Payment Expert’s Blockchain Bulletin analyses how the world of blockchain is constantly evolving and having a major impact on the payment industry, with cryptocurrencies, NFTs and the metaverse revolutionising the space.
This week, the European Central Bank raises concerns over PayPal’s stablecoin and fears monopolisation, whilst Visa has ramped up its stablecoin efforts by launching cross-border payments on the Solana network.
ECB issues PayPal warning
During a meeting at the Economic and Monetary Affairs of the European Parliament this week, ECB Executive Fabio Panetta stated he is growing cautious of PayPal’s latest stablecoin launch.
Panetta continued to underline the importance of bringing forth a Digital Euro CBDC in light of his growing concern that PayPal’s PYUSD token may lead to a monopolisation, admitting that the digital currency space’s growth may wilt if more Big Tech firms enter.
He detailed his belief that the venture of PayPal should fuel the EC to strengthen its focus on the Digital Euro as the region shouldn’t ‘shy away from being ambitious in developing an instrument that serves the public interest’.
Visa envisions stablecoin cross-border settlements on Solana
Whilst not at the point of releasing its own native stablecoin like PayPal, Visa has ramped up its efforts in the space by working with the Solana blockchain network to bolster cross-border transactions.
The payments giant has previously partnered with Crypto.com in 2021 to pilot cross-border transactions to Australian users and is now looking to deepen its involvement with stablecoins, with Visa cardholders being able to make international digital currency to fiat payments in over 25 jurisdictions.
Cuy Sheffield, Head of Crypto at Visa, said: “Visa is committed to being on the forefront of digital currency and blockchain innovation and leveraging these new technologies to help improve the way we move money.”
Ethereum: Blockchain privacy has ‘crescendoed’ with ‘privacy pools’ needed
A recent paper co-authored by Ethereum Co-Founder Vitalik Buterin calls for greater protection of blockchain privacy amid the growing dangers of crime being committed on the Web3 networks.
The paper cites the recent Tornado Cash money laundering scheme, which Buterin and his co-authors believed came as a result of ‘information asymmetries’ with ‘privacy pools’ being brought up as a means to help differentiate criminals and honest users.
$41m worth of crypto drained from Stake.com hack
Popular cryptocurrency gambling platform Stake.com was the subject of a hack this week which resulted in upwards of $41m worth of unauthorised crypto withdrawals.
Stake was alerted yesterday of the suspicious outflows of withdrawals from its Ethereum and BSC hot wallets but assured that users’ funds were safe as Bitcoin, XRP and other wallets were unaffected.
Consumer crypto confidence still low over last years woes
Research carried out by Coincover reveals that there are still large concerns when it comes to crypto and its security.
The obstacles surveyors said the industry needs to overcome were security worries (52%), trust issues (30%), technology concerns (30%), scars from the FTX collapse (20%), and the ever-present danger of crypto-related scams.
Burnley FC continues to embrace Web3
Web3 financial platform Uphold has confirmed a new Premier League partnership with Burnley FC.
As a result of the deal, Uphold will become the official sleeve partner of the Clarets as they continue their Premier League campaign this season.
The deal will also see the Silicon Valley firm back the Clarets Women’s side, building on the growth of the women’s game with a host of activations likely coming down the line.