Mastercard announces Bitcoin card in the US and UK; Yuga Labs’ Bitcoin NFT auction raises $16.5 million; Digital yuan now available in WeChat.
One of Mastercard’s most significant ventures in the cryptocurrency space is its partnership with major cryptocurrency exchanges, including Coinbase and BitPay. By partnering with these exchanges, Mastercard gives customers more accessible access to the digital currency market by giving them the ability to use their Mastercard to purchase Bitcoin and other cryptocurrencies.
Mastercard is also working to develop its own blockchain technology, called the Mastercard Blockchain. This blockchain solution is designed to be a safe and efficient way to process transactions between businesses and individuals, providing greater transparency and security compared to traditional payment systems.
The Mastercard network, on the other hand, is still in development and several pilot programs are running to test the company’s effectiveness. These pilot programs include a platform for tracking the origin of food products, providing greater transparency and traceability in the supply chain.
Mastercard’s relationship with Bitcoin began in 2013, when the company filed a patent for a payment system that would allow the use of cryptocurrencies. Since then, Mastercard continues to explore the possibilities of blockchain technology and digital currencies.
Yuga Labs’ Bitcoin NFT auction raises $16.5 million
The auction for Yuga Labs’ inaugural Bitcoin Ordinal NFT collection brought the company $16.5 million in the first 24 hours.
A total of 288 bidders own one of the Bitcoin NFTs from the “TwelveFold” collection. Yuga Labs announced that winners will receive their coupons within a week, while unsuccessful bidders will be refunded their bid amounts within 24 hours.
The auction yielded 735 Bitcoins (BTC) worth an estimated $16.5 million at current prices. Of the 288 bidders, the highest bidder paid just over 7 BTC, or $161,000, for one of the pieces.
This collection also consists of a limited edition collection of 300 prolific pieces written on Satoshis on the BTC network. However, the lucky ones also shared their new NFTs on their social media accounts.
“I was very lucky to have the winning bid for Yuga Labs’ Twelvefold NFT,” said a Twitter user who won an NFT from Yuga Labs’ auction.
Digital yuan now available in WeChat
WeChat Pay, owned by Chinese technology giant Tencent, has more than one billion users in China. The integration of the newly announced Digital yuan with WeChat Pay will enable seamless transactions between users of the app. Users will now be able to link their digital yuan wallets to their WeChat accounts and be used to pay for goods and services directly within the app.
The integration of the digital yuan with WeChat Pay also has significant implications for the future of payments in China. As users are already familiar with using WeChat Pay for their day-to-day transactions, it is planned to potentially drive widespread adoption of the digital currency.
However, concerns have been raised about the Chinese government’s potential to monitor transactions using the digital yuan. Because the currency is issued and controlled by the government, it can provide unprecedented levels of oversight and control over individuals’ financial transactions.
Despite these concerns, the digital yuan seems to be lauded for its potential to reduce dependency on traditional payment methods and increase financial inclusion.
China’s digital yuan, also known as DCEP, has long been used as a digital version of the Chinese currency yuan. Launched by the People’s Bank of China and designed to work with the physical currency, the digital yuan is actively used in much of the country.