Payments giants Visa and Mastercard run more stringent checks on crypto firms than on other prospective card issuers. Would-be crypto partners must produce detailed information about their fraud and money laundering checks before being approved to offer cards to their customers. Cuy Sheffield, Visa’s head of crypto, described the process as “enhanced diligence on top […]
Quick Take ‘Fiat Freeway’ is a weekly column providing the latest updates on central bank digital currencies (CBDCs) and Stablecoins. Pieces thus far have focused on the ECB’s ‘digital euro’ initiative and the Fed’s classification of CBDC literature to date. This week’s column starts with an overview of Norges Bank’s third CBDC report, which considers […]
The Biden transition team just added one of the country’s most serious thinkers on the future of payments
Quick Take Former CFTC chair Gary Gensler is no crypto enthusiast, but he takes the underlying payments technology very seriously. As an MIT professor, Gensler argued that cryptocurrency has exposed shortcomings in traditional existing payments infrastructure. This feature story is available to subscribers of The Block Daily. You can continue reading this Daily feature on […]
An Austria-based not-for-profit organization has threatened legal action against a payments processor it has branded the “Dutch Wirecard.” The European Funds Recovery Initiative (EFRI), whose mission is to help victims of online investment scams, claims that Payvision, a company once valued at €360 million and now majority-owned by the Dutch bank ING, helped facilitate fraudulent […]
The Interchange: Plaid-Visa antitrust concerns highlight the value of stablecoins built on open public infrastructure
Quick Take The battle for ACH, and why stablecoins and CBDC built on public open infrastructure could offer a more competitive payment system This research piece is available to members of The Block Genesis. You can continue reading this Genesis research on The Block.
Quick Take Will China’s central bank digital currency compete with AliPay and WeChat Pay? How will China’s central bank use the digital currency’s smart contract capabilities? This feature story is available to subscribers of The Block Daily. You can continue reading this Daily feature on The Block.
Peer-to-peer cryptocurrency marketplace Paxful has launched a Visa debit card for U.S. users. The card, the product of a collaboration with fintech startup Ternio, will let users convert cryptocurrencies to dollars to make purchases, open a checking account, and withdraw funds from “any ATM worldwide,” according to an announcement post. The card, which Paxful and […]
Quick Take With news of Coinbase Card launching, we look at other debit crypto and legacy rewards offerings Coinbase Card offers a unique platform to build a larger deposit base, akin to more traditional banking models This research piece is available to members of The Block Genesis. You can continue reading this Genesis research on […]
The National Bank of Cambodia has officially launched a new payment system based on distributed ledger technology (DLT), according to Reuters. The bank developed the system, which is based on Hyperledger Iroha, along with Japan-based blockchain firm Soramitsu as part of an initiative called Project Bakong. At a conference earlier this year, Chea Serey, director-general […]