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Bitcoin’s Market Cap Surges Past These Payment Behemoths

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Bitcoin, the world’s most influential crypto has eclipsed Visa and Mastercard, two of the biggest competitors in the payment processing industry.

According to data from coinmarketcap, BTC’s market cap has reached $480 billion, while Visa and Mastercard’s market caps stood at $460 billion and $345 billion respectively.

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Bitcoin's Market Cap Surges Past These Payment Behemoths 2

Overall, the crypto market showed an increase of more than $80 billion in the third quarter of February, despite the recent crackdown by the U.S. Securities and Exchange Commission [SEC].

After a difficult first and second quarter, crypto markets showed signs of a bullish run and gaining momentum, shrugging off any obstacles or bad news including Bitcoin.

The king coin had an impressive debut in 2023 with an over 51% rally. In addition, its third “flippening” of Visa followed 14 days of price rises between January 4 and January 17.

As reported previously by TronWeekly, for the second time in a row, Bitcoin rose above the $24k mark. It surged to a 6-month high defying the traders’ gloomy outlook.

With the market entering the second half of February, BTC gained tremendous traction after numerous users and investors shifted their investments from other altcoins and into the crypto beast.

This is demonstrated by the data from the previous week, which showed that the asset increased by over 11% dominating the trading charts as users exchanged other cryptocurrencies into BTC in response to SEC restrictions.

Here’s How Bitcoin Will Reach $30000

One analyst even forecasted that the leading cryptocurrency would reach $30k in the next weeks.

Bitcoin’s latest support level is $23,000, according to Joe DiPasquale, CEO of cryptocurrency fund manager BitBull Capital, and the coming week is crucial if BTC is to reach $30,000.

“It was critical for Bitcoin to reclaim $23,000 if we were to see more upside action,” he said in an interview. “With February coming to an end, another bullish monthly close may be what the market needs for Bitcoin to test $30,000.”

Furthermore, DiPasquale believes that the market will likely consolidate, if not rise, in the near future, with little room for decline.

At the time of writing this article, BTC was valued at $24,926, with a marginal increase in the past 24 hours. The dominant crypto’s market capitalization stood at $480 billion.

Bit2Me Launches Debit Card with 9% Cashback, Ushers in New Era of Crypto Payments

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Madrid-based cryptocurrency exchange, Bit2Me, has made a bold move in the digital asset world with the launch of its new debit card, the Bit2Me Card. As the first firm to be acknowledged as a virtual currency provider by the Bank of Spain, Bit2Me is poised to change the way traditional investors approach and use cryptocurrency.

Mastercard Network Meets Crypto Payments: Bit2Me Card Takes the Lead

The Bit2Me Card, which operates on the Mastercard network, offers a whopping 9% cash back on every purchase, making it one of the highest cashback rates in the market. This Mastercard debit card enables crypto payments at over 90 million businesses worldwide and can be easily accessed through mobile devices, including NFC-enabled smartphones and smartwatches.

With the ability to link to eight cryptocurrencies, including B2M, BTC, ETH, ADA, XRP, SOL, DOT, and USDT, the Card allows seamless switching between crypto wallets at any time. 

The proprietary software enables users to choose the preferred currency for each payment and make direct payments from their accounts. The company has plans to add more currencies in 2023, further increasing the options for customers to make international payments.

Additionally, the Card offers the convenience of traditional currencies, with instant online payments and cash withdrawals at ATMs, without the need for prior manual exchange on the Bit2Me app. The Card also features a range of security features, including the ability to lock and unlock the Card, set usage limits, and NFC-related safety support.

Leif Ferreira, CEO and co-founder of Bit2Me, expressed his admiration for the arduous yet fulfilling journey of creating the Card. 

He stated that a team of numerous experts had been instrumental in the project’s success, which took two years to complete. The result was discovering a solution that bridged the gap between cryptocurrencies and the Mastercard payment network. 

Andrei Manuel, COO and co-founder of Bit2Me, shared his excitement about the mission of the company:

Our goal is to bring the use of cryptocurrencies closer to everyone. The Bit2Me Card allows you to easily and quickly use your cryptocurrencies in your daily life, whether at physical or online stores.

