If you’ve ever read about blockchain and Web3, you know that this industry is full of big buzzwords and half-baked concepts. But concepts like decentralized identity services or DIDs give Web3 real meaning and usefulness. If you’re not done with DIS yet, it refers to its own, independent identity that enables reliable data exchange. In other words, you have the management and administration of digital identities directly in your hands instead of that of a third party.
In this week’s Crypto Biz, we take a look at a Web3 partnership designed to bring DID-powered payment solutions to Africa. We also describe 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 DIDs? It depends who you ask. For Web3 payment solutions Fuse and ChromePay, DIDs 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 range of DID-powered Web3 payment products to the African continent. Specifically, ChromePay will integrate the Fuse blockchain, giving users direct access to both traditional and blockchain-based payments on their mobile devices.
Crypto is booming in Africa!
A new report reveals that venture capital funding for African cryptocurrency startups grew 11x in 2022.
(Report via @ezrareguerra) https://t.co/aJwcPQSr9V
— TSTIME (@TSTIME) May 23, 2022
Maple Finance Launches $300 Million Lending Pool for Bitcoin Mining Companies
Crypto lending platform Maple Finance is showing no signs of slowing down amid the bear market. The company announced this week that it would provide up to $300 million in secure debt financing to Bitcoin (BTC) mining companies. Why is this important? Well, for starters, the loan could help miners survive one of Bitcoin’s most severe downturns. The loan will be backed by physical and intellectual assets owned by the mining companies, including their BTC mining rigs.
European Central Bank chooses Amazon and 4 other companies to create prototype euro digital app
The European Central Bank, or ECB, will prototype its euro digital app with five Amazon-led e-commerce and fintech companies. Nexi, EPI, Worldline and CaxaBank complete the list of partners chosen by the ECB to develop specific functions for the digital euro prototype. While the ECB has been vague about its intention to release a central bank digital currency, the monetary authority appears to be laying the groundwork for its implementation. I’m not a fan of CBDCs, so make this what you want.
Nasdaq Reportedly Preparing Crypto Custody Services for Institutions
The bear market may be a perfect opportunity for institutional investors to learn more about crypto and, by extension, start investing in the digital asset class. (Regulatory clarification will also help.) It was reported this week that 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 enjoyable for institutional investors. . In my opinion, it is only a matter of time before banks, hedge funds and family offices get involved in crypto. Not at this stage considering Bitcoin is a major career risk for investors. Ignore BTC at your own risk!
Before You Go: Why Did the Crypto Market Dump After the Ethereum Merger?
Ethereum’s highly anticipated Merge was successfully completed last week, but even that didn’t stop crypto prices from crashing again. In this week’s market report, I sat down with Marcel Pechman, Benton Yaun and Ray Salmond to discuss the factors that affect crypto markets. I also shared my thoughts on when Bitcoin could reach its final cycle bottom. You can watch the full replay below.
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