Electronic payments giant Mastercard is integrating cryptocurrency payments alongside digital asset platform Bakkt, to allow merchants and banks to incorporate cryptocurrencies into their offerings. The companies announced Monday.
Mastercard said in a statement that consumers can buy, sell and hold digital assets through custodial portfolios offered by Bakkt. And, that customers can collect and spend loyalty rewards through cryptocurrencies.
The move brings the cryptocurrency universe closer to closing the gap with the traditional credit card payment industry. Bakkt also appeals to younger consumers, according to its executive vice president of loyalty rewards and payments.
Nigeria introduced Central Bank digital currency
The Central Bank of Nigeria presented a document in which it reaffirms its intention to introduce eNaira after having previously tried, but failed, on October 1. According to the eNaira design document, the CBN is now considered ready to implement the Nigerian CBDC.
The CBN is working on a global cryptocurrency that will be used as a means of payment and store of value, in addition to replacing cash.
The CBN, in its own statement, downplayed the risks of missing a deadline. Rather, the bank emphasized the value of getting it right the first time and how doing it contributes to the long-term success of digital currencies. The CBN underscored the need to start off on the right foot rather than rush to launch a digital currency that has not yet received all the necessary approvals.
Limitation on quantity in Bitcoin futures at the request of ProShares
ProShares, the sponsor of the first exchange-traded fund (ETF) backed by Bitcoin futures, has requested an exemption to limit the number of Bitcoin futures a buyer can acquire in the new fund, Barron’s reported.
Starting in November, the Chicago Mercantile Exchange (CME) will limit the number of futures a buyer can purchase in the new ETF to 4,000, dropping to 2,000 three days before expiration. Since each contract represents five bitcoins, total ownership is limited to 20,000 bitcoins.
To get around this limit, ProShares has already split its futures portfolio, with half in October and half in November.
CEO Michael Sapir told Barron’s that if the CME does not grant the waiver, ProShares could transfer assets to later dated contracts, structured notes or swaps. Barron’s also noted that the ProShares prospectus for the ETF says the fund could also invest in stocks with exposure to cryptocurrencies.
Largest mutual aid association in Korea plans to invest in Bitcoin ETFs
The South Korean cryptocurrency market has been through a tumultuous time in the recent past. And, many exchanges have had to close their doors due to strict regulatory measures. This, however, did not prove to be an impediment to mutual funds in the country, which were looking to sink their feet into the Bitcoin market.
According to local reports, the Korea Teachers and Staff Mutual Aid Association decided to invest part of the fund’s large AUM in Bitcoin. This is the first instance of a national pension fund that invests in the cryptocurrency industry.
By the way, the Mutual Aid Association is also one of the largest in South Korea, with more than 49 million won under its administration at the end of last year.