News updates March 07, 2022
1. Coinbase Will Not Bar Russian Users Unless New Laws Requires: CEO Brian Armstrong
As detailed in a Twitter thread which has become one of the primary ways Armstrong communicates, the CEO says the exchange will not ban Russian users, citing the fact that many citizens are not supportive of the decision of their president to go to war against Ukraine.
While this position remains the path the NASDAQ-listed trading company chooses to trail, Armstrong said the exchange’s position might change if American lawmakers or the Executive decides to issue a new set of rules that will help it sever ties from Russian users.
2. Four Payment Operators Join in Suspending their Services in Russia amid Ukraine Crisis
More payment operators follow the orders of sanctions issued by the U.S., American Express, Visa, Mastercard, and PayPal announced on Saturday that they are all suspending their operations in Russia in protest of the country's ongoing invasion of Ukraine.
3. Switzerland to Freeze Crypto Assets Linked to Russians
Guy Parmelin, Swiss Finance Minister said that Switzerland has frozen bank accounts and physical assets owned by 223 Russians, including close associates of President Vladimir Putin. "As of today, all four of the EU’s sanctions packages have been adopted and implemented. Since Monday, bank accounts and assets of 223 Russians, including oligarchs and close Putin confidants, have been identified and frozen within the country."
4. Ukraine Uses Donated Crypto to Pay for Military Supplies — Government Says $50 Million in Crypto Raised in a Week
The Ukrainian government announces that $50 million in cryptocurrency was raised within a week since Russia began its invasion of Ukraine. The government has so far spent $15 million in donated cryptocurrency to buy military supplies.
5. Bitcoin Falls Back To $38,000
As Bitcoin falls back, the US dollar strengthened following impressive economic statistics that indicated the number of jobs generated in the US, among other related factors, increased far more than projected.
Bitcoin – the world’s alpha dog cryptocurrency – slid down into Sunday’s weekly closing, with geopolitical frictions and concomitant macro sluggishness firmly on the spotlight.
BTC’s price was down 6% overnight, despite several mid-week rebounds, as the global crypto market lost a massive $78 billion in market capitalization.
According to market expert Holger Zschaepitz, global stocks have lost roughly $3 trillion in market value this week as the ongoing Russia-Ukraine conflict threatens to trigger a “huge stagflationary shock.”
6. Apple Co-Founder Calls Bitcoin “Pure Gold”
Steve Wozniak, Apple's cofounder, remains skeptical of cryptocurrencies in general despite his continuous praise for Bitcoin
Steve Wozniak, Apple's co-founder, had some words of praise for Bitcoin in his recent interview with Business Insider, describing the largest cryptocurrency as “pure-gold mathematics.”
7. Australia’s energy retailer partners with BitPay for crypto payments
BitPay is currently the world’s largest cryptocurrency payment service provider.
"1st Energy becomes Australia’s first energy retailer to accept crypto through a partnership with BitPay. Making it easier than ever for their customers to pay their utility bill," the company tweeted.
8. Crypto Wallet Trends in 2022: More Privacy, Security, Features, and Choice
Cryptoasset ownership and adoption continue to increase steadily, encouraging new investments and developments in the crypto wallet market too.
This goes to show that increasing crypto ownership and use generally results in the increasing use of wallets, a trend that many industry participants expect to continue in 2022. Not only that, but industry players predict that we’ll see many wallets expand the services they offer, while the growth in longer term holders might also see the software-to-hardware ratio shift more in the favor of hardware wallets.
One thing that manufacturers of hardware and software wallets are likely to agree on is that crypto wallets of all varieties will continue adding new features this year.
“We see wallets this year adding a wider range of features and services. Many wallet providers are opening app stores and adding features such as tax management, forecasting, and of course, safety and protection products,” said David Janczewski.
