From one Candian coffee shop to a worldwide network of nearly 39,000, crypto ATMs have turned nine years old and are only expected to continue growing.
Why the battle for low or no transaction fees really matters
High transaction fees stand in the way of crypto achieving its full potential and being embraced by the masses — but it is possible to make transfers for free.
Western Union may be planning to expand its digital offerings far beyond remittances
Trademark applications seem to hint at an asset and commodities exchange, insurance and Western Union’s own token as it faces increasingly diverse competition on the remittances market.
Remittances drive ‘uneven, but swift’ crypto adoption in Latin America
The Latin American region now makes up for a 9.1% share of the global crypto value received in 2022 with remittances and high inflation the highest drivers of adoption.
Why crypto remittance companies are flocking to Mexico
Mexico has a burgeoning crypto remittance market that has immense potential.
Vietnam’s crypto adoption: Factors driving growth in Southeast Asia
Vietnam has the highest crypto adoption rate in the world. There are numerous factors driving the trend.
What the Taliban crackdown means for crypto’s future in Afghanistan
The Taliban have finally banned crypto in Afghanistan, but many users and traders call it one of the “worst” policy decisions made by the government so far.
FOMO Pay taps Ripple’s liquidity solution for treasury management
Ripple has continued to see adoption for its remittance technology from private institutions despite the ongoing lawsuit in the United States.
Technicals suggest Bitcoin is still far from ideal for daily payments
Even with the rise of layer-2 solutions, many experts believe Bitcoin may have missed the boat as a currency for day-to-day remittances go.
Bitcoin in Zimbabwe: Importing cars and sending money to family
A young Zimbabwean Bitcoiner built out a business with Bitcoin — importing cars and sending remittance payments — when he returned to his homeland during the COVID-19 pandemic.
MoneyGram’s USDC transfer service launches in several countries
The payment service, which is powered by the Stellar blockchain, will enable USDC settlement with MoneyGram in “near-real-time.”
Crypto remittances must have allure of cash without regulatory constraints — Jeremy Allaire
The CEO of Circle joined Ripple’s Brad Garlinghouse and Asif Saleh of BRAC in a panel discussion at the World Economic Forum Annual Meeting.
The world doesn’t need banks, policymakers or NGOs — It needs DeFi
DeFi can usher in a system where people don’t have to pay international corporations 10% to send money home in the internet era of Web3.
Crypto users in Africa grew by 2,500% in 2021: report
A recent report by KuCoin reveals that the number of crypto transactions has increased by 2,670% in some African countries.
How are Afghans using crypto under the Taliban government?
Afghans have shown great interest in cryptocurrencies and some are using them to avoid U.S. sanctions and get paid from other countries.
Tonga to copy El Salvador bill making Bitcoin legal tender says former MP
In a ruling that is “almost identical to the El Salvador bill,” Tongan bigwig Lord Fusitu’a anticipates that his country could adopt Bitcoin by November.
David Marcus, The Latest Top Executive To Leave Meta/ Facebook’s Crypto Project
Another one bites the dust. David Marcus stepped down as the head of Novi, Meta/ Facebook’s fintech division. The company’s first order of business was to create a cryptocurrency, but regulators around the world were not keen on the idea. After a few missteps and name changes, they finally released a wallet called Novi to little fanfare. The coin, now named Diem, is still in development and unreleased.
Related Reading | What Zuckerberg’s Meta Means for the Metaverse
David Marcus Says Goodbye
This is not the first time this happens, other top executives have abandoned Meta’s ship over the years. CNBC recapitulates:
“Marcus’s departure follows that of other key executives who led Facebook’s ill-fated efforts in blockchain. Fellow project founder Morgan Beller left the company in September 2020 to go into venture capital. Kevin Weil, another one of the project founders, left in March to join Planet, a San Francisco company.”
Ex-Upwork CEO Stephane Kasriel will replace David Marcus, who in a Facebook post announcing his departure said:
“The one thing I’m the proudest of during my time here is the amazing kickass team we’ve assembled over the last three years. This is the most resilient, passionate, determined and talented group of humans I’ve ever worked with. I find comfort and confidence in knowing that they will continue to execute our important mission well under Stephane Kasriel’s leadership, and I can’t wait to witness this from the outside.”
Mark Zuckerberg responded to David Marcus:
“I’ve learned so much working with you and I’m so grateful for everything you’ve done for this place. We wouldn’t have taken such a big swing at Diem without your leadership and I’m grateful you’ve made Meta a place where we make those big bets. You’ve built a great team, and while I’ll miss working with you, I’m looking forward to working with Stephane to lead the team going forward.”
I am so honored for the opportunity to lead the awesome @novi team, and look forward to continuing to build products and services that allow more access for people and businesses to the financial system and digital economy.
— Stephane Kasriel (@skasriel) November 30, 2021
For his part, Stephane Kasriel said via Twitter:
“I am so honored for the opportunity to lead the awesome Novi team, and look forward to continuing to build products and services that allow more access for people and businesses to the financial system and digital economy.”
FACEBOOK price chart on BMFBOVESPA | Source: TradingView.com
What’s The Deal With Libra/Calibra/Novi/Diem?
After many iterations, Diem is now a stablecoin prototype. For its part Novi, the wallet, is only available in the United States and Guatemala. Facebook/Meta is running a pilot program to test the technology and gather data. They’re trying to steal the remittances market in Guatemala, which constitutes 14% of the county’s GDP. Using the Novi wallet, it’s almost free.
Nowadays, Facebook/Meta is using the Paxos stablecoin USDP as their standard. About this, David Marcus said via Twitter. “USDP is a well-designed stablecoin that’s been operating successfully for over three years and has important regulatory and consumer protection attributes. I do want to be clear that our support for Diem hasn’t changed and we intend to launch Novi with Diem once it receives regulatory approval and goes live. We care about interoperability and we want to do it right.”
Related Reading | Facebook Officials Claim Novi Received Approval From Major U.S. States
However, will Diem ever receive regulatory approval? For Facebook/Meta, that’s the Trillion-Dollar question. The company’s reputation regarding its handling of personal data is hampering the whole operation. And, well, governments around the world don’t seem to want a company like Facebook in charge of the money. And, well, the project’s been all over the place from the very beginning. No offense to David Marcus, who claims to be Diem’s “Co-creator & Board member.”
The project’s slogan is “To build a trusted and innovative financial network that empowers people and businesses around the world.” And, well, that’s Bitcoin. Why don’t they just plug in to the winning open monetary network? Because Meta wants to be in control of the money supply. And that’s what government’s around the world are trying to prevent.
Featured Image: mohamed_hassan on Pixabay | Charts by TradingView
Stellar partners tap USDC for remittances between Europe and Africa
Flutterwave is teaming up Tempo Payments to use USDC on Stellar to target Africa’s enormous remittances market.
Crypto remittances see adoption, but volatility may be a deal breaker
The path to mass cryptocurrency adoption passes through remittances, but it may not happen any time soon.
Stellar blockchain remittance corridor to power Thailand–Europe payments
The new cross-border remittance corridor will be hosted on the Stellar blockchain and serve around 600 million customers.