TechPression

Tag: Ethereum

  • Paycoin to launch crypto-backed Mastercard on April 30

    Paycoin to launch crypto-backed Mastercard on April 30

    PayProtocol, the company behind Paycoin, has unveiled its plan to launch a Mastercard-powered debit card on April 30.

    The card, which was developed in partnership with Swiss neobank SR Saphirstein AG, aims to allow users to spend cryptocurrencies like Paycoin (PCI), Ethereum (ETH), and USD Coin (USDC) at Mastercard merchants worldwide.

    Read also: Bitcoin, Ethereum, Solana, others gain as cryptocurrency hits $2.84 trillion in 24 hours

    Paycoin Mastercard features

    According to a statement on Monday, the Paycoin Mastercard will feature a self-custody structure, giving users complete control over their assets while accessing Mastercard’s global payment network.

    With a monthly top-up limit of 1,000 Swiss francs, the card will support both online and offline transactions and is compatible with Apple Pay and Google Pay. Initially, the card was already available in the EU and European Free Trade Association regions; PayProtocol plans to expand to more countries and add additional cryptocurrencies in the future.

    Paycoin has already gained notable recognition in South Korea, where it is accepted by over 10,000 merchants, including 7-Eleven, Domino’s Pizza, and KFC. Therefore, the new development signifies a strategic move to enhance its global adoption, starting in Europe.

    Following the announcement, Paycoin’s price surged 5.7 percent, while its daily trading volume increased by 900 percent to $7.8 million, according to CoinGecko. Despite being 98 percent below its all-time high, the card’s introduction could be a turning point for PCI’s utility and market presence.

    However, the card’s success will depend on regulatory compliance, user adoption, and how well it addresses challenges like crypto volatility and security. For now, the crypto community eagerly awaits its April 30 debut, viewing it as a major step toward mainstream crypto payments.

    Read also: Nigerian court adjourns Binance tax evasion trial to April 30

    How to obtain your Paycoin Mastercard

    Users interested in the Paycoin Mastercard can download the PayProtocol app, where the card will be issued.

    Holding PCI, ETH, or USDC will allow for seamless top-ups once the card goes live. As PayProtocol expands its services, this initiative could redefine how cryptocurrencies are used in daily transactions.

  • Bitcoin, Ethereum, Solana, others gain as cryptocurrency hits $2.84 trillion in 24 hours

    Bitcoin, Ethereum, Solana, others gain as cryptocurrency hits $2.84 trillion in 24 hours

    In the last 24 hours, the total market capitalisation of cryptocurrencies rose by 2.94 per cent to $2.84 trillion.

    Early trading on Monday saw notable increases in Bitcoin and other major cryptocurrencies, with Bitcoin hitting about $87,480. This is an increase of 3.712 per cent

    Ethereum had a significant increase as well, rising 4.05 per cent to $2,093.

    Despite looming worries over impending U.S. tariffs and the expected publication of important economic data later in the week, the market’s upward momentum remained, indicating strong investor confidence in the cryptocurrency sector.

    Read also: U.S. Secret Service recovers $7 million from cryptocurrency scam

    Other cryptocurrencies performance 

    With gains of three percent, two percent and 3.8 percent, respectively, XRP, Cardano, and Dogecoin were other noteworthy performers.

    Growth rates for Chainlink, Avalanche, Hedera, and Stellar ranged from three per cent to 10 per cent.

    “Bitcoin is holding above $86,000, registering a three per cent gain today. The key resistance level to watch is $86,700; a breakout could pave the way for $90,000,” said Vikram Subburaj, CEO of Giottus.

    Market value of Bitcoin jumped to $1.727 trillion 

    The market value of Bitcoin jumped to $1.727 trillion, while its market share increased to 60.73 per cent.

    According to CoinMarketCap, stablecoin transactions made up 94.74 per cent of all cryptocurrency trade, amounting to $57.58 billion, while its 24-hour trading volume increased by 93 per cent to $18.2 billion.

    Solana leads with 7%

    Solana was a remarkable performer, rising more than seven per cent on the last day to trade above $139.

    Reports indicating that President Trump’s tariffs on April 2 would be more targeted than first thought, allaying market fears, drove the rally.

    The momentum behind Solana coincides with previously unheard-of acceptance rates.

    Solana’s total value locked (TVL) hit 54.87 million SOL, the most since June 2022, according to DeFiLlama.

    A record 11.09 million addresses currently have SOL, according to Ali Charts, highlighting the rising use.

    Ethereum and Solana bridged assets totalling over $72 million 

    Furthermore, Ethereum and Solana have just bridged assets totalling more than $72 million.

    Ethereum’s weekly active addresses (1.8 million) are greatly outnumbered by Solana’s (17 million), and Binance’s increasing SOL wallet balances suggest new stockpiling after previous selling activity.

    Read also: Bybit and AltSchool Africa offer $100,000 scholarship to equip African youths with tech skills

    Institutional adoption of Solana 

    Volatility Shares launched two Solana futures ETFs (SOLZ and SOLT) on the Nasdaq on March 21 as evidence of the growing institutional adoption of Solana.

    Significant asset managers have also expressed interest in the cryptocurrency by applying for spot Solana ETFs, including VanEck and Franklin Templeton.