With its instant payment technology and mobile capabilities, it is a major leap forward in the cryptocurrency world. As digital assets continue to gain momentum in the fintech industry, Bit2Me’s debit card is the ideal option for traditional investors looking to make the most of their crypto holdings in the real world.

Related Reading | Solana’s Phantom Wallet Implements Advanced Security Measures with Sign-In Standards

Binance And Mastercard Join Forces To Launch Crypto Card In Brazil

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Through its numerous advances and initiatives, the leading cryptocurrency exchange Binance has paved the way for cryptocurrency acceptance. The introduction of the Binance card, which enables users to utilize cryptocurrency for a variety of purchases, is one such initiative.

A law recognizing cryptocurrencies as valid payment options in Brazil was recently enacted. Prepaid cryptocurrency cards were jointly introduced in Brazil by Binance and Mastercard to make the bitcoin game easier for the country’s people.

The global cryptocurrency exchange has announced the arrival of the Binance card in Brazil in collaboration with Mastercard, according to the specifics. The card is now under beta testing as well and will be available to the general public in a few weeks.

The card, which is issued by Dock, enables existing and new exchange customers to utilize bitcoins to pay bills and make purchases at more than 90 million Mastercard outlets worldwide.

During the buying process, users of the exchange will also be able to convert cryptocurrencies to fiat money in real-time. Additionally, users will be able to receive 8% cash back in cryptocurrency. More than 15 cryptocurrencies, including BTC, ETH, BNB, BUSD, SHIB, MATIC, LINK, ADA, and others, are now supported by Binance Card for payments.

Binance Blocks Several Accounts: Bitzlato Case

Due to the Bitzlato probe, Binance, the largest cryptocurrency exchange in the world by market cap, has suspended many accounts. Numerous users, many of whom speak Russian, reported the problem. In a Telegram group conversation, the impacted users complained about the issues and claimed that the accounts had been abruptly terminated. Over 1000 people are now a part of the organization.

The aggrieved users contrast the limits with the punitive action taken by the US Department of Justice against the cryptocurrency firm Bitzlato. Furthermore, a lot of people acknowledge using Bitzlato for both incoming and outgoing transactions between Binance and Bitzlato.

A spokesman for the exchange confirmed to local media that the current account blocking was connected to the Bitzlato case. The cryptocurrency exchange also suggested that users read Binance’s blog post on the various reasons why their account can be deactivated as well as what to do in such a situation.

Polygon: Whale Shuffles 9M MATIC Tokens To Binance

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Polygon’s native token MATIC was caught shuffling between exchanges among whales. Data from Lookonchain revealed that an unknown large-scale holder has transferred 9 million MATIC tokens that are worth roughly $8 million to Binance.

Drilling deeper, the whale has been on an accumulation spree as its address. This large holder has been receiving MATIC from exchanges and staking before, with a total of 153.4 million MATIC, and the average receiving price is $1.16.

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Polygon: Whale Shuffles 9M MATIC Tokens To Binance 4

For Polygon investors, 2022 was not a memorable year because the cryptocurrency ended the year with losses of more than 70%; however, the coin has had a more promising start to 2023.

The 10-ranked token kickstarted the new year on a positive note, rising by over 11% in the first week of January.

The reason behind this latest surge in the price of the coin has been attributed to the buying pressure from the Ethereum whales.

The top 500 ETH whales were buying up MATIC over the New Year, according to statistics from cryptocurrency whale tracking firm WhaleStats, as the token entered their top 10 list of most-bought coins.

These figures indicated that Ethereum whales have been favoring MATIC in the first two days of the year so far.

As for the Polygon ecosystem, its streaming app, savage, has landed a collaborative deal with electronic and smart appliance tech giant Samsung.

Polygon Has Become Tech Firms’ Favorite

The Savage App will be able to provide Web3 users with the highest-quality images and videos thanks to the cooperation.

The Savage Smart TV software would connect IRL displays and upload high-quality movies from any store [up to 8K]. The technology is based on the Layer 2 blockchain, as one might assume.

