Cryptocurrencies To Watch

Author: Ruth Ochuba

  • American Travel Agent Skylux Now Accepts Crypto Payments For Exclusive Flights

    American Travel Agent Skylux Now Accepts Crypto Payments For Exclusive Flights

    In the last 14 years of cryptocurrency innovation, digital payment options have gradually replaced traditional payment in nearly every industry. Earlier today, Skylux Travel announced that it has launched a new digital payment platform backed by Triple-A, a leading cryptocurrency payment company licensed in the United States.

    Demand For Crypto Payment Options

    Skylux Travel is a full-service company based in the U.S. that focuses on providing customers with a luxury and business travel experience globally.

    The latest launch followed an increasing demand for varying payment options, allowing customers to book an online flight ticket using cryptocurrency while certifying a seamless and secure reservation experience for tech-focused customers.

    Varying Options-Happy Customers

    In addition, the recent payment option will allow customers to use well-sought-after cryptocurrencies like BTC, ETH, USDC, and other digital currencies for their travel bookings. Crypto payment solutions within the travel sector will allow customers to enjoy innovative and flexible payment options.

    Moreover, the travel agent requires customers who want to leverage the new payment options to choose a preferred digital currency. Once payment is confirmed on the blockchain, customers will receive an email containing details about their flight tickets and reservations.

    Triple-A will oversee the transaction process, from the Know Your Customer (KYC) essentials to the crypto-fiat conversation and compliance check to protect Skylux customers from volatility.

    Seeing this as a significant move, the CEO at Triple-A, Eric Barber, stated:

    “Digital currency adoption within the travel sector is growing, as customers seek flexibility and innovation in the payment options they are offered. Our partnership with Skylux Travel allows us to cater to the demands while setting a new standard for convenience and security in luxury travel.”

    Like Skylux, other platforms have bridged traditional firms with crypto payment procedures. An example is the Asian rider app TADA, which launched a new Telegram-based mini-application that will allow seamless cryptocurrency transactions between riders and customers on the TON (The Open Network) blockchain.

  • Bitcoin Miner BitFuFu to Acquire 80MW Mining Facility in Ethiopia

    Bitcoin Miner BitFuFu to Acquire 80MW Mining Facility in Ethiopia

    Today, leading mining service provider BitFuFu revealed that it is in talks to acquire a new Bitcoin mining facility, in a bid to strengthen the firm’s global position and deliver long-term value to its customers.

    BitFuFu’s Expansion Foresight

    The proposed facility measuring 80 megawatts (MW) will lay the cornerstone for the firm to transition its business model strategy from asset-light to managing a strapping and diverse portfolio of Bitcoin mining infrastructure.

    Suppose the acquisition of the Ethiopia facility becomes actualized. In that case, BitFuFu will be better equipped to increase its mining capacity by 4.6 EH/s (exa hash per second), as the mining company hopes to leverage the latest Bitmain S21 series miner.

    Hosting Mining Space

    Previously, the mining firm had a hosting capacity of 522MW, which was under third-party hosts. However, upon the successful acquisition of the latest mining facility, the company’s hosting capacity will hit 602MW, a new milestone. BitFuFu will now host 13% of its mining capacity on the company’s site rather than a third-party host.

    In addition to boosting economic growth and opening up new job opportunities for the region, the new site acquisition will place BitFuFu in a strategic position to compete well in the international market.

    Commenting on the development, BitFuFu CEO Leo Lu sees it as a critical milestone for the mining firm to integrate and move forward to a more resilient Bitcoin portfolio.

    “As we integrate this facility into our global infrastructure, we can capitalise on lower energy costs to reduce Bitcoin production expenses and enhance profitability,” he said.

    While Bitcoin miner BitFuFu makes a move to expand its mining infrastructure, some mining firms are shutting down their Bitcoin mining operations.

    Just recently, German-based technology and high-performance computing (HPC) solutions provider, Northern Data, revealed plans to offload mining rigs from its Bitcoin mining space and divert funds into Artificial Intelligence initiatives and software development.

  • South African Bank Capitec Receives Industry Criticism for Restricting Crypto Transactions

    South African Bank Capitec Receives Industry Criticism for Restricting Crypto Transactions

    The South African retail bank Capitec has blocked electronic fund transfers (EFTs) to crypto exchanges to protect customers from fraud.

