Tag: Payments

Lawmakers Pitch New Crypto Tax Payments Bill in New Hampshire

Coin Desk
A pair of New Hampshire lawmakers filed a bill this month that, if approved, would let state-level agencies accept cryptocurrencies as payment, including the state’s tax office. Representatives Dennis Acton and Michael Yakubovich introduced House Bill 470 on Jan. 3, which seeks to require New Hampshire’s state agencies accept cryptocurrencies for taxes and other fees through a third-party entity. If passed, the bill would give the state treasurer until Nov. 1, 2019 to develop a plan for these agencies to begin integrating such payments. Under current New Hampshire regulations, only U.S. dollars may be accepted by state agencies for payments at present, and any other currencies used would be returned to the sender. If the bill passes, it would allow these agencies to accept an undetermined

Controversial Content Creators Shift to Crypto After Censorship

BITCOIN, COINTELEGRAPH, CRYPTOCURRENCY
A number of online crowdfunding sites and wallet providers have been embroiled in controversy  after a series of high-profile account cancellations associated with alt- and far-right views. Although the move to “deplatform” those seen to be allegedly promoting hate speech has received popular support, several high-profile political commentators and libertarian media personalities consider this to constitute and unacceptable assault on free speech.As a result, some of the online crowdfunding platform Patreon’s top content creators decided to leave the platform in favor of Bitcoin funding, each taking with them tens of thousands of dollars in monthly revenue. As the furore surrounding payment platforms and their decision to cancel controversial accounts continues, Cointelegraph takes a close
Bitfury Releases Merchant, Developer Tools for Bitcoin’s Lighting Network

Bitfury Releases Merchant, Developer Tools for Bitcoin’s Lighting Network

BITCOIN, Coin Desk
Blockchain technology firm Bitfury has released a suite tools aimed to drive adoption of bitcoin’s lightning network. Although the network is still under development, Bitfury announced a comprehensive product list to support the tech on Wednesday, including an open-source lightning wallet and hardware and software tools for merchants and payment processors to accept payments. It also released developer tools and a public lightning network node called “The Peach” to let bitcoin users open or create payment channels. The product bundle is designed to make using the lightning network “easier for vendors and consumers to use,” Bitfury said. A layer-2 payments technology that debuted on bitcoin early last year, lightning enables transactions with near-instantaneous confirmation speeds without h

Coinbase Adds Cross-Border Wire Transfers for Whales in Europe and Asia

Coin Desk
Crypto exchange Coinbase is launching cross-border wire transfers for institutional clients in Asia, the U.K. and Europe. Coinbase said in an announcement Tuesday that, for clients in countries where fiat payments rails aren’t yet available, the firm will now support inbound and outbound SWIFT transfers from non-US bank accounts. It added: “This new feature will allow Coinbase customers in many countries throughout Asia and EMEA to access Coinbase’s deep pool of crypto liquidity for the first time.” Simultaneously, the firm said it will offer new OTC trading desks for U.S. and European customers, as well as trading and custody services for large-volume clients in Asia. For the latter service, Asian traders will have access to the USDC stablecoin, which is backed by dollar reserves held by
Crypto Payments Service BitPay Reports It Saw Over $1 Billion in Transactions in 2018

Crypto Payments Service BitPay Reports It Saw Over $1 Billion in Transactions in 2018

BITCOIN, COINTELEGRAPH, CRYPTOCURRENCY
Major cryptocurrency payment service provider BitPay has reported $1 billion in transactions this past year, according to a press release Jan. 16.According to the report, the company also set a new record for itself in terms of transaction fee revenue. Among major new customers this past year, BitPay named Dish Networks, HackerOne, and the State of Ohio.BitPay also reported that its B2B business has grown by almost 255 percent from 2017.Despite a massive crypto decline in 2018, BitPay’s CEO and co-founder Stephen Pair argued that the firm saw growth over the year because its product is “cheaper and quicker than a bank wire from most regions of the world.”While BitPay is reportedly still focuses on Bitcoin (BTC), the service reports that it has also added settlement support for other crypto

