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Tag: cryptocurrency

  • United Wholesale Mortgage Will Accept Crypto By Year’s End

    United Wholesale Mortgage Will Accept Crypto By Year’s End

    United Wholesale Mortgage has announced it will accept Bitcoin and other cryptocurrency by year’s end.

    Cryptocurrencies are gaining mainstream traction, with multiple companies accepting them, or investigating the possibility. According to TheStreet, United Wholesale Mortgage plans to accept Bitcoin initially, with support for Ethereum and others coming later.

    “We’ve evaluated the feasibility, and we’re looking forward to being the first mortgage company in America to accept cryptocurrency to satisfy mortgage payments,” said CEO Mat Ishiba “That’s something that we’ve been working on, and we’re excited that hopefully, in Q3, we can actually execute on that before anyone in the country because we are a leader in technology and innovation.”

    “I think we’re starting with Bitcoin, but we’re looking at Ethereum and others,” Ishiba later added. “We’re going to walk before we run, but at the same time, we are definitely a leader in technology and innovation and we are always trying to be the best and the leader in everything we do.”

    The announcement is good news for crypto fans, and shows just how far the technology has entered the mainstream.

  • Jack Dorsey’s TBD Is Building Decentralized Bitcoin Exchange

    Jack Dorsey’s TBD Is Building Decentralized Bitcoin Exchange

    Jack Dorsey is revealing more information about his TBD business and its focus on building a decentralized Bitcoin exchange.

    Dorsey announced in July that his company Square was creating a new business named TBD.

    It’s unclear if TBD is the final name, or merely a placeholder. Either way, Dorsey is finally revealing what TBD’s business will be.

  • Coinbase Approves Massive Crypto Investments

    Coinbase Approves Massive Crypto Investments

    Coinbase has announced it will purchase $500M of crypto, and invest 10% of all future profits in crypto.

    Coinbase is one of the leading cryptocurrency exchanges, and has some of the best brand-name recognition in the business. The company is going all-in on the technology it facilitates, with both a large one-time investment and a significant ongoing one.

    CEO Brian Armstrong made the announcement via Twitter.

  • Walmart Looking for Cryptocurrency Lead

    Walmart Looking for Cryptocurrency Lead

    Walmart is looking for a cryptocurrency lead as the tech gains more widespread acceptance.

    Companies across a range of industries are increasingly adopting cryptocurrency, and looking for ways to incorporate it into their business models. Walmart is the latest company interested in doing so, if a company job posting is to be believed.

    In a job posting for a Digital Currency and Cryptocurrency Product Lead, the company outlines what it is looking for.

    As Digital Currency/ Cryptocurrency lead at Walmart you will be responsible for developing the Digital Currency strategy and product roadmap. As an expert in Digital Currencies/ Cryptocurrency and Blockchain related technologies, you will drive the vision for the product and capabilities roadmap. You will provide the leadership to identify technology and customer trends and the investments needed to build on those trends.

    Given Walmart’s position in the industry, its support for cryptocurrency could be a major boon to the tech.

  • Bitcoin Rally Drives Crypto Market Back to $2 Trillion Valuation

    Bitcoin Rally Drives Crypto Market Back to $2 Trillion Valuation

    Bitcoin has rallied enough to drive the cryptocurrency market back above $2 trillion for the first time since May.

    The crypto market has had a rough couple of months. Concerns over a crackdown in China, as well as Tesla suspending sales via bitcoin, helped send bitcoin and the larger crypto market into a tailspin. According to CNBC, it appears the market is beginning to recover some of that lost ground.

    Over the weekend, bitcoin hit $48,000 for the first time since May, boosting the overall market to $2 trillion — also for the first time since May.

    It remains to be seen if the market will maintain its gains. There are still a number of threats on the horizon, not the least of which is increased crypto regulation.

  • AMC Will Accept Bitcoin as Payment

    AMC Will Accept Bitcoin as Payment

    AMC has announced it will start accepting bitcoin as payment by the end of 2021.

