All articles tagged with #crypto payments
PayPal is expanding its crypto payment services, allowing merchants worldwide to accept over 100 cryptocurrencies with significantly reduced transaction fees of up to 90%, facilitating near-instant settlements and broadening global commerce opportunities.
Oobit, a mobile payments app, has raised $25 million in a Series A funding round led by Tether's investment arm, CMCC Global’s Titan Fund, 468 Capital, and Solana co-founder Anatoly Yakovenko. The app allows consumers to pay for purchases using crypto while merchants receive fiat currency, and it plans to open up the capability to third-party wallets, transitioning into a non-custodial crypto payments app. Oobit joins other crypto firms working with traditional finance companies to offer more efficient ways of using crypto holdings for payments.
Chase UK is set to block crypto-related payments for its customers starting October 16, citing concerns over fraud and scams. The bank will decline any payments it deems to be related to crypto assets, urging customers to use alternative banks or providers for crypto investments. This move follows a trend among UK banks, which have been reluctant to offer services to the crypto industry due to concerns over fraudulent activities. The Financial Conduct Authority (FCA) has been facilitating discussions between banks and crypto firms to address this issue. Chase UK stated that the decision aims to protect customers from increasing crypto scams targeting UK consumers.
Bali Governor Wayan Koster has warned foreign tourists against using cryptocurrency as a means of payment, stating that those who break the rules could face deportation, criminal penalties, or tough sanctions. Indonesian law mandates that all transactions carried out in the country must be settled in the local currency, the rupiah. Crypto is permitted in Indonesia as an asset, but its use as a form of payment is not allowed. Bali has suffered severely from Covid-19 travel restrictions, and the return of international visitors has brought its own problems, leading to efforts to crack down on bad tourist behavior on the island.
Singapore-based payments provider Alchemy Pay has raised $10m in investment from market maker DWF Labs at a $400m valuation to expand its business in South Korea, where it aims to capitalise on the country's high level of crypto acceptance and help local firms achieve greater internationalisation. Alchemy Pay provides a way for crypto companies to access the fiat payment system and has previously worked with Visa, Mastercard, Google Pay and Apple Pay. The investment is the latest in a series of eight investments or funding rounds of at least $10m into crypto and Web3 projects by DWF Labs in the past six weeks.