Aside from the viral Bitcoin news which showed a recent spike in the price of the most dominant cryptocurrency, in the other crypto news we have the Bitcoin payment processor BitPay and its decision to launch a stablecoin settlement.
According to the payment processor, merchants may now accept a settlement in USD-pegged cryptocurrency “stablecoins” Gemini Dollar (GUSD) and USD Coin (USDC) which will provide them with the ability to denominate their operations in cryptocurrency all while remaining immune from market volatility.
The Atlanta-based payment processor made the announcement this Monday, explaining that it will allow merchants in 190 countries to accept the international payments without relying on costly and time-consuming wire transfers.
As Stephen Pair, who is the company’s co-founder and CEO stated:
“BitPay was founded to make payments faster, more secure, and less expensive using Bitcoin for organizations around the world. The introduction of the USDC and GUSD stable coin offers BitPay customers a new alternative to holding Bitcoin and Bitcoin Cash by offering a stable coin option.”
Before this, merchants could receive settlement in Bitcoin, Bitcoin Cash as well as USD and EUR currencies (depending on jurisdictional restrictions). All of the transactions settled in cryptocurrency will now be completed the following day.
What’s weird for many is the fact that Tether (USDT) is absent from the list of supported stablecoins. Even though USDT is the dominant token in this market niche and is the eighth largest cryptocurrency by market cap, it recently lost its dollar peg and fell 4%, raising questions about whether the token is fully backed by USD.
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"We believe this thesis still remains intact which could mean seeing a break of the lows in the coming weeks. A 25% selloff in BTC from the current lows of $3,200 would be to roughly $2,400."He also shared that the next sell-off could be just what the crypto market needs in order to finally break the backs of the bears and reach a new bull momentum in 2019.
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“Bitcoin is now accessible at your local grocery store via Coinstar kiosks, and this offering will make it even easier for consumers to participate in this dynamic new economy.”Coinstar, on the other hand, offers coin-to-cash conversion in their kiosks in multiple countries around the world but it still remains unknown whether the Bitcoin feature will expand just as quickly as it did in the US. Coinstar’s CEO Jim Gaherty noted: Coinstar offers coin-to-cash conversion kiosks in various countries throughout the world. It remains unknown whether the Bitcoin feature will expand beyond the U.S., while the company did not provide figures on how many machines will offer it.
“Coinstar is always looking for new ways to offer value to our consumers when they visit our kiosks.’’According to CoinATMRadar industry monitoring resource, there are more than 4187 Bitcoin ATMs worldwide and more than 60 percent or 2516 are in the United States. The market has grown plenty over the years and many operators are trying to get control of what they think to become a fairly popular trend for crypto usage.
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