    In an earnings call Monday, AMC CEO Adam Aron said all US theaters would accept bitcoin, for both tickets and concessions, if the purchase is made online. The company plans to have the necessary systems in place to accept the transactions by the end of 2021, according to CNBC.

    As the outlet points out, the news brings together two highly volatile factors. Bitcoin’s prices have been all over the map in the last year, while AMC was one of the stocks that benefited from traders on Reddit’s WallStreetBets group, the same traders that brought GameStop to unexpected heights and cost hedge funds and short-sellers billions.

    Regardless of the backstories involved, another major company accepting bitcoin as payment is sure to help drive the cryptocurrency’s popularity even more.

  • Bitcoin Rallies to Highest Price Since May

    Bitcoin Rallies to Highest Price Since May

    Following months of losses, Bitcoin has rallied to its highest point since May.

    Bitcoin, and the cryptocurrency market in general, has taken a beating over the last couple of months. Crackdowns by China, as well as environmental concerns, have blunted enthusiasm and sparked concern about crypto’s future.

    Nonetheless, Bitcoin seems to be recovering, reaching $43,000+, according to CoinDesk.

    It remains to be seen if Bitcoin’s rally will continue, but the new price is certainly a welcome sign.

  • Amazon Denies Bitcoin Rumors

    Amazon Denies Bitcoin Rumors

    Amazon has denied it plans on accepting Bitcoin as payment, despite a job posting that seemed to indicate the contrary.

    Amazon made headlines last week when it post a job for a “Digital Currency and Blockchain Product Lead.” Most significantly, the job listing is for a role in the Payments Acceptance & Experience team:

    The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap. 

    The above description led many to conclude Amazon was on the verge of accepting crypto as payment. It appears that is not the case, however, as a spokesperson has denied any such plans.

    “Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,” said a spokesperson from Amazon, according to Reuters.

    “We remain focused on exploring what this could look like for customers shopping on Amazon.”

  • Elon Musk: ‘Dogecoin Is Money’

    Elon Musk: ‘Dogecoin Is Money’

    Elon Musk is once again touting the merits of Dogecoin, proclaiming the cryptocurrency is money.

    Dogecoin started out as a meme, but has become a serious force in the crypto market recently. The Dallas Mavericks now accept it as payment, SpaceX accepted it as payment for delivering a satellite to the moon and the crypto even reached the fourth-largest valuation of any cryptocurrency.

    In recent weeks, Doge’s price has plummeted in recent works, but has been gaining ground in the last few days. Ever the champion of Dogecoin, Musk has once again touted its validity, tweeting a Matrix-inspired meme proclaiming “Dogecoin is money.”

    https://twitter.com/elonmusk/status/1419151233739378689?s=20
  • Amazon Hiring a ‘Digital Currency and Blockchain Product Lead’

    Amazon Hiring a ‘Digital Currency and Blockchain Product Lead’

    Amazon is getting in on cryptocurrency, posting a job opening for a “Digital Currency and Blockchain Product Lead.”

    Cryptocurrency has been gaining mainstream support, with companies across a range of industries accepting it as payment. Its increased acceptance makes it somewhat strange that Amazon has yet to fully adopt it.

    That appears to be changing, if a job posting is any indication. Amazon is looking for a Digital Currency and Blockchain Product Lead:

    The Amazon Payment Acceptance & Experience Team is responsible for how Amazon’s customers pay on Amazon’s sites and through Amazon’s services around the globe.

    The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap. You will leverage your domain expertise in Blockchain, Distributed Ledger, Central Bank Digital Currencies and Cryptocurrency to develop the case for the capabilities which should be developed, drive overall vision and product strategy, and gain leadership buy-in and investment for new capabilities. You will work closely with teams across Amazon including AWS to develop the roadmap including the customer experience, technical strategy and capabilities as well as the launch strategy.

    If Amazon does embrace crypto, it would likely have major implications and help drive even more widespread adoption.

  • PayPal Raises Cryptocurrency Purchase Limits

    PayPal Raises Cryptocurrency Purchase Limits

    PayPal has raised its purchase limits for cryptocurrencies to $100,000 per week, up from the $20,000 it initially set.

