) to share the news regarding the company’s new crypto offering. He said the journey to incorporate USDC in Visa’s payment system began in 2021 when the firm partnered with crypto exchange Crypto.com to conduct a pilot test. Visa is now working closely with merchant acquirers Nuvei and WorldPay to realize its crypto vision.
Visa is not the only traditional finance player responding to the growing adoption of cryptocurrencies. Major institutions like the Financial Stability Board, the European Central Bank, and the International Monetary Fund are all considering stepping into the digital asset sphere.
MetaMask Now Supports Crypto-to-Fiat Withdrawals
On Wednesday, NFT enthusiast and X user @Legendary_NFT broke the news that popular crypto wallet provider MetaMask had begun facilitating crypto-to-fiat cashouts. At the moment, the wallet only supports withdrawals to bank accounts and PayPal. If you wish to convert your cryptocurrencies to fiat, open your MetaMask and go to the “Sell” tab to start the withdrawal process.
Later that day, Kevin Owocki, the co-creator of popular funding DAO Gitcoin, said he was officially back in the organization. He acknowledged the strides the Gitcoin community had made while he was away and promised to contribute to helping the DAO achieve its objectives.
Meanwhile, Bloomberg ETF guru James Seyffart is optimistic that digital asset management company Grayscale has an advantage over the United States Securities and Exchange Commission in the ongoing court battle between the two parties, which involves the approval of Bitcoin spot exchange-traded fund (ETF). Seyffart shared a letter sent to the agency by Grayscale lawyers, pushing the regulator to approve the Bitcoin spot ETF, claiming the crypto asset manager was ready to start operating the Fund.
Earlier this month, the court told the commission that its decision to reject Grayscale’s application for Bitcoin spot ETF needed to be reviewed as it did not provide sufficient explanation for its rejection.
On Thursday, Circle’s CEO Jeremy Allaire announced that Settlus, the subsidiary of popular gaming developer Krafton, was planning to launch a payment settlement platform on Cosmos to serve content creators. According to Allaire, the payment will be settled using USDC.
How PrivacyPools Plans to Comply With Regulations
That day, a paper shared by Ameen Solimani, one of the PrivacyPools developers, showed Ethereum co-creator Vitalik Buterin as its co-author. The document explained in detail how PrivacyPools, which is an Ethereum-based coin mixer, plans to operate while complying with the law.
Buterin and other authors stated that users of the coin mixer will be able to publish zero-knowledge proofs to show that the funds are not part of the illicit funds deposited in the app. According to the authors, implementing this idea will allow users to provide transaction receipts to regulators while maintaining privacy.
On Friday, crypto enthusiast @0xjaypeg revealed that Southeast Asia’s payments, food, and taxi app, Grab, had integrated a crypto wallet. He explained that the Web3 wallet will be used to send and receive NFTs for the upcoming Formula One event in Singapore, which can be redeemed for various products at selected merchants.
On that day, crypto journalist Tiffany Wong co-hosted an X Spaces with @ayopoops, who claims to be a prison informant. Ayopoops alleged that former FTX CEO Sam Bankman-Fried was having disputes with his bunkmates at the Metropolitan Detention Centre in Brooklyn. The self-proclaimed prison informant said inmates who know Bankman-Fried believe he has money hidden somewhere and are, therefore, trying to extort him.
On Saturday, Buterin’s X account was hijacked. The attacker behind the incident then shared a fake link that caused a $670 million loss to followers who opened it and connected their Web3 wallets to the scam website. The Ethereum co-founder regained access on Sunday evening and deleted the link.
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