Bhutan and Ripple Collaborate to Test CBDC

Table of Contents

Bitcoin News: 23rd September 2021

The Royal Monetary Authority of Bhutan and Ripple are collaborating to test CBDC on a private blockchain.
Metal Pay has partnered with Railsbank to launch its crypto payment app in Europe.
Suex, a cryptocurrency platform, will be sanctioned by the US Treasury for its alleged role in ransomware transactions.
PayPal Introduces a New Digital Payments App That Supports Cryptocurrencies.
In the latest sporting partnership, Crypto.com joins forces with the Philadelphia 76ers.
And Finally after much wait, Robinhood has confirmed that it will include a crypto wallet to its app in October.

CryptoNinjas reported today, Ripple, a supplier of business blockchain and crypto solutions for cross-border payments, announced today a partnership with Bhutan’s central bank, the Royal Monetary Authority (RMA), to test a central bank digital currency (CBDC) on Ripple’s CBDC Private Ledger.

The RMA will employ Ripple’s sustainable blockchain technology to explore retail, cross-border, and wholesale payment use cases for a digital Ngultrum in stages, building on its present payments infrastructure. This will help it meet its goal of achieving 85 per cent financial inclusion in Bhutan by 2023.

RMA’s dedication to establishing a safe and reliable payment system has solidified its position as a financial innovator. The Global Interchange for Financial Transactions (GIFT) system, which facilitates the transmission of high value and bulk payments, was implemented by the central bank in 2019. It also works in conjunction with the government’s Electronic Public Expenditure Management System (e-PEMS) to simplify government and banking operations.

Metal Pay has partnered with Railsbank

Moving ahead CryptoNinjas reported, Metal, a blockchain-based crypto payment service, said today that it has formed a new agreement with Railsbank to offer its Metal Pay app to the European Union. Railsbank is a London-based bank that provides banking as a service to a restricted group of financial institutions worldwide.

Metal gets the opportunity to provide services to customers across the European Union while keeping its headquarters in the United States by collaborating with Railsbank. Metal will also be able to expand into other areas in the future, such as Australia and Asia, thanks to its relationship with Railsbank.

According to Metal team:

“Gaining access to Europe is a major step for Metal as a company and part of our long-term strategic vision. Our focus has remained to make cryptocurrency easy and accessible to more people than ever before. For that reason, we’ve turned Metal Pay into a one-of-a-kind app that allows users to buy and sell cryptocurrency for 1% fees or less, trade crypto for another crypto, send crypto to other users for free, and make fiat payments to friends. ”

US Treasury Sanctions Suex

According to Crypto Potato, the US Treasury Department intends to impose sanctions on cryptocurrency exchanges that aid in ransomware attacks. Suex, a trading platform headquartered in the Czech Republic, is said to be the first firm to be sanctioned.

Suex is accused of supporting activities involving “illicit revenues from at least eight ransomware versions,” according to a recent report by Deputy Treasury Secretary Wally Adeyemo. Furthermore, he stated that illicit actors are related to 40% of the exchange’s recorded transactions history.

Suex would no longer be allowed to conduct business with US organisations as a result of the latest development, as Americans are typically prohibited from engaging with sanctioned corporations.

New guidelines from the US Treasury Department on how victims and connected companies should disclose ransomware attacks and “fully assist with law enforcement as quickly as possible” was also released. The US government is adamant about not paying cyber ransoms or extortion demands, according to the report.

PayPal Launches New App to Support Crypto

DailyHODL reported, PayPal has now launched a new financial application that will make cryptocurrency services even more accessible on its platform. PayPal has released information on the initial version of its digital wallet and payments app, which includes a slew of new financial functions.

According to a press release,

“The new app includes a personalized dashboard of a customer’s PayPal account, a wallet tab to manage payment instruments and direct deposit, a finance tab that includes access to high-yield savings and crypto capabilities, and a payments hub that includes send and receive money features, international remittances, charitable and non-profit giving, bill pay, and a two-way messaging feature to send notes of acknowledgement after peer-to-peer transactions.”

PayPal Savings will be a high-yield savings account created in collaboration with Synchrony Bank. Customers in the United States will be able to use the service in the coming months.

Crypto.com joins forces with the Philadelphia 76ers

Reportedly, Crypto.com will launch a non-fungible token (NFT) series for the club as part of the agreement, and players will wear the company’s patch on their jerseys. The cryptocurrency platform will also offer talks at schools in order to educate bitcoin enthusiasts.

76ers president of business operations Chris Heck said, “Crypto.com will be knitted into the fabric of our brand, and together, we will redefine the landscape for how crypto is incorporated in sports.” Meanwhile, Kris Marszalek, co-founder and CEO of Crypto.com, said the 76ers were a “natural fit” for the company’s “world-class portfolio of sports partners.”

Crypto.com X Philadelphia 76Ers — Crypto.com X Philadelphia 76ers

Although this is Crypto.com’s first NBA relationship, the platform has agreements with a variety of clubs in a variety of sports. Crypto.com established a collaboration with the NHL’s Montreal Canadiens in March. In July, the platform extended its winning run by collaborating with the mixed-martial-arts league Ultimate Fighting Championship (UFC) to have its emblem appear on fighters’ uniforms.

The collaborations have continued to come in since August, notably with Italy’s Lega Serie A, Formula 1, soccer club Paris St. Germain, and gaming squad Fnatic. Crypto.com’s agreements with sports companies now amount to more than $400 million, according to sources.

Robinhood Confirms to Launch a Crypto Wallet

Coming to today’s final news, Robinhood, a trading software, has started a waitlist to test a crypto wallet where customers may store their tokens.

According to a blog post published on Wednesday, Robinhood expects to begin testing a digital wallet function on its app in October, which would allow users to transfer and receive bitcoins. The move may encourage more Robinhood users to utilise the app for crypto trading since the programme presently only enables users to buy crypto using US dollars and trade on the platform – they cannot deposit or withdraw in crypto.

The digital wallet will not support any specific tokens, although it already offers commission-free trading for Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Bitcoin SV (BSV), Dogecoin (DOGE), and Ethereum Classic (ETC). The wallets will contain security features like identity verification, multi-factor authentication, and email and phone verification, according to the firm, “to keep funds secure from hackers and other threats.”

The trading software saw a rise in popularity early this year, owing to ordinary investors from Reddit buying DOGE to try to drive up the price. on a weekly basis.