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XRP Risk of Revisiting $0.35, Ends Two-day Gaining Streak

Albert Brown
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XRP Risk of Revisiting $0.35, Ends Two-day Gaining Streak

 

XRP ended a two-day gaining streak yesterday with a 2.43% decline amid the bearish atmosphere triggered by the Fed.


XRP might be at risk of revisiting lows at the $0.35 territory – a price point last witnessed late November – as the U.S. macroeconomic climate precipitates a wave of bearish sentiments that contributed to a hiatus of the asset’s two-day winning streak yesterday. XRP ended Wednesday with a 2.43% decline following the Federal Reserve’s 50 bps interest rate hike, as updates on the legal case between Ripple and the SEC stalled.

The U.S. Macro Climate & The Aftereffects of the FTX Collapse

Following respective gains of 1.71% and 2.01% on Monday and Tuesday, XRP’s bullish run was hit with fierce resistance from the bears on Wednesday, as the asset lacked any support from the broader crypto scene and the Ripple v SEC case. Despite a dial-back from the more aggressive rate hikes of four consecutive 75 bps, the Federal Reserve’s 50 bps interest rate increase on Wednesday, alongside Jerome Powell’s speech, was not favorably received by the markets.

The interest rate increase disclosed yesterday brought benchmark interest rates to 4.25% and 4.5%, marking the highest rate in 15 years. The stocks and crypto markets responded terribly, with the Nasdaq Composite dipping by 0.76% and the S&P 500 declining by 0.61%. These indexes saw their two-day streaks come to an end.

XRP’s decline was not unexpected. The crypto markets have especially come under greater scrutiny from regulatory authorities and U.S. lawmakers following the FTX implosion. Yesterday, the Banking Committee held an open hearing on the FTX debacle, featuring testimonies from four individuals, including FTX investor Kevin O’Leary. Calls for greater scrutiny of crypto assets sprang up, with some individuals suggesting a ban on digital assets.

The pressure placed on the digital asset scene by the recent need for increased scrutiny was further exacerbated by the Federal Reserve’s interest rate hike despite the auspicious reports on CPI data. The U.S. macro climate will continue to play a role in market sentiments, as data on retail sales and jobless claims, among others, will contribute to tilting investor sentiments.

Notwithstanding, updates on the SEC vs. Ripple case, reports on regulation, and news related to Binance are likely to overshadow the effects of the macro conditions. Yesterday, U.S. Congress candidate January Walker called for collective support from the crypto community for Ripple against an SEC overreach. Meanwhile, Cardano founder Charles Hoskinson could be getting backlash if the Ripple settlement he forecasted for today fails.

XRP’s Price Analysis

XRP is on the verge of printing another losing session, as it has declined by 0.96% since the start of the day. This follows the 2.51% loss of yesterday. The asset is trading at $0.3819, with a decline of 2.92% in the past 24 hours.

XRP’s current position is extremely delicate, as its journey toward the first crucial resistance at $0.3956 is hinged on the reclamation of the price point at $0.3855. The market could see a movement to the first resistance zone if the asset can stage a miniature comeback to the $0.3850 level.

Should the asset successfully test the $0.3956 resistance level, a prevailing bullish momentum should result in the reclamation of the $0.40 territory, as its second crucial resistance point sits at $0.4054. XRP’s third significant resistance level is at $0.4253 – a value attained over one month ago.

If XRP misfires as it looks to scale through the pivot point at $0.3855, the asset could see a decline that would bring it to the first crucial support level at $0.3757. Following an extension of the shenanigans of the bears at the first support zone, XRP’s second support is found at $0.3656, which could come into play if the asset fails to hold above the $0.37 level. The third support for XRP rests on the $0.3456 price point.

Cardano Founder Braces For Embarrassment If Ripple Settlement Rumors Fall Through

Mark Brennan
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Cardano Founder Braces For Embarrassment If Ripple Settlement Rumors Fall Through

Hoskinson prepares himself for backlash should Ripple settlement rumors he fueled come to nothing.


