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Bitcoin is key to the future of Twitter, Jack Dorsey says

Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, will be one of the key trends for the future of Twitter, CEO Jack Dorsey declared.Twitter CEO said that Bitcoin would be a “big part” of the company’s future at the second-quarter earnings call, outlining the digital currency’s potential to further transform Twitter products and services.Referring to Bitcoin as a native currency of the internet, Dorsey described opportunities to integrate BTC into existing Twitter services including commerce, subscriptions and new features like Twitter Tip Jar and Super Follows.The CEO explained to investors that a lot of Bitcoin-enabled innovation is “above just currency to be had,” as Twitter is committed to decentralize social media and provide more economic incentives. He noted that Bitcoin is one of three key trends for Twitter’s future alongside artificial intelligence and decentralization. “I think it’s hugely important to Twitter and to Twitter shareholders that we continue to look at the space and invest aggressively in it,” he said.Dorsey emphasized that Twitter is not alone in its commitment to crypto, citing aggressive digital currency development by social media giant Facebook, which expects to pilot its Diem cryptocurrency later this year. But unlike Facebook, Twitter will one day focus on BTC as a native internet open standard, he stated:“There’s an obvious need for this, and appreciation for it. And I think that an open standard that’s native to the internet is the right way to go, which is why my focus and our focus eventually will be on Bitcoin.”Related: No, Jack Dorsey isn't trolling ETH by making its logo the Ethiopian flagDorsey’s latest Bitcoin call is reportedly the first time when the CEO has spoken publicly about Twitter could integrate BTC into its products. The new remarks come shortly after Dorsey discussed Bitcoin at the virtual BTC event “The ₿ Word” alongside Tesla CEO Elon Musk and Ark Invest’s Cathie Wood. Dorsey said that many existing business models would be much different if Bitcoin existed before Twitter or Facebook. “We would certainly not have the dependency that we have on the advertising business model,” he noted.Dorsey is known as a major early Bitcoin believer, repeatedly arguing that Bitcoin is poised to be the single currency of the internet since at least 2018. His crypto-friendly digital payments firm Square is a solid Bitcoin investor, purchasing $50 million in BTC in late 2020 and then buying an extra $170 million in BTC in February 2021.Source Read the full article

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Karura launches decentralized exchange on Polkadot and Kusama

Karura, the Polkadot implementation of the Acala protocol, has launched its decentralized exchange (DEX) platform, Karura Swap.According to the announcement issued on Friday, the DEX platform is now live, with KSM/KAR being the first trading pair on the exchange.Per details provided by the announcement, Karura Swap has gone live with an initial total value locked north of $3.4 million, with more than 1,000 unique liquidity providers (LP).The team revealed that the DEX launch highlighted the benefits of its “Bootstrap feature” that provides a liquidity sandbox for trading pairs with the walled environment, reportedly preventing front-running and market manipulation during the initial launch of a trading pair.“With Bootstrap, Karura aims to empower trustless trading at fair market rate to reflect the tenets of equitable and open finance for all,” the blog post added.Indeed, the inaugural KSM/KAR pair passed through the bootstrap phase and has only gone live after satisfying the mandated liquidity goal. With the launch of the DEX, Karura Swap becomes the first decentralized exchange on Polkadot and Kusama and the first avenue for trustless trading of Kusama tokens on a DEX.Other trading pairs that will be launched on Karura Swap can also make use of the Bootstrap feature. LPs can elect to supply one or both tokens in the pool during the process, while trading remains suspended until the set liquidity target is achieved.Related: DeFi hub Karura emerges as first Kusama parachain slot auction winnerWith Karura envisioned as a decentralized finance hub on Kusama, the team said other features such as kUSD stablecoin loans, staking and liquidity mining programs are in the works. These added protocols are part of the plans to build up the network within the 48-week network lease secured by winning a parachain auction slot.As previously reported by Cointelegraph, Karura became the first Kusama parachain slot auction winner back on June 22, with over 501,000 KSM staked in the crowd-loan process. These slot auctions determine the parachains that will be added to the Kusama relay chain, which serves as a companion network for Polkadot.Source Read the full article

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Visa to approve Bitcoin spending card for Australian startup CryptoSpend