    The restriction comes after the announcement that the Capitec app interacts with the Fraud Center in real-time. This latest interaction will alert customers and restrict payment when beneficiaries report fraudulent activities.

    Crypto Community Questions Bank’s Action

    Carel de Villiers, Shiftly CEO, and co-founder experienced the restriction and was among the first to raise the alarm about the issue on his X handle. He expressed difficulty accessing his VALR account, a crypto exchange platform.

    Following Carel de Villiers’ post on X, Farzem Ehsani, CEO and co-founder at VALR exchange, confirmed that the retail bank deliberately imposed the restriction, stating it was peculiar only to Capitec bank.

    “Capitec Bank has informed us that it has decided to restrict its customers from sending funds to crypto exchanges. All other South African Banks allow you to fund your crypto asset account,” he said.

    Capitec Responds

    Speaking with MyBroadBand on the matter, a Capitec bank representative stated:

    “Capitec is committed to protecting our clients from fraud, which is why we made the decision to block [electronic fund transfers] and immediate real-time clearing payments to crypto exchanges on our app and business web interface.”

    Expressing Capitec’s concern about the safety and protection of customers’ funds, the SA bank affirms that it recognizes the growing interest in cryptocurrency and beckons users to adopt its Capitec Pay. This open banking system allows customers to make digital payments directly from their Capitec bank account as a safer alternative for crypto transactions.

    On the bright side, other African countries increasingly embrace the crypto industry. For instance, Nigeria approved Quidax and Busha to operate as regulated crypto exchanges.

    In another report, the Bank of Ghana revealed plans to launch a regulatory framework as a guardrail for crypto adoption in the country.

  • Suilend Adds Support for Circle’s Native Coin USDC

    Suilend Adds Support for Circle’s Native Coin USDC

    DeFi lending and borrowing platform Suilend recently announced that it now adds support for the native USDC, the flagship stablecoin issued by Circle. News of this integration comes three weeks after Circle revealed plans to launch its dollar-pegged stablecoin on the layer-1 Sui blockchain.

    Native USDC Joins Suilend

    Previously, users on the Suilend protocol could access USDC by leveraging the Wormhole-wrapped USDC. The bridged version of the stablecoin accounted for 65% of the market share of stablecoins (over $280 million) traded on the Sui network.

    However, the recent integration with the native USDC allows users to migrate to direct interaction with Circle’s dollar-pegged stablecoin. It will also enhance users’ and developers’ interoperability by adding liquidity, improving market efficiency across the ecosystem, and streamlining transactions.

    Suilend has urged users to interact directly with the native USDC stablecoin without the Wormhole-Wrapped bridge. Those with balances in bridged USDC are also advised to migrate to the native version of the digital asset. The DeFi lender added an incentive for users, offering zero fees for borrowing actions for a limited time.

    Suilend’s dashboard shows that over 17.8 million USDC have been deposited into the protocol and 12.3 million USDC borrowed within a few days of its debut.

    Circle Expands Ecosystem

    Suilend’s addition of support for USDC stablecoin will grow the digital asset’s market performance. For instance, on-chain data reveals that the stablecoin’s daily trading volume soared to $7.3 billion shortly after the announcement.

    Over the past few months, Circle has made several moves to boost the adoption of its USDC stablecoin. One such move is that the stablecoin is now available on more than 15 blockchains, including Avalanche, Polygon, Base, and more.

    In other news, Circle joined forces with Sony to bring USDC into Soneium, an Ethereum layer-2 network aimed at boosting Web3 adoption.

  • Crypto Sponsors Spend $170M on Premier League

    Crypto Sponsors Spend $170M on Premier League

    As English football clubs unanimously decide to drop all gambling sponsorship from front shirts on match days, crypto firms are speedily taking advantage of the opportunity to increase their sponsorship for Premier League clubs.

    A recent Bloomberg report revealed that crypto-focused companies have injected $170 million into partnership deals with football clubs in the Premier League 2024/25 season.

    A Shift From Gambling Sponsors

    Since 2019, a regulatory directive has restricted gambling platforms from being advertised on TV during football matches. From mid-2026, football clubs will be mandated to remove betting sponsors from the shirts worn by players and other kits.

    Highlighting how difficult it would be for football clubs to let go of betting sponsors, Daniel McDonagh, an associate at UK law firm Charles Russell Speechlys Llp, stated:

    “There’s been a real shift toward limiting visible gambling sponsorship. There’s been an incentive in general for football teams to start seeking out new categories of sponsorship, because obviously that that was quite a lucrative stream — the biggest single industry putting money into the sport.”