Cardano founder Charles Hoskinson appears to have made peace with the potential embarrassment and backlash from the XRP community should rumors of a Ripple settlement with the US Securities and Exchange Commission prove false, per a tweet from the Cardano founder today.

“Let’s see if the rumors I heard are right about the XRP resolution,” Hoskinson tweeted. “Might have some egg on my face.”

It comes after the Cardano founder, in a surprise ask me anything (AMA) session on December 10, disclosed that he had heard rumors that Ripple will settle with the SEC on December 15. Notably, Hoskinson’s statements spurred wild speculations among the XRP faithful.

However, FOX Business reporter Eleanor Terrett debunked the rumors as false, citing sources close to the matter as reported by The Crypto Basic. Unsurprisingly, this has once again put Hoskinson in the black books of several XRP supporters, with many taking the opportunity to troll the Cardano founder.

In a witty response to Hoskinson’s tweet today, one user noted that the rumor sounded like a “grand conspiracy.” For context, Hoskinson, in October, had described claims from XRP community members of a conflict of interest between William Hinman and Ethereum as a “grand conspiracy” as well.

A settlement between Ripple and the SEC in the nearly 2-years-long case now seems unlikely, according to pro-XRP attorney Jeremy Hogan who has been following the case. Hogan says it is because both parties at this point have seen “everything” from each other.

Ripple CEO Brad Garlinghouse previously asserted that Ripple would only settle if the SEC provided clarity for XRP.

Meanwhile, as previously reported, a settlement is not the preferred option for the crypto community. Gokhstein media founder David Gokhstein described it as the worst possible outcome. This is because while it might create clarity for XRP, it does not push the SEC to create regulatory clarity for the rest of the market.

Babydoge Burns 4T Coins, Launches Page To Track Real Time Burns

Albert Brown
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0
Babydoge Burns 4T Coins, Launches Page To Track Real Time Burns

The recent burn of 4.7 trillion tokens has increased cumulative burns to a staggering 200.5 quadrillion tokens, representing 47.7% of the total supply.



The BABYDOGE community is not relenting in its quest to reduce the circulating supply of the asset, as burns have remained sustained notwithstanding the prevalent market-wide turmoils. As a testament to the community’s dedication, up to 4,798,745,545,904 (4.7 trillion), BABYDOGE tokens were incinerated in the past 24 hours.

Burn BabyDoge recently disclosed the development – of a community-driven Twitter handle dedicated to tracking Baby Doge burns, notable transactions, and analytics. The handle also revealed that, following the latest batch of burns, total burns so far have been increased to 200,560,640,557,579,744 (200.5 quadrillions) tokens, representing 47.7% of the asset’s total supply of 420 quadrillions.

 

In a separate tweet, the account further shared an official link to the BabyDogeSwap info page, which provides real-time information on several data regarding the Baby Doge asset, including but not limited to total cumulative burns, liquidity, 24-hour trade volume and the latest 24-hour burns.

 

At the time of reporting, data from the info page reveals some interesting metrics. BABYDOGE’s 24-hour trade volume sits at a value of $260.9K, with current liquidity of $28.6M. The chart indicates a massive surge in the asset’s liquidity which was especially predominant at the start of October. Furthermore, the BuyBack and Burn balances are currently $1,076 as of press time.

BABYDOGE is on a Journey to Global Adoption 

The community steadily upheld the campaign to reduce BABYDOGE’s total supply and concurrently improve the asset’s value, as almost 50% of the asset’s total supply has so far been incinerated. The BABYDOGE team announced last month that it would begin a monthly burn initiative on December 1 to bolster burns.

Due to its consistent burns, in October, BABYDOGE was ranked as the asset with the highest burn by crypto research and trading platform HC Capital, as previously reported. The assessment occurred when Baby DOGE’s cumulative burns were at 199.1 quadrillion tokens. In less than two months, 1.4 quadrillion tokens have been incinerated.

