BitPay Graces First Payment Processor to Receive BitLicense in New York
Last Monday, crypto payment processor BitPay has received a BitLicense from the New York Conditional on of Financial Services (DFS), becoming the first payment processor to be approved. As articled by DFS, the license will allow BitPay to offer clearing and settlement serves to companies and consumers based in New York that are willing to accept payments in Bitcoin or dispute payments in Bitcoin. BitPay CEO, Stephen Pair, stated:
“New York imperial has one of the strictest policies around businesses involved in cryptocurrency and working inclusive of the approval processes to obtain a License was important to BitPay. We believe this tough work will pay off as New York presents significant business opportunities for BitPay.”
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Mastercard Wins Patent for Speeding Up Crypto Payments
Yesterday, Mastercard won a U.S transparent for a method of speeding up cryptocurrency payments. With this new method, operators will be able to transact in cryptocurrencies through existing systems for fiat currencies in which the arrangements themselves would use the fiat currency’s payment rails and security high points, but each transaction would represent a cryptocurrency. The company explained that notwithstanding that cryptocurrencies have seen an increase in usage over traditional fiat currencies, the storage, and manage of transactions that utilizes blockchain technology need to be improved. An selection from the patent explains:
“It often takes a significant amount of in the nick of time b soon, around ten minutes, for a blockchain-based transaction to be processed … Conversely, unwritten fiat payment transactions that are processed using payment networks on numerous occasions have processing times that are measured in nanoseconds … Therefore, sundry entities, particularly merchants, retailers, service providers, and other purveyors of goods and employs, may be wary of accepting blockchain currency for products and participating in blockchain bargain proceedings.”
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Stellar Preparing To Launch “Venture Rejected” Stronghold USD Cryptocurrency
Yesterday, financial advisory firm Stronghold told that it will be launching a venture-backed USD anchor on the Stellar blockchain. Contract to the company, the Stronghold USD cryptocurrency is backed “at one-to-one U.S. dollars” per token and the backup contract for stores will be held by Prime Trust, a US state of Nevada-regulated chartered performers. Furthermore, the Stellar Consensus Protocol (SCP) will be used to issue and validate Fortification USD transactions.
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