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Over 7 Million Businesses Can Now Accept Cardano (ADA) as a Payment Method

Lele Jima
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Over 7 Million Businesses Can Now Accept Cardano (ADA) as a Payment Method

COTI’s ADA Pay has been integrated into the Odoo platform, making it possible for businesses to accept Cardano in payments.  

COTI stated that the ADA Pay plugin has been successfully integrated into the On-Demand Open Object (Odoo). The initiative will enable over seven million mid-sized businesses to accept Cardano as a form of payment.

According to a recent announcement, the initiative was made possible by Rodolfo Miranda, one of the winners of COTI’s Project Catalyst, who integrated the ADA Pay plugin into Odoo.

Odoo, also referred to as On-Demand Open Object, is an open-source solution of business application that services more than 7 million clients, including large enterprises and new startups.

COTI noted that the ADA payment service is built on the Cardano blockchain and essentially developed for businesses looking to accept cardano as a form of payment. Thus, making payments to be settled instantly.

COTI Project Catalyst Challenge

Explaining the details of the Project Catalyst challenge, COTI noted that different teams were invited to develop an ADA Pay plugin solution that can be integrated into various e-commerce platforms.

Out of the 16 entries received, five of these projects were funded with the goal of delivering the ADA Pay plugin solution for the Odoo platform.

Randolfo Miranda, the developer who integrated the plugin on the Odoo platform, said:

“Delivering this project can’t be more streamlined. The ADA Pay API just simplifies the development process. Not only is it well documented, but the COTI team was also prompted to give us support to all of our questions and concerns. I really appreciate COTI’s professionalism and dedication.”

Notably, the initiative was made possible via Miranda’s collaboration with COTI’s Development and Business Development teams.

Growing Adoption of ADA Pay

Interestingly, the adoption of the ADA Pay solution has grown tremendously in the past few months, suggesting a rising interest in the acceptance of cardano as a form of payment.

TheCryptoBasic reported last month that Wolfram Blockchain Labs adopted the payment service for its non-fungible token sales.

“We are working on the development of different solutions to support and improve NFTs on Cardano, and this partnership with COTI is crucial to bring this product to life,” Greta Gawianski, Product Owner of NFT Innovation Projects, was quoted as saying.

Three Arrows Founders Not Attending Today’s NYC Hearing

Mark Brennan
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Three Arrows Founders Not Attending Today’s NYC Hearing

The founders of Three Arrows will not be present at today’s hearing in New York City

Su Zhu, a co-founder of Three Arrows Capital, allegedly accused the liquidators of Three Arrows of baiting Zhu and fellow co-founder Kyle Davies and rejecting their efforts to cooperate with them in good faith in an email that was posted on Twitter on Tuesday.

According to court filings that were only just submitted in New York, the co-founders of the defunct cryptocurrency hedge firm Three Arrows Capital seem to be on the run from their creditors.

Christopher Daniel of Singapore’s Advocatus Law, who is the legal counsel for Three Arrows, said that his clients had been subjected to threats of physical assault as well as a number of inquiries from the Monetary Authority of Singapore (MAS).

Daniel’s statement that Three Arrows has not been provided copies of the court records that were filed in New York on Friday can be seen in the screenshot that Zhu uploaded.

In addition to that, he said that the fund had created an inventory of its assets and delivered it to the people in charge of the liquidation. The liquidators asked for it, and they intend to approach a court in the United States to issue subpoenas to Zhu and Davies so that they may provide the document.

The collapse of 3AC has already had a significant effect on the cryptocurrency market as a whole due to the large number of institutions that had money invested with the company.

Digital asset brokerage After 3AC was unable to repay the approximately $670 million that it had borrowed from Voyager Digital, the latter filed for protection under Chapter 11 of the United States Bankruptcy Code.

Losses are also being suffered by crypto lenders located in the United States, such as Genesis and BlockFi, as well as the crypto derivatives platform BitMEX and the cryptocurrency exchange FTX.

Number of Cardano Smart Contracts Approaching 3,000 Ahead of Vasil Hard Fork 

Lele Jima
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Number of Cardano Smart Contracts Approaching 3,000 Ahead of Vasil Hard Fork 

There has been rapid growth in the number of smart contracts deployed on the Cardano network. 

Fresh data from Cardano Insights suggests that the number of smart contracts recently hit 2,900. The development means that the total number of smart contracts is only 100 away from reaching 3,000. 