Besides its burn campaign, BABYDOGE has been seeing increasing attention from exchanges as it moves toward global recognition. Last Wednesday, The Crypto Basic disclosed that the asset was listed by Singapore-based exchange BingX on its spot market. This development followed listings from several exchanges, such as Deepcoin and ProBit global.

In three tweets long Twitter thread, baby dog mentioned their accomplishment.

 

The BabyDoge Burn also handle recently revealed an increase in the number of BABYDOGE holders, as ten new holders were added to the network in the past hour, bringing the total holders to 1,647,120.

Mike Novogratz: Not Every Crypto Exchange is Run Like FTX

Albert Brown
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0
Mike Novogratz: Not Every Crypto Exchange is Run Like FTX

 

The Galaxy Digital Chief’s recent comments are at variance with emerging concerns of centralized exchanges having the same fate as FTX in the future.


Michael Edward Novogratz, early crypto investor and chief of investment firm Galaxy Investment Partners, has weighed in on emerging concerns of other centralized exchanges collapsing like FTX in the long run, noting that he does not believe all other crypto entities are being run as inefficiently as FTX was. According to him, not every exchange is out to steal investors’ money.

While speaking in a CNBC Squawk Box interview today, Novogratz made these remarks as he addressed the FTX implosion, bitcoin’s recovery, and the effects of the debacle in the broader crypto space. When asked if crypto investors should trust that all other centralized exchanges are playing by the rules and not employing the same dishonest measures witnessed with FTX, Novogratz noted that it’s not good to believe that every exchange has a criminal mindset because one was recently exposed.

He further mentioned that his conviction does not mean that all other exchanges follow every regulatory rule within all their jurisdictions. Notwithstanding, he doesn’t believe the teams running all the other exchanges are out to steal investors’ funds.

“It’s really dangerous to think that when you have one black swan, you’re going to see them everywhere – like, you’re going to have criminal organizations all over the place, these places run by sociopaths. It’s just not the case,” Novogratz responded.

 

 

Following the FTX collapse, investors’ confidence in centralized exchanges declined drastically, as CEXs witnessed mass outflows due to the FUD that spread shortly after. Binance, in particular, was recently put in the spotlight. Still, the exchange has proven more capable of handling mass withdrawals after experiencing almost $2B in outflows on Tuesday.

Last month, Novogratz’s Galaxy Digital revealed that it had up to $76.8M exposure to FTX. Novogratz has granted several interviews on the FTX collapse, partly due to his involvement in the crypto scene and investment in the recently-imploded FTX empire. Earlier this month, he called for Sam Bankman-Fried’s prosecution and expressed his hope for a bitcoin recovery. The comments came shortly after he called SBF’s actions regarding FTX “fraud.”

Novogratz Believes Bitcoin will Recover. 

In addition to his remarks on centralized exchanges, Novogratz also expressed his confidence in a bitcoin recovery amid the market-wide selloffs recently witnessed within the space. When asked if the firstborn crypto has staged recovery following a selloff of this magnitude, Novogratz replied in the affirmative.

“I started in 2013, so; we went from $200 to $1,000 and right back to $200 – up and down. […] trees don’t grow in the sky in a straight line,” he said. Recall that Novogratz, on December 1, made similar remarks regarding bitcoin on a CNBC Squawk Box episode, as he affirmed that he believes the asset will recover nonetheless.

Bitcoin (BTC) is trading below the $18K mark after recapturing it yesterday for the first time since the FTX collapse. Despite a 2.16% dip in the past 24 hours, the asset has gained by 4% in the past week, as it currently changes hands at $17,539 as of press time.

Hoskinson Indirectly Says Cardano ‘Midnight’ Has Ethereum Programmability and Zcash Privacy

Lele Jima
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0
Hoskinson Indirectly Says Cardano ‘Midnight’ Has Ethereum Programmability and Zcash Privacy

 

Charles Hoskinson asks the Cardano community to enlighten Srinivasan about Midnight features.