Global payment giant Visa is moving forward with its commitment to digital currency adoption by approving the issuance of a new Bitcoin (BTC) debit card in Australia.Sydney-based crypto spending app CryptoSpend announced Wednesday that Visa has approved the issuance of a physical debit card that will allow Australians to spend their Bitcoin at local merchants.CryptoSpend co-founders said in an interview with the Australian Financial Review that the new card will be issued by major local payments company Novatti and is expected to hit the market in September. Visa is expected to announce the approval later this week.According to the report, the upcoming crypto debit card will allow users to spend a set of major cryptocurrencies including Bicoin, Ether (ETH), XRP, and Bitcoin Cash (BCH). Users’ crypto holdings will be custodied by BitGo.CryptoSpend co-founder Andrew Grech said that the card will give Australians a way to cash out their Bitcoin profits as opposed to selling the cryptocurrency, stating:“Spending it directly is a more convenient way of selling it. If the market is green, someone could say it’s time to spend some of my profits. On the other side of the fence, another person might say it’s going to keep going up, I’ll hold onto it. But we have seen more spending volume when the price is going up.”Related: Visa reports over $1 billion in crypto spending in H1 2021According to the Financial Review, Visa has already approved the issuance of crypto spending cards in Australia for some global crypto exchanges like Binance, but they are not yet available in the country. Crypto exchange Crypto.com also received approval to be a direct issuer of Visa debit cards in Australia and is preparing to launch a card soon.Visa did not immediately respond to Cointelegraph’s request for comment.Source Read the full article

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Boston Celtics basketball team joins fan token platform Socios

Socios, the blockchain-based platform responsible for tokenizing many popular sports franchises, has said the Boston Celtics basketball team will be joining its roster.In a Wednesday announcement from the National Basketball Association, Socios said it will have a significant presence on the Celtics’ website. Though the platform did not specifically mention it would be tokenizing players for digital collectibles, it will be using Celtics’ logos for international marketing. Alexandre Dreyfus, CEO of Socios and blockchain-based sports platform Chiliz, said this partnership with an NBA team could lead to “enhanced fan engagement for fans of the Celtics,” perhaps hinting basketball fans might see tokens for the team as the platform develops. The Celtics have been a major force in the NBA, having won 17 world championships, the most recent one in 2008.Tokenizing professional sports players and franchises seems to be a competitive game among blockchain firms as companies continue to announce similar partnerships. NBA’s Philadelphia 76ers and the National Hockey League’s New Jersey Devils have already joined Socios. The platform has said it will launch fan tokens for the Ultimate Fighting Championship and Formula 1 racing teams Aston Martin Cognizant and Alfa Romeo Racing on the Chiliz blockchain. However, Dapper Labs’ NBA Top Shot has the backing of prominent basketball players including Michael Jordan, Alex Caruso, and Kevin Durant. Related: Socios partners with Turkish soccer club union to explore digital revenue modelsLast week, the NBA’s Portland Trail Blazers announced a sponsorship program with blockchain company StormX, which would reportedly have players wear the firm’s logo on their jerseys for the next five years. Source Read the full article

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Billionaire vows to spearhead Mexico’s first Bitcoin-friendly bank

