Coinbase, the US exchange with global reach, announced that it will apply new fees to institutional clients who exchange dollars for the stablecoin USD Coin (USDC), provided they are dealing with large-volume transactions.

The Coinbase team announced this in a press release, quoted by The Block, where they pointed out that institutional clients who change between 75 – 150 million will have to pay a fee of 1 %; 0.15 % for those who make transactions between 150 – 500 million dollars; and the commission will be 0.2 % if they exceed 500 million.

However, he also indicated that there will be exceptions for high-end institutional clients. For example, Coinbase Prime users who have more than $500 million in assets on the platform, or whose average trades exceed $100 million in both fiat and USDC for 30 days, will not pay commissions.

The other case is for clients of the liquidity program of their main exchange, as long as they are in Level 1 or Level 2, they will be free of commissions as long as they are chosen from the group of beneficiaries.

K. Tovar

Source: Diariobitcoin

(Reference image source: rc.xyz NFT gallery, Unsplash)

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La entrada Coinbase will charge fees on large USDC changes apareció primero en Bitfinance.

The leading cryptocurrency exchange, Coinbase, has formalized a strategic partnership with the African company Yellow Card, with the aim of expanding its services to 20 countries on the continent. The partnership, focused on expanding access to the stablecoin USD Coin (USDC), promises to drive a faster, more reliable and more affordable financial future.

In a statement issued on January 11, Coinbase expressed its enthusiasm for the new alliance, noting that it will mark the beginning of the future of money by providing millions of users with access to USDC and efficient transactions on its decentralized L2 base. Coinbase and Yellow Card products will be key to this initiative.

Yellow Card CEO Chris Maurice told Cointelegraph that the partnership involves the integration of Yellow Card payment rails in Africa. This will allow clients to access Bitcoin and USDC on Ethereum’s Layer 2 rollup, Base.

Coinbase’s products will be available across the African continent, starting with 20 countries, including Nigeria, South Africa, Botswana, Ghana, Kenya and Tanzania, according to Yellow Card’s list of operations.

Coinbase underscored the importance of this expansion, noting that many of these countries face high inflation rates and rely heavily on remittances. The partnership with Yellow Card is presented as an economically viable alternative for conducting transactions in the region.

In addition to USDC, the integration of other cryptocurrencies and stablecoins compatible with Coinbase is anticipated. African users will be able to take advantage of this offer through Coinbase Wallet, which recently implemented the ability to make transfers via links on various social media platforms, such as iMessage, Telegram, WhatsApp, Facebook and Instagram.

Chris Maurice expressed confidence that this partnership will facilitate trade for many Africans across the continent, emphasizing that stablecoins, such as USDC, address real issues for people and businesses on the African continent. The partnership promises to make a significant contribution to the openness, accessibility and globalization of the financial system in Africa.

K. Tovar

Source: Cointelegraph

(Reference image source: rc.xyz NFT gallery, Unsplash)

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La entrada Coinbase partners with Yellow Card to boost its business in Africa apareció primero en Bitfinance.

Through a statement issued on the official Circle website, the exciting news has been released that the USDC stablecoin has joined the Mercado Pago platform in Chile. This strategic collaboration between both entities marks a milestone in the promotion of Blockchain technology and access to the global financial landscape.

The synergy between Mercado Pago and Circle transcends expectations, reflecting a shared vision focused on empowering people through Blockchain technology and entering the global financial universe. This announcement solidifies a bond that seeks to bring innovation within everyone’s reach.

The cornerstone of this alliance lies in the tokenization of the US dollar, a world-renowned currency recognized for its stability and reliability. This partnership between Mercado Pago and Circle provides Chilean users with a safe and fast path to digital transactions, while the dollar maintains its strong position as a store of value even in the midst of uncertain times.

Circle’s Vice President of Product, Rachel Mayer, highlights the excitement surrounding this significant step by stating, “Latin America stands on the brink of a revolution in the digital economy, with a wealth of innovation and a palpable enthusiasm for dollars.” digital”.

The agreement with Mercado Pago to bring access to USDC (USD Coin) to Chile represents a fundamental step in the democratization of digital financial solutions. This alliance paves the way for global participation in the new financial era in which we are living.

Matías Spagui, Senior Director of Mercado Pago, underlines the importance of this collaboration: “The US dollar is a pillar of global stability and a simple tool to preserve wealth even in times of uncertainty. With the introduction of this stable currency, we seek to expand access to cryptocurrencies and offer our two million Mercado Pago users an alternative according to the value of the dollar”.

The integration of USDC into the Mercado Pago platform opens the doors for Chilean users towards a smooth adoption of digital dollars, unlocking a range of financial opportunities that were previously limited by geographical and technological barriers. This bold step redefines the financial landscape in Chile and beyond.

K. Tovar

Source: Cointelegraph

(Reference image source: Aidan Hancock, Unsplash)

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La entrada Chile will allow USDC payments from Circle in Mercado Pago apareció primero en Bitfinance.

