X social media to Add Financial Services as NYSE Considers 24/7 Trading and Block Advances in Bitcoin Mining
Summary:
Social media giant X plans to incorporate various financial services within its platform, with functionalities akin to Venmo and Apple Pay. Concurrently, Block prepares to develop a Bitcoin mining system targeting key industry issues. The NYSE is studying the feasibility of 24/7 trading, reflecting the operational hours of cryptocurrency markets. Meanwhile, crypto investment experiences a second week of net outflows attributed to rising US interest rates.
The well-known social media network X is preparing to incorporate a plethora of financial services into its operations. The forthcoming functionality was likened to a union of Venmo and Apple Pay by Christopher Stanley, X's chief of payments, who detailed the plans in an X post dated April 22. In the meantime, Block, the financial tech venture presided over by Jack Dorsey, is advancing its endeavors into the realm of cryptocurrency with the development of a Bitcoin mining landscape. ASIC mining rig shortages due to high demand are one of the key obstacles this initiative aims to tackle. Elsewhere, the New York Stock Exchange (NYSE) is mulling over shifting to round-the-clock trading, akin to the cryptocurrency markets, which could bolster liquidity for traders yet also ratchet up volatility risks for individual investors. This edition of Crypto Biz reviews fresh developments in cryptocurrency and blockchain, including X's impending payment system, the NYSE's possible switch to full day trading, Block's strides into Bitcoin mining and the cumulative volume of investments in crypto.
Christopher Stanley, who heads payment coordination at X, recently disclosed ambitious plans for the social media giant's payment module. X seeks to develop its rudimentary tipping service into a holistic monetary ecosystem. Initially, the functionality will mirror that of Venmo, with peer-to-peer transactions conducted within the app. Eventually, X aims to include features akin to those of typical bank accounts, such as earning interest on funds stored within the platform. Stanley alluded to the goal of transitioning X into a medium where users can purchase items and make over-the-counter payments, emulating the Apple Pay model.
The NYSE has been reported to be considering extending trading hours to operate round-the-clock, in alignment with cryptocurrency markets. The exchange’s data analytics department has been surveying market participants to gauge interest in all-day trading or continuous weekday trading. The survey seeks opinions on how to protect traders from potential fluctuations in price during overnight trading hours.
Block, formerly known as Square, has recently announced the creation of a new Bitcoin mining system. This development comes in the wake of Block producing a specifically designed three-nanometer chip for BTC mining, which is an upgrade from the five-nanometer prototype created in May 2023. By offering both a standalone mining chip and a comprehensive mining system, Block is supporting the idea of decentralized Bitcoin mining and is welcoming feedback from the mining community to help address issues such as procurement of miners, maintenance, software problems and transparency.
Investments in crypto funds seem to be on a declining trend, as a second week of withdrawals is recorded. The latest data from CoinShares indicates a $206 million withdrawal from April 15-19, with Bitcoin ETFs experiencing the steepest decrease of $192 million. Other currencies such as Ether also experienced outflows of $34 million, contributing to a six-week trough in investment flows. On the flip side, investments in blockchain equities have been dwindling for the 11th week, adding up to a $9 million loss. Rising interest rates in the US are attributed to this trend, as they make traditional, low-risk financial options more attractive than volatile digital currencies.
Published At
4/27/2024 12:00:00 AM
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