Following last month’s unveiling of Cardano’s upcoming privacy-focused blockchain, Cardano founder Charles Hoskinson traveled back in time to react to a September tweet by American entrepreneur and investor Balaji S. Srinivasan. 

In September, Srinivasan noted that Ethereum and Zcash implemented two of Bitcoin’s significant innovations – programmability and privacy.

Srinivasan stated that while Ethereum focuses on the programmability aspect of Bitcoin, Zcash focuses on the privacy feature.

“The two major innovations on Bitcoin were in the direction of programmability (Ethereum) and privacy (Zcash),” he said. 

Srinivasan, a former CTO at Coinbase, said “Zethereum” is the ideal blockchain that can unify Bitcoin’s two significant innovations – programmability and privacy – at the base layer. He added that “Zethereum” might become a new Layer-1 protocol in the cryptocurrency ecosystem.

Hoskinson Reacts to Srinivasan’s Tweet

Since Srinivasan tweeted, many cryptocurrency proponents have taken the opportunity to name some crypto projects with similar features. Interestingly, Cardano’s founder also reacted to the post. However, it took Hoskinson three months to respond to Srinivasan’s tweet. Hoskinson indirectly implies that the Cardano privacy blockchain has both features of programmability and privacy.

Midnight is a new privacy-focused blockchain that Cardano’s development team plans to launch soon. Hoskinson unveiled the project during last month’s Cardano IO ScotFest: The Age of Voltaire event. 

The upcoming Cardano sidechain will be underpinned by zero-knowledge-proof technology. It is worth noting that Midnight will have its token, named Dust. According to Hoskinson, Midnight will supersede the functionality of existing privacy-coin projects, including Zcash and Monero, by delivering zero-knowledge-proof smart contracts. 

“Midnight has evolved privacy-coin technology where everything was anonymous by default, which is what Zcash and Monero did with Snarks and ring signatures,” Hoskinson said in a recent interview. 

He added that Midnight would offer a new way for developers to write and run private smart contracts and computation. The upcoming Cardano sidechain will grant regulators access while preserving users’ privacy. 

Per a statement on the official Midnight website, the team said: 

“Midnight will enable developers to quickly build and deploy data protection-first dApps using many programming languages, starting with Typescript, while companies will be able to share mission-critical information without the fear of leaks or censorship.” 

Over $111k Transacted Between Terra Classic And Osmosis Within 24 Hours Of IBC Reopening

Mark Brennan
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Over $111k Transacted Between Terra Classic And Osmosis Within 24 Hours Of IBC Reopening

Terra Classic IBC channel reopening to Osmosis sees promising transaction volume on the first day.



Terra Classic community members have transacted over $111k via the Inter Blockchain Communication channel between the Terra Classic network and Osmosis on the first day of reopening, per a tweet from community influencer Classy (@ClassyCrypto_).

 

It is currently unclear if this involves only trapped liquidity flowing from Osmosis back into the Terra Classic chain or whether Terra Classic community members are also actively using the popular Cosmos decentralized exchange to swap tokens and engage in economic activity on other chains.

Per previous reports, Osmosis held a lot of trapped Terra Luna Classic (LUNC) and TerraClassicUSD  (USTC), made inaccessible during the Terra ecosystem collapse in May. At the time, Terraform Labs closed off the IBC channels linking the chain to the popular DEX to prevent impermanent losses.

Osmosis in the past served as the primary source of liquidity off-chain for the Terra Classic network, as highlighted by Cosmos Capybara (@CosmosCapybara) in a recent proposal to seek Osmosis support for off-chain LUNC burns. The Terra Classic community provided an endless stream of fees, while Osmosis offered deep liquidity for token swaps and sophisticated yield farming techniques.

Developers successfully reopened IBC channels to Osmosis on December 13, as reported by The Crypto Basic. Notably, the reopening came earlier than initially planned as developers opted to speed up the timeline to keep up with changes in the Cosmos ecosystem.

