Central Bank of Montenegro Partners with Ripple for CBDC Pilot

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Users will now be able to buy cryptocurrencies directly from the Portfolio Dapp thanks to a new functionality introduced by MetaMask. With purchases made using several payment methods like debit or credit cards, PayPal, bank transfers, and quick ACH, the service will give consumers a simpler way to buy cryptocurrency with fiat currency. More than 90 tokens over eight distinct networks will be available through the service, which will be made available to customers in more than 189 countries. In order to facilitate the onboarding of new users onto its platform, MetaMask has collaborated with a number of organizations and recently unveiled a new interface with cryptocurrency financial company MoonPay. The new function provides a faster and more affordable alternative to using credit or debit cards for purchasing cryptocurrency.

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According to Bloomberg, $100 million was provided by Tyler and Cameron Winklevoss to finance their Gemini Bitcoin exchange. This was given after trying to secure outside funding for Gemini, according to confidential sources. Following the demise of FTX last year, Genesis, owned by Digital Currency Group (DCG), decided to halt withdrawals, locking up funds for users of Gemini’s Earn yield product. The specifics of the loan and revenues are unclear, although Gemini stated it will provide up to $100 million to Earn users as part of a February settlement DCG struck with creditors.

The Central Bank of Montenegro (CBCG) intends to work with blockchain service provider Ripple to create a central bank digital currency (CBDC) pilot. The pilot will look at the benefits and dangers of CBDCs, including payment accessibility, security, effectiveness, adherence to rules, and privacy and end-user rights protection. A CBDC is being considered by more than 100 nations, some of which have already moved into the implementation stage. The European Central Bank (ECB) is expected to make a judgement later this year on whether to do so because Montenegro is a member of the European Union and the eurozone.

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