    Crypto Firms Dive Into Premier League

    The regulatory shift has led to a recent influx of crypto firms sponsoring Premier League clubs, which is becoming another source of income for football clubs.

    For instance, the popular crypto exchange Kraken appeared on the Premier League sponsorship scene. The crypto exchange signed partnerships with the English football club Tottenham Hotspur and partnered with other European football clubs, such as Atletico de Madrid and RB Leipzig, earlier this year.

    In another development, the Union of European Football Association (UEFA) announced that it had sealed a multi-year partnership deal with Crypto.com, with the crypto exchange as their official global sponsor. The three-year partnership will last from 2024 to 2027.

    A recent record by an expert sports sponsorship agency that consults for top sports brands reveals that crypto sponsorships for sports clubs have risen from $17 million in 2020 to over $168 million spent by crypto firms in 2024, a more than 800% increase.

    The latest record shows that, despite recent market downtrends and criticism, the crypto industry has refused to retreat.

  • Ghana to Embrace Crypto After Years of Hostility: Report

    Ghana to Embrace Crypto After Years of Hostility: Report

    Ghana establishes a regulatory framework to shift from hostility toward crypto assets and potentially contribute to mass adoption.

    The Bank of Ghana (BoG), the country’s sovereign bank, plans to give the West African country the green light to enter the crypto space. According to a recent report from African Law & Business, the Ghanaian government will launch a regulatory guideline to serve as guardrails for crypto adoption in the country.

    The latest news comes after extensive research of the crypto ecosystem revealed crypto asset use cases in the Ghanaian economy. For example, employing cryptocurrency in the remittance of cross-border payments has been endorsed as faster and cheaper.

    Ghana’s Previous Crypto Hostility

    It is worthy of note that in the past, the Bank of Ghana has issued clear warnings to Ghanaians that users are at their own risk as crypto assets are not recognized as legal tender. Moreover, cryptocurrencies are not regulated by any Ghanaian law. Therefore, they could be a force for funding terrorism and users’ vulnerability.

    However, the government has now leaned towards a crypto-friendly outlook. Regarding the driving force behind the latest shift, the regulator stated:

    “The digital asset landscape in Ghana is evolving, with increasing interest and adoption of crypto assets and blockchain technology, supported by a growing number of exchanges and initiatives in the country’s financial ecosystem. Although these transactions have relatively insignificant volumes compared to the broader digital payments, the dynamic growth of digital assets calls for regulatory clarity to ensure adequate financial stability and consumer protection.”

     

    While the BoG stated that the new regulatory guidelines would allow citizens to use crypto assets like BTC and ETH, it clearly stated that unless the latest guideline goes into effect, financial service providers are restricted from processing cryptocurrency transactions.

    In addition, parts of the guidelines mandate that virtual assets service providers conduct due diligence protocols, implement measures to prevent financial crime, and report suspicious transactions.

    Like Ghana, other African countries that used to be unfriendly with the crypto space have turned around and embraced it. For instance, the Nigeria Securities Exchange Commission (SEC) recently approved Quidax and Busha to resume legal operation as regulated crypto exchanges in the country.

  • Crypto Exchange OKX Enters Singapore With New License

    Crypto Exchange OKX Enters Singapore With New License

    OKX hired a new CEO for its Singapore-based subsidiary as part of its entry into the country.

    Crypto exchange OKX received a Major Payment Institution (MPI) license today from the Monetary Authority of Singapore (MAS). This move will allow the exchange to offer crypto trading services and digital payment experiences to Singapore-based investors.

    Entering the Singapore financial market doubles down on OKX’s decision to bolster cross-border crypto transactions.

    OKX Hires New CEO

    Upon receiving operational recognition, the popular crypto exchange also announced that it had onboarded Gracie Lin as CEO of OKX Singapore (SG).

    The new CEO will bring to bear her expertise from years of experience as a former Fintech Manager at Grab, where she led the Regional Strategic and Economic team.

    The recent development marks a significant milestone in the history of OKX SG and the CEO’s  career, Lin said:

    This next chapter presents an incredible opportunity for personal growth and contribution. I’m psyched to work with the talented and passionate team at OKX to bring the potential of blockchain to life. 