Popular Terra Classic community member CEO_44 (@CEO_44), commenting on the transaction volume, described it as a “great start.”

“Great start!” CEO_44 tweeted. “Opening up LUNC IBC channels is like opening up a major airport or highway to a large city. The city’s economy can now grow faster.”

Ripple CTO and Deaton Blast Kevin O’Leary For Blaming Binance For FTX Collapse

Mark Brennan
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0
Ripple CTO and Deaton Blast Kevin O’Leary For Blaming Binance For FTX Collapse

 

O’Leary lays the blame for the FTX collapse on Binance, baffling the crypto community.


Shark Tank star and serial investor Kevin O’Leary, AKA Mr. Wonderful, in a senate banking committee hearing on the FTX collapse yesterday, blamed the collapse of the crypto exchange on competing crypto exchange Binance.

According to O’Leary, Binance put FTX out of business. The shark tank star makes these claims despite the recent arrest of Sam Bankman-Fried on multiple charges of fraud and a separate US Securities and Exchange Commission complaint alleging that SBF had defrauded investors from the beginning diverting customer deposits for personal use and propping up Alameda.

“They [Binance] put FTX out of business,” O’Leary said when queried about the reason for the FTX collapse, citing a feud between both exchanges. 

Unsurprisingly, O’Leary’s statements have baffled several industry participants and crypto community members.

Ripple CTO, Deaton, And Others Respond

In a tweet in response to the clip shared by CoinDesk, Ripple CTO David Schwartz expressed shock that the Shark Tank star could express such sentiments in the face of mounting evidence of wrongdoing against SBF. According to Schwartz, if Binance led to the FTX collapse, it was a “public service.”

“Does this man have no shame?…”

Attorney John Deaton baffled that O’Leary apportions no blame to SBF even with recent charges, described the Shark Tank star as a clown, calling O’Leary’s response a “disgrace.”

As the crypto community struggles to understand O’Leary’s motivations, several speculations have come to the fore. Some have pointed to the $15 million the investor received to become an FTX spokesperson. On the other hand, TradersApprentice (@Trader4lyf) alleged that O’Leary might have a deeper involvement with the fraudulent practices at the FTX crypto exchange. It is an angle that Binance chief Changpeng Zhao may also agree with, as in response to the speculation, he dropped an emoji alluding to the possibility.

It bears mentioning that it is not the first time the investor has attempted to deflect attention to Binance in the wake of the FTX collapse. Per our previous report, O’Leary told CNBC that SBF had pointed to the Binance buyout deal as a precipitating factor in the collapse of the crypto exchange.

Meanwhile, before that, the Shark Tank star had shocked the crypto space by saying he would invest in SBF again, given the opportunity. 

Changpeng Zhao, in early November, had confirmed Binance’s plans to sell its FTX Token (FTT) at the time worth over $500 million, citing concerning reports about the health of FTX. Some pundits believe that this decision kicked off the bank run on the exchange, which led to its collapse as the exchange proved illiquid.

Ripple Partner Novatti And Sydney-based Group Collaborates to Deliver Pioneering Payment Solutions

Albert Brown
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0
Ripple Partner Novatti And Sydney-based Group Collaborates to Deliver Pioneering Payment Solutions

The partnership with DataMesh Group will help provide Novatti’s clients with an innovative brand of card-focused payment processing system.



DataMesh Group, a Sydney-based firm that provides merchant payment systems and data processing solutions, has partnered with Ripple’s ODL Partner, Novatti. The partnership will introduce Novatti’s large client base with a robust payments system provided by DataMesh Group.

 

The development was highlighted by an Australian local media outlet on FinTech reports today. Being a leading provider of payment processing systems, DataMesh Group offerings a wide array of perks relating to payment solutions that Novatti would leverage for its clients. These include nascent Android-focused terminals, quick access to the newest and latest payment solutions, top data insights, and access to transaction data in real time.

