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Reddit reintroduces cryptocurrency payments

Summary:

  • Ethiopian government partners with Cardano

  • Reddit reintroduces cryptocurrency payments

  • Goldman Sachs to start offering Bitcoin derivatives to its clients

The cryptocurrency market experienced a significant jump in valuation after one of the major US banks informed that it will start operating in digital asset markets. Apart from that we will mention a story from Ethiopia where government partnered with a cryptocurrency start-up and say a word about Mastercard’s earnings as the cryptocurrency credit card ban took its toll.

The Ethiopian government has taken a friendly approach towards blockchain technology as of late. The country’s authorities have signed the memorandum of understanding with the crypto start-up Cardano. The cooperation between the two aims at introducing blockchain to the Ethiopian agritech industry. Under the agreement the Cardano team is said to educate Ethiopian community by for example training local developers how to use blockchain and how to integrate the technology into everyday life.

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BITCOIN keeps distancing himself from the recently broken downward channel. The next stop for bulls may be a resistance level at $10160 as some price action took place there in the past. Source: xStation5

Reddit seems to have changed his mind about cryptocurrencies recently. After the service removed the possibility to pay for its premium membership via Bitcoin in March it eyes on reinstating this option. Apart from allowing people to pay for its services with Bitcoin the company is about to introduce much more digital tokens. A usage of cryptocurrencies as means of payment is getting more and more popular what could be seen in the latest Mastercard’s earnings report. Card issuer took a hit following a ban on credit card transactions relating to cryptocurrencies. The volume of the cross-border transactions shrink by 2% in the first quarter. Mastercard’s CFO Martina Hund Mejean explained that this decline can be accounted to “recent drop-off in crypto wallet funding”.

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ETHEREUM keeps rising along with the whole cryptocurrency market eyeing a break above the $800 handle. Keep in mind that the coin managed to gain over 120% since it bottomed in the early-April at $360. Source: xStation5

As it was speculated for a long time Goldman Sachs indeed is launching cryptocurrency operations. However, the Bank is not going to trade digital assets directly but will offer its clients derivatives linked to the Bitcoin price. At first Goldman will offer just a small number of such instruments to see whether such business is profitable. The cryptocurrency bulls cheered on the news what was reflected in price action yet were also a little disappointed by the fact the major bank will not set up a full trading desk, at least for now.

 

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