Carding Forum
Professional
- Messages
- 2,788
- Reaction score
- 1,322
- Points
- 113
History of crypto initiatives of large banks and fintech companies in 2021.
The digital asset regulatory environment in the United States is becoming more loyal. In particular, in the summer, the regulator allowed banks to store customers' cryptocurrencies. And this week the first official guide to stablecoins appeared in the States. It seems that those fintech companies and banks that are planning to develop in the crypto direction have received all the conditions and opportunities for this.
Analysts at The Block presented a map of strategic changes initiated by prominent American banks and fintech companies over the current year. Among them are Visa, Mastercard, PayPal, Square, JPMorgan, PNC and others.
1. Shopify has joined the Libra project.
Prior to this, several well-known companies left the Libra Association - Mastercard, Visa, eBay, Stripe, Vodafone, Mercado Paygo, PayPal and booking.com. However, Shopify, which develops software for online and retail stores, joined Libra in February this year.
2. Revenues from operations with Bitcoin in Cash App showed record growth.
Earlier this year, Bitcoin revenue from Square's Cash App accounted for half of non-Bitcoin revenue.
3. Visa has filed a patent for a digital fiat currency.
In May of this year, the international payment system Visa filed a patent for a fiat-backed digital currency. The new asset, according to the documents, will combine the advantages of cryptocurrencies and fiat fiat.
A little later, Visa CEO Alfred Kelly said that he considers digital currencies backed by fiat currencies to be a payment technology with great potential.
4. The Office of the Comptroller of the United States Currency (OCC) has allowed banks to store customers' cryptocurrencies.
The purpose of the innovation is to ensure the ability of banks to meet the needs of modern customers. According to the regulator, banks can continue to hold the most valuable assets of customers, which are currently cryptocurrencies for tens of millions of Americans.
5. PayPal announced the development of crypto capabilities.
The company made it possible to buy and sell cryptocurrencies through the Paxos service.
6. Revolut partnered with Paxos to launch crypto services in the US.
7. Mastercard announced the expansion of cryptocurrency related initiatives. In particular, in July the company signed an agreement with Wirex, a major crypto exchange.
8. Large banks PNC and US Bank responded to the regulator's letter and asked for clarity regarding the storage and maintenance of cryptocurrency.
9. Also in the summer, the Chinese fintech giant Ant Group launched its own blockchain brand "AntChain".
10. The Federal Reserve Bank of Boston has joined the MIT DCI initiative to test and study prototype central bank digital currencies (CBDCs).
11. In August, the company ConsenSys, which is working on the development of the Ethereum ecosystem, bought the Quorum blockchain platform from the American banking holding JPMorgan Chase .
12. The Cash App generated $ 875 million in bitcoin revenue and Q2 gross profit of $ 17 million, up 600% and 711%, respectively, from a year earlier.
13. In August, the aggregate supply of stablecoins exceeded $ 16 billion, and the volume of transactions with stablecoins reached $ 114 billion in August alone.
14. Goldman Sachs has appointed a new global head of digital assets, who immediately announced an interest in a fiat-pegged token.
15. In September, Mastercard presented a platform for testing central bank digital currencies (CBDC).
16. Square formed a consortium to expand access to crypto technologies by creating a library of patents from members.
17. In September, the Office of the Comptroller of the Currency (OCC) released the first official guide to stablecoins. The document clarifies that national banks can provide services to stablecoin issuers in the United States.
As we can see, large American banks and fintech companies stepped up their efforts in the field of crypto technologies in 2021. Legislative initiatives that simplify the work with digital assets have played an important role in this.
The digital asset regulatory environment in the United States is becoming more loyal. In particular, in the summer, the regulator allowed banks to store customers' cryptocurrencies. And this week the first official guide to stablecoins appeared in the States. It seems that those fintech companies and banks that are planning to develop in the crypto direction have received all the conditions and opportunities for this.
Analysts at The Block presented a map of strategic changes initiated by prominent American banks and fintech companies over the current year. Among them are Visa, Mastercard, PayPal, Square, JPMorgan, PNC and others.
1. Shopify has joined the Libra project.
Prior to this, several well-known companies left the Libra Association - Mastercard, Visa, eBay, Stripe, Vodafone, Mercado Paygo, PayPal and booking.com. However, Shopify, which develops software for online and retail stores, joined Libra in February this year.
2. Revenues from operations with Bitcoin in Cash App showed record growth.
Earlier this year, Bitcoin revenue from Square's Cash App accounted for half of non-Bitcoin revenue.
3. Visa has filed a patent for a digital fiat currency.
In May of this year, the international payment system Visa filed a patent for a fiat-backed digital currency. The new asset, according to the documents, will combine the advantages of cryptocurrencies and fiat fiat.
A little later, Visa CEO Alfred Kelly said that he considers digital currencies backed by fiat currencies to be a payment technology with great potential.
4. The Office of the Comptroller of the United States Currency (OCC) has allowed banks to store customers' cryptocurrencies.
The purpose of the innovation is to ensure the ability of banks to meet the needs of modern customers. According to the regulator, banks can continue to hold the most valuable assets of customers, which are currently cryptocurrencies for tens of millions of Americans.
5. PayPal announced the development of crypto capabilities.
The company made it possible to buy and sell cryptocurrencies through the Paxos service.
6. Revolut partnered with Paxos to launch crypto services in the US.
7. Mastercard announced the expansion of cryptocurrency related initiatives. In particular, in July the company signed an agreement with Wirex, a major crypto exchange.
8. Large banks PNC and US Bank responded to the regulator's letter and asked for clarity regarding the storage and maintenance of cryptocurrency.
9. Also in the summer, the Chinese fintech giant Ant Group launched its own blockchain brand "AntChain".
10. The Federal Reserve Bank of Boston has joined the MIT DCI initiative to test and study prototype central bank digital currencies (CBDCs).
11. In August, the company ConsenSys, which is working on the development of the Ethereum ecosystem, bought the Quorum blockchain platform from the American banking holding JPMorgan Chase .
12. The Cash App generated $ 875 million in bitcoin revenue and Q2 gross profit of $ 17 million, up 600% and 711%, respectively, from a year earlier.
13. In August, the aggregate supply of stablecoins exceeded $ 16 billion, and the volume of transactions with stablecoins reached $ 114 billion in August alone.
14. Goldman Sachs has appointed a new global head of digital assets, who immediately announced an interest in a fiat-pegged token.
15. In September, Mastercard presented a platform for testing central bank digital currencies (CBDC).
16. Square formed a consortium to expand access to crypto technologies by creating a library of patents from members.
17. In September, the Office of the Comptroller of the Currency (OCC) released the first official guide to stablecoins. The document clarifies that national banks can provide services to stablecoin issuers in the United States.
As we can see, large American banks and fintech companies stepped up their efforts in the field of crypto technologies in 2021. Legislative initiatives that simplify the work with digital assets have played an important role in this.