Another example of its high-profile alliances and moves in the industry is the Mastercard announcement that shone the spotlight on Polygon even more as Web3 development and discussion continued.

Mastercard said that it would launch the Mastercard Artist Accelerator on the Polygon blockchain at the Consumer Electronics Show in Las Vegas, Nevada.

The objective is to instruct musicians on how to advance their careers through forging fan connections, building a strong online presence, and minting NFTs.

Former Solana exclusive NFT project Yoots made an unexpected entry in December 2022 about switching from Solana to Polygon.

The NFT projects created on the Polygon network underwent a tremendous expansion with the help of this. Additionally, The Sandbox declared early in 2022 that it would join the Polygon network.

Mastercard Extends Payments Services to Web3 and NFTs

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Mastercard has unveiled ambitions to increase access to the non-fungible token (NFT) market by using card payments.

In a blog post published on June 9, Raj Dhamodharan, the business’s executive vice president, claimed that the company had collaborated with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, and Nifty Gateway, and MoonPay to allow NFT trade.

“We’re working with these companies to allow people to use their Mastercard cards for NFTs purchases, whether that’s on one of these companies’ marketplaces or using their crypto services,” he said. “With 2.9 billion Mastercard cards worldwide, this change could have a big impact on the NFT ecosystem.”

Mastercard to ease payments for NFT

Obtaining an NFT from a marketplace such as OpenSea now requires funding a crypto wallet and paying in a token such as ETH or SOL. This is, however, beginning to change.

Coinbase and Mastercard have already teamed up to enable cash payments on Mastercard’s new NFT platform. Visa is keeping a close eye on the NFT business after purchasing a CryptoPunk late last year. MoonPay has been offering its partners an NFT payment solution since January.

According to Dhamodharan’s blog post, a recent Mastercard survey of more than 35,000 people in 40 countries indicated that 45 percent of those polled had purchased or were considering purchasing an NFT, and about half of those polled wanted more flexibility.

Visa also announced the introduction of its own NFT creator program earlier this year to promote independent NFT artists and small businesses looking to increase their revenue using NFT technology.

The promotion of mass adoption of cryptocurrency and NFTs by two of the world’s top payment processing networks might be the impetus for both asset classes to launch a new bull market in the second half of 2022.

When buying NFTs with Mastercard, the same cybersecurity tools and “complete range of capabilities to reinforce customer safety” will be in place as they are when making retail transactions. Making NFTs less vulnerable to phishing scams and more secure for beginners would allow the NFT market to expand.

MasterCard Exec Is Bullish on Crypto and Says Mass Adoption Is Right Next Door

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Harold Bossé, MasterCard’s Vice President of New Product Development and Innovation, believes that crypto assets and blockchain technology will be widely adopted sooner rather than later.

According to estimates, millions of people are already consuming and sending crypto assets around the world, as Bossé stated in a blockchain webinar on May 24.

“They are early adopters and new adopters, but we have switched toward mass markets, [and] that will be a very important aspect for financial institutions to move into the space.”

MasterCard VP

MasterCard VP noted some challenges for crypto

He did point out that there are several obstacles to overcome before cryptos become popular. He cited a lack of top management awareness, business reasons concerning scalability, cost, and speed, as well as regulatory considerations.

Bossé, like many others before him, compared the current status of the crypto business to the internet’s early days. “Think about the dawn of the internet; no one could have predicted that Amazon would become a reality – you need the internet for Amazon to function,” he said before adding:

“We’re in the same situation: How do we transform the lives of people and go into demographics or groups of people who don’t really think about blockchain first but think about their business problems?”

With crypto-backed credit services and the recent filing of NFT and Metaverse trademarks, MasterCard has already shown interest in the crypto sector.

Bitcoin and Ethereum, for example, are large cryptocurrency networks that answer a few very specific needs. BTC offers almost instantaneous, low-cost money transfers across international borders, while ETH offers a decentralized application and smart contract Web3 economy. There are many more for the plethora of crypto projects that have sprung up in recent years, but only the most resilient will survive.

The remarks come as cryptocurrency prices continue to fall in what appears to be the start of a long bear market.

