The crypto community is continually looking for ways to bridge the gap between traditional finance (TradFi) and fiat currencies with decentralized financial (DeFi) tools. Crypto onramp platforms are a primary way users are able to cross between these two financial ecosystems. However, a new report from Cointelegraph Research and Onramper, a crypto-based financial services provider, revealed that 50% of fiat-crypto transactions fail, even after KYC completion. Moreover, due to difficulties in the transaction process, transaction abandonment during the purchase flow can be as high as 90%. The survey looked at 9 of the largest fiat-crypto onramps including Coinify, Moonpay, Transak …

While billionaire Ray Dalio believes that fiat is in jeopardy, he also thinks that neither Bitcoin (BTC) nor stablecoins are the answer. In response, crypto community members took to Twitter to express their opinion on the topic. In a recent interview on CNBC's Squawk, Dalio shared his takes on Bitcoin being a potential solution to the problems with fiat currency. The billionaire argued that it would not be effective as a store holder of wealth and a medium of exchange. Dalio also highlighted that stablecoins are also a replica of state-backed currencies and would also not be an effective form …

ChatGPT is a powerful new AI tool, capable of problem-solving, advanced coding, answering complicated questions and now–spelling out the end of fiat currencies. Parman, a Bitcoin self-custody mentor and writer, taught ChatGPT that Bitcoin (BTC) would bring about the end of government-issued fiat currencies and shared the results in a Twitter thread. You're not going to believe this, but I just Orange Pilled #ChapGPT. It is now a Bitcoiner. See this conversation, it's incredible. (Thread) pic.twitter.com/HJOqezmjlG — Parman (public account) Bitcoin Pub Key Whisperer (@Parman_Public) January 26, 2023 Parman explains that he "orange-pilled," or convinced the bot about Bitcoin and …

As the crypto space continues to expand into the mainstream, bridging the gap between digital currencies and fiat currency is a priority for many legacy financial institutions. Cryptocurrency exchange Huobi announced its partnership with Solaris, a European financial services provider, to launch a crypto-to-fiat debit card. The program, which Visa has approved, allows Huobi users to use their digital assets at the point of sale globally. Users residing in the European Economic Area (EEA) will have access to the card beginning in the second quarter of 2023. The EEA comprises all 27 European Union member states, as well as Iceland, …

Stepping into the year 2023, it's time to pause and reflect on the accomplishments and struggles the global crypto community witnessed over the last 365 days. Starting from the very beginning of 2022, no investment strategy could help recover the falling portfolios across traditional and crypto ecosystems. January 2022 inherited a slightly collapsing market, wherein investments made on 2021 all-time high prices resulted in immediate losses. For many, especially the new entrants, falling crypto prices were perceived as an end game. But what went widely unnoticed was the community’s resilience and accomplishments against a global recession, orchestrated attacks and scams …

Is USD Coin safe? Despite the fact that the USD Coin is subject to regulatory oversight, investors must weigh the pros and cons of investing in stablecoins before committing any funds. Comparing USDC with USDT, USDC is subject to regulations as it is audited from time to time, and Circle is fully transparent about its operations. However, investing in the cryptocurrency market, even in stablecoins, has its own cons. For instance, the price of the USD Coin will never appreciate as it is pegged to the U.S. dollar. This disadvantage is offset by the provision that USDC can be lent …

Sasha Ivanov, founder and CEO of the Waves blockchain platform, is planning to launch a new stablecoin amid the ongoing crisis of the Waves-backed stablecoin, Neutrino USD (USDN). Ivanov took to Twitter on Dec. 20 to announce the USDN situation resolution plan alongside a new stablecoin project. “I will launch a new stablecoin,” Waves founder wrote, adding that there is going to be a “USDN situation resolution plan set in motion before.” He stressed that nothing new will be launched or announced until the USDC plan resolution is set in motion. Without specifying the details on the nature of the …

Despite the ongoing bear market, Jan3 CEO and Bitcoin (BTC) proponent Samson Mow believes that the leading cryptocurrency could reach the $1-million-price benchmark in the next five to 10 years. The collapse of major fiat currencies will be a major catalyst, which he said can “happen very rapidly” and “are not anticipated.” ”It just sort of happens overnight, and then you are shoveling cash into a wheelbarrow,” he said in a recent interview with Cointelegraph. Mow made his prediction while commenting on the current state of Bitcoin adoption in El Salvador, about a year after it was adopted as a …

As the Solana ecosystem comes back from the aftershocks of the FTX liquidity earthquake, one of its leading automated market makers (AMM), Orca, announced a new integration. The AMM revealed a new Stripe integration which will power its fiat-to-crypto onramp, to make decentralized finance (DeFi) more accessible to users both in and out of the existing ecosystem. This new integration now enables fiat purchases, along with fiat-to-crypto transactions. Users can now purchase SPL tokens, which include USD Coin (USDC) and Solana (SOL) with fiat currencies. According to Ori Kawn, the co-founder of Orca, the new integration helps create wider access …

The National Bank of Ukraine (NBU) has introduced a draft concept for its central bank digital currency (CBDC) candidate digital hryvnia, or e-hryvnia. Ukraine’s central bank on Nov. 28 released a statement on the concept of e-hryvnia, which aims to perform all the functions of money by supplementing cash and non-cash forms of the hryvnia as its key purpose. The NBU said it has presented the e-hryvnia concept and continues developing the CBDC project with participants of the virtual assets market, payment firms and state bodies. According to the announcement, the central bank is currently considering and developing three possible …

The fall of crypto giants this year reignited questions about the stability of cryptocurrencies and their impact on fiat ecosystems. Hong Kong Monetary Authority (HKMA) assessed the situation and found that the instabilities of crypto assets, including asset-backed stablecoins, can potentially spill over to the traditional financial system. The HKMA assessment on asset-backed stablecoins pointed out the risks of liquidity mismatch, negatively impacting their stability during “fire-sale” events. A fire sale event relates to a momentary price fluctuation when investors can purchase stablecoins cheaper than their market price — a phenomenon noticed during the Terra (LUNA) crash. According to Hong …

The collapse of numerous major crypto ecosystems in 2022 revealed the urgent need for revamping the way crypto exchanges operate. Ethereum (ETH) co-founder Vitalik Buterin believed in exploring beyond “fiat” methods to ensure the stability of crypto exchanges, including technologies such as Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (ZK-SNARKs). Following a discussion with angel investor Balaji Srinivasan and crypto exchanges such as Coinbase, Kraken and Binance, Buterin recommended options for the creation of cryptographic proofs of on-chain funds that can cover investor liabilities when required, a.k.a, safe centralized exchanges (CEX). Having a safe CEX: proof of solvency and beyondhttps://t.co/AKEweYZfj2 Big …