Twitter CEO pushes for open, decentralized exchange for BTC
High volatility has been a major concern for traders and investors in the crypto space. Despite the fluctuation in prices, especially Bitcoin(BTC) price; the need to adopt cryptocurrency hasn’t reduced with institutions pooling up funds in order not to be left behind in the space and the government finding how to regulate the space with policies.
On Friday, Jack Dorsey tweeted regarding building an open platform to create a decentralized exchange for Bitcoin(BTC):
“We’ve determined @TDB54566975’s direction: help us build an open platform to create a decentralized exchange for #Bitcoin
Mike Brock(@brockm) who was named as the lead initiative, tweeted separately, making it known why it’s important to go ahead with this project. In his words:
“Getting bitcoin today typically involves exchanging fiat at a centralized and custodial service like @CashApp or @Coinbase. These on- and off-ramps to Bitcoin have a number of issues and aren’t distributed evenly around the world. This is the problem we’re going to solve – make it easy to fund a non-custodial wallet anywhere in the world through a platform to build on- and off-ramps into Bitcoin. You can think about this as a decentralized exchange for fiat”.
Binance, the world’s largest crypto exchange has been responding to scrutiny from regulators and other entities across the world. Binance in compliance with regulatory and other entities has been pushing hard to tighten its users’ customer verification requirements to comply with authority. According to a Cointelegraph report, traders have mixed emotions about BNB’s future, given Binance’s regulatory troubles and the new mandatory KYC policy. On Friday, Binance has discontinued trading pairs and payment options in Norwegian krone with immediate effect. Also, users are now mandated to carry out KYC in order to enjoy Binance given packages.
VISA buys CryptoPunk 7610 for $150,000
The Non-fungible token (NFT) space is another goldmine for investors, traders, and newbies joining the crypto space. The crypto space is a space with lots of trend, with credit card giant Visa making an acquisition of a CryptoPunk 7610 which is worth $150,000; this shows how institutions are moving with trends and also trying to learn and understand the dynamism behind the space.
According to Cuy Sheffield, head of crypto at Visa, “To help our clients and partners participate, we need a first-hand understanding of the infrastructure requirements for a global brand to purchase, store, and leverage an NFT.” Also, he said, “The ability to track and leverage a digital asset in multiple environments could mean exciting new opportunities in ticketing, gaming music, art, and beyond”. “We’re a company steeped in the history of commerce and payments — but with our eyes on the future. With our CryptoPunk purchase, we’re jumping in feet first. This is just the beginning of our work in this space.”