According to Cardano Insight, the graph represents the Plutus-based smart contracts that currently operate on the network. 

Cardano Smart Contracts Grow Steadily

Recall that Input Output Global (IOG), the company responsible for conducting research and development for Cardano, introduced smart contract functionality to the network in September 2021 via the Alonzo Hard Fork. 

Since the feature was added, the number of smart contracts has grown steadily, with the total number approaching 3,000. 

The data suggests that the number of smart contracts deployed on Cardano has been growing at a steady pace in the past month. Over the past 30 days, only about 100 smart contracts were added to the total amount. 

Vasil Hard Fork to Enhance Cardano Smart Contract 

Meanwhile, Cardano’s smart contract functionality is expected to receive the necessary enhancements in the coming weeks after the long-awaited Vasil Hard Fork goes live on mainnet. 

The upgrade, which is scheduled to launch later this month, is tipped to roll out significant enhancements to several aspects of Cardano. 

As reported by the IOG, Cardano’s smart contract development is among the top priorities the Vasil upgrade will focus on. 

Cardano Founder Knocks Troll Criticizing Vasil

While the IOG has teased the community that Vasil will enhance Cardano’s smart contract functionality, an internet troll fired a shot at the upcoming upgrade, saying: 

“Most Cardano smart contracts are incompatible with the new update Vasil and will have to be re-written. Can’t make this sh.t up.” 

Interestingly, Charles Hoskinson, the CEO of IOG, was not in any mood to have anyone talk bad about his project, as he responded to the troll a few hours later. 

“The entire reason we built the HFC and Plutus versioning is to ensure this doesn’t happen. It’s incredible to see the FUD and stupidity from Twitter trolls, but that’s life. After the HFC event, all the contracts will still function.” 

Bank of Russia Is Opposed To The Use Of Privately Issued Stablecoins

Mark Brennan
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Bank of Russia Is Opposed To The Use Of Privately Issued Stablecoins

The Bank of Russia takes a stance against the use of private stablecoins inside the nation

In the latest development of the ongoing conflict between the Central Bank of Russia (CBR) and the Ministry of Finance in the country, representatives of the former have criticized the latter’s idea of supporting stablecoins, which some private investors have sought to launch in the country. This dispute has been going on for a long time.

According to Ivan Chebeskov, head of the ministry’s Financial Policy Department, the Ministry of Finance of the Russian Federation (Minfin) usually favors legalizing the circulation of stablecoins in the nation. This information comes from the Ministry of Finance of the Russian Federation.

The discussion of Russia-based stablecoins, which was initiated by Chebeskov one week ago, was shot down, according to the local media, by an anonymous official of the central bank.

At the time, Chebeskov expressed the support of his ministry for the creation of stablecoins that would be related to assets such as “the ruble, gold, oil, or grain.”

He referred to it as the proper road for creating new technologies and strongly encouraged private businesses to experiment with this form of a financial instrument if they determine that it is essential.

The speaker at the CBR conference said that private stablecoins are associated with greater risks than public stablecoins due to the fact that the issuer does not own the pool of underlying assets.

In addition to this, they said that there is no assurance that stablecoins would be redeemed at their original value by the issuer, and that the price of stablecoins is not really that stable, as has been proven all through this year.

In keeping with the typical Bank of Russia statement, the bank’s spokesman underlined that the ruble remains the sole legal payment method in the country and expressed their conviction in the digital ruble, integrating digital payments and national currency dependability.

Local industry analysts say the CBR’s distrust of private cryptocurrencies stems from its digital currency program.

Here’s What You Need To Know About Where Shiba Inu Coins Can Be Used In Life

Andrew MacGill
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Here’s What You Need To Know About Where Shiba Inu Coins Can Be Used In Life

As a MEME token, the Shiba Inu coin was not well received when it was first released and was even ridiculed as a cottage coin by some investors. But it is such a cottage coin that has now grown to the fifteenth place in cryptocurrency. Also, more and more people started to invest and look at this cryptocurrency.

However, in addition to the income generated by the Shiba Inu coin as a cryptocurrency investment, its tokens are becoming more and more useful in life. Some countries or stores use it as a payment currency. Recently, there are many more regions accepting Shiba Inu coins. Check it out.

AMC Theaters Accept SHIB Payments

AMC Theaters accepted cryptocurrency as a payment method back in November 2021. Recently, however, the world’s largest theater chain updated its mobile app to accept other cryptocurrencies such as Shiba Inu Coin as a payment method. Shiba Inu Coin is available on the payment page for tickets, concession cards, and gift cards.