The United States Securities and Exchange Commission (SEC) opened an investigation into the fintech Circle, known for being the creator of the stablecoin USD Coin, the second largest stable-value cryptocurrency on the market.

“In July 2021 we received an investigation subpoena from the SEC’s compliance division requesting documents and information about some of our properties, client programs and operations”, the company said in a document submitted to the regulator as part of its process to go public.

The firm stressed that it is cooperating with the authorities, although it has not disclosed what type of investigation is being carried out or has specified what exactly the SEC is looking for.

Circle is the creator of the Center consortium, the body in charge of managing the crypto asset, whose value is backed by the dollar, so that each unit of said cryptocurrency always has a value of one dollar.

Center was subsequently joined by other companies such as cryptocurrency exchange Coinbase and cryptocurrency mining equipment maker Bitmain. USDC is the second largest stablecoin on the market, only behind tether.

K. Tovar

Source: Bloomberg

La entrada SEC investigates creator of USDC apareció primero en Bitfinance.

The multinational financial services company Visa reported that it is working on the design of a blockchain system that tries to be a “universal adapter” that facilitates the connection of multiple” cryptocurrencies, stablecoins as well as digital currencies of central banks” from different countries.

The company’s group of researchers is working on the “Universal Payment Channel (UPC) project that will aim to become” a blockchain interoperability center that connects multiple blockchain networks and allows the transfers of digital assets of different protocols and wallets.”

The payments giant issued a statement stating that the organization began the process of conceptualizing the initiative in 2018, based on the ability to exchange payment information with digital assets regardless of the networks or “underlying blockchain mechanisms.”

The UPC project is invented to “establish dedicated payment channels between different blockchain networks, connecting CBDC networks between countries, as well as connecting CBDC with private stablecoin networks.”

In the statement, the company says that, in the very near future, people will be able to meet somewhere and will be able to cancel the account using each one their own type of money. That is, “using CBDC such as Sweden’s eKrona, or a private stablecoin like USDC.” This will be possible with the UPC.

The UPC solution or “universal adapter” seeks to offer “a network of networks” adding value to the different forms of money movement, regardless of the network where it occurs, or whether it originates in the Visa company network or in another one.

M. Rodríguez

Source: es.cointelegraph.com.

La entrada Visa is designing a blockchain interoperability system apareció primero en Bitfinance.

Coinbase President and Chief Operating Officer Emilie Choi reported that the reserves that support the USD Coin (USDC) stablecoin will be fully secured in cash and US government treasury bonds.

This was established by the CENTER consortium, in collaboration with Coinbase and the financial services company, blockchain Circle, responsible for issuing the USD Coin, who declared that “it will soon be held entirely in cash and US Treasury bonds of short duration.”

Choi used her Twitter account to report the reasons for the policy change, which is a consequence of “a backlash against USDC reserves that expanded beyond cash, cash equivalents and bonds from the US Treasury.”

She also indicated that they had not been able to report the changes originated in the cryptocurrency reserves and that “exacerbated public concern regarding the support of the stablecoin.” They admitted the mistake in not updating the information on the website in July when the Circle company first included a more diversified investment group.

The Coinbase president noted that the policy change will take effect from September, highlighting that the next two certification reports will continue to publish a “diversified portfolio for stable token reserves.”

For the month of May, the USDC certification report showed that the currency was backed 61 % by “cash and cash equivalents and 12 % by US Treasury bonds.”

M. Rodríguez

Source: ezanime.net

La entrada USDC to consolidate capital in cash and Treasury bonds apareció primero en Bitfinance.

Circle announced its alliance with multinational financial services company Mastercard to promote the use of USDC to facilitate fiat-to-crypto conversions, in an attempt to expand the ability of crypto companies to use digital assets for their clients.

In order to carry out the project, the companies plan to start a pilot test where the USDC will be used as a means for credit card issuers to directly settle payments to Mastercard.

Circle Co-Founder and CEO Jeremy Allaire believes that “the alliance between Circle and Mastercard reinforces how USDC is increasing its role in Internet commerce and payments. At the same time, a vital bridge is being built between payment systems in digital currency and the large established payment networks”.

For Raj Dhamodharan, Executive Vice President of Digital Assets and Blockchain Associated Products at Mastercard, this commitment creates novel “trading and payment opportunities through digital assets.” In his view, the crypto market continues to mature and we are pushing it together to reduce friction and create new market options.

Currently, there are approximately more than 25 billion dollars in USD tokens, with a volume of the order of 785 million dollars in transactions carried out through the different blockchains.

Circle intends, with the agreement, to push the USDC towards new horizons in the framework of globalization and the volume of the asset itself.

M. Rodríguez

Source: bicoin.es

La entrada Mastercard and Circle to boost USDC market apareció primero en Bitfinance.