The Digest

• Mastercard Is Integrating Crypto into Its Payment Platforms, PayPal (NASDAQ:) Expands Crypto Services
• Coinbase (NASDAQ 🙂 CEO backs SEC. Ripple expands services to Philippines with Pyypl Partnership
• Stablecoins could be handed to the SEC with more regulatory power
• Jack Dorsey & Elon Musk Share Concerns about Hyperinflation

Mastercard Is Integrating Crypto into Its Payment Platforms, PayPal Expands Crypto Services

Mastercard announced that they will allow cryptocurrency card payments, continuing the race for full integration. After a partnership between Mastercard Inc. and Bakkt Holdings Inc., the announcement was made. Bakkt Holdings Inc.

The partnership will make it easier for Mastercard’s network of merchants, banks, and fintech companies to buy, sell, and hold . The partnership will allow them to issue credit and crypto debit cards, allowing customers to use crypto to make payments or earn rewards.

PayPal is another fintech that’s pushing for mainstream adoption of crypto. It has increased support for crypto in its crypto wallet. Venmo, PayPal’s crypto wallet, has added a “cashback to crypto” feature, which lets users convert their cash back to crypto for free.

Flipsider

• PayPal‘Some users have found the push to crypto a detriment. They would rather stay clear of crypto.

What You Need to Care About

Integration of crypto services in payment platforms has made it easier to access crypto. A study found that 48% of U.S. citizens purchased cryptocurrency in the first half 2021.

Coinbase CEO Backs Ripple in Defending the SEC. Ripple extends services to the Philippines through Pyypl Partnership

XRP continues to gain support despite its legal troubles with the Securities and Exchange Commission. Brian Armstrong from Coinbase is the latest person to support Ripple. He tweeted:

Ripple appears to be progressing better than we expected. The SEC has come to realize that crypto attacks are politically unacceptable (because they harm consumers). https://t.co/ePLnbqNLwU

— Brian Armstrong (@brian_armstrong) October 26, 2021

Armstrong’s support has sparked speculations that Ripple’s XRP could be relisted on Coinbase. Coinbase pulled XRP off the market in December following a $1.3 million SEC complaint against Ripple regarding unregistered securities that were sold during their coin offering.

Giving its believers more hope, Ripple has partnered with Pyypl, a Middle East FinTech, to offer RippleNet’s first on-demand liquidity solution for cross-border payments between the Middle East and the Philippines.

The first service to be offered in the Middle East is on-demand liquidity (ODL). Pyypl announced that the services would begin in the Philippines. It plans to expand into new markets and investigate additional uses.

Flipsider

• The XRP price is now 70% below its all-time high in January 2018, $3.84

What You Need to Care About

Ripple’s blockchain services and despite legal challenges, continue to gain traction across the globe.

Stablecoins could be handed to the SEC with more regulatory power

One step closer may be made by the Securities and Exchange Commission (SEC), in order to gain significant regulatory authority over stablecoins. The October 26th report states that the SEC will be leading regulatory efforts for the stablecoin market.

The report adds that in this week’s upcoming stablecoin report, the U.S. Department of the Treasury will announce the SEC’s new significant authority over stablecoins.

Congress is also asked by the report to define how stablecoins (backed 1:1 using fiat) are to be regulated. Gary Gensler is the chief of the SEC and has advocated for greater control by the regulator over the stablecoins.

Flipsider

• If it regulates stablecoins, the SEC stated that they could allow more stablecoin-issuers.

What You Need to Care About

Stablecoins saw significant growth in 2021. This could be an opportunity to make a quick move, while waiting for legislative changes in the crypto industry over the long-term.

Jack Dorsey, Elon Musk and Others Share Concerns about Hyperinflation

Hyperinflation refers to a condition in which prices for goods and services increase uncontrollably over time. Jack Dorsey is the chief executive of Twitter (NYSE 🙂 and Square. He believes the United States may be moving in that direction.

Twitter’s CEO believes that the sudden surge consumers have seen in food and gas prices could be the start of 16% inflation in the U.S. and globally. Dorsey believes that the imminent hyperinflation is going to ”change everything.”

Technocrat and centibillionaire Elon Musk has echoed Jack Dorsey’s fears, stating that there is a ”strong inflationary pressure” in the short term. Musk posted the following tweet:

I don’t know about long-term, but short-term we are seeing strong inflationary pressure

— Elon Musk (@elonmusk) October 26, 2021

Musk and Dorsey don’t have to be the only billionaires who share this worry. Paul Tudor Jones, billionaire investor and author of Bitcoin: A good inflation hedge?

Flipsider

• Cathie wood, innovation investor, has disputated Jack Dorsey‘Hyperinflation alert and the opines that prices will drop after the holidays

What You Need to Care About

Both billionaires are warning of rising consumer prices as the U.S. nears its 30-year peak. There is increasing concern that this problem may be more serious than the policymakers had anticipated.

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