The acceptance of Shiba Inu Coins by international cinema chains also means that the liquidity and acceptability of Shiba Inu Coins are expanding and increasing, which attracts more people to buy Shiba Inu Coin as an investment or a way of life transaction.

Dutch VIP Travel Agency Accepts Crypto Payments

BitPay announced on Twitter on April 15 that it is working with Taylor Travel Management Group, which is based in the Netherlands. This also means that VIP Travel Netherlands now accepts payments in various cryptocurrencies such as Shiba Inu coins.

This VIP travel agency sells to business travelers, celebrities, family offices, and government agencies and provides VIP transportation (including private jets, limousines, and helicopters), security, etc.. It is already operating in 100+ cities. The acceptance of payment methods such as Shiba Inu Coin also means that it will be known and used by various celebrities, enhancing the usefulness of the Shiba Inu Coin while also increasing publicity and exposure.

Dubai Cafe Accepts Cryptocurrency Payments

Bake N More, a cafe located in Dubai, Middle East, announced on Twitter on April 7 that it has partnered with Mixin Network to accept cryptocurrencies such as Shiba Inu Coin as a payment currency. The cafe is popular in Dubai, and the decision will attract more potential investors to the Shiba Inu coin.

Burger chain Welly customizes themed Restaurants

Welly, a burger chain located in Naples, Italy, underwent a rebranding in February, with the upgraded brand adding the ability to pay with cryptocurrencies such as Shiba Inu Coin and using Shiba Inu Coin as the store’s mascot. Welly also partnered with the Shiba Inu Coin team to order a gift card model where a portion of the Shiba Inu Coin profits received will be used for burning.

Burger chain Welly also claims to be undergoing a global expansion. Its support for payments in cryptocurrencies such as Shiba Inu coins will also be important in attracting a segment of consumers.

Not only the above, but the number of companies accepting Shiba Inu Coin payments is currently increasing and the price of the Shiba Inu Coin will be affected by it. At the time of writing, we can see from the international Gate.io cryptocurrency exchange that the current price of the Shiba Inu coin is $0.00001105, up 10% in 7 days, but down 4.9% in the last 24 hours. The trading volume in 24 hours was $359 million.

Uniswap Users Lose Ethereum Worth Millions Of Dollars In A Massive Phishing Attack

Mark Brennan
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Uniswap Users Lose Ethereum Worth Millions Of Dollars In A Massive Phishing Attack

Users lose millions of dollars in a massive phishing attack on Uniswap

After falling victim to a phishing assault that used the Uniswap V3 protocol, some users have reported losing a ton of ETH.

According to information gathered from a variety of sources, someone made off with more than 7,500 ETH.

The event was caused not by the Uniswap protocol itself but rather by the victims’ participation in fraudulent transactions.

A security staffer at Metamask was the first to discover the assault. He alerted Uniswap to the fact that the assault had begun around two hours earlier by posting a message on Twitter.

CZ tweeted Uniswap about the assault six hours later. Zhao claimed Binance’s threat intel detected the hackers had taken over 4295 ETH. He asked the community to alert Uniswap.

Uniswap developer Hayden Adams acknowledged the assault was phishing and not related to the protocol. He advised users to avoid phishing and take safeguards. The smart contract seems good upon checking.

The victims were issued a malicious token called UniswapLP and directed to a website to swap it for UNI. The website stole critical data and wallet cash. Total losses are $8.1 million, although that number might rise when more is learned.

Punters may trade crypto using peer-to-peer technology rather than via traditional exchanges, such as Binance and the FTX, which are controlled by authorities. Uniswap, on the other hand, is a central institution in decentralized finance, or “DeFi.”

Phishing has emerged as one of the most common techniques used by hackers to steal cryptocurrency, despite the fact that there are several other ways this may be accomplished.

The unfortunate reality is that the user must bear the majority of the responsibility for exercising caution in this scenario; notwithstanding, many people continue to click on harmful links under the mistaken impression that they are safe.

SEC v. Ripple: Judge Analisa Torres Takes a Decision On Parties’ Requests to Seal Vital Documents

Lele Jima
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SEC v. Ripple: Judge Analisa Torres Takes a Decision On Parties’ Requests to Seal Vital Documents

U.S. District Judge Analisa Torres has made a ruling on the parties’ request to seal documents in connection with Amici’s motion to participate in the Daubert challenge. 