BitPay Says It Processed Over $1 Billion in Crypto Payments Last Year

Coin Desk
U.S.-based crypto payments processor BitPay says it processed over $1 billion-worth of transactions last year. Announcing the news on Wednesday, the firm said this is the second consecutive time it’s reached the billion-dollar mark in its over seven years of existence. “To process over a $1 billion for a second year in a row despite bitcoin’s large price drop shows that bitcoin is being used to solve real pain points around the world,” said Stephen Pair, BitPay co-founder and CEO. Giving further highlights of the past year, the firm said its business-to-business venture saw revenue growth of about 255 percent year-on-year as new clients including law firms, data center providers and IT vendors signed up to accept crypto payments. Notable new customers added in 2018 included subscription TV
Barclays and Clearmatics Call on Coders to Help Blockchains Talk to Each Other

Barclays and Clearmatics Call on Coders to Help Blockchains Talk to Each Other

Coin Desk, ETHEREUM
U.K. bank Barclays and London-based startup Clearmatics are inviting coders to come up with ways to connect ethereum with made-for-enterprise blockchains such as Hyperledger Fabric. The interoperability challenge is being hosted by Clearmatics and will use a template involving its open-source interoperability protocol, Ion. The hackathon will take place at the Barclays Rise fintech hub in London on February 5 and 6.    The importance of addressing interoperability between major enterprise blockchain platforms is reflected by the big names involved: a panel of judges will feature representatives from megabanks Barclays, UBS, HSBC and Santander. (The prizes for the teams that come up with the most impressive solutions have not yet been announced.) The consulting giant EY will be observing
Bitwage Now Lets Firms Pay Salaried Staff in Crypto

Bitwage Now Lets Firms Pay Salaried Staff in Crypto

Coin Desk
Bitwage is partnering with a payroll company to give more firms the ability to pay their workers in cryptocurrency. Revealed exclusively to CoinDesk, Bitwage CEO Jonathan Chester says the partnership will let more U.S. employers fund payroll, payroll taxes and benefits with bitcoin or ether. “This is a lifeline for companies to pay their people compliantly,” Chester told CoinDesk. Bitwage currently has 45 active company clients. The partnership with Simply Efficient HR, a professional employer organization (PEO) based in Texas, is meant to expand the service beyond Bitwage’s current user base of 20,000. Importantly, the new service lets companies pay salaried employees in crypto, rather than just contractors. The tax portion is converted into dollars and paid out in accordance with current
Banking Giant HSBC’s Blockchain Platform Processed $250 Billion in Forex in 2018

Banking Giant HSBC’s Blockchain Platform Processed $250 Billion in Forex in 2018

BLOCKCHAIN, COINTELEGRAPH, CRYPTOCURRENCY
International banking giant HSBC settled $250 billion of forex trades using blockchain technology in 2018. The company has revealed the figure in a press release quoted by the Financial Times (FT) Jan. 14.Through its proprietary blockchain platform dubbed “FX Everywhere,” HSBC handled 3 million transactions, which translated into 150,000 payments since it launched in February.The technology allows HSBC to “conduct thousands of foreign exchange transactions within the bank, across multiple balance sheets, in dozens of countries,” FT quoted Richard Bibbey, acting global head of currencies as saying.“FX Everywhere uses distributed ledger technology to drastically increase the efficiency of these internal flows.”The release did not mention the overall payment volumes for the bank last year, Re
Who is Ripple Labs: The Private Company behind XRP

Who is Ripple Labs: The Private Company behind XRP

BTC MANAGER, RIPPLE
There’s a common misconception within the blockchain and cryptocurrency community, which states that Ripple (XRP) is a corporate entity and the sole company behind the project’s development. The truth, however, reveals something much different. The masterminds behind the controversy-gaining and speedy settlement cryptocurrency, are an entirely separate company with multiple divisions. Of these formed divisions, some are decentralized and are representative of their backing of the XRP cryptocurrency. Others are entirely centralized and have no intentions of integrating or utilizing XRP in any way, shape, or form. Ripple Labs is the primary firm behind the development of the Ripple Payment Protocol, which can almost be seen as a global vision rather than one main technology protocol. To pu