    PayPal began embracing cryptocurrency late last year, and now allows its users to buy, hold and sell crypto. The company is continuing to improve its service in an effort attract more traders.

    When it initially started supporting crypto, PayPal placed a $20,000 a week limit on purchases. The company has now raised that to $100,000.

    “Since launching our cryptocurrency capabilities in the U.S. in October 2020, we have been actively engaging with our customers to better understand their needs to help ensure we are providing a trusted and secure platform to buy, hold, sell and checkout with cryptocurrency,” writes Jose Fernandez da Ponte, VP & GM, Blockchain, Crypto and Digital Currencies.

    “As part of our efforts to meet the ever-changing needs of our customers, we are pleased to announce that we have recently raised the purchase limits of cryptocurrency for eligible PayPal customers in the U.S. to $100,000 per week with no annual purchase limit. These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform.”

    The increased purchase limit should help PayPal attract a larger part of the crypto trading market.

  • Dogecoin Accounted for 34% of Robinhood’s Crypto Revenue

    Dogecoin accounted for a whopping 34% of Robinhood’s crypto revenue in the first quarter of 2021.

    What started out as a meme has become a serious contender and a force to be reckoned with in the crypto market. The Dallas Mavericks accept Dogecoin and SpaceX recently accepted Dogecoin as payment for a satellite launch.

    Adding further evidence to its growing stature, Robinhood disclosed in its IPO prospectus that Dogecoin accounted for 34% of its total crypto revenue. What’s even more telling is that Robinhood supports trading seven different cryptocurrencies, demonstrating just how popular the crypto has become.

    While we currently support a portfolio of seven cryptocurrencies for trading, for the three months ended March 31, 2021, 34% of our cryptocurrency transaction-based revenue was attributable to transactions in Dogecoin, as compared to 4% for the three months ended December 31, 2020.

    Robinhood made it clear that a change in Dogecoin’s popularity could have a material impact on the company.

    As such, in addition to the factors impacting the broader cryptoeconomy described elsewhere in this section, RHC’s business may be adversely affected, and growth in our net revenue earned from cryptocurrency transactions may slow or decline, if the markets for Dogecoin deteriorate or if the price of Dogecoin declines, including as a result of factors such as negative perceptions of Dogecoin or the increased availability of Dogecoin on other cryptocurrency trading platforms.

    Not bad for something that started as a joke.

  • Andreessen Horowitz Launches $2.2 Billion Crypto Fund

    Andreessen Horowitz Launches $2.2 Billion Crypto Fund

    Venture capitalist firm Andreessen Horowitz has launched Crypto Fund III, a $2.2 billion crypto fund on “radically optimistic” expectations.

    Cryptocurrencies are currently going through a rough stretch, with price drops and fluctuations across the board. Despite that, Andreessen Horowitz sees the technology as critical to the next wave of innovation, according to the company’s announcement.

    We believe that the next wave of computing innovation will be driven by crypto. We are radically optimistic about crypto’s potential to restore trust and enable new kinds of governance where communities collectively make important decisions about how networks evolve, what behaviors are permitted, and how economic benefits are distributed.

    Along with the $2.2 billion fund to continue investing in crypto, the company has also added a slew of “heavy-hitters” to its team, including a former SEC director, political advisors, financial advisors, entrepreneurs and a computer scientist.

    Despite the current fluctuations, Andreessen Horowitz is confident the overall trend of the tech is one of continued innovation.

    The history of crypto shows that asset prices may fluctuate but innovation continues to increase through each cycle. We’ve never been more excited about where crypto is headed and we’re going all in on the talented, visionary founders who are determined to be part of crypto’s next chapter.

  • Tesla Will Accept Bitcoin When Miners Use 50% Clean Energy

    Tesla Will Accept Bitcoin When Miners Use 50% Clean Energy

    Elon Musk has opened the door to Tesla once again accepting Bitcoin for payment, saying it will happen when miners use 50% clean energy.

    Tesla was one of the first major companies to adopt Bitcoin as a form of payment, but changed course just weeks later. When Musk informed the world via Twitter, he cited the environmental impact of Bitcoin mining as the primary reason.

