Users of Gemini Would be Able to Buy Bitcoin through Google Play and Apple Pay 0 291

According to the latest reports, Gemini has announced that its users will now be able to purchase cryptocurrencies through Google Pay and Apple Pay. Gemini has confirmed that for the time being, the users will be able to major cryptocurrencies through the platform, including Bitcoin.

Gemini is currently one of the largest cryptocurrency exchanges and it manages its base of operations from the United States. The announcement around making payments through Apple pay and Google pay was made by Gemini on Thursday,

The firm has confirmed that the users now have the ability to connect their debit cards to Google Pay or Apple Pay. Once they are able to connect their debit cards, they can go ahead and start purchasing cryptocurrencies from the platform with fiat currency.

The firm has also confirmed the withdrawal time so there are no confusions with the transactions. According to the firm, once the withdrawal request has been launched, it will take an hour for the transaction to be processed.

According to Gemini, the users will currently have access to carry out purchases of thirty cryptocurrencies available on the Gemini platform. Some of the major cryptocurrencies include Maker’s MKR, AAVE, Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum (ETH).

The Gemini exchange also has an Ethereum-based cryptocurrency asset called DAI on its platform. However, the firm has revealed that DAI will not be able to purchase through the service. Therefore, whether the users are using Google Pay or Apple Pay, they will not be able to purchase DAI.

The cryptocurrency exchange has also provided clarity on the fee structure for processing transactions through Google Pay or Apple Pay. According to the exchanges, the users will be able to process transactions through Google Pay or Apple Pay paying the same charges as debit cards.

Therefore, no matter the kind of transaction being made through debit cards, the users will be charged 3.49% of the actual transaction. On the other hand, if the users make deposits that are in the form of cryptocurrency to cryptocurrency or bank wire transfers, then there are no transfer fees.

This is not the first instance of a project providing services in a unique manner and integrating Apple Pay or Google Pay platforms into the infrastructure.

Ever since the start of the year 2021, the expansion and integration process of mainstream services and protocols has been going on in the entire cryptocurrency industry.

While the cryptocurrency industry continues to grow its roots into the mainstream industry, the mainstream industry is also making its way into the crypto world.

Prior to Gemini, BitPay, which is a prominent cryptocurrency to the fiat payment process, also announced the integration of Apple Pay on its platform.

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IMF Says Russia and Iran May Use Crypto Mining for Monetizing Energy 0 42

The April 2022Global Financial Stability Report of the IMF has highlighted the consequences of the ongoing Russian invasion of Ukraine. The document said that the role of the US dollar was bound to be affected because of the conflict, as it would lead to the introduction of central bank digital currencies (CBDCs) and the global financial system’s resiliency would also be put to a test. The climate transition goals could also be put at risk because of the priorities associated with energy security. Another issue that would have to be dealt with in the coming years by lawmakers is the ‘cryptoization’ which is likely to occur because emerging markets are experiencing a widespread use of crypto.

IMF cited an increase in crypto trading volumes seen after the introduction of sanctions on Russia to back their statement. This included the financial penalties that had been imposed by Western nations on Russia because of its military invasion. The report said that such cross-border transactions were increasing in the long-term, which means that there would be challenges when it comes to imposing sanctions and managing capital flow. The IMF noted that crypto transactions have increased in both Russia and Ukraine because of the capital restrictions that have been imposed.

However, it is important to note that there has been a fall in liquidity in centralized exchanges where the hryvnia and ruble trading pairs are concerned. Therefore, using crypto exchanges for making large transfers has become rather impractical due to reduced liquidity. But, the IMF admitted that users do have the option of evading some measures via the crypto ecosystem because the identity verification requirements are quite lax in this industry. Hence, the international organization said that blocking new deposits of ruble and freezing crypto assets meant that users could have shifted to non-complying or less transparent crypto platforms and service providers.

Experts at IMF believe that both Russia and Iran could circumvent their respective sanctions via crypto mining. The nations could use their energy resources for generating revenue via crypto mining outside of the traditional financial system. Currently, the countries have a limited share of crypto mining activities, but there is a possibility that it could be increased, considering the size of the mining industry. The IMF quoted estimates showing that almost 11% of the mining revenues of bitcoin could have gone to Russia, which was around $1.4 billion per month, while Iran’s share had been 3%.

Bank of England Says Crypto Assets have Financial Stability Risks 0 81

On Thursday, the Financial Policy Committee of the Bank of England disclosed that they are working on developing a regulatory framework for digital assets. The central bank also made a reference to the sanctions that have been imposed because of the war between Russia and Ukraine in the statements. Bureaucrats and financial regulatory authorities all over the world have become increasingly concerned in recent times that Russia could take advantage of crypto assets to bypass the economic sanctions that have been imposed. The press statement of the BOE said that it was unlikely for crypto assets to provide Russia with a feasible way to get around sanctions at a large scale for now, but there was a possibility they could do so.

Therefore, it is a must to ensure that there are effective public policy frameworksthat can accompany innovation in crypto assets for maintaining the integrity and trust in the financial system. The crypto economy has been highly criticized by some members of the Bank of England for quite a while. Last year in mid-November, Andrew Bailey, the Governor of the Bank of England, had expressed his concerns about the adoption of bitcoin as legal tender in El Salvador. Sir Jon Cunliffe, the deputy governor for financial stability for the central bank, said in the following month that prices of crypto assets could drop to zero.

On Thursday, the report of the FPC talked about financial stability. The committee of the central bank noted that the FPC is assessing the risks to the financial system’s stability and it has concluded that these are currently limited. This is because their size remains limited for now and they are not that connected with the wider financial system. However, the FPC said that if they continue to grow at the same pace, and if they become interconnected with the overall financial system, then these crypto assets could pose a risk to the stability of the financial system.

Since the conflict between Russia and Ukraine began, politicians and lawmakers all over the globe have been discussing, developing, or even proposing laws aimed at regulating and researching digital currencies. The FPC’s statements on Thursday show that the BOE wants to classify crypto assets in the same category as it does traditional financial assets. Not only does the FPC plan on developing a regulatory framework that would govern digital assets, it has also mentioned stablecoins.

The FPC said that a major stablecoin that does not have a reliable deposit guarantee could turn out to be a risk to the UK’s financial system. According to the committee, if they introduce a systemic stablecoin, which is backed through a deposit mad with a commercial bank, it would result in significant risks to the stability of the financial system. All of this talk about crypto has been brought forward because of the Russian-Ukraine conflict and the possibility of the former using cryptocurrencies to evade the tough economic sanctions that have been imposed by Western nations due to its actions.

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