Social media platform X is set to revolutionize its service offerings by integrating an extensive suite of financial services, aiming to create a hybrid experience reminiscent of Venmo and Apple Pay. Christopher Stanley, the head of X’s payment operations, detailed these ambitions in a recent post, indicating the platform’s direction towards enabling in-app monetary transactions and in-store purchases.
In parallel, Jack Dorsey’s Block is pushing deeper into the cryptocurrency space by constructing a dedicated Bitcoin mining ecosystem, addressing the soaring demand for ASIC mining hardware. Block’s pursuit of a decentralized mining infrastructure underpins a broader trend of technology firms diversifying into the crypto domain.
Wall Street is not far behind, with the New York Stock Exchange (NYSE) contemplating a shift to 24-hour trading sessions. This move, inspired by the non-stop nature of cryptocurrency markets, aims to offer greater liquidity for traders but also poses the risk of heightened volatility.
These developments are a part of this week’s Crypto Biz review, which tracks the evolution of X’s payment systems, the NYSE’s deliberations for extended trading hours, Block’s Bitcoin mining foray, and the recent patterns in crypto investment volumes.
X’s payment initiative is set to transform the app into a virtual bank account, with Stanley revealing plans for the app to facilitate personal fund transfers initially. The long-term vision includes the ability to earn interest on deposits, potentially disrupting traditional banking by bringing financial activities into the social media fold.
Amidst these technological advancements, the NYSE’s consideration for round-the-clock trading could fundamentally change the landscape for equity markets, aligning them more closely with the crypto sector’s operational ethos.
Block’s announcement to develop a “full Bitcoin mining system” comes after successfully engineering a three-nanometer chip for BTC mining. The company is now reaching out to the mining community for input on various challenges, emphasizing a community-driven approach to Bitcoin mining.
CoinShares reports a second consecutive week of outflows from crypto investment products, indicating a cautious stance among investors as traditional financial options become more attractive in the current economic climate. The consistent withdrawal from digital asset funds, particularly Bitcoin ETFs and Ether funds, reflects the market’s response to rising interest rates and the uncertainty regarding the Federal Reserve’s monetary policies.