    OKX Exits Nigeria

    It is worth noting that while OKX received local operational approval in Singapore, it recently exited the Nigerian crypto market due to adjustments in local laws concerning crypto regulations.

    OKX users in Nigeria were advised to halt Peer-to-Peer trading and withdraw their assets from Grow products, margin, future, and option positions. This step came after the African country tightened its stringent crypto stance. Earlier this year, the Nigerian law authorities detained top executives from Binance, the leading crypto exchange, over claims that Binance aided in crippling the country’s sovereign currency, naira.

    Although the country’s financial regulator recently endorsed two crypto exchanges, it remains unclear how free local investors are to explore the crypto market.

    Entering the Singapore financial market will likely enable the crypto exchange to rekindle its lost user base from exiting Nigeria.

  • Bitcoin Surpasses PayPal in Quarterly Transfer Volume

    Bitcoin Surpasses PayPal in Quarterly Transfer Volume

    In the twelve years since Bitcoin’s creation by an anonymous entity, the underlying network has become a global payment settlement layer, putting it in the same bracket as older financial services companies such as PayPal, Mastercard and Visa. 

    Impressively, recent data comparisons shared by Block Data revealed that Bitcoin has handled more than 50% of PayPal’s average in 2021, although it still trails Visa and Mastercard by some mile. This year, PayPal processed an average of $310 billion worth of transactions each quarter.

    Meanwhile, the bitcoin network recorded an average of $489 billion in every quarter of 2021 so far.

    Worth noting is that Bitcoin’s stellar price increase since the turn of the year has contributed immensely to the latest feat. At the same time, it would take significant growth for Bitcoin to reach the same volume as Visa and Mastercard. BlockData estimates that by taking “the average yearly bitcoin price as a growth metric, it could take as long as 2060 for this to happen.”

    Payment Giants Tapping Into Bitcoin and Crypto Growth

    It is worth noting though that PayPal recorded a stellar financial report in the last quarter of 2020 only after the firm decided to venture into cryptocurrency. The payments giant now offers crypto buy and sell services to clients in the U.S. and the UK.

    Visa and Mastercard have also not been left behind, with both companies launching crypto-related efforts in recent times. It is apparent that their involvement would be critical to pushing cryptocurrencies further towards mainstream adoption.

    Another category of payment institutions tapping into bitcoin’s growth are banks. In a recent development, it was revealed that Five Star Bank and UNIFY Credit Union had entered into a partnership to offer bitcoin to customers.

  • Russian Minister Says Nation Could Adopt “Digital Assets” For Foreign Reserves

    Russian Minister Says Nation Could Adopt “Digital Assets” For Foreign Reserves

    With the industry around digital assets like Bitcoin continuing to grow in size, the odds of sovereign countries adopting it for their foreign reserves continue to rise.

    In a recent interview with local news agency Interfax, Alexander Pankin, the Deputy Minister for the Russian Federation, revealed that the country is looking at the possibility of adopting digital assets as a replacement for the U.S. dollar in its foreign reserves.

    According to Pankin, adopting a digital currency as a foreign exchange reserve will serve as a  preventive step towards providing a stable ecosystem for the country’s  development, he stated; “it is possible to replace the American dollar with other currencies, both national and regional, and in the future, probably, with some kind of digital assets.”

    Russia Asserts Supremacy of Digital Assets

    While the Deputy Minister did not specify which digital currency the country would adopt, he emphasized that removing the dollar for a digital currency would be a way of preserving Russia’s financial sovereignty.

    Unlike the US dollar, cryptocurrencies like Bitcoin are decentralized and not censored by a single country, a feature that makes it appealing to sovereign states. Bitcoin currently has a market capitalization above $1 trillion and will probably be a top contender if Russia decides to go down that path.

    Notably, Pankin pointed out a key advantage of decentralized currencies in protecting transaction settlements with foreign business partners when he said; 

    “payments in US dollars, in fact, go through American banks and the clearing system, which allows Washington to block any, in their opinion, suspicious transactions.”

    If and when Russia does adopt cryptocurrencies like Bitcoin for its reserves, the European nation would be taking the same footsteps as El Salvador. The country of six million people became famous for being the first to adopt Bitcoin for its reserves and as a legal tender.

    Meanwhile, the Bank of Russia is reportedly considering the issuance of a Central Bank Digital Currency (CBDC) called the digital ruble.