The third richest man in Mexico, Ricardo Salinas Pliego, has doubled down on his support for Bitcoin, revealing plans to open the first BTC accepting bank in the country.On June 27, the Mexican billionaire tweeted his support for the widespread adoption of BTC, noting that his bank is “working” to become the first in Mexico to accept the world’s leading digital asset.The comments follow a massive endorsement for Bitcoin by Salinas, who stated that it was “absolutely right” to think of Bitcoin as the new gold.Sure, I recommend the use of #Bitcoin, and me and my bank are working to be the first bank in Mexico to accept #Bitcoin, if you need more details or information follow me on my Twitter account .— Ricardo Salinas Pliego (@RicardoBSalinas) June 27, 2021Salinas is the founder and chairman of Grupo Salinas, a Mexican corporate conglomerate spanning television and radio network TV Azteca, consumer electronics retailer Grupo Elektra, football club Mazatlan F.C., and major local bank, Banco Azteca.Banco Azteca, which had annual revenue of $2.54 billion in 2020, operates in Mexico, Panama, Guatemala, Honduras, and Peru. The company, which began operating the bank in 2002, offers consumer credit for goods, personal and small business loans, credit cards, mortgages, and payroll systems.According to the Bloomberg Billionaires Index, Salinas’ fortune has risen by $2.8 billion this year to tag $15.8 billion.The news outlet added that Salinas said he invested 10% of his liquid portfolio into Bitcoin last year. He has professed his veneration for the asset on multiple occasions, including in an interview with Cointelegraph at the beginning of 2021.Related: Mexico’s second richest man says Bitcoin is his 'best investment everIn September 2020, San Francisco-based crypto exchange Kraken became the first cryptocurrency business to receive a charter to operate as a bank in the United States after receiving licensing from the crypto-friendly state of Wyoming. In October of the same year, the Wyoming State Banking Board voted to grant financial institution Avanti a bank charter for crypto-related services. Late last year, the Office of the Comptroller of the Currency introduced a charter allowing fintech firms to offer lending products without requiring oversight from state banking regulators. Crypto custodian, Anchorage, became the first crypto firm to receive licensing under the charter in January 2021.Source Read the full article

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I Would Hold Only Bitcoin for the Next 30 Years, Says Mexico’s Third-Richest Person

Mexico’s third-richest man, Ricardo Salinas Pliego, continues with his support for bitcoin by indicating that his bank is planning to start using BTC. While outlining the limited supply of the cryptocurrency as its most crucial merit, he said it would be the asset he would choose to invest in if he had to pick only one for the next thirty years.

Pliego’s Bank to Look Into BTC

The Mexican businessman, founder, and chairman of Grupo Salinas, has shown support for the primary cryptocurrency for years. His first purchase came at $8,000, and most recently, he urged every investor to consider buying at least a minor portion for their respective portfolios. During a recent interview in Mexico, he spoke about the asset once more and noted that having a limited supply of just 21 million coins ever to exist is “the key part.” Additionally, BTC has “international value, that is traded with an enormous liquidity at a global level,” which is why he doubled down on his belief that it should be a part of every portfolio. The billionaire also plans to reassert his presence in the cryptocurrency space. Aside from having around 10% of his liquid portfolio invested in BTC, he said his banking business might start using BTC soon. Should that happen, it will be Mexico’s first bank to do so.

Ricardo Salinas Pliego. Source: Bloomberg

Bitcoin Is the One Asset for the Next 30 Years

After indicating that he had spent a lot of time studying bitcoin, Salinas Pliego further noted that cash is “fraud” and people should avert from it. When he started his career in 1981, the Mexican peso “was 20:1 to the USD; today, we are at 20,000:1.” He also said that other nations’ local currencies, like Venezuela, Argentina, and Zimbabwe, have lost even more of their value compared to the dollar. Yet, the greenback itself is not all that better as the “monetary emission went to the money. The dollar as hard money is a joke.” Interestingly, Salinas Pliego received a question on which would be the only asset he would hold for the next thirty years. He dismissed the “stinky” fiat immediately – “no paper bills” – instead, he said, “I would take bitcoin.” Featured Image Courtesy of El Universal Source Read the full article

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Bitcoin short-term setup is challenging, JPMorgan strategists warn

Bitcoin’s (BTC) weekend dance between $30,000 and $34,000 seems to strengthen the short-term uncertainty narrative, as JPMorgan strategists believe the cryptocurrency market is not yet healthy.A Friday note from the JPMorgan Chase team suggested that the near-term setup for Bitcoin still looks challenging. Based on the on-chain data, JPMorgan strategists said that “there is likely still an overhang of underwater positions which need to be cleared through the market.” JPMorgan lists the Bitcoin futures market’s stability and the possibility of increased production costs due to miners’ migration from China as positive factors. Bitcoin’s cost of production is historically tied to its price, several analyses show. So, a price bump in the cost of mining may have a booster effect on Bitcoin price.The note suggests that the cryptocurrency market appears to be at the beginning of a healing process but is not quite healthy yet. Fundstrat’s David Grider recommended reducing the risk or buying some protection, according to Bloomberg.Related: Bitcoin bounces off $30,000 amid the possibility of exit to mid-$40K rangeA bounce off $30,000, which is seen as a critical support level, came after the JPMorgan note. The Bitcoin price dove to $30,070 before quickly recovering to $33,445 over the weekend, according to data from Cointelegraph Markets Pro and TradingView. The weekend saw a positive statement for the biggest cryptocurrency from Ricardo Salinas Pliego, Mexico’s third-richest man, who named Bitcoin the new gold. The price climbed above 35,000 as of Monday morning.Source Read the full article

