Riding The Wave News Summary 144
Bitcoin Network Congestion Causes Binance to Pause Withdrawals, Stripe tackles ‘cold start problem’ with the launch of fiat-to-crypto on-ramp, & more
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News
Table of Contents
Tweets
Bitcoin Network Congestion Causes Binance to Pause Withdrawals
Stripe tackles ‘cold start problem’ with the launch of fiat-to-crypto on-ramp
Data suggests that 'crypto winter' may have now progressed into 'crypto spring'
Memecoin hype drives Bitcoin transaction fees to multi-year highs
Tweets
https://twitter.com/WatcherGuru/status/1655230159383830528
https://twitter.com/glassnode/status/1654821000834347014
https://twitter.com/WhaleChart/status/1654948890934689792
https://twitter.com/WhaleChart/status/1655057290607616003
https://twitter.com/WatcherGuru/status/1654843448602525696
Bitcoin Network Congestion Causes Binance to Pause Withdrawals
Binance, the world's largest crypto exchange, temporarily paused bitcoin (BTC) withdrawals Sunday morning U.S. time as the Bitcoin blockchain became overwhelmed with pending transactions and sky-high fees.
The company resumed withdrawals within two hours of its initial Twitter posting about the withdrawals.
On-chain data shows that there are nearly 400,000 unconfirmed Bitcoin transactions, which is higher than anything seen during the bull runs of 2018 and 2021.
“This current fee spree is an anomaly,” CoinDesk previously quoted Colin Harper, head of content at Luxor Technologies, a full-stack Bitcoin mining pool. “Biggest difference now between this jump in transaction fees and past ones with inscriptions is that BRC-20 standard is a new way to inscribe. Adoption of this standard is driving fees up.”
Stripe tackles ‘cold start problem’ with the launch of fiat-to-crypto on-ramp
Internet payment processor Stripe has introduced a fiat-to-crypto on-ramp to address the “cold start problem” faced by Web3 companies due to customers not having “crypto in their wallets to carry out transactions.”
According to a May 4 statement, Stripe’s newly launched fiat-to-crypto on-ramp, which Stripe itself will host, will allow Web3 companies to offer United States-based customers the ability to purchase crypto “at the precise moment they need it” without the need to embed any code into a website or app.
Instead, customers will be directed to a link to convert their fiat into crypto.
Guillaume Poncin, head of engineering for crypto at Stripe, said Stripe would handle several compliance-related tasks for Web3 companies using the on-ramp, including conversion and authorization optimization, identity verification and fraud prevention, to help “customers start using Web3 services quickly and safely.“
It was noted that built-in fraud detection and identity verification tools were implemented to support companies in meeting Know Your Customer and compliance requirements.
Data suggests that 'crypto winter' may have now progressed into 'crypto spring'
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