Cryptocurrency

Stripe is All Set to Explore the Possibility of a Public Offering

According to reports, Stripe, a company that processes online payments, is considering going public within the next 12 months.

According to an article published by The Wall Street Journal on January 26th, Stripe has retained the services of Goldman Sachs and JPMorgan Chase to advise on the viability and timing of a public-market launch. If Stripe doesn’t go public or enable employees to sell shares in a private deal, an insider told the Journal, the company’s executives will.

Since Stripe doesn’t require additional funding, the company’s management is reportedly not interested in a typical initial public offering. Instead, the business is likely to go the direct listing route. Assuming this were to happen, Stripe would list its current stock on a public exchange and let the market determine the price.

Stripes Journey in the Crypto World: 

Stripe is a payment processing solution provider established in 2009 by Irish businessmen John and Patric Collison. Stripe’s clients include several of the most prominent internet companies, such as Shopify and Instacart. In 2021, the business successfully raised $600 million at a valuation of $95.00 billion. Investors in the company included the National Treasury Management Agency of Ireland, Fidelity Investments, and the insurance companies Allianz and AXA.

Since at least 2014, Stripe’s relationship with digital assets has been a roller coaster ride full of ups and downs. In 2015, the business announced it would support Bitcoin, enabling customers to transfer and receive digital currency like traditional currencies. After three years of operation, the Bitcoin payment services offered by Stripe will be discontinued in 2018. The company’s founders have stated that they believe bitcoin is better suited as an asset than a method of exchange.

During the cryptocurrency boom of 2021, the company returned to the market with a fresh concentration on developing blockchain-based payment systems. The year after, Stripe announced that it would enable fiat currency payments for cryptocurrencies and non-fungible tokens. Thanks to new application programming interfaces, businesses can now utilize Stripe to accept payments in fiat currency for cryptocurrencies.

Previously in 2021, Stripe also launched a new payout program that would allow selecting content providers to withdraw earnings denominated in USD Coin.

Now with its consistent efforts to make a prominent place in the Web3 world by becoming the next generation of payments, as stated by Cointelegraph in a tweet, Stripe has certainly come a long way.

Doodles to Come Up with its Follow-Up Series ‘Doodles 2’ on Flow Blockchain

Just In: One of the most successful Ethereum NFT initiatives has selected NBA Top Shot as the location for its follow-up series.

You can’t have avoided Doodles if you’ve been keeping up with the world of NFTs in recent times; they’re known for their quirky, doodly-fun doodles, and many are fans of their NFTs due to their delightfully whimsical concepts.

Here’s its success story of the first phase: Doodles, one of the most publicized Ethereum NFT projects, has made more than $550 million in trades so far, and artist Pharrell Williams now serves as the company’s chief brand officer.

Now here’s another good news for all the Doodles followers. For its next big drop, Doodles is heading to the Flow blockchain.

What Should You Know About Doodles 2? 

Doodles have announced that its forthcoming larger-scale Doodles 2 project will launch on Flow, the Web3 platform best known for sports NFT initiatives like NBA Top Shot and NFL All Day.

Doodles 2 was announced for the first time last June at an NFT NYC event. It preserves the pastel, cartoonish appearance of the original series and artist Scott “Burnt Toast” Martin. Still, it is reported to encompass millions of NFTs instead of the 10,000 avatars in the original Doodles series.

In addition, it will enable NFT holders to constantly personalize their characters for use in gaming, social media, and other contexts. Owners of Doodles 2 NFTs will be able to customize their avatars’ bodies, clothing, facial expression, and accessories.

The items will, after that, be tradable on the Gaia marketplace on Flow. Moreover, due to the customization factor, the developers announced at NFT NYC that Doodles 2 would launch on a different blockchain platform than Ethereum, as Ethereum mainnet transactions incur high network gas fees. Some in the NFT industry have hypothesized that it might be Solana or Polygon.

On Tuesday, the business tweeted a brief video showcasing a variety of Doodles figures that could be dressed, accessorized, and played with in various ways. On January 31st, the first phase of the Doodles 2 experience will become available to current Doodles owners.

Doodles Overview: 

Doodles are a collectibles initiative by NFT inspired by the community and feature artwork by Burnt Toast, alias Scott Martin. At the time of writing, the current floor price on OpenSea is 16 ETH, or about USD 69,050.15. It was first issued on October 17th, 2021. Within the first day following the mint, you could have purchased one for about 1ETH. 

Doodles NFTs come in various hues and sizes, with 265 different qualities you can choose from. Doodles are “skellys, cats, aliens, apes, and mascots,” which are examples of animals commonly depicted in hand-drawn forms. There are dozens of “unique heads, outfits, and colours” in The Doodles that Burnt Toast created. There are 10,000 items in the collection as a whole.

Shanghai Upgrade of the Ethereum Network Will Allow Users to Withdraw (ETH) From the Network

The COVID-19-induced quantitative easing across global markets was in full swing by the end of 2020 and early 2021, resulting in a nearly year-long mega-bull run. During this time, the price of Ether climbed over tenfold, reaching a high of more than $4,800.

Following the end of the euphoric bullish phase, a difficult cool-down period was aggravated by the UST-LUNA crash, which occurred in early 2022. This reduced Ether’s price to $800. In the third quarter, the market saw a good rebound led by the Ethereum Merge story, which provided a ray of hope.