According to a ruling made by Judge Torres, the requests made by the parties to seal documents in the lawsuit were denied in part and granted in part. 

The court cited the importance of public access to judicial documents, an important aspect of the United States’ history. 

Judge Torres Cites Reasons for the Ruling

Per the ruling, the idea behind granting the general public access to judicial documents is to showcase a level of accountability that would bolster public confidence in the judicial system. 

“The presumption of public access is at its highest when the material is relevant to a court’s decision on a dispositive motion,” an excerpt of the court’s ruling reads. 

Notably, keeping a document away from the public is justified only when it is considered that sealing is important to preserve higher values and is narrowly tailored to achieve the aim. 

The Court’s Ruling

Recall that the Securities and Exchange Commission has consistently requested the sealing of its response to Amici’s participation in the upcoming Daubert challenge. 

The SEC asserted that publicizing the content of its opposing response and exhibits may expose the expert to harassment and threats. 

Based on these reasons, the SEC requested that the court allow: “(1) redactions of the SEC Letter, (2) redactions of the Defendants’ Letter, and (3) the sealing of certain exhibits to both letters. 

Reacting to these requests, Judge Torres ruled that SEC’s proposed redactions are proper because they are narrowly tailored. For this reason, the SEC’s request to redact selected portions of its objection to amici’s participation in the Daubert challenge shall be permitted. 

However, Judge Torres gave a mixed ruling to the SEC’s request to seal and redact exhibits in its opposition letter. 

“Accordingly, the Court GRANTS in part, and DENIES in part, the SEC’s request to seal and redact exhibits to the letters,” Judge Torres ruled. 

Meanwhile, Ripple had previously requested that the court seal exhibit O to the SEC’s letter. The blockchain company noted that the exhibit is confidential under a protective order, as it contains sensitive details related to its business. 

Judge Torres noted that Ripple did not justify the sealing of Exhibit O, as the reasons provided by the Defendants were insufficient. 

“Accordingly, the Court DENIES Defendants’ request to seal Exhibit O and redact the SEC Letter,” Judge Torres ruled. 

Reacting to the development, attorney Jeremy Hogan, a Partner at Hogan & Hogan, said: 

SEC Responds to Ripple’s Expedited Briefing Request

Meanwhile, the Securities and Exchange Commission filed a response to Defendant’s letter, seeking an expedited briefing. 

Shortly after, the Securities and Exchange Commission filed its response to Ripple’s expedited briefing requests. 

The SEC asserted that the expedited briefing schedule proposed by Ripple was not communicated to the agency. 

Although both parties did not meet or confer to discuss the briefing schedule, the agency noted that it does not object to Ripple’s request. 

Bitcoin Hits New Milestone, Created Wallets Surpass 1 Billion

Mark Brennan
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Bitcoin Hits New Milestone, Created Wallets Surpass 1 Billion

The number of Bitcoin wallets created has surpassed 1 billion.

Glassnode Alerts, in a tweet on Tuesday, reveals that Bitcoin has reached a significant milestone as the number of created wallets has now surpassed 1 billion.

“Bitcoin BTC Total Number of Addresses Ever Created just went above 1,000,000,000. Current value: 1,000,002,559,” tweeted the on-chain analytics firm.

The latest milestone is important as it shows that the leading digital asset is still in demand despite the recent market downturn. However, it is necessary to clarify that the number of addresses surpassing 1 billion does not mean that the number of unique holders has exceeded the 1 billion mark, as some individuals hold multiple wallets. In addition, others sometimes create new ones after losing access to a previous one if they lose their keys.

“wait, wait – I thought Bitcoin was dead,” tweeted one user.

The Crypto Basic reported Monday that Bitcoin commentary on social media had reached record levels of optimism despite the current macroeconomic environment. Additionally, Santiment later revealed on Monday that Bitcoin-related discussions were on the rise compared to other crypto assets, a trend the analytics firm points out has historically served as a bullish indicator.

“The ratio of discussions related to Bitcoin vs. all crypto topics has risen swiftly on social media. BTC’s social dominance is now at its highest point since June, 2021. Historically, focus coming back to BTC is a good sign for crypto bulls,” Santiment tweeted.

