News in cross-border payments, major step for Brazilian exchange and more

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HSBC Acknowledges XRP Ledger as a Game Changer for Cross-Border Payments

Source(s): 1

HSBC acknowledges the capabilities of the XRP Ledger (XRPL) in facilitating cross-border payments and highlights the impressive transaction volume of its FX tool.

• HSBC, the largest European bank, recognises the transformative potential of distributed ledger technology (DLT) for cross-border payments.
• HSBC referenced the XRP Ledger (XRPL) in a document titled "Distributed Ledger Technology in the Capital Markets Game Changers - Future Trends in Securities Services."
• Edward Farina shared a screenshot on Twitter, revealing HSBC's acknowledgment of DLT as a "game changer" in the financial industry.
• HSBC emphasized the applications of DLT in capital markets, particularly in the payments sector, highlighting its ability to enable cost-effective, secure, and real-time cross-border settlements using the XRP Ledger.

 

What would this mean for the market?

• It lends credibility and validation to DLT, encouraging other financial institutions to explore and adopt the technology.
• HSBC's emphasis on DLT's ability to streamline cross-border payments and its recognition of the XRP Ledger's capability for instant and secure transactions highlights the potential for revolutionising the traditional foreign exchange landscape.
• This acknowledgment underscores the growing recognition of DLT as a practical solution for enhancing efficiency in the financial industry and encourages further innovation and exploration of its applications.

 

Alchemy Pay Adds Mastercard Support for NFT Checkout Globally

Source(s): 1

Alchemy Pay has introduced its NFT Checkout feature, which now supports worldwide availability with the Mastercard payment method.

• This integration enables users to directly purchase digital artworks through Alchemy Pay, revolutionising accessibility to the NFT market.
• By incorporating Mastercard, one of the largest payment networks, Alchemy Pay has made traditional payment methods more accessible, simplifying the process of engaging with and acquiring unique digital creations.
• The Alchemy Pay NFT Checkout solution allows businesses to effectively sell and accept payments for NFTs using various methods, including credit cards, debit cards, and local payment options.
• By leveraging the widespread acceptance of Mastercard, Alchemy Pay bridges the gap between traditional users and NFT platforms, facilitating the adoption of NFTs by a broader audience.

 

What would this mean for the market?

• This expansion enhances user experience, offering a secure and efficient way to purchase NFTs while reducing the complexities associated with cryptocurrency transactions.
• The integration of Mastercard with Alchemy Pay's NFT Checkout brings convenience, accessibility, and a simplified user experience to the NFT market, making it more appealing and approachable to a wider audience.
• This has the potential to drive market expansion and accelerate the adoption of NFTs as a mainstream form of digital asset ownership.

 

Mercado Bitcoin, Brazil's Largest Crypto Exchange, Receives License as a Payment Institution

Source(s): 1

The company plans to offer financial services that combine the potential of crypto with traditional financial services.

• Mercado Bitcoin, Brazil's largest cryptocurrency exchange, has received a license from the country's central bank to operate as a payment institution.
• The license allows Mercado Bitcoin to function as an electronic money issuer, enabling the exchange to expand its business operations.
• CEO Roberto Dagnoni expressed that the central bank's approval is a crucial step for the company's growth plans and enhancing customer experience.
• Mercado Bitcoin already offers MB Pay, a digital account that enables over four million users to purchase cryptocurrencies and invest in digital fixed income and various asset classes. The exchange also plans to introduce additional financial services, including a crypto payments card in the coming months.

 

What would this mean for the market?

• Overall, the licensing of Mercado Bitcoin as a payment institution by Brazil's central bank is crucial for the crypto industry in the LATAM region.
• It brings regulatory recognition, expands market opportunities, enhances accessibility for users, and sets a positive example for other businesses.
• These developments contribute to the overall growth and maturity of the crypto industry in LATAM, promoting wider acceptance and adoption of cryptocurrencies in the region.