X payment system, block moves to Bitcoin mining and more
Social media platform X is set to include a wider range of financial services in its ecosystem. Christopher Stanley, head of X Payments, compared the future of the platform to the combination of Venmo and Apple Pay in an April 22nd X Post.
Meanwhile, Jack Dorsey's financial technology conglomerate, Block, is advancing its cryptocurrency initiative by developing the Bitcoin (BTC) mining ecosystem. The initiative targets key industry challenges, including high demand for ASIC miners.
On Wall Street, the New York Stock Exchange (NYSE) is exploring the possibility of moving to 24-hour trading, similar to cryptocurrency markets. This change may increase liquidity for traders but also increase volatility for retail investors.
This week's CryptoBiz examines the latest developments, including X's upcoming payment system, the NYSE's potential move to 24/7 trading, blockchain to Bitcoin mining, and general crypto investments.
X Payments Details Released: App to be your bank account
In a recent announcement, X's head of payments, Christopher Stanley, laid out big plans for the platform's payment system. X plans to expand its basic advisory service into the entire financial ecosystem. Initially, the service will be similar to Venmo, allowing users to send and receive money within the app. Over time, the capabilities will include features typically associated with bank accounts, such as earning interest on deposits, Stanley said. X plans to transition to a system where users can buy products and make in-store purchases like Apple Pay.
NYSE measures the interest in 24/7 stock trading as a crypto: report
The NYSE is exploring the possibility of extending its trading hours to 24 hours a day, similar to cryptocurrency markets. The NYSE Data Analysis Group conducted a survey to gauge market participants' interest in 24/7 or continuous business day trading. The study seeks input on what measures should be implemented to protect traders from price volatility during night trading. Currently, the NYSE, along with major exchanges such as the Nasdaq and the Chicago Board Options Exchange, operates from 9:30 am to 4:00 pm Eastern Time, Monday through Friday.
Block Announces Development of “Complete Bitcoin Mining System”
Block, a payment company formerly known as Square, has announced the launch of a new Bitcoin mining system. This initiative follows the earlier development of a five-nanometer BTC mining chip prototype in May 2023 with the completion of a three-nanometer chip designed specifically for BTC mining. Block aims to provide both a standalone mining chip and a complete mining system. They support the decentralization of Bitcoin mining. The company supports a decentralized approach to Bitcoin mining and is inviting input from the mining community on issues such as miners, maintenance, transparency and software challenges.
Crypto investment products see outflows for second consecutive week – CoinShares
Investments in digital asset funds continued to decline, marking the second consecutive week of significant withdrawals. According to CoinShares, a total of $206 million was withdrawn between April 15 and 19. Bitcoin exchange-traded funds saw the biggest decline, with $192 million leaving before the decline. Ether funds also suffered a decline, with $34 million in spending, continuing six weeks of negative outflow trends. Additionally, investment in blockchain stocks fell for the 11th week in a row, with a total loss of $9 million. This outflow trend comes as investors fear rising interest rates in the United States, which makes cryptocurrencies more attractive than the volatility of traditional, less risky financial instruments. Current economic conditions and inflation data may make the prospect of the Federal Reserve easing monetary policies in mid-2024 unlikely.
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