Receive all Cointelegraph news immediately in Telegram.
Digital currency exchange Buttercoin has announced it is shutting down its operations; CoinShark.io seeks to disrupt the mortgage industry with a bitcoin mortgage payment service and more news.
Digital currency exchange Buttercoin, previously backed by Google Ventures, has announced it is shutting down its operations; CoinShark.io seeks to disrupt the mortgage industry with a bitcoin mortgage payment service and more top news stories for April 6.
Citing cash flow difficulties caused by declining venture capital interest in the Bitcoin sector, popular Google-Ventures backed bitcoin exchange Buttercoin is closing down its operation. Encouraging users to withdrawal their funds before April 10, the service will then begin sending all deposits back to users' associated bank accounts.
“With the dip in bitcoin interest among Silicon Valley investors, we weren't able to generate enough venture capital interest to continue funding Buttercoin. We remain 100% secure & solvent with all customer funds accounted for.”
With the open market trading of air miles legal, but nearly always against airline policy, frequent fliers looking to offload their points are turning to Bitcoin as a solution. Indeed, the use of cryptocurrency may allow the new Bitcoin for Miles service to skirt the rules of the issuing airlines.
“Peter Klama, the owner Bitcoin for Miles, says the conversion from miles to bitcoin is quick ‘once the points leave your account to get your bitcoin. For transactions over a certain amount and we can involve an escrow agent until transfers are complete.’”
BNY Mellon is continuing examining the ways in which Bitcoin could transform aspects of the current financial world. Following sponsoring a large currency collaboration with Wired, the bank is now speaking more openly about how it is looking to get involved in the digital currency world.
“BNY Mellon senior developer Arun Battu has spent the last several months using blockchain technology to build an application using open source code from Bitcoin.org. Mr. Battu, who modified the code to run on the bank’s internal network, says his biggest challenge is getting used to the bitcoin architecture.”
Giving out blockchain based rewards to its card processing customers, Card Capture International has partnered with Ribbit.me which also runs the MarketPlace.life platform for using the reward points for purchases. The move will expose regular card users to this blockchain based points experience. Sean Dennis, Ribbit.me CEO, stated:
"Card Capture's expansive merchant base is an ideal entry point for mainstreaming our rewards program built on blockchain technology. The RibbitRewards program has the potential to save billions of dollars a year across the rewards industry from operating efficiencies, consolidating rewards onto one platform and taking it off balance sheet.”
Offering an alternative to the exchange issued debit cards that have become increasingly prominent over the last year, LoadDebitCard.com has launched a service to top-up any Visa or Mastercard debit card through bitcoins. Acting more like a BTC to fiat exchange, the company charges 2% fees.
“Our service eliminates the need for you to purchase a Bitcoin Debit Card from a 3rd party provider. No need for card shipping, waiting, high fees, or downtime. We can load the Debit Card you currently have in your pocket, no mater where you purchased it from!”
CoinShark.io is planning to introduce a mortgage payment payable only in bitcoin. The move into the mortgage space has so far been overlooked by FinTech companies, who have focused largely on payment processing platforms. Taking the leap into mortgages though could now allow more crypto enthusiasts to accept their wages in bitcoin whilst still meeting their financial obligations.
“Bitcoin enthusiasts having been longing for the day when they can pay for all of their living expenses in Bitcoin. A housing payment is often the largest financial expense in a homeowner’s budget. It can be done with mitigated risk to the note holders, especially with new Bitcoin-based equities hitting Wall Street as we speak. The time is now for mortgages payable in Bitcoin.”
Javier Dutan, who has established over 10 restaurants in New York, has explained his new focus of integrating bitcoin into a simple and easy-to-use restaurant point-of-sale system. Aiming to avoid the awkward integration problems of stand alone bitcoin terminals, the system is designed with the cryptocurrency at its core.
“Bitcoin is much easier to process. Our card processing takes one to two days to deposit funds in our account. Bitcoin takes less than 10 minutes and about a day to process the fiat currency. Cash flow is extremely important in restaurants, missing one ingredient or missing a payment due to lack of funds is always an expensive mishap.”
Forming the Verenigde Bitcoinbedrijven Nederland (Associated Bitcoin Companies of the Netherlands or VBNL), a group of Dutch Bitcoin companies have come together to try and represent a better collective face for the industry in the Netherlands. Also seeking solutions to problems around fraud and thefts, the group will work with national banks in combating fraud schemes based on the Dutch IDEAL bank payments system.
“One of the shared interests comes when dealing with government institutions or banks. The association will also seek to install a membership quality standard, through which it hopes to manage a level of self-regulation in order to guarantee a high standard for the Dutch Bitcoin industry.”
Did you enjoy this article? You may also be interested in reading these ones:
Follow us on Facebook
For updates and exclusive offers, enter your e-mail below.
Thank you for contacting us! We will reply to you as soon as possible.
Thank you for your interest in our franchise program.
We are considering your request and will contact you in due course. If you have any further queries, please contact: