This Week in Crypto: Mastercard to enable crypto trading for banks
Discover the top news stories circulating the block
Mastercard has officially announced it will launch a new program called “Crypto Source”, which will soon allow banks to offer crypto trading to their customers. This program is launching with the support of Mastercard’s existing partner Paxos Trust Company, a regulated crypto infrastructure platform.
The program is designed to allow banks to integrate crypto trading directly into their own interface, to provide customers with a seamless experience. As part of the program, Mastercard will manage regulatory compliance and security whilst Paxos will be responsible for handling crypto trading and digital asset custody.
The new Crypto Source Program is expected to be available for banks and fintech companies by the end of the year.
More news stories circulating the block
USDT to become available at 24,000 ATMs in Brazil
Tether, the company behind the most dominant stablecoin has partnered up with local Brazilian companies to enable access to USDT through a network of 24,000 ATMs across the country. This will be launched on the 3rd of November 2022, allowing ATM users in Brazil to instantaneously convert Brazilian reals into USDT and vice versa, and then transact with their USDT from anywhere in the world. Stablecoins have amassed popularity in South American Markets in recent years as they have proved to be less volatile than national currencies.
Ethereum experiences its first deflationary month
The Ethereum blockchain has recorded its first 30 days of negative supply growth after the Merge to Proof-of-Stake on the 15th of September. The supply of ETH is projected to experience a gradual reduction over the long term due to the removal of new ETH issuance from Proof-of-Work and the burn mechanism that was introduced in August 2021 with EIP-1559. Many investors anticipate this may have a positive impact on the future value of ETH.
Research shows that 50% of Defi exploits are from cross-bridges
Cross-chain bridges allow users to transfer digital assets from one blockchain to another. They are designed to solve many issues around interoperability and multichain scaling issues. Due to the complex nature of these bridges combined with large amounts of funds being locked up in these smart contracts, they have attracted many hackers. According to reports, half of the exploits in Defi occur on cross-chain bridges, which has resulted in over $2.5 billion USD stolen by hackers over the past two years.
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