Social media platform X is set to incorporate a wide range of financial services into its ecosystem. Christopher Stanley, X’s head of payments, compared the future functionality of the platform to the combination of Venmo and Apple Pay in an X post on April 22.
Meanwhile, Jack Dorsey’s financial technology conglomerate, Block, is advancing its cryptocurrency initiatives by developing a Bitcoin mining ecosystem. The initiative targets key industry challenges, including the high demand for ASIC mining rigs. On Wall Street, the New York Stock Exchange is exploring the possibility of transitioning to 24-hour trading, similar to the cryptocurrency markets. This change could increase liquidity for traders but also lead to increased volatility for retail investors.
This week’s Crypto Biz examines recent developments, including X’s upcoming payment system, the NYSE’s potential move to 24/7 trading, Block’s expansion into Bitcoin mining and the overall volume of crypto investments.The head of payments at X, Christopher Stanley, outlined an ambitious plan for the platform’s payment system in a recent announcement. X. Initially, the service will resemble Venmo, allowing users to send and receive money within the app.
Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.
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