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Bitcoin [BTC] can now be used on Amazon via Moon browser extension




Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH] and Litecoin [LTC] can now be used on Amazon
Source: Pixabay

Lightning Network has stepped up its game and is now allowing users to transact cryptocurrencies on Amazon. Bitcoin [BTC] can now be directly used on the biggest e-commerce website in the world via the lightning network, while Ethereum [ETH], Bitcoin Cash [BCH], and Litecoin [LTC] can be used through Coinbase.

Moon, the crypto-payment processing startup, is behind what could be the start of a new mass crypto-adoption movement. The company operates a browser extension that will work on a Lightning Network-enabled wallet, allowing users to transact cryptocurrencies.

Prior to its official release, representatives at Moon announced that 250 beta users had already transacted cryptocurrencies on the e-commerce website via the browser extension. Further, the services of Coinbase, the American crypto giant, was used during the testing phase and will continue to be used over its wider implementation.

Source: Moon

Moon’s website stated,

“Shop directly on via Lightning Network or from your Coinbase account with Bitcoin, Litecoin, Ether and Bitcoin Cash.”

Speaking to CoinDesk, Ken Kruger, CEO of Moon, explained how the extension works on the Lightning Network. The extension will generate a QR code with a “lightning invoice,” allowing users to pay for the same via their preferred virtual currency.

Moon is taking care of crypto-to-fiat conversion as well, implying that neither the e-commerce company nor their merchants would directly interact with digital assets. However, Kruger did not specify which partner-company(s) are assisting them in the conversion of crypto-to-fiat and eventually, sending dollars to merchants.

Despite Amazon taking the lion’s share of the global e-commerce market, Kruger plans to expand massively. By next year, this browser extension-lightning network feature will be present on all e-commerce websites, he said. He added,

“We’re integrating with the Visa and Mastercard networks and we get a cut of the interchange fees that merchants pay every time they receive a credit card transaction.”

The acceptance of cryptocurrency on Amazon was in all likelihood, a response to Rakuten, the Japanese e-commerce giant. Rakuten is setting up its own cryptocurrency exchange and had previously indicated the importance of virtual currencies as a mode of payment on online retail websites.

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SEC delays VanEck Bitcoin ETF decision days after delaying Bitwise proposed rule change





SEC delays VanEck Bitcoin ETF decision days after delaying the Bitwise proposed rule change
Source: Unsplash

The Securities and Commission Exchange [SEC] has yet again delayed another Bitcoin ETF. This time around, the commission has decided to delay the VanEck Soldix Bitcoin ETF, one of the most awaited exchange-traded funds in the cryptocurrency community.

In the document released today, the exchange has asked for more comments on the proposed rule change and has also asked for further information on queries related to the exchange-traded fund. The commission stated that it has received 25 comments on the proposed rule change so far.  It stated,

“On January 30, 2019, Cboe BZX Exchange, Inc. […] filed with the Securities and Exchange Commission, […] a proposed rule change to list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust […] The proposed rule change was published for comment in the Federal Register on February 20, 2019.”

It further stated

“On March 29, 2019, pursuant to Section 19(b)(2) of the Act, the commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.”

Notably, the main concerns of the commission continue to be market manipulation and the measure taken by the platform to protect its investors. The commission is currently seeking comments on 14 queries pertaining to the VanEck Bitcoin ETF.

This includes the views of the ‘commenters’ on whether the exchange has entered “into a surveillance-sharing agreement with a regulated market of significant size related to bitcoin?”, the relationship between the Bitcoin futures markets and the Bitcoin spot market, with the focus being price formation, the relationship between the Bitcoin futures market and the proposed Bitcoin ETF, and the commenters’ views “of the Exchange’s assertions that bitcoin is arguably less susceptible to manipulation than other commodities that underlie ETPs”.

Gabor Gurbacs, Director of Digital Assets Strategy with VanEck said on Twitter,

“The VanEck SolidX #Bitcoin #ETF decision has been postponed by the SEC. We continue the hard work towards better-regulated, safer and more liquid digital assets markets. Bitcoin is too big to ignore. Vires in numeris!”

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