    Bitcoin’s trajectory is encouraging, according to BitMEX co-founder Arthur Hayes, who said, “The Fed’s policy orientation could help Bitcoin achieve $110k before it retests $76.5k.”

  • Bitmama suspends card services due to unresolved issues with Mastercard

    Bitmama suspends card services due to unresolved issues with Mastercard

    Bitmama, a crypto-fiat exchange that allows traders to buy and sell Bitcoin, Ethereum, Celo and other digital assets, has paused its card services because of unresolved issues with its Mastercard provider, adding to a growing list of fintechs dealing with similar challenges.

    In an announcement to its users on Saturday, Bitmama explained that it was a difficult but necessary decision.

    Read also: South Africa licenses Yellow Card as a regulated crypto service provider

    Card balances refunded to Bitmama users’ wallets

    The business promised to credit customers’ Bitmama wallets with the full amount of their card balances.

    The statement reads, “We would like to update you on an important decision we made to prioritise your experience and security. Due to unforeseen issues with our Mastercard virtual card provider, we decided to pause our partnership with them. This wasn’t an easy choice but we know it was the right one to protect you.”

    “Over the past few months, we worked tirelessly with the provider to reconcile all card transactions and balances. Today, we are happy to let you know that every Mastercard balance has been liquidated and refunded to your wallet on Bitmama,” it adds.

    Bitmama assured customers of their safety

    The company emphasised its commitment to prioritising customer safety and maintaining a positive user experience.

    “This wasn’t an easy choice, but it was the right one to ensure your safety and maintain the trust you’ve placed in us.”

    “Thank you for sticking with us—we’re here to make your crypto experience as seamless and secure as possible!” it assured.

    Other fintech companies facing similar issues

    Other fintech companies such as Rise and Carbon, have taken similar steps in response to exchange rate instability and provider issues, having previously suspended their card services.

    According to Adedeji Olowe, CEO of Lendsqr, these suspensions are also being caused by high expenses and little opportunity for revenue.

    A significant virtual card provider, Union54, also suspended operations in 2022 as a result of an increase in chargeback fraud, while startups like Chipper Cash have faced declined transactions due to insufficient funds, which has resulted in a ₦500 fee for such cases.

    Read also: Telegram sees 189% growth in African crypto groups as youths embrace digital currency

    Hurdles for Bitmama to cross

    This pause in card services puts Bitmama at at a competitive disadvantage, especially considering its focus on promoting cryptocurrency usage outside of trading.

    To maintain client loyalty in the face of these service interruptions, the business might need to innovate its offerings.

    “Your trust means everything to us and we will always go the extra mile to ensure your funds are safe and your experience with us is smooth,” Bitmama reassured.

  • Ethereum surges 16% amid speculation of spot ETF approval

    Ethereum surges 16% amid speculation of spot ETF approval

    The price of Ethereum (ETH) surged over 16% on Monday, driven by growing speculation about the approval of a spot Ethereum ETF. 

    This speculation was sparked by a statement from Bloomberg’s senior ETF analyst, Eric Balchunas, who raised his odds of spot ETF approval from 25% to 75% on his X handle. 

    Balchunas considered a trusted source in the crypto ETF space, noted, “James Seyffart and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (an increasingly political issue), so now everyone scrambling (like we everyone else assumed they’d be denied).”

    Read also: IMF advises Nigeria to establish robust Crypto regulatory framework

    The ETF analyst’s statement quickly made waves in the crypto market, causing ETH’s price to skyrocket over 10% within minutes. As of the time of writing, ETH is trading at $3,760. Despite the market excitement, the SEC has remained silent on approving ETH spot ETFs, with a final deadline for multiple ETFs looming on May 23rd and 24th. This silence has only added to the anticipation and pressure on the SEC to decide on the deadline.

    Parallels with Bitcoin ETF Approval

    The path to approval for Ethereum spot ETFs mirrors the journey of Bitcoin ETFs. The SEC was largely quiet in the weeks leading up to the approval of Bitcoin ETFs, suggesting that a similar outcome could be possible for Ethereum. While the circumstances differ, the potential for approval later this week remains high despite the SEC’s current silence.

    Analysts suggest that the speculation around the SEC’s decision to approve Ethereum spot ETFs has intensified following pro-crypto statements made by US presidential candidate Donald Trump earlier in May. This has led to speculation that President Joe Biden may feel compelled to make a pro-crypto move to garner support from the crypto community.

    A spot Ethereum ETF would mark a significant milestone for crypto adoption, allowing a new wave of investors to access the token. This could potentially drive ETH to all-time highs above the $4,900 level. Crypto enthusiasts are bracing for increased volatility as the SEC’s response to the spot Ethereum ETF applications is awaited.

    Read also: Nigeria to delist naira from peer-to-peer platforms to curb manipulation

    Increased Interest in ETH Options

    The impending decision has also heightened interest in weekly and monthly ETH options expiries. At Deribit, the leading derivatives exchange, Ether options open interest for May 24 stands at $867 million, while for May 31, it reaches an impressive $3.22 billion. CME’s monthly ETH options open interest is $259 million, with OKX at $229 million.

    The speculation around the SEC’s potential approval of a spot Ethereum ETF has significantly impacted the market, driving up ETH prices and increasing interest in Ether options. As the final deadline approaches, all eyes are on the SEC to see if it will make a pro-crypto move, potentially setting a new precedent for the industry and further solidifying Ethereum’s place in the financial world