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Did you know that the Reserve Bank of India is spearheading the development of a 'proof-of-concept' blockchain project for trade financing? Here is your dose of exciting stories, right from Facebook Pay's revamp as Meta pay and Meta's tests for NFTs on Instagram stories and more... Read on.
Facebook Pay will now be known as Meta Pay, according to Meta CEO Mark Zuckerberg, as the company moves toward developing a digital wallet for its metaverse vision.
Facebook, Instagram, WhatsApp, and Messenger will all continue to offer the same product features and general user interface that customers are accustomed to, with Facebook Pay. The modification is currently being implemented in the US before eventually becoming global.
According to Zuckerberg, a digital wallet in the metaverse will enable individuals to securely maintain their identities, what they own and how they pay.
Going forward, Zuckerberg claims he sees Meta Pay serving as a universal wallet for all the digital goods you purchase or generate in the metaverse.
Meta has been in payments since 2009 where people use its platforms to make payments across 160 countries and 55 currencies.
Zuckerberg also announced that his firm is developing a function that would enable the display of NFTs on both Instagram and Facebook,
Meta’s aim is to expand tests for the NFTs on Instagram stories assuring creators that they could exhibit their tokens on Instagram regardless of where they are in the world.
The company started experimenting with digital collectibles on Instagram in May, which was the first indication that it may support NFTs.
The Reserve Bank of India (RBI) along with many other leading Indian banks is attempting to create a 'proof-of-concept' blockchain project centered on trade financing.
The pilot project is set to make use of blockchain technology that can help improve the traceability of money movement. The initiative could help prevent loan fraud across India, an issue that has become problematic in the country in recent times.
HDFC Bank, ICICI Bank, and State Bank of India (SBI) are among nearly a dozen top lenders the central bank is engaging with to run this blockchain-based pilot project. IBM, Corda Technologies, and Belgium-based SettleMint will be delivering technological support for the project.
The central bank expects to make blockchain technology a part of its core banking system and will use this project as a means of demonstrating that the concept has practical and real-life applications.
Visa, one of the largest payment giants in the world, has announced the launch of a number of crypto-enabled cards in the Latin American region. They are set to debut its new products in Brazil and Argentina in collaboration with several fintech entrepreneurs.
These cards will give users the ability to spend and buy cryptocurrencies wherever Visa cards are accepted. Users can also receive cryptocurrency cash back from various fintech partners and Visa-enabled crypto outlets every time they spend.
The company has partnered with several startups like Lemon Cash and Satoshi Tango in Argentina, Crypto.com, Alterbank, and Zro Bank in Brazil.
Global consulting services giant Deloitte has partnered with Bitcoin-focused financial services firm New York Digital Investment Group (NYDIG) to help enterprises implement digital assets.
The partnership is setting up a major initiative to promote Bitcoin adoption amid the ongoing crypto market downturn. They are creating a strategic alliance to create a centralized strategy for clients looking for guidance on implementing Bitcoin-related goods and services.
The companies will collaborate to enable blockchain and digital asset-based services across several industries involving Bitcoin-related products, banking, loyalty and rewards programs, employee benefits, etc.
The alliance between Deloitte and NYDIG aims to help accelerate crypto adoption while ensuring compliance.
Deloitte's clients include Dell, Yamaha, Adobe, and many other Fortune 500 companies. In February 2022, NYDIG launched a benefits program allowing employees to convert a share of their paychecks into Bitcoins. NYDIG had also raised one billion dollars in equity investment, bringing the company's valuation to around seven billion dollars.
Football sensation Cristiano Ronaldo has signed an exclusive multi-year NFT partnership with cryptocurrency exchange Binance. The partnership aims to utilize the agreement to attract Ronaldo's supporters to the Web 3.0 and NFT industries.
The Portuguese player is followed by more than 550 million people on Twitter and Instagram.
The agreement includes creating a series of NFT collections with the star and will be exclusively sold on the Binance NFT platform. The first collection will be coming out later this year.
Earlier this year, Ronaldo was awarded crypto tokens for his contributions and achievements in sports. The soccer star was given JUV tokens for each senior career goal he scored.
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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.