    It appears that decision is not set in stone, however, as Musk has said Tesla would reconsider when Bitcoin miners are relying on clean energy for a substantial portion of their operations.

    The environmental impact of crypto mining is becoming an increasing concern. When announcing his country would adopt Bitcoin as legal tender, El Salvador President Nayib Bukele said the country’s engineers were working on using geothermal energy for mining.

    Musk’s promise may provide further incentive for miners to start using clean energy.

  • NVIDIA Increasing RTX 30-Series Production to Counter Shortage

    NVIDIA Increasing RTX 30-Series Production to Counter Shortage

    NVIDIA is increasing production of its RTX 30-series graphics card, amid one of the worst semiconductor shortages in history.

    The COVID-19 pandemic sparked a chip shortage that has impacted multiple industries. The shortage started due to lockdowns and quarantines impacting production and was exacerbated by the increased demand for computers, tablets and gaming consoles as people worked and played from home.

    NVIDIA has been particularly impacted, as its GPUs are popular among gamers and crypto miners. Because GPUs offer high-performance and customization options, they are the preferred choice for miners. NVIDIA has even taken the unusual step of crippling its more recent models if crypto mining is detected, throttling their performance by 50%.

    The company is now increasing its production in an effort to get ahead of the shortage, according to Digital Trends. Citing Chinese outlet ITHome, Digital Trends says there were posts on the closed Board Channels forums — primarily for board partners and distributers — indicating NVIDIA’s plans.

    NVIDIA had already increased the production of the less powerful RTX 2060, with minimal impact on the shortage. Increasing production for the RTX 30-series will hopefully help alleviate the pressure even more.

  • Banking Regulators Want Cryptocurrencies Governed by Strictest Rules

    Banking Regulators Want Cryptocurrencies Governed by Strictest Rules

    Global banking regulators are speaking out about cryptocurrency, saying it should be governed by the strictest rules in the interest of stability.

    Cryptocurrencies are rising in popularity and value, with companies the world over rushing to adopt them. El Salvador became the first country to adopt Bitcoin as legal tender, earlier this week, further adding to crypto’s rise.

    Many others, however, are less enthused and see crypto as a potential threat to the stability of the financial sector. According to The Guardian, the Basel Committee on Banking Supervision — made up of regulators from the world’s leading financial institutions — want a “new conservative prudential treatment” to ensure banks have enough capital to cover any and all losses they may suffer in the crypto market.

    “Crypto-assets have given rise to a range of concerns including consumer protection, money laundering and terrorist financing, and their carbon footprint,” the Basel Committee said. The committee added that the “growth of crypto-assets and related services has the potential to raise financial stability concerns and increase risks faced by banks.”

    The Basel Committee’s stand is a blow against crypto, and echoes the thoughts of JPMorgan CEO Jamie Dimon, who warned people to “stay away from it.” Like Dimon, the Basel Committee had a softer view of stable coins, viewing them as less volatile.

  • Bitcoin 2021 Labeled a ‘Super Spreading Event’

    Bitcoin 2021 Labeled a ‘Super Spreading Event’

    The Bitcoin 2021 conference may have come and gone, but it’s having a lingering impact as attendees are beginning to test positive for COVID-19.

    The Bitcoin convention was held last weekend in Miami, with some 12,000 attendees. As one of the first in-person events to happen since the pandemic’s outbreak, Bitcoin 2021 had no mask mandates or proof-of-vaccination requirements. People came from all over the world, mingling for three days.

    In the aftermath of the event, people started testing positive, leading some to label the conference a “super spreader event.”

    https://twitter.com/MiguelICarlos/status/1403079171505418240?s=20

    Some Twitter users are already condemning those who attended without being vaccinated, saying it showed reckless disregard for the health of others.

    While it’s not clear how many have been infected, some users indicated entire groups of people they were hanging out with have all tested positive.

    Bitcoin 2021 illustrates the challenges event holders will continue to face, despite rising vaccination numbers.

  • El Salvador Wants to Make Bitcoin Mining Environmentally Friendly

    El Salvador Wants to Make Bitcoin Mining Environmentally Friendly

    El Salvador made history when it became the first country to adopt Bitcoin as legal tender and now wants to mine it using renewable energy.

