Author: dfmines

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Mastercard is queuing up a full suite of crypto partners, according to an announcement this week, in efforts to streamline its card program for crypto wallets and exchanges. The company initiative seeks to provide crypto companies with a card option that gives crypto-holders the ability to spend their digital assets anywhere that Mastercard is accepted. Swipin’ New Partnerships The flurry of partnerships include: Circle Paxos Evolve Bank & Trust Metropolitan Commercial Bank Uphold BitPay Apto Payments i2c Inc. Galileo Financial Technologies Each partner looks to play a unique role in Mastercards revitalization to the firm’s already existing Crypto Card Program. Evolve Bank & Trust and Metropolitan Commercial Bank are set to likely be the card issuers while Uphold and BitPay provide supporting crypto wallet technology infrastructure. Meanwhile, i2c Inc., Apto Payments, and Galileo Financial Technologies will support processing and program management for Mastercard. Paxos and Circle, arguably two of the most recognizable names in the list, will support Mastercard with the conversion of crypto-to-fiat by way of stablecoins; the process will allow Mastercard to have stronger internal stability and ideally allow more banks and crypto partners to get involved down the line. For Circle, Mastercard is another strong partnership in the mix after the firm locked in Visa as a partner back in December 2020. Circle, of course, is a major payments infrastructure firm most known for being the principal operator for the USD Coin (USDC). Mastercard is one of the largest financial services firms across the globe, and is now doubling down on crypto-integrated efforts. | Source: NYSE: MA on TradingView.com Related Reading | As Bitcoin Drops Below $30k, Stablecoins Surpass $100 Billion In Total Supply What It Means The announcement comes less than a month after primary Mastercard competitor Visa shared that their customers had spent over $1B on crypto-linked cards just mid-way through the calendar year. Consumer demand is undoubtedly making waves when it comes to mainstream corporate adoption in the crypto-sphere. “Today not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional fiat currency, and we’re making it easier” said the firm’s EVP of digital asset and blockchain products & partnerships Raj Dhamodharan in the release. “Mastercard expects to deliver on our promise of consumer choice to provide options to people around the world on how and when to pay.” Elsewhere in the release, established partners showed excitement around a move that clearly signals increased crypto adoption; BitPay co-founder and CEO Stephen Pair noted that the partnership shows promise to “accelerate consumers’ use of crypto as a means of commerce.” Could a new race in stablecoin-to-fiat adoption for major institutions be well underway? Related Reading | This Is Why Grayscale Is Doubling Down On Its DeFi Bet With New Fund Featured image from Pixabay, Charts from TradingView.com

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Ethereum has not been left out of the onslaught currently happening in the market. The coin has lost over 2.4% in the last 24 hours and is now trading in the $1,700 territory as of the time of writing this article. The digital asset continues to dip as the crypto market continues to experience massive losses. Ethereum has now lost over 50% from its all-time high in April when the coin had shot past $4,000. Holders continue to remain bullish on the coin as upgrades promise new and exciting things in the future of the digital asset. The coin continues to experience growing anticipation in wait for the move to ETH 2.0. Related Reading | Ethereum 2.0 Contract Reaches 100,000 ETH Milestone But now a whole other question has arisen in regards to Ethereum, and that is if the digital asset will ever become deflationary. Unlimited ETH Supply Given the structure of Ethereum, it is not a stretch to say that the digital asset does not possess any hard cap. The network is structured that for every new block created, two ETH coins are produced. Then this means that as long as people continue to use the network, then more ETH coins will continue to be created. An unlimited supply of any currency or asset puts that asset or currency at risk for inflation. Thus, Ethereum’s model remains an inflationary one due to there being no cap on the overall supply of ETH. Related Reading | Ethereum Whales Go On Buying Spree, Top 10 Addresses Now Own 20% Of All ETH This is currently the model that Ethereum runs on. But with the scheduled EIP-1559 network upgrade, this means that the network’s entire monetary policy might be changing. The upgrade is meant to curb this inflationary problem. With the EIP-1559 comes a fee-burn mechanism. This mechanism will ensure that an estimated 30% of transaction fees generated will go to the miners or validators in ETH 2.0. Then the other 70% of the transaction fees will cease to exist, or in easier terms, the coins will be burned. This means that instead of two new ETH coins being produced for each new block created and adding to the current Ethereum supply on the market, the base network fees will be going towards removing them entirely. What This Means For Ethereum This mechanism will reduce the number of new ETH coins coming into the market and getting sold. It will drastically reduce the supply of new coins, hence trying to make the digital asset deflationary. This mechanism works and adjusts according to the current network activity at any given time and is dependent on block space. Given this, there is no way to tell how much Ethereum will be burnt over time after this mechanism is implemented. Related Reading | How Ethereum Can Reach $2 Trillion In Market Cap, Matthew Sigel In addition to this, the burn rate could end up being much higher than the issuance during times of high congestion. This, in turn, could end up leading to a liquidity crisis in the network as too much ETH gets burnt. Holders of the digital asset remain unfettered by this though. Ahead of the ETH 2.0 complete upgrade, over 6.3 million ETH coins have been staked in the ETH 2.0 deposit contract. Representing over 5% of the current Ethereum supply locked ahead of the upgrade. Ethereum price continues to trade below $2,000 | Source: ETHUSD on TradingView.com Forecasts remain that this number will grow even more as the upgrade which is scheduled for 2022 is still a while away and this gives more investors time to get in on staking. Holders have also staked about 9.34 million ETH in DeFi and are currently earning yield on various DeFi platforms from their staked ETH. As the upgrade draws nearer, it is only a matter of time before it will be apparent how this will affect the monetary policy of Ethereum. Featured image from Cryptocoin Spy, chart from TradingView.com

Payments giant Mastercard has announced that its crypto card program is being enhanced for cryptocurrency wallets and exchanges. The company said, “Making the process simpler will allow more banks and crypto partners the opportunity to offer their consumers the choice of paying with cryptocurrency.” Mastercard Making It Simpler to Convert Cryptocurrency to Traditional Fiat Currency […]

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