Daily Cryptocurrency News – 22th October 2018

Welcome to our Daily Cryptocurrency News article. Here are the most important news of 22 October 2018:

New Electric Bicycle created by Crypto Enthusiast that Runs on BTC and LTC

A German cryptocurrency enthusiast just created an electric bicycle that runs on Bitcoin and Litecoin.

It works in an interesting way; the user has to scan a QR code from the bicycle using an app that sends payment to turn on the bike and its motor. Furthermore, the customer can pick from three options on the screen and then a QR code will generate with the price based on the time the user selects.

The bike is a standard 28 inches, and it will enable users to make payments with LN support, such as Bitcoin and Litecoin, Vertocoin and Decred. Also, by the time the user finishes the paid time they will still be able to pedal the bicycle without the help of the motor.

Currently, the bicycle is only a proof of concept. The bike works without any issues including the payment system. The idea is undoubtedly great, but there could be some obstacles for the company depending on how they structure the system.

The bicycle shows many use cases for the LN. Back in June, a new project was released which lets gamers play Pokémon on the Lightning Network. Following after that, at the beginning of this month, a Spanish hacker showcased a soda machine on the LN as well.

In conclusion, there’s no doubt the real world is implementing cryptocurrency more and more, and the Lightning Network is doing a great job on that. It will be interesting to see new projects based on the network coming on the future.

VISA Is Now Partnering With IBM to Improve B2B Connect Payments

Starting from 2016, VISA has been working on its distributed ledger platform for business payments called B2B correct.

Visa B2B Connect is a platform for banks to make payments and settle funds across borders using Chain Core. Chain Core is a blockchain infrastructure developed by Chain.com which was recently acquired by Interstellar.

B2B Connect aims to improve significantly the way international B2B payments are made with the following steps:

  • Offering clear costs
  • Improve delivery time
  • Improve visibility into the transaction process

Its digital identity feature tokenizes a company’s confidential business information, such as account numbers and banking details. This gives them a unique identifier that can be used to facilitate transactions on the platform.

They plan to launch the system in the first quarter of 2019.

Now, VISA has just announced a new partnership with IBM to integrate Hyperledger Fabric with “Visa core assets”.This will help to provide an improved process to facilitate financial transactions on a scalable, permissioned network. In addition, this partnership between VISA and IBM will also enable VISA’s mutual financial institutional clients and ecosystem to maximize that network.

“When industry leaders in payments and in financial services technology work together using open source technology, the entire business landscape stands to benefit,” said Jason Kelley, general manager, IBM Blockchain Services. “IBM Blockchain Platform and Hyperledger technology are delivering real business value today, and B2B Connect is one of the most powerful examples to date of how blockchain is transforming payments.”

Aditionally, Bottomline, which provides technology that makes complex payments easier is also working with VISA now. They want to be the first partner to integrate its solution with B2B Connect.

It will be interesting to see what can these partnerships do. B2B Connect has a great potential to become implemented in many ways for payments.

MCO Cards Start Shipping To Singapore

The MCO cards from Crypto.com have started shipping today starting with Singapore.

MCO cards are VISA-branded debit cards that draw from a cryptocurrency-funded bank account. Monero cards are free for holders of cryptocurrency. To create an account, all you need to do is to sign up, verify your entity and transfer any cryptocurrency to your new bank account.

Moreover, a MCO bank account has no monthly fees and no minimum balance. However, there’s a limit with ATM withdrawals depending on the card you have, which starts with $200. There is also an interbank exchange limit of $2000. You can upgrade your card by simply holding the amount of MCO tokens required.

The company has sounded their plan to start their card delivery in Singapore before shipping globally since they the rebranding of Monaco to Crypto.com last month. The MCO cards will start shipping to Singapore. Following after that will be Asia, then Europe and then to the United States.

Kris Marszalek, Co-Founder and CEO of Crypto.com spoke about this. He said that the team is very thankful for all the support from all the partners and the community.

Moreover, he also noted that during the process, the team has grown tremendously and worked incredibly hard to achieve the milestone. For the team, this is an essential step towards the mission of accelerating the world’s transition to cryptocurrency.

For more info about the MCO cards, you can go here.

If you missed news yesterday, you can check them here: Daily Cryptocurrency News – 21st October 2018

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