Twitter Adds Ethereum 'Tipping' Feature

18 Feb 2022 • 3 min read

THIS WEEK IN CRYPTO

MARKET MOVERS

Sequoia earmarks $500mn for a push into cryptocurrency markets. The new fund would primarily invest in cryptocurrency tokens traded on third-party exchanges. Sequoia’s push shows how big tech investors are increasingly plunging into cryptocurrency markets, seeking the explosive financial returns that have largely gone to enthusiasts and specialist funds. Read more here.
PayPal and Venmo to begin charging a flat fee for Crypto trades under $200. The flat fee is higher for users who engage in smaller transactions but could be beneficial for those trading on the higher range of the price brackets. Trades of more than $200 will be charged at the same rate as before, incurring a 1.8% fee for anything under $1,000, and a 1.5% fee for any transaction surpassing $1,000.
Coinbase launches Cryptocurrency Remittance Pilot Program in Mexico. The platform has partnered with Remitly Global to allow U.S. customers to send cryptocurrencies to recipients in Mexico, who will immediately be able to cash out their crypto holdings in their local currency. The new pilot gives the recipient the option to generate a redemption code from the Coinbase app to retrieve cash at retail outlets.
You can tip with Ethereum on Twitter now. The company is expanding its mobile tipping feature to include Ethereum support. It should be noted that it’s not clear whether other tokens on the Ethereum blockchain, such as ERC-20 tokens and stable coins, will be supported by Twitter Tips, or if it’s just ether. Read more here.
NYSE files patents to trade NFTs and cryptocurrencies. They filed trademark applications with the U.S. Patent and Trademark Office for downloadable software to allow trading of a variety of assets. The NYSE is applying to supply an online marketplace for buyers, sellers, and traders of downloadable digital goods authenticated by NFTs; also for an online marketplace for buyers, sellers, and traders of virtual and digital assets.

WHAT TO WATCH

Tom Lee sees money from speculative stocks eventually flowing into crypto, now that rates are on the rise. Interest rates look like they’re set to reverse almost 30 years of declines. That means for the next 10 years, you’re guaranteed to lose money owning bonds. Almost $60 trillion of the $142 trillion of U.S. household net worth. It's going to be tracing its roots to a rotation out of bonds and it’s going to eventually flow into crypto.
UAE readies national Crypto licensing in a push to attract crypto companies. The country is poised to issue federal licenses for virtual asset service providers by the end of the first quarter. A nationwide licensing system for virtual-asset firms could help the UAE better compete with rival financial centers like Singapore and Hong Kong, which are also in the midst of creating fully regulated environments for crypto trading. Read more here.
The SEC is examining the relationship between the U.S. arm of Binance and two trading firms with ties to Binance’s founder. The two trading firms, Sigma Chain AG and Merit Peak Ltd. act as market makers that trade cryptocurrencies on the Binance.US exchange. One area of focus for regulators is how Binance.US disclosed to customers its links to the trading firms. Read more here.
Circle seeks to double valuation to $9bn in Spac deal. The company plans to list on Wall Street via a blank cheque company chaired by former Barclays chief Bob Diamond. The group, which runs the US dollar-pegged stablecoin USD Coin, announced it was pushing ahead with plans to combine with Concord Acquisition Corp and list on the New York Stock Exchange. The deal is expected to close by December.
Arizona and Texas could become bigger players in the cryptocurrency space, says Motley Fool's John Quast. Current Texas Governor Greg Abbott is actually very pro-Bitcoin mining, trying to attract Bitcoin miners to the states with the promise of cheap energy. He is also open to making Bitcoin legal tender in the state of Texas. Meanwhile, Arizona state senator Wendy Rogers has introduced a bill of Bitcoin legal tender there in Arizona. Read more here.

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