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Bitcoin and Crypto Market News Friday, May 27, 2022 - 19:18

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In this article, we have curated a list of the top-5 crypto stories from this week that will help you stay in sync with the crypto ecosystem.

Emirates to accept Bitcoin payments soon

Emirates, UAE's largest airline, has revealed its plans to accept Bitcoin payments and to make NFT collectibles tradeable on its website. The Dubai-based airline will be onboarding new employees to focus on blockchain-related projects such as crypto payments, blockchain tracking, metaverse, and NFTs.

Emirates first announced its plans on a metaverse expansion strategy and the development of collectible and utility based NFTs in April, with a launch expected in the coming months.

Kawasaki is Microsoft’s new industrial metaverse client

Tech giant Microsoft announced that Kawasaki is now one of its "industrial metaverse" customers - a factory where workers use a HoloLens headgear to ramp up production and manage supply chains.

Kawasaki will utilise the headsets to construct robots. HoloLens was first released in 2016 and allows users to experience augmented reality, which superimposes digital visuals onto a real-world environment. This unique metaverse aims to construct Microsoft's "digital twin" of a workstation, which will aid in the speeding up of procedures like repairs and the development of new manufacturing lines. Kawasaki will join Heinz, which recently stated that it had made the use of the Microsoft industrial metaverse in ketchup factories and Boeing as manufacturing partners.

PayPal to explore all services in crypto and blockchain

Global payment giant PayPal is working hard to integrate all conceivable blockchain and cryptocurrency interfaces into its services. PayPal customers in the United States and the United Kingdom can currently purchase, sell, and hold Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

PayPal is looking into ways to support the majority of digital currencies as well as Central Bank Digital Currency (CBDC) on its platform, in addition to the current digital currency services it offers. In March 2021, PayPal unveiled its own crypto check-out service to allow retailers to accept crypto payments, in addition to introducing Bitcoin buy and sell options in specific areas. PayPal is also rumoured to be considering establishing its own stablecoin, PayPal Coin.

Dukascopy enables deposits and withdrawals in Tether

Dukascopy Bank SA, a Swiss financial services firm, has authorised blockchain operations in Tether (USDT) for holders of multi-currency accounts (MCAs). The stablecoin can be deposited and withdrawn by MCA clients straight from or to their cryptocurrency wallets, according to a press statement.

As a result, Tether has become Dukascopy's first stablecoin to be supplied to its consumers. After Bitcoin (BTC) and Ethereum (ETH), this is the third crypto asset that may be used to deposit and withdraw funds from a Dukascopy Bank-approved "crypto-fundable" trading account.

Clients' crypto deposits will be converted into fiat money by the bank and the converted revenues are credited in USD to the customer's crypto account. When a client requests a withdrawal, the bank returns a sum in USD, converts it into BTC, ETH, or USDT (depending on the account type) at the current asset price, and deposits the funds in the client's account wallet.

Japan's 2nd largest bank to launch institutional Bitcoin, other services

Sumitomo Mitsui Trust, a Japanese bank, is forming a new company Japan Digital Asset Trust for institutional clients looking for Bitcoin and other cryptocurrency custodial services. Japan Digital Asset Trust will be a joint-venture with Bitbank, a Tokyo-based bitcoin exchange, owning a majority stake and controlling 85 percent of the company.

Mitsui will own the remaining 15 percent of the company. According to reports, the new enterprise will start with $2.3 million in funding and will attract enough money from investors to fulfill its $78 million objective. The new organisation will handle assets such as Bitcoin for large investors and corporations with the hope that a partnership with a trusted financial institution will make investors feel more secure.

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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-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.

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