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Demand for digital euro not yet clear, says BBVA exec

An executive at major Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) has raised concerns about the digital euro and questioned what customer demand it would meet.Pablo Urbiola of BBVA’s digital regulation team has called on European financial authorities to carefully explore the possible issuance of a central bank digital currency (CBDC).Urbiola said Friday at a European Banking Federation seminar that, despite the increasing need for a European CBDC, it is not yet exactly clear what kind of customer demand the digital euro is supposed to meet:“Considering all the innovation that is taking place in the payments market, it is not clear which customer demands a digital euro could fulfil that may not be fulfilled by other initiatives.”The executive emphasized that the European Central Bank should consider all the opportunities and risks of a digital euro, taking into account different design options. “It is essential that the general framework designed by the ECB is flexible enough, and that allows private players to develop business models in a competitive space,” Urbiola noted.Urbiola said that the ECB wants to address the myriad challenges associated with the digital euro: “For instance, if a digital euro aims to respond to the decreasing use of cash, it should be designed as an electronic version of cash — that is, simple, easy to use, with basic functionality.” But if a digital euro aims to respond to the threat of foreign digital currencies, “it should be able to replicate some of the more advanced functionalities of these initiatives,” he noted.Related: Banking giant BBVA debuts Bitcoin trading and custody for Swiss clientsThe exec said that banks in Spain are prepared for the arrival of a digital euro, stating that BBVA has participated in preliminary trials involving the issuance of the ECB’s digital currency alongside 15 other major banks. Urbiola’s comments come shortly after the ECB declared that the digital euro may be crucial in combating “artificial currencies” in cross-border payments. In early June, the ECB published its annual euro review, raising concerns over the rise of artificial currencies led by foreign tech giants, apparently referring to Facebook’s Diem project.Source Read the full article

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Crypto businesses struggling to fill job openings amid industry expansion

The skills shortage among crypto’s specialized workforce is causing significant competition among businesses to secure the right talent for their organizations.According to Bloomberg, crypto firms are finding it somewhat difficult to find the right candidates to fill job openings as these firms look to expand their operations across the globe.The competition for skilled and experienced candidates is not alone among crypto-natives but also with legacy financial institutions that are establishing cryptocurrency-focused departments.Even the broader fintech and technology services industry are also entering crypto, contributing to even greater competition for the limited workforce available. Back in May, tech giant Apple posted a job opening for a business development manager for alternative payments including cryptocurrency.Neil Dundon, the founder of cryptocurrency-focused job agency Crypto Recruit, said that companies are experiencing difficulties matching applicants to roles. Despite the increase in interest for employment opportunities in the industry, skill shortage is reportedly a significant problem.The Apple job, for instance, called for 10 years of experience, with at least a five-year track record with alternative payment services such as cryptocurrency. According to Dundon, some firms are lowering the expectation in terms of skills and experience, adding:“In terms of length of experience, one or two years is good enough these days The skills shortage is so bad at the moment that companies are casting a wider net.”Related: Specialized workforce needed as crypto and blockchain courses enter collegesCandidates with “strong crypto knowledge” are reportedly a scarce commodity. Universities and colleges are now offering cryptocurrency and blockchain courses to bridge the skills gap in the $1.4 trillion industry.Companies are also making internal adjustments to their hiring policies to make certain roles available for remote working conditions. With geographical constraints often restricting companies to a limited skills pool, some businesses are now offering roles to more skilled talents based overseas.Competing with these established organizations also brings up issues with remuneration with crypto firms needing to match or offer even greater benefits and incentives to attract skilled workers.Source Read the full article