Binance launches Sharia-compliant staking product

Singapore-based payment solution provider Alchemy Pay has launched its fiat-crypto on-ramp payment services on the popular web portal Bitcoin.com.Photo by Kanchanara on UnsplashNew local payment methodsAccording to a recent press release, the integration offers a direct-to-customer plugin, providing access to a diverse range of cryptocurrencies. The move aims to enhance Bitcoin.com's reach, particularly in Asian and Latin American markets, by incorporating new local payment methods. Bitcoin.com emphasized the significance of Alchemy Pay's integration, suggesting that it represented a streamlined transition between fiat and crypto with an expanded array of local payment options. This development aligns with Bitcoin.com's goal of meeting the needs of its user base in Asia and Latin America. Alchemy Pay's payment gateway facilitates transactions using major credit cards such as Visa, Mastercard, Discover and Diners Club across 173 countries. Additionally, the platform supports domestic transfers and mobile wallet payments in developing markets. Alchemy Pay attempts to make the know-your-customer (KYC) process frictionless, coupling that service offering with low fees and competitive conversion rates. The firm’s overriding mission is to make cryptocurrency transactions as convenient as typical online payments. Focusing on industry partnershipsAlchemy Pay has been pursuing industry collaborations at an ever increasing rate over the course of the past year. The network boasts over 300 fiat payment channels, enabling checkouts beyond card payments to include various local mobile wallet options. Last month, it clinched a deal with global payment processor, Worldpay. That collaboration facilitates Alchemy Pay service users in leveraging Worldpay’s extensive Visa and Mastercard payment rails. Back in July, it struck a similar deal with global payments processor, Checkout.com. The company has also been active in the United States. Within that market, it has secured money transmitter licenses in the states of Iowa and Arkansas. It’s understood that the firm has more such licensing applications in the works in other U.S. states. At the end of November, Alchemy partnered with self custody and multi-coin wallet project Trust Wallet, enabling the wallet providers 70 million users in engaging in crypto transactions involving fiat payments. VERSE tokenBitcoin.com's native Token VERSE was launched in December 2022, acting as the platform’s rewards and utility token. The VERSE token has been enabled as a supported cryptocurrency as part of the Alchemy Pay platform integration. The utility token serves as a method of payment in its own right within the Bitcoin.com ecosystem and beyond, unlocking rewards along different tiers, and providing access to exclusive platform services. Users worldwide can leverage the VERSE DEX, Bitcoin.com's decentralized exchange, to swap cryptocurrencies without reliance on third-party custodians. Bitcoin.com’s goal is to simplify the process of buying, spending, trading, investing, earning and staying informed about cryptocurrency and the future of finance. Millions of users utilize Bitcoin.com's multi-chain digital wallet app for various crypto-related activities.  Meanwhile, Alchemy Pay supports transactions in 173 countries. The ramp, a one-stop solution for buying and selling crypto and fiat, can be seamlessly integrated by platforms and dApps as needed. 

Regional Chinese City Enables e-CNY Bus Fare PaymentsIt appears with every passing week, there’s a new initiative in China to bring about greater everyday use of the digital yuan. Recent days have not disappointed with the news that Jinan, the capital of China’s Shandong Province, is introducing digital yuan payments throughout its entire bus network.The city initially conducted a pilot phase by testing central bank digital currency (CBDC) payments on two bus lines. After a successful trial period, Jinan has now implemented the new payment method across all its bus routes. According to a recent report by local media outlet Shunwang-Jinan Daily, the city has updated its card readers and bus route software to facilitate digital yuan transactions for passengers.Photo by CHUTTERSNAP on UnsplashDiscounted faresTo encourage the use of the digital yuan, Jinan is offering fare discounts to passengers who opt for CBDC payments. The announcement stated that individuals could enjoy up to two discounted rides per day and a maximum of six discounted rides per month if they choose to pay with the digital yuan.The fare discounts offered for digital yuan payments serve as an incentive for passengers to adopt the new payment method. By enjoying discounted rides, individuals are encouraged to explore the benefits and convenience of using the digital yuan, further driving its adoption in everyday transactions.The acceptance of CBDC payments for bus rides in Jinan represents a significant step towards the integration of digital currencies into everyday transactions. As China continues to expand the use cases for the digital yuan, it is likely to pave the way for further adoption and exploration of CBDCs globally.Broader adoption strategyThis move aligns with the broader initiative in China to promote the adoption of the digital yuan. In April, the city of Changshu announced that it would begin paying civil servant salaries with the CBDC, including personnel at all levels of public service, public institutions, and state-owned units, starting from May.Furthermore, China has implemented its CBDC for various purposes, such as the Belt and Road initiative and cross-border trades. In Xuzhou, a city serving as a departure point for trains transporting goods to Europe, a plan was issued in April to promote the use of the CBDC in cross-border trade.Last month, e-CNY ATMs were introduced in the resort city of Sanya to enable foreign visitors to purchase the CBDC. In May, regional authorities in Jiangsu Province set about establishing use of the digital yuan within the region’s education system.On an international level, French bank BNP Paribas has partnered with the Bank of China (BOC) to facilitate the adoption of the digital yuan. This collaboration enables BNP Paribas’ corporate clients to connect with BOC’s system, allowing for real-time transactions using the digital yuan. The partnership advances China’s desire to bring the cross-border trade capabilities of the e-CNY into play on an international basis.As China continues to lead the way in CBDC implementation and explores new use cases, the digital yuan’s influence is expected to extend globally, transforming how we transact and interact with currencies in the digital age.

Dunamu’s Q1 Revenue Drops 28.6% Amid Global Liquidity ContractionDunamu, the operator of Upbit, a major cryptocurrency exchange in South Korea, announced today the release of its Q1 2023 report.Photo by Tiger Lily on PexelsDeclining revenueAccording to the Data Analysis, Retrieval and Transfer System (DART) of the Financial Supervisory Service (FSS), Dunamu’s consolidated sales revenue for the first quarter of 2023 was 304.8 billion KRW ($231.3 million). This figure represents a 28.6% decrease from 426.8 billion KRW ($323.9 million) recorded during the same period last year. Additionally, its operating income declined by 26.3% to 211.9 billion KRW ($160.8 million) from 287.8 billion KRW ($218.4 million). However, its net income showed an increase of 54.9%, reaching 326.3 billion KRW ($247.6 million).Global liquidity contractionDunamu attributed the decline in revenue to several factors, including the ongoing global liquidity contraction, economic downturn, and reduced investor confidence. These factors collectively impacted the company’s financial performance during the first quarter of 2023. On a positive note, Dunamu linked the net income increase to the recovery and upward movement of digital asset prices in comparison to the previous quarter.Established in April 2012, Dunamu has enjoyed noticeable growth by offering a range of services related to digital assets, securities, and asset management. In recent years, it has been tapping into new technology trends like non-fungible tokens (NFTs) and metaverses to adapt to the era of Web3 and enhancing transaction security and convenience for valuable assets.As a company with a shareholder base exceeding 500, Dunamu has been disclosing its business reports as well as quarterly and semiannual reports since 2022 in line with the Korean Capital Markets Act’s requirements.