If you’ve spent any time reading about blockchain and Web3, you know that the industry is full of big buzzwords and far-fetched concepts. But concepts such as decentralized identity services, or DID, bring real meaning and utility to Web3. If you haven’t gotten your head around DID yet, it refers to a separate, independent identity that allows for the trusted exchange of data. In other words, it puts the management and governance of your digital identity right in your hands, instead of in the hands of some third party.
In this week’s Crypto Biz, we look at Web3’s partnership to bring DID-based payment solutions to Africa. We also note Maple Finance, the European Central Bank and Nasdaq.
Payment platform Fuse integrates ChromePay to bring DID services to Africa
Is Web3 even possible without decentralized identity services or DID? It depends on who you ask. For the Web3 payment solution Fuse and ChromePayDIDs will play a vital role in expanding access to the decentralized internet, especially in places like Africa. This week, the companies announced a new partnership to bring a suite of Web3 payment products based on DID technology to the African continent. Specifically, ChromePay will integrate the Fuse blockchain, which will allow users to access both traditional and blockchain-based payments directly on their mobile devices.
Cryptocurrency is booming in Africa!
Venture funding for African cryptocurrency startups to grow 11x in 2022, new report reveals.
— Cointelegraph (@Cointelegraph) May 23, 2022
Maple Finance Launches $300M Loan Fund For Bitcoin Mining Companies
Cryptocurrency lending platform Maple Finance shows no signs of slowing down in the bear market. The company announced this week that it does provide secure debt financing of up to $300 million to bitcoins (BTC) mining companies. Why is this important? For starters, a loan could help keep miners afloat during one of these Bitcoin’s Heaviest Crashes. The loan will be secured by the physical and intellectual property owned by the mining companies, including their BTC mining equipment.
The European Central Bank has chosen Amazon and 4 other firms to create a prototype application for the digital euro
The European Central Bank, or ECB, will do this prototype of its application for the digital euro with five e-commerce and fintech companies led by Amazon. Nexi, EPI, Worldline and CaxaBank complete the list of partners chosen by the ECB to develop specific functions for the digital euro prototype. Although the ECB has been tight-lipped about its intention to issue a central bank digital currency, the monetary authority appears to be laying the groundwork for its introduction. I’m not a fan of CBDC so make of that what you will.
Nasdaq is reportedly preparing cryptocurrency custody services for institutions
A bear market can be the perfect opportunity for institutional investors to learn about cryptocurrencies and subsequently start investing in the digital asset class. (Clarity of regulations will also help.) This week it was announced that the financial services firm Nasdaq is preparing to offer digital asset custody services — a move that could make buying and holding BTC and other cryptocurrencies more acceptable for institutional investors. In my view, it is only a matter of time before banks, hedge funds and family offices start dabbling in cryptocurrencies. Not at this stage whereas Bitcoin is a a big career risk for investors. Ignore BTC at your own peril!
Before You Go: Why Did Crypto Market Drop After Ethereum Merger?
The highly-anticipated Ethereum merger was successfully completed last week, but even that didn’t stop cryptocurrency prices from falling further. In this week Market report, I sat down with Marcel Pechman, Benton Yaun and Ray Salmond to discuss the factors influencing the crypto markets. I also shared my thoughts on when Bitcoin might reach its definitive cycle bottom. You can watch the full replay below.
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