Take, for instance, the recent problems faced by Circle’s USD Coin (USDC) when it broke away from the US dollar following the collapse of the Silicon Valley Bank. Two weeks later, Mastercard boldly integrated the stablecoin into its Asia-Pacific infrastructure, allowing users to spend USDC through its network. It’s happening people!
And let’s not forget Bitcoin (BTC) – this digital gold continues to grow and separates itself from Wall Street, once more proving its value and sparking calls to hedge the stock markets over the long term.
This week, Crypto Biz documents the most recent developments in global crypto adoption and the way concerns concerning the banking system are affecting the crypto space.
The banking turmoil and regulatory crackdown going down around the globe haven’t slowed down the continued merging of traditional and decentralized finance (DeFi). The ramps connecting the 2 sides seem even stronger despite the crazy changes.
Mastercard to settle transactions for the stablecoin wallet within the APAC region
Global payment service provider Mastercard has made one other move within the crypto space to permit retail customers within the Asia-Pacific region to issue stablecoins wherever Mastercard is accepted. The move was made possible by a partnership with Stables, an Australian stablecoin platform. Users can spend and save USDC by exchanging them for fiat and billing on the Mastercard network. The wallet accepts deposits in several stablecoins, including Tether (USDT) and Binance USD (BUSD), with all deposits mechanically converted to USDC.
we have now established cooperation @MasterCard AND @wheel let people spend $USDC Mastercard is accepted in every single place – that is over 54 million locations worldwide! pic.twitter.com/KE8PS0bEOz
— Stables (@stables_money) March 21, 2023
MetaMask allows direct cryptocurrency purchases in Nigeria
Interest in digital assets can also be growing in Nigeria because the MetaMask crypto wallet has expanded direct transactions with local banks. MetaMask’s parent company, ConsenSys, has partnered with crypto fintech MoonPay, allowing users within the country to buy cryptocurrencies via quick bank transfers without requiring a credit or debit card. The integration is estimated to cut back the decline rate of direct cryptocurrency purchases in Nigeria from 90% to 30%. Nigeria is the principal marketplace for MetaMask, rating third in monthly lively mobile users. Chainalysis ranks Nigeria as considered one of the highest 20 cryptocurrency adoption countries.
Naija manages stuff for MetaMask
Nigerians rank third when it comes to lively mobile users globally and are among the many top 10 most visited countries https://t.co/uH8OHwxe2D. Be like as an instance cryptocurrency is hot for this site, ohhttps://t.co/VTeUzwhR4o
— MetaMask (@MetaMask) March 21, 2023
OKX will stop operations in Canada by June 22, 2023
As a “temporary” goodbye, cryptocurrency exchange OKX sent an email to Canadian users that the corporate “will now not provide services or allow users to open latest accounts in Canada starting March 24, 2023.” OKX cited “latest regulations” behind the move, saying it is barely temporary while it really works with regulators. Until June 22, OKX customers within the country must close open options, margin, perpetual and futures positions. Fiat or tokens must even be withdrawn by this date. In February, the Canadian Securities Administrators issued a notice requiring crypto exchanges to sign latest legally binding commitments pending registration with regulators.
Bitcoin’s Violent Banking Crisis ‘Will Attract More Institutions’: ARK’s Cathie Wood
With fears of a worldwide banking crisis rising, Bitcoin’s value proposition is in full swing as its price continues to rise following the collapse of Silvergate, Silicon Valley Bank and Signature Bank. ARK Invest CEO Cathie Wood believes that the present decoupling of the BTC price from the stock markets could attract more institutional investors to Bitcoin over time. In terms of the impact of institutional interest on the worth of Bitcoin, Wood expects most firms to allocate between 2.5% and 6.5% of their investment portfolios to BTC by 2030, pushing the worth of the leading cryptocurrency to $1-1.5 million .
ARK Investment Management CEO Cathie Wood Says Bitcoin Price Behavior During Recent Banking Turmoil Will Attract More Institutions And Investors https://t.co/2d8cT7SX3n pic.twitter.com/Eaymh05lhq
— Bloomberg Crypto (@crypto) March 21, 2023
Impact of the Credit Suisse banking crisis on the cryptocurrency market
How do you analyze banks and avoid inaccurate market capitalization ratios – like Silicon Valley Bank’s $15.8 billion value? Cryptocurrency analyst Marcel Pechman delves into the enterprise value metric and the way it provides a greater picture of a bank’s balance sheet conditions by subtracting net debt from market capitalization. Of course, Pechman first explains the connection between bank valuation and cryptocurrencies, specifically the Bitcoin ethos.