DataMesh Group’s merchant clients will also be able to utilize the payment processing options provided by Novatti. Novatti helps to link merchants with virtual and face-to-face payment systems under one multifaceted e-commerce platform. With Novatti’s offerings, merchants can provide their client’s different payment methods, such as direct debit, credit cards, WeChat Pay and Alipay.

Mark Nagy, CEO of DataMesh Group, noted that the firm is looking to assist merchants by taking care of all the financial processes that would otherwise have been a challenging aspect of business for them, leaving them to focus on their customers and handling other core aspects of the business. “This partnership will add to our multi-acquirer capabilities, giving merchants more options and peace of mind regarding their transactions,” he added.

Furthermore, the General Manager of Merchant Acquiring at Novatti, Kian Jackson, highlighted the significance of the face-to-face payment type within Novatti, noting that the Australian financial scene has witnessed an enormous growth of payment terminal provisions, with a massive adoption rate of contactless payments.

“Our partnership with DataMesh Group puts Novatti in a unique position offering merchants one platform and connecting online and face-to-face payments in one system through unified commerce,” Jackson disclosed.

Novatti Became a Ripple ODL Partner Last Year

Launched in 2015 by Peter Cook, Novatti aims to bolster effective payment solutions and provide a unified commerce offering for merchants. In the past few years, the firm has made several moves that have contributed immensely to its development. One such move was partnering with Ripple to utilize its On-Demand Liquidity (ODL) solution.

Novatti sealed a spot in Ripple’s ODL global payment network in April of last year as it looked to utilize XRP – Ripple’s native token – in facilitating quick and cost-effective cross-border settlements. Novatti’s utilization of RippleNet would help make its cross-border payment settlements faster, more reliable, and more cost-friendly for its clients.

Last month, Novatti finally acquired a banking license for its subsidiary, the International Bank of Australia (IBoA), from the Australian Prudential Regulation Authority (APRA), as previously reported.

Top 5 Web Hosting Services That Accept Shiba Inu Payments

Lele Jima
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0
Top 5 Web Hosting Services That Accept Shiba Inu Payments

These five web service companies accept Shiba Inu payments.


Recently, Shiba Inu has become a popular payment method for exchanging goods and services. Following the popularity of the canine-themed coin, crypto payment gateways have been integrating Shiba Inu into their lists of supported cryptocurrencies.

People have used Shiba Inu to pay for various services, from air travel to online shopping. Interestingly, the list of merchants that accept Shiba Inu payments has continued to soar daily.

In a tweet yesterday, popular cryptocurrency payment gateway BitPay announced that crypto enthusiasts can now use Shiba Inu to pay for a wide range of web services.

“Nowadays, you can buy a wide range of web services using crypto, including snagging the perfect domain for your website,” BitPay said in a statement.

Thanks to BitPay’s innovative solutions, purchasing web hosting services using SHIB is relatively easy, like taking a walk in the park.

Five Web Registrars and Domain Providers Accepting SHIB Payments

Five popular web domain providers and registrars accept Shiba Inu payments through partnerships with BitPay.

Namecheap

Launched in 2000, Namecheap is an ICANN-accredited domain name registrar offering web hosting services. The company’s headquarters is in Los Angeles, California, U.S. Namecheap has over 11 million registered users with more than 17 million domains globally.

AltusHost

AltusHost is a European-based web hosting firm launched in 2008. Some of the company’s services include domain registration and hosting across Switzerland, Bulgaria, the Netherlands, Serbia, and Sweden.

Vultr

Founded in 2014, Vultr provides its users with a standard, reliable, and high-performing cloud computing environment. The company aims to empower businesses and developers by simplifying infrastructure development via its advanced cloud platform. It bears mentioning that Vultr is strategically located across 28 data centers globally.

HOSTKEY

HOSTKEY B.V. is a web hosting service company that offers customers different dedicated web services, ranging from entry-level options to high-performance GPU servers. The company also provides private cloud solutions for individuals.

