Jack Dorsey and Jay Z team up to fund BTC development
In amongst the mayhem, Jack Dorsey and Jay Z (you never thought you’d see those two names alongside one another) are funding bitcoin development in India and Africa. From BNY Mellon (AKA America’s oldest bank) to Mastercard, the list of companies jumping aboard the crypto train keeps growing.
Mastercard to allow merchants to accept payment in crypto
Another financial giant making moves in the crypto space is Mastercard, who last week announced plans to give merchants the option to receive payment in crypto later this year
The new functionality will see Mastercard customers’ digital currency payments settled in crypto at participating merchants. In the past, Mastercard supported limited crypto transactions through its crypto card partners, Wirex and Uphold. However, those programs only covered payment and not settlement, which means the coins were converted into fiat long before reaching the merchant.
The new initiative seeks to allow businesses who opt-in the chance to do business beyond the bounds of the fiat ecosystem, but there remain questions around which currencies will be supported – and bitcoin may not necessarily be included among them.
Mastercard’s Executive VP for Blockchain and Digital Asset Products Raj Dhamodharan hinted that, instead, stable coins will be the primary beneficiary of Mastercard’s upcoming integration. He explained, “Our philosophy on cryptocurrencies is straightforward: It’s about choice. Mastercard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants, and businesses to move digital value.”
Suffice it to say, this is another development the community will be keeping their eyes on.
Morgan Stanley contemplates bitcoin investment
Morgan Stanley’s $150 billion Counterpoint Global investment unit is considering placing its own bitcoin bet, according to a report by Bloomberg. It wouldn’t be the company’s first exposure to crypto, though, as it currently has a nearly 11% stake in bitcoin-bountiful MicroStrategy. The investment unit manages nearly 20 units, five of which returned gains over 100% in 2020.
Analysts at Morgan Stanley have said bitcoin has the potential to strongly compete with the dollar but also acknowledged that the more investors hold bitcoin, the less viable it is to be used as a day-to-day currency.
Miami considers adding BTC to its balance sheet
It’s not only companies looking at crypto with googly eyes – the City of Miami is now officially considering shifting some of its reserves into Bitcoin.
On Friday, the city’s governing commission passed a resolution that it will look into the possibility of investing government funds into bitcoin, thanks to its bullish Mayor Francis Suarez. The resolution also suggests analyzing the feasibility of allowing government employees to receive some or all of their wages in crypto, and on allowing citizens to pay property taxes or city fees using crypto.
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