Cathie Wood’s Ark Invest dumps PayPal favoring Bitcoin-friendly Cash App

Crypto investment company Ark Invest founder, Cathie Wood, has dumped all of the firm’s holdings of PayPal and showed greater confidence in the long-term growth of the Cash App payment system which uses the Bitcoin Lightning Network. Wood explained her firm’s move at the Miami Bitcoin 2022 conference which wrapped up on April 9. The Lightning Network (LN) is a layer-2 solution for Bitcoin meant to facilitate faster and cheaper transactions. Financial technology company PayPal operates the payment app Venmo as a direct competitor with Block’s (formerly Square) Cash App.…

Bill proposes digital currency that replicates cash, bypasses the Fed

The Electronic Currency and Secure Hardware Act (ECASH Act), introduced today in the United States House of Representatives, could herald a new direction in government-sponsored digital currencies. The legislation calls for the U.S. Secretary of the Treasury to develop and pilot an electronic version of the U.S. dollar that is easy to use for the economically marginalized or technically challenged. It would also “maximize” consumer protection and data privacy, according to its principal sponsor Representative Stephen Lynch, chair of the Fintech Task Force in the House Financial Services Committee. Interestingly,…

Why web3’s wealthy are donating crypto instead of cash – TechCrunch

As the Russia-Ukraine war rages on, crypto has become an integral tool for donors abroad to support Ukraine. The success of crypto-native fundraising campaigns in this context is reflective of a broader trend that’s taken off in a big way this year of crypto holders giving away their coins to support charitable causes.  Charities around the globe are soliciting donations in crypto to aid Ukraine. Endaoment, a popular crypto giving platform, says it has raised over $2 million for charities supporting Ukraine since the onset of the war in late…

Monero, Kyber Network and Tornado Cash break out as traders pile into privacy protocols

Stocks and cryptocurrencies saw a notable bounce on March 9 even though war, rising inflation and historically high oil prices have investors uncertain about the future. Bitcoin (BTC) price surged to $42,600 in the early trading hours and several altcoins followed suit with double-digit gains. Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Monero (XMR), Kyber Network (KNC) and Tornado Cash (TORN), with Zcash (ZEC) earning an honorable…

Jack Dorsey Shouldn’t Dismiss VC Cash in Web3: Animoca Brands Founder

Animoca Brands’ founder Yat Siu says that Jack Dorsey has the power to help shape Web3. But the Twitter founder doubts Web3, saying it’s being run by wealthy venture capital firms. Siu told Insider Dorsey is being too quick to dismiss the new wave of internet entrepreneurship and innovation. LoadingSomething is loading. Jack Dorsey — Twitter founder and vocal proponent of virtual currencies — is not sold on Web3. He’s convinced it might “never escape” venture capitalists’ incentives and will end up being a “centralized entity with a different label.”…

Cloud $9 Million: Fluence Labs Raises Cash, Aims to Liberate Web3 From AWS

Cloud computing is a highly centralized sector, controlled by a handful of big-name services such as Amazon Web Services, Microsoft Azure, and Google Cloud. And when their servers go down, the internet goes darker than any sky. Fluence Labs is one of the Web3 projects looking to change the landscape of computing by helping blockchain applications ditch their reliance on centralized cloud computing and go fully peer-to-peer. To get its network into the hands of Web3 projects, Fluence Labs has raised $9 million in a Series A led by Multicoin…

Coinbase Allows Crypto Investors to Cash Out in Pesos in Mexico

Coinbase, the largest U.S. cryptocurrency exchange, said it launched a pilot program in Mexico on Tuesday, allowing crypto traders in Mexico to cash out cryptocurrencies in Pesos, Reuters reported. According to the official coinbase blog, crypto recipients in Mexico can now opt to cash out their balance by generating an exchange code on the Coinbase app that can be used to receive cash at 37,000 retail and convenience stores across Mexico. For cryptocurrency recipients in Mexico, they can deposit funds in the coinbase app to invest in various cryptocurrencies, a…