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Bank of Israel has launched “Digital Shekel Challenge” to develop CBDC payment solutions. Participants of the challenge will access a prototype system to create innovative digital shekel uses. Bank of Israel is scheduled to hold a webinar on June 9 for details. In a significant move towards digital currency adoption, the Bank of Israel (BoI) has announced the launch of the “Digital Shekel Challenge.” The initiative aims to develop innovative payment solutions using the digital shekel, Israel’s proposed central bank digital currency (CBDC), first reported in 2021. Inspired by the “Rosalind Project” from the BIS Innovation Center, the challenge marks a major step in the BoI’s action plan for potentially issuing the digital shekel. What is the Digital Shekel Challenge? The Digital Shekel Challenge is designed to invite participation from a wide array of entities, including private companies, public institutions,...

Cryptocurrencies are more than just an investment product for price speculation in the short, mid, and long terms. Actually, the different use cases – like crypto payments – bring value and organic demand for the cryptocurrency market to grow healthy. Notably, a report published on January 10, 2024, by CoinGate evidenced this growth, with 4 million transactions processed. In 2023 alone, the platform recorded over 1.29 million crypto payments, or one payment every 24 seconds. CoinGate is one of the leading payments intermediaries in the industry, registering outstanding numbers since its foundation. In this context, 2023 was the most relevant year for the segment, holding one-third of all CoinGate’s transactions. The 1,294,058 crypto payments are 40% superior to 2022’s 928,517 numbers, reported by Finbold one year ago. Payments in crypto over the years. Source: GoinGate Bitcoin and USDT lead crypto payments on CoinGate Cryptocurrency Is the fake Bitcoin ETF approval...

Bitcoin (BTC) and Ethereum (ETH) transaction fees surged in 2023 and continue at higher levels. Facing expensive transaction costs, people started seeking more efficient cryptocurrencies to use as payment , like Litecoin (LTC). In this context, monthly payment data by one of the largest cryptocurrency payment services, BitPay, evidences this phenomenon. Notably, the platform’s users favored Litecoin by 38.25% in December, surpassing Bitcoin (23.24%) and Ethereum (10.45%). This trend started in November 2023 when LTC dominated 34.52% of BitPay payment s, against 30.55% using BTC. Payment count by cryptocurrency. Source: BitPay Additionally, Dogecoin (DOGE) got fourth place with 7.38% of BitPay users’ transactions in December 2023. Followed closely by Bitcoin Cash (BCH), with 6.18%; Polygon (MATIC), with 5.09%; and Circle USD (USDC), with 2.07%. BitPay relevancy on cryptocurrency payments Cryptocurrency Top 5 cryptocurrencies by network activity to buy in January ...

Crypto exchange Coinbase announced an update to its commerce product based on the new Onchain Payment Protocol. It simplifies and standardizes onchain payments . The company said that the updated product will solve the problems of volatility and complexity with transactions. It will provide a single setup for commercial clients and allow integration with platforms like WooCommerce, Primer, and Jumpseller. “This enhancement offers merchants volatility-free payments , low transaction fees, and instant settlement across hundreds of currencies, available on Base and other EVM networks.” Coinbase blog In addition, the protocol involves the automatic conversion of any cryptocurrency into the USD Coin (USDC) stablecoin. The platform listed other key advantages, such as low fees for transfers and instant settlements in many cryptocurrencies, confirmation of transactions in real-time, which will increase user convenience, and support for cryptocurrencies in the Ethereum (ETH), Polygon (...

Managing risks and creating smooth onboarding are among the main challenges with crypto payment integrations. Cryptocurrency payment gateways can have a significant impact on a company’s operations. By accepting Bitcoin payments, companies can expand into new regions without having to search for local providers. Processing fees are also lower, saving companies a lot of money on commissions. Additionally, crypto payment providers don’t require rolling reserves, eliminating the risk of chargebacks and associated fraud. Integrating a crypto payment gateway is simple for those unfamiliar with blockchain technology too. Thanks to instant conversion to fiat and transferring to a bank account, clients do not have to receive crypto directly. What’s more, crypto payment providers like CoinsPaid offer unprecedented tech support to their clients. CoinsPaid’s XXXXX explains more about crypto payment providers and their integration within traditional businesses in the interview below. Q: How will ...