From Facebook to UBER, cryptos are finding true-believers
Never mind the rising price of Bitcoin to $6000 on the way to $20,000 or $1 million or more, depending on you ask. Forget the naysayers about cryptos saying it’s nothing but a fad that one day will blow away.
Cryptos are making big waves aligning themselves with big-time names, from social media giants to mobile manufacturers, transport, insurance and more.
Facebook and Libra
Facebook has launched a cryptocurrency payment service called “Project Libra” using WhatsApp as the platform for the digital transaction using “stablecoin”.
FXstreet says the project is seeking approval from e-commerce companies and financial firms, quoting the Wall Street Journal (WSJ), as it is the encrypted messenger subsidiary of Facebook.
“Third-party apps and websites may soon be able to make facebook payment services. As per some reports, the cryptocurrency will also be pegged on a 1-to-1 ratio with the US Dollar,” says FXstreet.
“Facebook users may soon be paid in small amounts of crypto for viewing advertisements through Project Libra token.”
CEO Mark Zuckerberg said: “What we expect is as we build out more commerce-related features around shopping and Instagram and Marketplace and Facebook.”
WSJ says Facebook’s payment platform could rival Apple's own payment system. eBay has officially started transitioning to a non-PayPal payment system adding last fall Apple Pay as one of its first options on the new payment platform.
Facebook with 2 billion monthly active users reportedly designed the system to be used for personal transfers and purchases on other websites as well.
Another previous report says Facebook is looking to raise $1 billion for the project from investors like Visa and Mastercard, reported Engadget.
You can now receive bitcoin’s experimental lightning payments with a few taps of an Apple smartwatch, Coindesk reports.
“Launched Sunday by Bluewallet, their new app for Apple Watches allows users to receive bitcoin over its new, risky (but nonetheless promising) payment technology: lightning. Transactors can use the smartwatch app to generate a QR code — a square-shaped barcode — that someone else can then scan with their smartphone to send over a payment,” says Coindesk.
Tesla and Bitcoin
Crypto enthusiasts on Twitter are appealing to tech entrepreneur and Tesla CEO Elon Musk to adopt cryptocurrencies, reports the DailyHodl.
They are asking Musk to integrate a digital wallet with Tesla so that the electric car can support Bitcoin (BTC) payments.
“Such a wallet could allow crypto users on the go to make payments for parking and at tolls using BTC and other digital assets. Crypto supporters differ on which coin is truly up to speed for a Tesla. One user suggests that the XRP Ledger would be more suitable than Bitcoin, due to its speed, with several users pointing out that Bitcoin is too slow and consumes too much electricity,” says DailyHodl.
Jaguar and IOTA
Jaguar announced its drivers will be rewarded in cryptocurrency for sharing data. A Reuters report said Jaguar Land Rover is developing a ‘smart wallet’ that will be installed into vehicles to enable crypto deposits.
Drivers would be able to earn IOTA for sharing information such as traffic conditions, or potholes via automatic sensors connected navigation providers or local traffic authorities.
Crypto rewards could also be earned for participation in ridesharing programs and they can be used to pay tolls, parking fees or charging points for electric cars added Jaguar.
NewsBTC reports that the new technology is being tested at the new Jaguar Land Rover software engineering base in Shannon, Ireland and that the Jaguar F-PACE and Range Rover Velar models have already been fitted with the ‘smart wallet’ and engineers will be testing with the IOTA blockchain.
UBER and Vendit
Vendit recently announced that it now supports Uber, allowing cryptocurrencies to be credited to the user’s Uberwallet, which can be used to pay for cab rides.
Ambcrypto, an industry site, said Vendit is the first cryptocurrency firm to successfully link Uber to a wallet credited by any virtual currency. Vendit also supports other popular apps and services such as IHOP and Domino’s Pizza, the popular pizza chain.
Lloyd’s and crypto
Crypto security company BitGo is making good on plans to facilitate insurance for digital assets by providing $100 million of cover against theft or the loss of cryptographic keys via the Lloyd’s of London insurance market, reports CoinDesk.
“The announcement comes in the wake of the QuadrigaCX debacle, where the exchange announced it could not access its cold storage wallets following the death of its founder and CEO, Gerald Cotten, as he was the only company employee to know its private keys,” added Coindesk.
Custodial assets held in BitGo business wallets or in its qualified custodian arm, BitGo Trust Company, will be covered against third-party hacks or the theft of private keys; insider theft by employees of private keys; and physical loss or damage of private keys, the company said.