Daily Crypto News | October 27th, 2022
Welcome to Barmy’s Daily Crypto News – October 27th, 2022
1. Exchange Blockchain.com has partnered with Visa
To enable users to pay using their cryptocurrency or cash balance anywhere Visa debit cards are accepted, Blockchain.com and Visa have partnered to introduce a crypto card, originally exclusively available to U.S. citizens.
Blockchain.com said that there would be no sign-up or yearly fees, no transaction fees, and that consumers would receive 1% of all purchases back in cryptocurrency in an announcement on October 26. 50,000 people had already signed up for the card’s waiting list.
Cuy Sheffield, the head of cryptocurrency at Visa, made a comment after the announcement to the effect that continued growth in crypto usage requires global acceptability.
2. The Sushi DAO has been approved a legal restructuring
The Sushi DAO, the decentralized autonomous organization that runs the cryptocurrency exchange SushiSwap, adopted an administrative restructuring on October 26 that establishes three new decentralized organizations with the goal of enhancing operational flexibility.
The DAO Foundation will have the ability to manage voting, proposals, grants, and on-chain governance processes, among other things. The current Sushi protocol, which includes smart contracts for the automated market maker/orderbook, Kashi, and staking, will be managed by the Panamanian Foundation. Finally, the graphical user interface layer (or front end) of the protocol will be run by the Panamanian Corporation.
The action was taken while US and EU officials continued to develop mechanisms for controlling digital assets. The discussion forum participants agreed that a legal framework was required, but they questioned the nations and the model chosen.
3. Vietnam’s government study crypto regulation
Vietnam’s prime minister, Pham Minh Chinh have stated that the government of the nation should research crypto regulation due in part to citizens’ continued trading of digital assets despite their illegal status.
Given that “in fact, people still trade” cryptocurrency in Vietnam, Chinh suggested that a bill on anti-money laundering, or AML, should recognize an amendment on virtual currencies. According to the prime minister’s remarks, the Vietnamese government may look into regulating cryptocurrencies to address their involvement in financial crimes.
Although the Vietnamese government does not generally accept cryptocurrencies like Bitcoin as a form of payment in the nation, it does permit tokens to exist as investments in what appears to be a legal limbo. Vietnam ranked first among all nations in terms of cryptocurrency adoption in 2022 and 2021, according to a Chainalysis report published in September. This is due to the country’s “extremely high purchasing power and population-adjusted adoption across centralized, DeFi, and P2P cryptocurrency tools.”
The AML law will be discussed by the National Assembly of Vietnam on November 1 and is anticipated to be approved or rejected by the end of its fourth session on November 15.
4. BitPay will launch ETH and USDC payments over the Polygon network
The integration of Polygon on the BitPay app, which enables users to spend ERC-20 tokens bridged by Polygon, was jointly announced by BitPay and Polygon.
Later this week, the BitPay app will expressly enable payments made with tokens like the USD Coin from Polygon. The USDC stablecoin was first introduced by its creator, Circle, on the Ethereum blockchain. In June 2022, the USDC stablecoin was transferred to the Polygon blockchain via the Polygon Bridge.
Not all Polygon-bridged tokens are coming to BitPay, including Polygon USDC. According to Bill Zielke, chief marketing officer of BitPay, any ERC-20 tokens that BitPay now supports will be available for swaps on the Polygon network by default.
Polygon USDC, Polygon Ether, Polygon Dai, and Polygon Wrapped Bitcoin are among the forthcoming tokens that Polygon will accept on BitPay (WBTC).
5. Binance launched Binance Oracle
Binance, a cryptocurrency exchange, has announced the launch of Binance Oracle, a new data feed network that enables blockchain smart contracts to communicate with actual data, beginning with its own internal blockchain service, BNB Chain.
To begin with, Binance Oracle will give BNB Chain users access to current data sources and sophisticated computations through their decentralized apps (DApps) and Web3 ecosystem partners. According to Binance, “over 10 BNB Chain projects have already merged with the Binance Oracle network.”
Other blockchains will eventually have the ability to link smart contracts with off-chain data. describing the significance of the network.
Additionally, Binance disclosed the use of regional domains to maintain system uptime in the face of unpredictably occurring worldwide catastrophes. According to Binance, the network employs components that assure high dependability, such as an internal Threshold Signature Scheme for each data stream and price aggregation utilizing an algorithm.
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