Another fascinating week has passed in the world of crypto with some tantalising developments that are sure to tickle the taste-buds of crypto enthusiasts. Twitter launches Bitcoin tipping payments; Dubai’s free zone opens for crypto trading; Binance blocks Singaporean users; and European theme park accepts Bitcoin for payment.
Twitter launches Bitcoin tipping payments
In rather exciting news for Twitter users, the social media giant has announced that it will now allow users to receive and send Bitcoin payments. This announcement comes as Twitter is actively taking strides to monetise its platform while also moving to authenticate its users’ nonfungible tokens (NFTs). In addition, Twitter is hoping that by allowing Bitcoin payments, they will attract more content creators – a creative way to monetise their presence on the platform.
While other platforms like YouTube, Twitch, and Patreon gives users’ veritable ways to monetize their content, Twitter’s format enables content to reach far larger audiences that remain relatively untapped much quicker. Moreover, it provides users with unique features such as retweeting and posting onto other user’s timelines – setting them apart from the competition.
Twitter users will now be able to tip their favourite tweeters with Bitcoin – the first-ever social media platform to support cryptocurrency as an option for payment. Users have the option of linking their Bitcoin onto a fixed spot within their profile page that is intended specifically for tips – making it trustworthy and easy for users to send payments.
Apple iOS users will have the first bite of the cherry with its release this week, while Android users will have to wait a few days extra before tipping their hat for BTC. Users will be able to link their Patreon, GoFundMe, Venmo, and Capp App accounts to use the feature. Twitter plans to use the payment application, Strike – built on the Bitcoin Lightning Network, to facilitate all payments.
Twitter users can accept Bitcoin on the platform by adding their Bitcoin address, while payments can be sent directly by copying and pasting the address into a Bitcoin wallet. Twitter’s statement read, “We want everyone on Twitter to have access to pathways to get paid. Digital currencies that encourage more people to participate in the economy and help people send each other money across borders and with as little friction as possible.” Wisly will keep you posted on the latest developments.
Dubai’s free zone opens for crypto trading
In another fantastic development for the crypto industry, the Dubai World Trade Centre Authority (DWTCA) has announced that it has reached an official agreement with the UAE’s Securities and Commodities Authority (SCA) to facilitate the regulation and trade of digital assets within the DWTCA free zone.
With this agreement, a framework is created that enables the DWTCA to issue the requisite licenses and approvals for crypto-related financial activities. Moreover, it gives the SCA an official capacity to supervise crypto-related activities like trading, licensing processes and issuance.
The agreement was finalised by the acting CEO of the SCA – Maryam Al Suwaidi, DWTCA director-general – Halel Saeed Al Marri, and an executive from the Dubai Department of Tourism and Commerce Marketing. Al Suwaidi was particularly optimistic with the agreement when he said, “As Dubai continues its drive towards an innovation and digital-led economy, DWTCA is looking to support businesses underpinned by blockchain and cryptographic technologies.” Keep an eye on Wisly’s blog for the latest on this story.
Binance blocks Singaporean users
Binance, one of the world’s most popular crypto exchanges, has taken steps to block its Singaporean users from deposits and spot trading. The announcement was made on their website and advised users from Singapore that they would no longer have access to the main trading function on their platform.
As of Sunday, 26 September 2021, users from the Asian country will be unable to conduct fiat depositing and buying and trading of cryptocurrencies using fiat currencies and liquid swaps. The news came as a shock to many Singaporeans who were given very short notice of this decision.
In their statement, Binance advised the Singaporean clients that the restrictions will be imposed in respect of Regulated Payments Services as the company strengthens its commitment to comply with Singaporean financial regulators. All Singaporean traders have been advised to stop trading on Binance and to withdraw their fiat assets without delay. Additionally, all tokens that are owned will be returned back to users.
Binance has a history with Singaporean financial authorities and previously removed support for trading pairs in the Singapore Dollar (SGD) while also taking steps to close the SGD payment option on their platform. That led to Binance being removed from Google Play and the App Store for Singaporean users.
While the news comes as a low blow for crypto enthusiasts in the country, Binance is optimistic about finding a solution with financial regulators in the country in an effort to resume operations in Singapore in the future. Wisly will keep you informed on the very latest updates.
European theme park accepts Bitcoin for payment
European theme park enthusiasts are in for a treat as a Spanish theme park resort has announced that they will soon accept Bitcoin for payment. The iconic PortAventura World entertainment resort, considered one the largest resorts in Southern Europe, boasts six hotels and two theme parks while hosting over five million guests each year.
PortAventura World is exploring different software options to facilitate Bitcoin transactions and wants the process to be done securely and simply. Bitcoin’s Lightning Network has been touted as the payment scaling solution, although nothing has been confirmed by the theme park as yet. The theme park hopes that Bitcoin’s adoption and exposure will contribute towards its efforts to improve digitization and promote innovation while giving their guests more options and convenience.
Bitcoin users who visit the park can look forward to an amazing selection of rides and entertainment, including its famed Red Star – the fastest and tallest rollercoaster in Europe, with speeds topping 180km/h. The adoption of Bitcoin at the resort comes off the back of growing crypto interest in Europe with the five-star Chedi Andermatt hotel in Switzerland also recently announcing their acceptance of Bitcoin. Wisly will let you know as the European crypto wave expands.