Simplex to Become Visa Principal Member and European Card Issuer
Simplex, the fiat-crypto payment gateway, is to become a principal member of Visa in Europe. The move paves the way for Simplex to issue Visa (NYSE:V) debit cards to customers across Europe, and solidifies the company’s position as a trusted and fully regulated payment provider.
Founded in 2014, Simplex has grown into one of the largest payment providers within the cryptocurrency industry, with a partner network that includes many of the world’s largest crypto exchanges and wallets. Its Simplex Account service provides a virtual wallet for retail users to store fiat and cryptocurrency that can be used on the partner platforms it’s integrated with. Securing principal membership of Visa will strengthen the capabilities of Simplex throughout Europe, making it a vital cog in onboarding users to the cryptoconomy.
Investment Firm Hashed Raises $120M for Blockchain Venture Fund
Hashed, a South Korean blockchain investment group, has announced a successful raise for its first VC fund. $120 million was raised in just three months, attesting to the demand for exposure to blockchain – and the caliber of Hashed itself, led by CEO Simon Kim. The company, which was established in Seoul in 2017, has a strong presence in the crypto industry, having incubated startups while spreading the word about blockchain technology and the positive change it can effect.
The launch of the firm’s first blockchain-focused fund arrives at a time when interest in digital assets is at an all-time high. In 2020, PayPal (NASDAQ:PYPL) announced cryptocurrency support, and Square (NYSE:SQ) saw record bitcoin volume via its Cash App, while allocating 1% of its reserves to BTC.
Blockchain Firm Fantom Unveils Pilot Project with Afghan Energy Giant
Blockchain company Fantom has shared details of a new partnership with Afghanistan’s largest energy company. The deal will see Fantom develop the technology for an auditing system that will enable Da Afghanistan Breshna Sherkat (DABS) to drive greater efficiencies. If successful, the pilot could be extended, showcasing the capabilities of Fantom’s blockchain stack while supporting DABS’ efforts to provide power across Afghanistan.
Although the country may seem an unlikely testbed for a blockchain pilot, Fantom has form for inking agreements in the country. Earlier this year, it struck a deal with the country’s Ministry of Health to develop a blockchain pilot for combating counterfeit medicine. The country, despite lacking the infrastructure of more developed nations, has proven receptive to new technology. Blockchain adoption in a country like Afghanistan provides a clear demarcation between old systems a
Why Cryptocurrencies Have Made a Dramatic Comeback in 2020
If you have kept track of the financial news at all in the last six months, then you are likely aware that the cryptocurrency market has picked up considerable momentum this year, with many cryptocurrencies experiencing incredible growth in recent months.
Since the beginning of the year, major cryptocurrencies like Bitcoin (BTC-USD), Ethereum (ETH-USD), and XRP (XRP-USD) have outperformed practically all other asset class classes, by achieving 165%, 342%, and 156% respectively against the US dollar (USD) in this time.
These figures dwarf those achieved by major stock indices during the same period, Including the S&P 500 (^GSPC), which is up 14.36% YTD, and the DOW Jones (DOW) which gained a modest 5.28% YTD in 2020.
Italy’s Banca Generali to Launch Bitcoin Custody Service in 2021
One of Italy’s leading private banks is to introduce a bitcoin custody service to its customers that will provide institutional-grade cold storage. The product will be introduced next year after Banca Generali invested $14M in crypto fintech Conio and acquired a controlling stake in the bitcoin wallet developer.
The news that an Italian bank is to grant its customers exposure to BTC arrives at a time when retail and institutional interest in bitcoin has been growing. Square (NYSE:SQ), whose Cash App supports bitcoin purchases, has used 1% of the company’s reserves to acquire the cryptocurrency for investment purposes. With PayPal (NASDAQ:PYPL) also now provisioning cryptocurrency purchases and custody, banks and digital payment companies have converged, and several are rumored to be setting their sights on direct acquisitions of crypto companies.