    Salvadoran President Nayib Bukele made the announcement on Twitter yesterday.

    As part of the process of adopting Bitcoin, Bukele wants to address one of its biggest criticisms, namely the impact Bitcoin mining has on the environment. Concerns over its environmental impact recentlycaused Tesla to reverse course and stop accepting the crypto as a form of payment.

    Bukele is now looking at volcanoes as a possible, environmentally friendly, power source for Bitcoin mining.

    Should El Salvador succeed in its efforts, it could well provide a template for other countries to adopt cryptocurrencies in a responsible, environmentally friendly way.

  • Winklevoss: Bitcoin is Gold 2.0 – Will Hit $500,000 In 5 Years

    Winklevoss: Bitcoin is Gold 2.0 – Will Hit $500,000 In 5 Years

    “We think Bitcoin is Gold 2.0,” says Tyler Winklevoss. “It will disrupt gold so its market cap has to be $10 trillion or more because that’s the market cap of gold. Bitcoin’s hovering around $1 trillion now and we still think it’s conservatively at 10x from here. So even at $35,000, it feels like a really good buying opportunity long-term. We think at a $10 trillion market cap one bitcoin will be worth $500,000. That could happen inside this decade, definitely the next five years. We’re hodlers until at least $500,000. Then at that point, you won’t even have to sell because you can borrow off it or whatever.”

    The Winklevoss twins own approximately 1% of all Bitcoin. Estimates place their holdings to be worth between 120,000 to 170,000 Bitcoins, that’s over $1 billion.

    Tyler and his twin brother Cameron have reportedly amassed a $6 Billion Bitcoin Fortune. The twins made their initial $11 million investment in Bitcoin in 2013. The brothers settled with Mark Zuckerberg in 2008 for a mere $65 million in cash and stock following their allegations that Zuckerberg copied their idea after they hired him to do programming on the project.

    “And we still think it’s really early,” adds Tyler Winklevoss. The twins own over 1% of all Bitcoin according to various reports.

    Tyler Winklevoss: Bitcoin is Gold 2.0 – Will Hit $500,000 In 5 Years
  • Coinbase Has Good Opening Day, Closes 31% Above Reference

    Coinbase Has Good Opening Day, Closes 31% Above Reference

    On its opening day, Coinbase soared above its initial reference price of $250 a share, hitting as high as $429.54 before settling down.

    Coinbase is one of the leading platforms for trading cryptocurrency, and its success is inextricably tied with the crypto market. It’s off to a good start however. It opened trading at $381 a share, 52% above its reference price.

    Despite soaring to 72% above reference to $429.54 during its first day, it closed at $328.28, or 14% below its opening trade.

    Jim Cramer, founder of TheStreet had high praise for Coinbase, calling it “the real deal,” saying if you’re a “big believer in cryptocurrency … you want to own Coinbase for the long haul.”

    TheStreet also quoted Wedbush analyst Dan Ives on the significance of the Coinbase IPO.

    “The Coinbase IPO is a watershed and historical event for the crypto industry and will be something the Street will be laser focused on to gauge investor appetite going forward,” Ives said.

  • Dogecoin Surges to New Heights

    Dogecoin Surges to New Heights

    Dogecoin continues its transition to a serious cryptocurrency, as it surged to an $18 billion market value.

    Dogecoin is unique among cryptocurrencies. It was originally created as a joke and, unlike most other currencies, has no limit on the amount of currency that can be mined.

    Amid a broader surge in cryptocurrencies, Dogecoin has soared to new heights. The currency has gained nearly 100% in the last two days. Even though it’s dropped since its peak, it still has a $16.3 billion market value at the time of writing.

    Dogecoin has received support from high-profile sources. Mark Cuban threw his weight behind the currency when he announced the Mavericks would accept it as payment, and Elon Musk has been a long-time proponent of Dogecoin.

    With bitcoin and Ethereum mining facing a finite future, perhaps Dogecoin will become the next big crypto. In this market, stranger things have happened.