Crypto Weekly Roundup Newsletter 004

Visa's big Crypto push, NFT Oracle, Second order effects of the China Ban and more

Hello. Welcome to this week’s edition of Crypto Weekly Roundup Newsletter. We’ll be talking about Visa's big Crypto push, NFT Oracle, Second order effects of the China Ban and more.

If this email was forwarded to you by your friend please subscribe to get the next newsletter right to your inbox.

Visa develops interoperability concept: You may never be able to send a message from Telegram to a friend on WhatsApp, but, if Visa’s vision is realized you might be able to send American dollars from a digital wallet to a wallet from India and the recipient will receive the payment in INR. Visa calls it a "universal payment channel" for stablecoins and central bank digital currencies(CBDCs).

“We believe that for CBDCs to be successful, they must have two essential ingredients: a great consumer experience and widespread merchant acceptance, It means the ability to make and receive payments, regardless of currency, channel, or form factor. And that’s where Visa’s UPC concept comes in.” - Catherine Gu, Global CBDC Lead at Visa

The project is still in its early stages but if it catches on, it could serve as a critical part of the world's financial infrastructure—and ensure that Visa stays relevant even as plastic credit cards go the way of video rental stores. Most interesting of all, Visa is pitching the plan as something for highly regulated services, but it's building the hub on decentralized Ethereum. Read full paper here

Effects of China’s crackdown on Cryptocurrencies last week:

China’s crackdown causes Chinese users to flock to Decentralized Exchanges. Decentralized exchange DYDX Protocol Sees Trading Volume Double That of Coinbase(US’s biggest centralized exchange).

Trading volumes at dYdX surpassed $6.3 billion in derivatives and $3 billion on spot markets. Trading volumes over the past 24 hours at Coinbase were at $3 billion. Other major DEX tokens are on the rise as well, with Uniswap (UNI) and SushiSwap (SUSHI) recording gains of 36% and 29%, respectively.

China doubled down on Friday, with the People’s Bank of China (PBoC) releasing a list of prohibited crypto-related activities, including trading and token issuance, while also barring overseas exchanges from providing services to investors in mainland China.

China-based Ethereum mining pools Sparkpool (second-largest ETH pool by hash rate) and BeePool (4th largest by hash rate) are shutting down all services. Also, CoinGecko, CoinMarketCap, TradingView now blocked in China

JPEG’d: a new Chainlink-powered NFT lending protocol that’s aiming to bridge the gap between DeFi and NFTs: We all know that we can get credit against our homes and other hard assets. What if you could easily lend and get credit against your CryptoPunk (NFT) without selling it? Thats what this team has built. Read more to find out. It is a little technical but mindblowing.

A Crypto-Trading Rodent is Beating the Market. Fund managers are FOMOing behind it.

Mainstream Adoption:

Investments into Crypto:

Crypto - Fiat Interface:

Other News:

That is it for this week. Thanks for reading this week’s edition of the Crypto Weekly Roundup Newsletter. If you found this informative please share it with your everyone. Thank you!