Bear markets are frequently regarded as beneficial because they eliminate speculators and leveraged gamblers, allowing strong hands and those who actually believe in what cryptocurrency stands for – financial freedom – to thrive. They also provide investors more time to investigate and accumulate in anticipation of the next bull market.

Mastercard files 15 Metaverse and NFT related trademarks

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Payment giant MasterCard International Inc has filed for 15 NFTs and Metaverse-based trademarks, signaling its intention to become a major player in the digital economy. This was revealed by Michael Kondoudis, NFTs and metaverse trademark attorney via Twitter on 8 April.

According to the tweet sent out by Kondoudis, the global payment facilitator has submitted the trademark applications to register Mastercard, its “Circles” logo, and the “Priceless” slogan. And hinted that the company may be planning to work on payment system-based services in Metaverse, e-commerce transactions in Metaverse, and payment services in Metaverse (obviously to other parties).

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Apart from that, a range of virtual, crypto, and financial products and services will be covered by patents filed with the United States Patent and Trademark Office on April 4, 2022. This isn’t the first time.

Last month American Express hinted at its Metaverse entry through similar trademark filings. The company filed trademark applications for its logos and items including the Centurion black card and “Shop Small” program.

Many fintech firms have expanded their footprint into the metaverse following Facebook’s October 2021 announcement it would be rebranding to Meta. The social media giant said at the time it planned to create a virtual environment connecting online social experiences to the physical world.

In Particular credit card firms, such as Visa and Mastercard have slowly seemed to succumb to users’ demand for buying cryptocurrencies using fiat with their cards or otherwise embraced the digital asset space.

How Fintechs like Mastercard and Visa are embracing metaverse?

Two years ago, Mastercard unveiled an augmented reality app that offered cardholders a virtual tour of three reward categories. The American financial giant then launched the Start Path Crypto scheme, a startup engagement program dedicated to exploring and solving problems for single users and businesses around the world using blockchain technology in Dec 2021.

Its major competitor payment titan Visa too announced its plan to launch a one-year creator program that supports small businesses through the use of NFTs. Visa said its main goal was to choose entrepreneurs working in the art, music, film, or fashion industry and expand their business operations by diving into the NFT market.

Payment Firms Bow Out Of Russia Amidst Calls For Financial Isolation

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Under public pressure to cease operations in Russia, several major firms have announced to shut down their services. The latest to join the list is the payment processor Mastercard. According to the press release, the payment giant has decided to discontinue transactions in the nation citing the “unprecedented nature of the current conflict and the uncertain economic environment.

Besides blocking some Russian financial institutions, the firm said it will end support for any cards issued by its banks and block transactions from cards issued outside the country but used “at its merchants or ATMs.”

Both Visa and PayPal have also taken steps to suspend operations in the country, the companies announced on Saturday, referring to the country’s ongoing invasion of Ukraine. Visa according to a press statement said it has begun working to discontinue transactions in the country, but it will take a few days.

In the press release, Visa Inc. Chairman and CEO Al Kelly said that the company “was compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed.” Similarly, representatives for PayPal reportedly told Reuters the shutdown would still “ensure that account balances are dispersed in line with applicable laws.”

In response to that, Russia’s central bank said in a statement that Visa and Mastercard cards would continue to work within its territory even after the credit card processors announced their withdrawals.

Can crypto be Russia’s passage out?

Russia faces an impending financial collapse as the tougher penalties tighten the noose on its economy. On 2nd March, Kremlin spokesperson Dmitry Peskov acknowledged that the country’s growing isolation has put a strain on its already frail financial system.

With Russia largely blocked from the U.S. dollar-based global financial system, there was a general assumption that crypto might offer an escape route. But with several nations such as Singapore, Japan, and most recently Switzerland announcing to freeze crypto assets and on top of that Ruble plummeting down, things don’t look good as of now.

However, attempts to legalize and regulate cryptocurrencies in Russia are going on as an expert council supporting the crypto regulatory, is scheduled to review new legislation, this weekend.

Visa and Mastercard Blocks Russian Banks From Their Payment Network

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Visa Inc (V.N.) and Mastercard Inc, both based in the United States, have barred various Russian financial institutions from their networks to comply with federal sanctions implemented in response to Moscow’s invasion of Ukraine.

