Nexo Partners With Mastercard To Launch Crypto Debit Card

Nexo Partners With Mastercard To Launch Crypto Debit Card
August 6, 2019

 

The cryptocurrency market has started rebounding this week after Bitcoin (BTC) broke above $10,000 level once again. Bitcoin (BTC), at the time of writing this article, has gained 1.5% to trade at $11,669. One of the main reasons for the strong rebound in the price of Bitcoin is the rise in global uncertainty due to the US-China trade war. In retaliation to President Trump’s announcement regarding the imposition of 10% import duty on Chinese goods worth $300 billion, the People Republic of China ordered its state run enterprises to refrain from importing agro commodities from the US. Investors are running for cover and Bitcoin is turning out to be a safe haven asset.

Max Keiser, RT program host and former Wall Street trader, believes that Bitcoin may hit $15,000 this week on the erosion of trust in central banks and fiat money.

Other altcoins which have rallied in the past 24 hours include Tron (TRX-$0.02223, 0.8%), Leo (LEO-$1.33, 1.5%) and Cosmos (ATOM-$3.74, 2.6%), (LTC-$95.42, 0.6%), EOS (EOS-$4.41, 1.6%), Monero (XMR-$91.34, 0.9%), Huobi (HT-$4.89, 5.8%), Dash (DASH-$108.19, 0.2%) and OKB (OKB-$3.28, 2.6%). Some of the major altcoins which are trading in red are Ethereum (ETH-$228.35, -0.1%), Ripple (XRP-0.3177, -1.3%), Bitcoin Cash (BCH-$342.56 -1.0%), Cardano (ADA-$0.0555, -1.9%) and Stellar (XLM-$0.0809, -1.7%).

 

Government level initiatives

Andorra telecom unites with Alastria to implement a blockchain network

Andorra Telecom has inked a collaboration agreement with Alastria, a non-profit organization focused on the digital economy in Spain, to incorporate blockchain technology in its processing platform. Alastria consortium is made up of more than 800 non-profit associations that unveiled Spain’s first domestic multi-sector blockchain network in an attempt to advance the digital economy via blockchain.

Alastria will facilitate Andorra Telecom to establish its blockchain network with own node. Regarding the agreement, Jordi Nadal, director-general of Andorra Telecom, said: “the agreement with Alastria allows us to reinforce the technological pillar and allows developments with different technologies, all of them of reference.”

Under the partnership, both parties intend to deploy Alastria’s entrepreneurship program named Link2Chain, which also involves the participation of the business accelerator and NIU incubator. Notably, the NIU incubator was set up by Andorra Telecom last November with an intention to encourage entrepreneurship in advanced technologies.

 

Private sector initiatives

Nexo and MasterCard collaborate to offer cryptocurrency credit cards

Nexo, a firm offering instant loans on cryptocurrencies, has partnered with MasterCard, the popular credit card provider, to introduce a cryptocurrency credit card. Nexo asserts that Nexo Card will be the first-ever crypto card that permits spending the value of the cryptocurrency without actually losing the holdings. Notably, there are no monthly and annual charges. Even foreign exchange fees are not levied.

Nexo elaborated on the functional concept of the card as follows: “When using the Nexo Card to purchase goods and services, you actually pay using your Nexo flexible open-ended revolving credit line that is backed with your crypto holdings and thus not selling any of them, which is giving you the freedom to spend today and sell your holdings whenever you want in the future to pay back the loan.”

Nexo also offers a totally automated Instant Crypto Credit Lines service, which permits crypto owners to obtain a loan against a basket of cryptocurrencies such as Ether (ETH), Bitcoin (BTC), Ripple (XRP), Litecoin (LTC), etc. The firm also permits users to earn interest on fiat currencies such as the US dollar, British pound, euro and stablecoins.

 

Walmart applies for a patent to introduce a cryptocurrency similar to the Libra

US retail giant Walmart has made a patent filing which reflects its intention to introduce a cryptocurrency pegged to the US dollar, similar to the Libra stable coin planned by Facebook. The patent document 20190236564, titled “System and Method for Digital Currency via Blockchain,” was released by the US Patent and Trademark Office (USPTO).

The patent document explains a method for: “Generating one digital currency unit by tying the one digital currency unit to a regular currency; storing information of the one digital currency unit into a block of a blockchain; buying or paying the one digital currency unit.”

Walmart has stated that the cryptocurrency venture intends to offer a zero- or low-fee option for users to safeguard their wealth. The company has also pointed out that the cryptocurrency can easily be exchanged for fiat currency at predetermined retailers or business associates. More importantly, the document states that the account which holds customer’s assets may also offer interest.

The cryptocurrency is also intended to be developed for spending at locations outside Walmart. As the crypto is backed by the US dollar, deposits and withdrawals are relatively straightforward. The document also envisions a possibility of pegging the crypto to other cryptocurrencies, instead of fiat currency, if the need arises.

Walmart believes that introduction of a cryptocurrency as mentioned above could offer low-income households, which cannot afford banking facilities, with “an alternative way to handle wealth at an institution that can supply the majority of their day-to-day financial and product needs.”

Walmart believes that its cryptocurrency, referred to as the “blockchain-protected digital currency,” could further put banks in disarray by eliminating the need for debit and credit cards. The document envisions the use of cryptocurrency as follows:

“The digital currency may act as a pre-approved biometric […] credit. A person is the ‘credit card’ to their own digital value bank.”

 

Cathay Pacific introduces a blockchain platform to admin ULDs

Hong Kong’s top-rated airline Cathay Pacific has launched its first blockchain venture to administer unit load devices (ULDs). The latest venture aims to remove a blockchain application that permits to instantaneously administer ULDs via a smartphone.

Notably, Cathay is the founding member of prime global aviation alliance Oneworld. Initially, the project targets transactions in Hong Kong and important locations in the US. Soon, the company anticipates implementing the technology across the entire network of Cathay Pacific.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Ian Maguire

Ian Maguire

Ian is our resident contributor to the latest going ons in the cryptomarket, keeping up to date with the latest icos and coins


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