Read in the Digest;
- Crypto Firms Unite for AML Initiative, Regulators Call Crypto Threat to Global Financial Stability
- NVIDIA’s Revenue Grows 53% to Beat Analysts Expectation for Q4 of 2021
- Crypto Credit Cards Use Skyrockets in Argentina as Inflation Hit 50%
Crypto Firms Unite for AML Initiative, Regulators Call Crypto Threat to Global Financial Stability
As cryptocurrency inches closer to mainstream adoption, the industry has come under increased scrutiny from regulators. As a result, some leading crypto firms have come together to bring the nascent industry in step with global anti-money laundering rules.
The Travel Rule Universal Solution Technology (TRUST) will help crypto firms remain compliant with AML regulations. Members of the TRUST platform include Coinbase (NASDAQ:COIN), Gemini, Robinhood (NASDAQ:HOOD), and 15 other industry leaders.
Flipsider:
- Despite the efforts to remain regulatory compliant, the Financial Stability Board has warned against using cryptocurrencies, stating that they pose a significant risk to global financial stability.
- The FBI echoed a similar stance, calling cryptocurrencies the primary vehicle to facilitate extortion payments. It adds that crypto is “the only game in town” for ransomware and extortion.
Why You Should Care
On its journey to achieving mainstream adoption, proper regulation is one wall cryptocurrencies would need to scale.
Twitter Adds Ethereum Tipping Support, Users Can Send and Receive ETH
Headed by Jack Dorsey, a famous bitcoin advocate, Twitter, in September 2021, introduced tipping, a feature that allowed users to send money (including Bitcoin) to the content creators of their choice.
With Dorsey stepping down from his position at Twitter, the company has expanded the feature to include Ethereum (ETH). Twitter announced that it has added Ethereum wallet addresses in the mix for Twitter-native tipping.
To accept ETH tips, Twitter users will need to enable the tipping features and add an Ethereum address to the dedicated section of their profile. According to the announcement, users keep 100% of the tips they receive.
However, at the moment, it is unclear whether Twitter will allow other tokens on the Ethereum blockchain, such as ERC-20 tokens and stablecoins, to be sent as Tips.
Flipsider:
- Twitter’s Ex-CEO, Jack Dorsey, has tipped Bitcoin to be the cryptocurrency that replaces the U.S. Dollar.
Why You Should Care
The move is a continuation of Twitter’s increasing exploration of the Ethereum ecosystem, as it previously launched the NFT profile picture.
NVIDIA’s Revenue Grows 53% to Beat Analysts Expectation for Q4 of 2021
The world’s largest maker of graphic and AI chips, NVIDIA, has released its revenue for the fourth quarter ended January 30, 2022. NVIDIA reported revenues of $7.64 billion for its fourth fiscal quarter, surpassing the expectations of analysts.
NVIDIA’s revenues represent a 53% increase from the previous year and 8% from the previous quarter. NVIDIA said it sold $550 million in crypto-specific cards over the last fiscal year and only $24 million in the fourth quarter.
The GPU manufacturer reached record revenue in its gaming, data center, and professional visualization platforms. NVIDIA CEO Jensen Huang explained that “We are seeing exceptional demand for Nvidia (NASDAQ:NVDA) computing platforms.”
Entering into a new year, with increasing traction for the Nvidia AI, Nvidia Omniverse, and Nvidia Drive, NVIDIA has set its projected revenue for the first quarter of fiscal 2023 at $8.10 billion.
Flipsider:
- Due to regulatory concerns, NVIDIA and SoftBank Group Corp. announced the termination of the $40 billion acquisition of Arm Limited from SoftBank.
Crypto Credit Cards Use Skyrockets in Argentina as Inflation Hit 50%
South American country, Argentina, appears to be receiving the full brunt of global inflation, with its annual inflation rate now over 50%. As inflation surges in Argentina, the country’s use of crypto credit cards is on the rise.
In November 2021, crypto exchange Lemon Cash launched 100,000 crypto cards in Argentina. However, in response to the surging inflation and increasing demand, Lemon Cash has announced that it will issue 3 million crypto cards in 2022.
The Visa (NYSE:V) crypto cards issued by Lemon Cash convert the amount of the crypto from the user’s account into pesos to make payments. In addition, users get 2% of everything they spend on the card in Bitcoin.
With the Central Bank of Argentina forecasting that inflation could reach 55% by the end of 2022, more Argentines are seeking access to cryptocurrencies instead of their devaluing currency. The 3 million cards issued by Lemon Cash mirrors the move from several digital service providers to help Argentines escape the surging inflation.
Flipsider:
- Like Billionaire investor Mark Cuban, many have suggested that bitcoin will not succeed as a hedge against inflation.
Why You Should Care
With Argentina’s annual inflation now the fourth highest in the world, residents are now seeking to use crypto as a means of cover, similar to Venezuela.
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