Visa announced on Monday that it would take immediate measures to guarantee compliance with appropriate penalties, as well as a $2 million donation to humanitarian relief. Mastercard has also pledged a $2 million donation.

In a subsequent statement issued late Monday, Mastercard stated, “We will continue to engage with regulators in the days ahead to comply with our compliance requirements as they evolve properly.”

In 2021, commerce performed inside, into, and out of Russia accounted for around 4% of Mastercard’s net sales. Meanwhile, according to a disclosure on Tuesday, commerce performed inside, into, and out of Ukraine amounted to 2% of its net sales.

The government penalties compel Visa to suspend access to its network for businesses identified as Specially Designated Nationals. The U.S. has added several Russian financial institutions to the list, including the country’s central bank and the country’s second-largest lender, VTB (VTBR.MM).

Russians deeply affected by Putin’s decision

The United States, the United Kingdom, Europe, and Canada imposed further sanctions against Russia on Saturday, including denying some lenders access to the SWIFT international payment system.

On Sunday and Monday, people of Russia hurried to ATMs and queued for hours, fearful that their bank cards might stop working or that banks would limit cash withdrawals.

Many Western banks, airlines, and other businesses have severed connections with Russia, citing the country’s irresponsible acts. Russian planes have been barred from entering European and Canadian airspace.

Russian ruble plummets

The ruble’s value has plummeted as a result of the broad sanctions. In Russia, citizens have also had to wait in enormous queues to withdraw money from ATMs.

In the meantime, Ukraine’s Vice Prime Minister, Mykhailo Fedorov, has asked major cryptocurrency exchanges to restrict Russian customers’ addresses.

Because cryptocurrencies are not owned or managed by a single organization like a central bank, they might provide a vehicle for Russians to potentially avoid sanctions and move their money out of the country.

Binance, the world’s largest exchange, has said that it will ban the accounts of sanctioned Russians but that it will not “unilaterally” freeze the accounts of all Russian users.

Mastercard augments consulting services to cover cryptocurrency

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Mastercard stated on Tuesday that it is expanding its consultancy services to assist businesses and institutions in better understanding the rapidly changing digital asset and financial world. The organization aims to employ 500 college graduates and young professionals to support the new initiatives.

According to the news release, the business aims to make it easier for banks and merchants to use digital assets such as cryptocurrencies and NFTs.

NFT and digital currency risk assessment will be among the new consulting topics, which will aid in the formulation of effective strategies for crypto credit cards and crypto loyalty programs.

Mastercard consulting practices

Mastercard to lend help to banks to adopt digital currencies

“Payments are just the beginning,” says Raj Seshadri, Mastercard president of Data & Services. He added,

“Over the past 20 years, we’ve worked with our customers across banking, fintech, retail, travel, and other sectors, helping them understand and navigate every challenge and opportunity thrown their way. This evolution of consulting is in recognition of the changing world and of our changing business. It’s about helping customers navigate today’s challenges and anticipating what’s next.”

Mastercard is a technology-driven company that is also renowned as one of the world’s largest credit card payment companies. It has shown keen interest in digital currencies as the next great force in payments. Cryptocurrencies have proven popular since they are often speedier and less expensive than traditional payment methods.

While Mastercard has accepted and embraced these advancements, the corporation has stated that it is now prepared to assist businesses of all sizes who are considering a move or integration into digital currencies in general. It claimed it would emphasize these advisory services and their broad reach to individuals who required them in various ways.

Open banking might make it simpler to move money across banks, better match customers to financial products, and offer better loan conditions based on more complete reports of customers’ financial status. Thanks to a linked financial network, it might also imply more excellent fraud monitoring for small enterprises.

It is, however, not without risk. According to FICO, this might increase the risk of data breaches and insider threats such as data-screen scraping. Mastercard’s previous involvement in the digital currency ecosystem has included assisting banks and central banks in adopting digital assets.

Notably, a Mastercard solution is used by several Central Banks across the globe in the design and deployment of CBDCs, allowing these apex banks to test all potential situations before going live.