Coinbase Lets Mexicans Cash Out Crypto In Local Currency

 

Coinbase Global is launching a pilot program allowing cryptocurrency recipients in Mexico to cash out their funds in pesos. This move aims at shaking up the $700 billion global remittance market.

Cryptocurrencies such as Bitcoin are essential for people to send money to family and friends overseas. This perspective comes due to the borderless nature of crypto and fewer intermediaries than traditional currency transfers.

Cryptocurrency recipients in Mexico can now generate an exchange code on their Coinbase app. They can use this code to receive cash at 37,000 retail and convenience stores across Mexico.

Coinbase said Tuesday that the service will be free until March 31. After that, it will charge customers a nominal fee that is 25-50% cheaper than traditional international payment methods.

Coinbase added that the pilot program will begin in Mexico and that the company will consider other regions over time.

 

Australian Trading Platform Selfwealth Offers Cryptocurrency Trading To Its 325k Users

 

After announcing a deal with local cryptocurrency exchange BTC Markets, listed company SelfWealth has reportedly become Australia’s first online stock trading platform to offer cryptocurrency investments.

BTC Markets CEO Caroline Bowler said that from the second quarter of 2022, investors would be able to trade five major crypto assets, pending approval from Australia’s financial regulator AUSTRAC.

Neither SelfWealth nor BTC Markets can comment on which crypto assets are available for purchase until regulators approve them. Still, market leaders such as Bitcoin and Ethereum (ETH) are likely to be among them.

Australia’s fourth-largest online brokerage platform Selfwealth announced its entry into the crypto space last July. The $8 billion brokerage released a report outlining that 30% of its users already invest in cryptocurrencies. Meanwhile, another 38% are looking to invest in the future.

While many large corporations still view cryptocurrencies as “risky” assets, SelfWealth, which has a client base comprised of self-managed super funds and more traditional investors, seeks to differentiate itself from the crowd by dispelling this misconception differentiate.

Bowler didn’t shy away from highlighting the scale of the opportunity that SelfWealth and BTC Markets are taking advantage of.

JPMorgan Calls For A Quick Regulatory Fix For Cryptocurrency Hedging

 

On Tuesday, a senior executive at U.S. bank JPMorgan Chase & Co said that new rules are urgently needed to give banks certainty in dealing with crypto assets on behalf of large clients looking to enter the fast-moving market.

The largely unregulated $2.7 trillion crypto-asset industry, including bitcoin, is still relatively small. Still, there are no bespoke rules about how many capital banks should set aside to cover activity in the industry.

This has left international banks in limbo and regulators behind the curve.

Large institutions such as hedge funds and investment funds are increasingly curious about cryptocurrencies. They want banks to act as intermediaries.

Debbie Toennies, head of corporate and investment banking regulation at JPMorgan, said some huge players had asked to hedge their exposure to crypto-assets.

The Basel Committee’s global banking watchdog has recommended imposing punitive capital on banks that hold crypto assets. However, analysts do not expect any final rules until 2023 or later.

Toennies said JPMorgan had discussed the “temporary treatment” of crypto assets with various jurisdictions while the Basel Committee completed its work.

Art Lovers Can Own Part Of Gustav Klimt’s ‘Kiss’ NFT

 

The Belvedere Museum in Vienna, in partnership with the artèQ investment fund, has launched a non-fungible token (NFT) inspired by one of Austrian painter Gustav Klimt’s most famous works, “The Kiss.”

Released on Valentine’s Day, a digital copy of the early 20th-century depiction of a pair of lovers is divided into a 100 x 100 grid, provided as NFTs from 10,000 individual segments.

As stated on the series website, an estimated cost of NFT, €1,850, was converted to 0.65 ETH on February 14. It has indicated that the total face value of the NFT painting was €18.5 million or $21 million.

However, only 33.3 ETH or $103,900 has been received as press time. More than 80% of the collection remains unsold.

The relatively low usage of Belvedere’s “Digital Manifesto of Love” NFT series indicates a high price per piece. However, it could also mean that NFT buyers are less interested in traditional art in market development.

The painting has been in the Belvedere collection since 1908. Belvedere collection has purchased it for 25,000 kroner, equivalent to $240,000 in today’s dollars.

The issued NFT certificate reveals the digital portion of the painting purchased, including personal dedication if gifted to a loved one.

In fact, tokenizing physical art is just one way for museums to engage with existing communities and develop new ones. The State Hermitage Museum of Russia recently moved beyond digital reproductions to launch a fully digital exhibition in the museum’s metaverse-style reconstruction.

Dekking added that the tokenization of art ultimately enables the art market to reach a wider community of art lovers while also potentially paying royalties to museums.