In addition, exchanges have recorded high outflows as believers in the digital asset move to accumulate. They believe now to be an excellent time to pick up the asset. Despite these positive fundamentals, it is worth noting that the price of the asset continues to range as worrying macroeconomic conditions persist.

The crypto asset currently trades below the $20k price point at about $19,719. It has slipped 3.53% in the last 24 hours. It is worth noting that the release of US inflation data on Wednesday will likely lead to market volatility.

USDC Weekly Exchange Outflow Volume Taps 3-Month Low: Glassnode

Mark Brennan
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USDC Weekly Exchange Outflow Volume Taps 3-Month Low: Glassnode

Glassnode reveals decreased USDC withdrawals.

Glassnode Alerts, in a tweet on Monday, reveals that less USDC has been taken off exchanges in recent weeks, noting that outflows have reached 3-month lows.

“USDC Exchange Outflow Volume (7d MA) just reached a 3-month low of 17,054,825.527 USDC. Previous 3-month low of 18,142,495.136 USDC was observed on 09 June 2022,” the analytics service tweeted.

It is worth noting that a decrease in stablecoin withdrawals on exchanges can serve as an indicator of increased buying intent as they serve as on-ramps for the crypto space. Moreover, in June, The Crypto Basic reported that there had been an increased supply of Tether USD (USDT) to exchanges fueling speculations of increased buying power.

Notably, Circle’s USDC has shown significant growth in the past year as trust in the coin increases. As a result, it has remarkably held its own despite recent stablecoin concerns. Additionally, its market cap has shown considerable growth as it edges closer to overtaking Tether as the leading stablecoin.

“Circle is in the strongest position it has ever been in financially, and we will continue to increase our transparency,” Circle CEO Jeremy Allaire tweeted, addressing recent stablecoin concerns.

Following the collapse of the Terra ecosystem as a result of the Terra USD (UST) de-pegging event, there has been increased scrutiny of stablecoins as investors worry about their backing. Notably, Tether has been on the receiving end of a lot of this concern as hedge funds short the asset en masse, triggering a surge of redemptions and causing a $16 billion drop in market cap.

Circle currently boasts a market cap of $55.55 billion, less than $11 billion away from market leaders Tether. Consequently, it remains the fourth largest crypto by market cap. Notably, USDC issuer Circle is currently pursuing a US crypto bank charter.

Bitcoin Weekly Deposits On Exchanges Reach 2-Year Low: Glassnode

Mark Brennan
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Bitcoin Weekly Deposits On Exchanges Reach 2-Year Low: Glassnode

Bitcoin supply to exchanges takes a dive.

Glassnode Alerts reveals in a tweet Tuesday that Bitcoin weekly deposits have tapped 2-year lows, sitting at around 2,021.750 BTC.

“Bitcoin BTC Number of Exchange Deposits (7d MA) just reached a 2-year low of 2,021.750,” the analytics firm tweeted.

It is worth noting that The Crypto Basic had reported that there had been massive Bitcoin outflows from exchanges this month. About 151k BTC are said to have left crypto exchanges as shrimps, sharks, and whales continue accumulating the asset.

Bitcoin sharks with 10 to 100 BTC holdings have added 52k BTC to their bags in just five weeks. Additionally, Bitcoin whales now hold about 45.6% of the supply, and shrimps have added about 36.75k BTC each month, according to Glassnode.

However, it is worth noting that the leading digital asset has also not been free from selling pressure. Miners have capitulated, and long-term holders are facing unrealized losses. Notably, Bitcoin has plunged by over 70% from its all-time high. Consequently, as previously reported, Bitcoin mining firm Bitfarms sold 3000 BTC in June, even as Glassnode points out that miners are now selling 3000 to 4000 BTC monthly, with the figures expected to double to 8k BTC.

As reported by The Crypto Basic, more selling pressure may be ahead for the leading digital asset. It appears that victims of the Mt Gox attack in 2014 may be receiving repayments soon, which could see an extra supply of 150k BTC hit the markets, with many speculating that these victims may be inclined to sell.

However, Binance chief Changpeng Zhao, popularly called CZ, has downplayed such concerns, noting that holders of BTC in 2014 were more likely to be believers in the asset than sellers.

“Just ask yourself, if you got into crypto and had BTC from 2014, will you be in a hurry to sell now? New joiners vs OG mentality,” CZ noted.

At the time of writing, the asset is trading around the $20k price point. It is down 2.52% in the last 24 hours as traders anticipate the US inflation data on Wednesday.

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