Market update: October 27, 2022

  /  2 minutes read

Equifax will help build a data privacy solution for Web3 projects, such as Decentralized Finance (DeFi) protocols and NFT projects. The company and Oasis Labs have a contract to develop an identity management and know-your-customer (KYC) product. The two companies will build a solution by issuing “anonymous KYC-ed credentials” to Web3 users’ wallets. The term “Web3” refers to the subsequent iteration of the internet, which its supporters predict would be more decentralized, based on blockchain networks, and use cryptocurrencies. Equifax and Oasis claim that a KYC solution with “strong privacy protection” is currently unavailable in the Web3 domain. However, blockchain’s decentralization does not mean that Web3 products do not need to adhere to identity verification and KYC protocols.

Source: WIRED

In collaboration, and Visa have introduced a crypto card. However, it is initially exclusively available to Americans. Users will receive 1% of all purchases back in cryptocurrency, and there will be no sign-up or annual fees. On October 25, Mastercard, the primary rival of Visa, entered into a strategic relationship with BitOasis, the top cryptocurrency platform in the Middle East and North Africa (MENA). The card is powered by California-based payments company Marqeta, which helped develop Swipe’s crypto visa card in September 2020. Visa’s head of crypto, Cuy Sheffield, pointed out that worldwide acceptance is necessary for crypto adoption to grow. The card’s processor is California-based Marqeta, which also contributed to Swipe’s crypto-Visa card creation. Swipe’s crypto-Visa card was created in September 2020. The announcement follows news that Visa has partnered with crypto exchange FTX to roll out a debit card to 40 countries on October 7.

Source: PYMNTS

The complete information about the mBridge pilot project has been made public by the Bank for International Settlements (BIS). Commercial banks in four different jurisdictions used Central Bank Digital Currency (CBDCs) and distributed ledger (blockchain) technology to make cross-border transfers. The specially designed mBridge Ledger platform was used by 20 commercial banks in Thailand, China, Hong Kong, and the United Arab Emirates. The platform released more than $12 million, enabling more than 160 transactions totaling more than $22 million. Retail and wholesale CBDCs have been the subject of separate studies by BIS and the Hong Kong Monetary Authority (HKMA).

Source: Passionatemarketing

That’s it for today, see you tomorrow

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