Blockchain-based technology may transform the world of finance and payments in the future.
But so far, that hasn’t happened — at least not in the radical, transformative way that early proponents of Web3 and cryptocurrency initially promised.
Still, with each passing week, more and more small advancements are being made in the digital asset and blockchain-based space, leading to further penetration into traditional financial processes and services.
For example, in the news on Tuesday (June 4th), Deutsche Bank Cryptocurrency Brokers Bitpanda Through an expanded partnership, the bank Real-time payments A solution for deposit and withdrawal transactions for Bitpanda customers in Germany.
Deutsche Bank will provide local bank account numbers to Bitpanda users in Germany, a move that could signal growing, yet cautious, adoption of digital asset platforms as the crypto industry has historically struggled to find banking partners.
That’s why PYMNTS is keeping its ear to the ground on the latest efforts driving the on-chain economy forward with the top Web3 news and innovation trends we’ve been tracking this week.
Institutional investors’ views on the cryptocurrency sector improve
In a sign that the institutional finance world is starting to soften its cold shoulder towards the cryptocurrency industry, venture funds Bain Capital The company filed for registration on Tuesday for a new cryptocurrency-focused deal. Investment capital Together Securities and Exchange Commission.
The Bain Capital Crypto Fund II series will be Bain’s second fund. Bain Capital’s first crypto fund was launched in March 2022, shortly before the crypto market saw massive success. Scandals and failures Trillions of dollars on-chain have disappeared.
for Cryptocurrency The focus on ease of use across targeted use cases, rather than technology or engineering capabilities, is key to gaining scale and broad adoption across payments, PYMNTS reported Monday.
Web3 terminology such as hash, public/private key, digital signature, zero-knowledge proof, etc. are complex and unintuitive for most users, while terms such as node, miner, consensus algorithm, smart contract, etc. are confusing for those without a technical background. Payment Token What is the difference between cryptocurrencies and virtual currency tokens? Traditional payment systems like credit cards and digital wallets are already easy to use and are built on established, largely invisible transactional behavior. For virtual currencies to compete or enhance, they must match or exceed the ease of use of these established systems.
Given this background, the product-market fit of cryptocurrencies is Cross-border payments For businesses, Operational Advantages The company plans to write off the business as it looks to grow internationally, PYMNTS reported Tuesday.
For cryptocurrencies to mature and expand, they need to be understood by lawmakers. The House Financial Services Committee’s Digital Assets Subcommittee issued a resolution on Wednesday (June 5) entitled “Next-Gen Infrastructure: How Tokenization of Real-World Assets Facilitates Efficient MarketsThe group discussed the potential for tokenization to transform today’s financial markets through greater automation, increased efficiency and reduced costs.
Crypto, the Courts, and the Future of Digital Assets
As the cryptocurrency industry tries to move past one of its most obvious and fraudulent failures, FTX On Tuesday, a U.S. judge asked for a stay. Class Action Complaints The company has filed lawsuits targeting corporate officials and venture capital firms allegedly involved in the collapse of the cryptocurrency exchange, arguing that this puts at risk efforts to repay customers affected by the collapse.
In other FTX news, the former exchange’s convicted co-founder and CEO Sam Bankman Freedreportedly Back to Prison In Brooklyn Bureau of Prisons Bankman Freed has begun being transferred to a facility in California where her parents live, and Judge Lewis Kaplan asked the BOP to keep her in custody in Brooklyn “until the appeals court has been fully briefed.”
At the same time, 12 lawmakers have called on President Joe Biden’s administration to work toward their release. Binance Executive Tigran Ghanbarian He was released from detention in Nigeria and said he was wrongfully detained and may have contracted malaria.
Elsewhere In Washington, the cryptocurrency industry is reportedly bankrolling this year’s elections. The latest cash infusion was Coinbasedonated $25 million to the Crypto Political Action Committee. Fairshake.
The donation was made last week. Ripple and Andreessen HorowitzThis brings FairShake and its affiliated PACs’ spending to approximately $161 million. election In the United States.
Still, industry hopes for a more relaxed regulatory environment were boosted on Friday when Biden announced his intention to Rejected A resolution to limit the SEC’s power over the cryptocurrency sector.
Meanwhile, the S.E.C. Closed The Salt Lake City branch is the company’s smallest regional office. As a result One Failed cases The company filed the lawsuit against cryptocurrency platform Digital Licensing, also known as Debt Box.
