Visa Partners With Circle To Enable USDC Payments
Visa, a credit card giant, just announced it would be linking its network to the US Dollar Coin (USDC) by Circle Internet Financial. Through this partnership, Visa will provide a credit card that will allow companies to make payments with the digital currency. To use these new products, users will have to intergrade USDC software into their platforms.
While commenting on the new partnership, Cuy Sheffield, Visa head of Crypto, has this to say:
“We continue to think of Visa as a network of networks. Blockchain networks and stablecoins, like USDC, are just additional networks. So we think that there’s a significant value that Visa can provide to our clients, enabling them to access them and enabling them to spend at our merchants.”
Earlier this week, Visa also announced its partnership with BlockFi, a cryptocurrency based lender that intends to launch a bitcoin reward credit card. Notably, this is the first rewards credit card that pays put in Bitcoin instead of cash. As per the announcement, the reward card will use BTC (Bitcoin) and will be launched in 2021. Through the partnership, cardholders will earn 1.5% back in BTC on each purchase. Additionally, cardholders will earn $250 if they spend $3000 in the first three months. The credit limits on the card are expected to range from $5000 to $25000. The annual fee on the card has been set at $200. Currently, the card’s waitlist is already open to BlockFi account holders and will be open to the public in January.
BTC Markets Expose Personal Data For Over 270k Users
BTC Markets, an Australian based cryptocurrency exchange, recently exposed its users’ personal data in what it claims to be an accident.
As per reports, the exchange revealed the names and email addresses of over 270000 users when it sent out mass emails. The error occurred when the exchange accidentally added the names and addresses placed in the ‘to’ section instead of addressing each user. The email was sent in batches of 1000 recipients. The exchange could not stop the emails once they initiated.
Notably, no financial information or passwords were included in the breach. However, the incident has exposed BTC Markets to phishing attacks.
The exchange has reported the accident to the Office of the Australian Information Commissioner. BTC Markets CEO Caroline Bowler expressed the company’s “heartfelt apologies” for the incident. She emphasized that the exchange’s executives are working around the clock to minimize the repercussions of the breach and implement “additional security features” to prevent future information leaks.
US Authorities Extradited A Man Allegedly Involved In The Airbit Club Crypto Scam
US Justice Department recently extradited a man from Panama who is believed to be one of the global cryptocurrency Ponzi scheme AirBit Club co-founders.
Gutemberg Dos Santos, who holds dual citizenship from Brazil and the United States, was extradited to the U.S. from Panama on Nov. 23, 2020.
In August, US authorities arrest five individuals in relation to the scheme. Along with his co-defendants, Dos Santos managed to dupe investors over $20 million through a fake crypto mining and trading company. According to reports, the scheme began its operations in September 2015.
A statement from the U. S. DOJ document reads:
“The extradition of Dos Santos reflects the determination of agents from HSI New York’s El Dorado Financial Crimes Task Force to dismantle global criminal organizations, wherever the investigation takes us. Utilizing our broad authorities and network of law enforcement partners, HSI will continue to hunt those who allegedly prey upon innocent citizens for financial gain.”
Crypto Community Vote No To Stablecoin Bill
Three-member of Congress recently proposed a bill that would heavily regulate stablecoin issuers. The bill, Stablecoin Tethering, and Bank Licensing Enforcement (STABLE) Act was announced by Rashida Tlaib and co-sponsored by Representative Jesús “Chuy” García and Representative Stephen Lynch.
Following the announcement, the crypto community used various channels to oppose the bill. The community strongly opposed the bill’s direct aim at stablecoin companies such as Tether. The Bill seeks to have stablecoin issues to have a banking charter and be approved by the Federal Reserve and FDIC.
Reportedly, the bill is aimed at protecting lower and middle-income consumers who found themselves locked out from traditional banking systems. However, many in the crypto community believe the bill will do the opposite of what it is intended. Meltem Demirors, CoinShares’ Chief Strategy Officer, explained:
“Cryptocurrencies LOWER the cost of servicing populations that have historically been excluded from the banking sector. Raising costs and compliance obligations forces companies to cut access for unprofitable clientele.”
Jeremy Allaire, CEO of Circle, supported this by adding that:
“The STABLE Act would represent a huge step backward for digital currency innovation in the United States, limiting the accelerating progress of both the blockchain and fintech industry.”