Crypto News: Weekly Wrap July 9, 2023

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8 Jul 2023

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Hello and welcome to my crypto weekly wrap, where I bring you the top stories from the world of crypto. This is a new try, so from now on I will bring Crypto weekly wrap every weekends.

In this edition, I will cover some exciting developments related to Bitcoin ATMs, encrypted messaging, and digital yuan payments. Let’s dive right into the headlines for this week.

Bitcoin Depot Becomes the First Crypto ATM Firm to List on Nasdaq

Bitcoin Depot, a leading crypto ATM provider, has announced its listing on Nasdaq under the ticker BTM. This listing marks a significant milestone for the company and further legitimizes the crypto industry as it gains recognition on a traditional stock exchange.

Image Source: DeCrypt

Bitcoin Depot operates over 7,000 ATMs across the U.S., allowing users to buy and sell digital assets quickly and conveniently without having to deal with exchanges or banks. The company claims to be the largest provider of Bitcoin ATMs in North America, with a market share of 18%.

The company listed on Nasdaq through a SPAC deal worth $855 million with GSRM, a blank check company focused on fintech. The deal was announced in August and completed on July 2. Bitcoin Depot’s stock on July 3 reached a high of $6.62 before closing at $3.61.

Brandon Mintz, the founder and CEO of Bitcoin Depot, said that the listing will help support the company’s growth opportunities and advance its mission to bring Bitcoin to the masses.

“Bitcoin Depot is well positioned with the largest market share in North America, and the additional capital from this transaction will help support our numerous growth opportunities while advancing our mission to safely [and] securely bring Bitcoin to the masses,” Mintz said in a press release.

The listing of Bitcoin Depot is a positive sign for the crypto ATM industry, which has seen remarkable growth and adoption in recent years. According to Coin ATM Radar, there are currently over 28,000 crypto ATMs worldwide, up from just over 10,000 a year ago. The U.S. accounts for over 80% of the global market, followed by Canada and the U.K.

Crypto ATMs offer a convenient and accessible way for people to enter the crypto space, especially for those who are unbanked or underbanked. They also provide an alternative option for people who want to avoid censorship or restrictions from traditional financial institutions.

TON Enhances User Security with Encrypted Messenger

Image Source: CoinTelegraph

TON, a privacy-focused cryptocurrency project, has recently unveiled an encrypted messenger feature for its users. This feature will allow users to send text messages along with their transactions, thereby enhancing their privacy and security.

TON is a decentralized protocol that allows users to anonymize their transactions on Ethereum by using zk-SNARKs, a form of zero-knowledge proof technology. Users can deposit their tokens into TON's smart contracts and withdraw them later from different addresses, breaking the link between their original and final destinations.

The encrypted messenger feature adds another layer of protection to Ton’s transactions by using end-to-end encryption (E2EE). E2EE is a method of securing communication where only the sender and the receiver can see or read what is sent or said. No one else, including Torn or any third party, can access or decrypt the messages.

To use the encrypted messenger feature, users need to generate a public key and a private key pair using Tron’s interface. The public key can be shared with other users who want to communicate with them, while the private key should be kept secret. Users can then send messages along with their deposits or withdrawals by entering their recipient’s public key and their message in Tron’s interface.

The messages are encrypted using AES-256-GCM encryption algorithm and stored on IPFS, a decentralized file storage network. The messages are then linked to TON’s transactions using zk-SNARKs proofs. Only users who have the corresponding private keys can decrypt and read the messages.

The encrypted messenger feature is designed to enhance user security and privacy in several ways:

It allows users to communicate securely with each other without revealing their identities or personal information.
It allows users to verify their transactions by sending confirmation codes or receipts along with their messages.
It allows users to coordinate their transactions with other users by sending instructions or requests along with their messages.
It allows users to add context or meaning to their transactions by sending notes or comments along with their messages.

The encrypted messenger feature is currently available for TON’s native token (TON) transactions only, but the team plans to extend it to other supported tokens in the future. The feature is also optional and users can choose not to use it if they prefer.

DBS Bank Launches Digital Yuan Payment Tool

DBS Bank, a renowned financial institution based in Singapore, has recently launched a digital yuan payment tool for its corporate clients in China. The tool, also known as e-CNY, will allow businesses in mainland China to receive payments from their customers in the CBDC (central bank digital currency) issued by the People’s Bank of China (PBOC).

DBS Bank is one of the first foreign banks to support the digital yuan, which is currently in the testing phase in several cities and regions in China. The bank said that the e-CNY merchant solution will enable businesses to collect CBDC without having to go through manual settlement processes. The tool will also feature e-CNY’s capabilities that allow users to receive payments in underserved regions with limited internet connectivity.

The bank said that it has completed the first e-CNY transaction involving a catering company in Shenzhen. Ginger Cheng, the CEO of DBS Bank China, said that the launch of the tool showcases the bank’s commitment to improving user experience and supporting China’s financial market innovation.

“By seamlessly integrating a CBDC collection and settlement method into our clients’ existing payment systems, this will help position their business for a digital future where consumers in China use e-CNY for their daily activities,” Cheng said in a press release.

The launch of the e-CNY merchant solution is part of DBS Bank’s broader efforts to embrace digital currencies and blockchain technology. The bank has previously launched a crypto exchange and custody service for institutional clients, as well as a blockchain-based trade finance platform. The bank has also expressed interest in exploring cross-border CBDC payments with other central banks.

The digital yuan is one of the most advanced CBDC projects in the world, as China aims to become a leader in digital currency innovation. According to the PBOC, there were 13.6 billion e-CNY in circulation, or about $2 billion, by the end of 2022. The CBDC is currently accepted across 26 cities and 17 provinces in China, with adoption expected to scale further as the program gradually expands to more regions.

Conclusion

That’s all for this week’s crypto news. I hope you enjoyed this article and learned something new about the latest developments in the crypto space. If you did, please give me a like, comment, or share this article with your friends and family.
Also, don’t forget to subscribe to my profile to stay tuned for more updates on crypto. Thank you for reading and see you next time!