The transition to an eco-friendly proof-of-stake (PoS) consensus process was a significant step forward. The event also lowered post-merge Ether inflation. ETH peaked at more than $2,000 in the run-up to the Merge on September 15, 2021. The positive momentum, however, evaporated rapidly, turning the Merge into a buy-the-rumour, sell-the-news event.

A similar positive opportunity may emerge in Ether as the impending Shanghai upgrade, scheduled for March 2023, draws market attention. The upgrade will allow withdrawals from Ethereum staking contracts, which are now locked. The improvement will significantly lower the danger of ETH staking.

Shanghai Upgrade of ETH Network:

The Shanghai improvement to the Ethereum network will center on facilitating user withdrawals of Ether (ETH). This upgrade, slated to be live in March, will allow users to access currencies staked on the network as part of the September switch to proof-of-stake consensus.

The engineers intend to offer a public test network for the Shanghai upgrade by the end of February to fulfill the March deadline. During recent core developers call, it was decided not to include the Ethereum Virtual Machine Object Format (EOF) in the upgrade due to worries that it would cause the deployment to be delayed. The Shanghai upgrade prioritizes ensuring the smooth implementation of the withdrawals feature.

Some are anticipating rivalry between LSD and the Shanghai update of the Ethereum network, which is expected in March 2023. (Liquid Staking Derivatives).

What Is Expected of this Upgrade? 

With the Shanghai update of ETH network, following are expected by the users: 

  • Major investors and others looking to liquidate their holdings could increase the market’s selling pressure.
  • Users who have not yet staked their ETH will move it to Liquid Staking Derivatives (LSDs). Investors may transfer their newly unstaked Ethereum to Liquid Staking Derivatives (LSDs) to take advantage of higher returns and more decentralized financial features. This may inspire creative solutions and innovative ways of using the area.
  • Another possibility is that staking behavior will remain unchanged, and players will not destake.

What are your views on this?

Visa is exploring to enable auto-debit feature from your crypto wallet

Visa is attempting to obtain auto-payments on Ethereum by developing a new sort of wallet—a technique known as “account abstraction.” The payments company released a technical paper investigating the feasibility of creating an automated payment mechanism for self-custodial wallets on Ethereum.

The paper maintains, “Online bill pay is rapidly growing, and customers—particularly younger ones—have come to expect the ability to set up recurring payments and take advantage of other conveniences associated with using their Visa cards.” It also claims that ease of payment is the primary reason customers switch payment methods.

Enabling auto-payments for self-custodial wallets is difficult. It includes potentially granting access to one’s private keys and authorising a smart contract to make payments on behalf of one’s account. Auto-payments, in effect, can jeopardize the security given by self-custody.

According to Visa, the solution to this challenge is account abstraction, a mix of a user wallet and smart contracts in a single Ethereum account. This would purportedly add additional flexibility to the process of authenticating a transaction on the blockchain, allowing for multi-owner accounts (via multi-sig) and public accounts from which anybody might initiate a transaction.

In practice, users could construct a whitelist of pre-approved auto-payments on a “delegable account,” eliminating the need for the owner’s signature every time a payment is made.

Visa aimed to make a big push into the crypto space with its recent alliance with FTX, a global crypto exchange. Visa planned to use its innovative solutions to enhance crypto payments technology and enable users to transact with digital currencies in over 40 countries around Latin America, Asia, and Europe. However, they had to cancel the partnership after it collapsed. Despite this setback, Visa stays ahead of the curve by ambitiously exploring viable options for processing digital currency payments within its vast infrastructure.

Australia Preparing to Establish a Crypto Regulatory Framework in 2023

Australia intends to implement a regulatory framework to control the activities of digital asset service providers by 2023. These plans come as each region continues to take bitcoin legislation more seriously.

A section of the framework will cover concerns such as licensing, custody, regulation, and establishing which digital assets are subject to financial services legislation. It would also take into account legislation about client protection.

The Announcement:

The Australian government, led by Prime Minister Anthony Albanese, has declared its intention to issue a consultation document in the first quarter of the following year.

According to Assistant Treasurer Stephen Jones and Treasurer Jim Chalmers, this consultation paper will focus on streamlining which digital assets should be managed by law. This consultation paper is available here. When a final decision is reached, the regulation will be enacted into law once this consultation is completed.

According to the joint media release, the publication of a consultation document in early 2023 will be the next step in the government’s ongoing “token mapping” work. This publication will inform what digital assets should and should not be regulated by financial services law, as well as the development of appropriate custody and licensing settings to protect consumers. 

Development of Australia’s Financial Service Infrastructure: 

In addition to amending cryptocurrency regulation, the Australian government is considering upgrading and modernizing financial services and payments legislation.

The Albanese government is working on a “strategic plan,” and a framework for Buy Now Pay Later (BNPL), which will involve industries, customers, regulators, and other business leaders. BNPL is an abbreviation for Buy Now Pay Later.

Furthermore, the International Monetary Fund (IMF) is pressing for stricter regulation of cryptocurrencies throughout Africa, notably in countries like Nigeria, which has a thriving crypto sector despite periodic setbacks.

Notably, the number of companies that have filed bankruptcy this year, including Voyager Digital, Celsius Network, and Three Arrows Capital (3AC), and the most recent collapse of FTX Derivatives Exchange, has prompted authorities in many regions to tighten compliance standards. The Financial Stability Board (FSB) has stated that it plans to submit recommendations on cryptocurrency regulation in 2023.