Gandi

Gandi is a domain name registrar, email and SSL certificate provider, and web host that aims to make the internet accessible to everyone regardless of their tech knowledge. Gandi has been in the business of offering web services for more than 20 years. It continues to warm the hearts of its users by providing quality, professional, and secure web hosting services.

Paying for Web Services Using SHIB 

According to BitPay, buying web domains with SHIB from these web service providers can be done in two ways.

Sending SHIB Payments directly from your crypto wallet

Follow the steps below to pay for web services with SHIB from your crypto wallet: 

  • At checkout, choose BitPay as your payment method. 
  • Click on “Begin Payment” (Depending on the merchant and transaction amount, you may be prompted to verify your BitPay ID). 
  • Select your wallet type from a list of over 100 different wallets, including Metamask, Copay, Trust Wallet, etc.
  • Select Shiba Inu as your favorite cryptocurrency.
  • Scan the QR code from your wallet app or manually enter the merchant’s address to complete the payment.

Using BitPay Card to Pay for Web Services

You can use BitPay Card to pay for web services from the five providers or any other provider that accepts Mastercard. Notably, this method is the easiest as it is similar to purchasing goods and services online using your traditional bank cards.

As long as the web service provider accepts Mastercard, you can pay for any of its services using the BitPay Card. You will need to fund the card through the BitPay wallet app. Once complete, you can pay for web services with SHIB using the BitPay Card. 

STC Bahrain Customers Can Now Pay Phone Bills Using Shiba Inu

Lele Jima
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0
STC Bahrain Customers Can Now Pay Phone Bills Using Shiba Inu

STC Bahrain customers can now pay their phone bills using SHIB.



Thanks to Binance Pay partnership with leading Bahraini payment provider EazyPay, STC customers can now pay their phone bills with Shiba Inu.

The development comes as demand for cryptocurrencies continues to spike in the Middle East and across the globe. STC Bahrain has become the first telecom operator in Bahrain to expand its payment options following the partnership to meet the increasing demand for easy-to-use crypto payments. Furthermore, the partnership signifies Bahrain’s commitment to advancing the country’s fintech landscape.

The Saudi Telecom Company owns STC Bahrain. STC provides digital solutions and services in various fields, including communications, information technology, digital payments, digital media, cyber security, and other advanced digital fields, in Bahrain and across the MENA region.

Binance, the world’s largest cryptocurrency exchange by 24 hours trade volume, took to Twitter to announce the initiative.

Commenting on the partnership, Nezar Banabeela, STC Bahrain CEO, said the rapid digitization taking place across the globe is significantly transforming lives, especially in the payments sector.

“From online shopping and streaming videos to money transfers, almost every digital activity relies on a payment system. We are incredibly proud to be the first telecom operator in Bahrain to accept cryptocurrency payments, a demonstration of our strong focus on advancing Bahrain’s fintech sector as world-class digital enablers,” Banabeela said. 

General Manager at Binance Bahrain, Tameem Al Moosawi, acknowledged STC Bahrain as a leading tech and innovation company in the country, adding: 

“[…] This partnership has set the benchmark for how telecom operators can enable the transition to the Web3 economy by accepting crypto payments.” 

Paying for Services With Binance Pay

With Binance Pay, STC customers can pay their phone bills securely in real time using Shiba Inu. Customers need to scan the QR code from Eazy’s POS using their Binance Pay app to pay phone bills.

Binance Pay currently supports more than 70 cryptocurrencies, including Bitcoin (BTC), Dogecoin (DOGE), Cardano (ADA), Polygon (MATIC), XRP, etc. It bears mentioning that aside from paying with Shiba Inu, stc customers can also pay their phone bills with other supported Binance Pay crypto assets. 

Recall that in September, TheCryptoBasic reported that EazyPay partnered with Binance to launch more than 5,000 POS terminals and payment gateways across Bahrain, thus enabling businesses to accept crypto payments.

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