If you’ve spent any time studying about blockchain and Web3, you know that this trade is crammed with huge buzzwords and half-baked ideas. But, ideas corresponding to decentralized id providers, or DIDs, convey actual which means and utility to Web3. If you haven’t but wrapped your thoughts round DID, it refers to a self-owned, impartial id that permits trusted knowledge change. In different phrases, it places digital id administration and administration immediately in your palms as an alternative of some third get together’s. 

In this week’s Crypto Biz, we check out a Web3 partnership designed to convey DID-powered cost options to Africa. We additionally chronicle Maple Finance, the European Central Bank and Nasdaq.

Payments platform Fuse integrates ChromePay to convey DID providers to Africa

Is Web3 even attainable with out decentralized id providers, or DIDs? It is dependent upon who you ask. For Web3 cost options Fuse and ChromePay, DIDs will play a necessary function in increasing entry to the decentralized web, particularly in locations like Africa. This week, the businesses introduced a brand new partnership to convey a collection of DID-powered Web3 cost merchandise to the African continent. Specifically, ChromePay will combine the Fuse blockchain, permitting customers to entry each conventional and blockchain-based funds immediately on their cell gadgets.

Crypto is booming in Africa!

A brand new report reveals enterprise funding for African cryptocurrency startups grew 11x in 2022.

(Reporting by way of @ezrareguerra) https://t.co/aJwcPQSr9V

— Cointelegraph (@Cointelegraph) May 23, 2022

Maple Finance launches $300M lending pool for Bitcoin mining companies

Crypto lending platform Maple Finance is exhibiting no indicators of slowing down amid the bear market. The firm introduced this week that it will present as much as $300 million value of safe debt financing to Bitcoin (BTC) mining companies. Why is this essential? Well, for starters, the mortgage may assist miners keep afloat throughout considered one of Bitcoin’s most extreme downturns. The mortgage shall be secured by bodily and mental belongings owned by the mining companies, together with their BTC mining rigs.

European Central Bank chooses Amazon and 4 different companies to prototype digital euro app

The European Central Bank, or ECB, will prototype its digital euro app with 5 e-commerce and fintech firms led by Amazon. Nexi, EPI, Worldline and CaxaBank spherical out the listing of companions the ECB has chosen to develop particular features for the digital euro prototype. Although the ECB has been imprecise about its intent to launch a central financial institution digital forex, the financial authority seems to be laying the groundwork for its implementation. I’m no fan of CBDCs, so make of this what you will.

Nasdaq reportedly making ready crypto custody providers for establishments

The bear market is perhaps an ideal alternative for institutional traders to study crypto and, by extension, start investing within the digital asset class. (Regulatory readability can even assist.) It was reported this week that monetary providers agency Nasdaq is making ready to supply digital asset custody providers — a transfer that would make shopping for and holding BTC and different cryptocurrencies extra palatable for institutional traders. In my view, it’s solely a matter of time earlier than banks, hedge funds and household workplaces start dabbling in crypto. At this stage, not contemplating Bitcoin is a serious profession threat for traders. Ignore BTC at your peril!

Before you go: Why did the crypto market dump after the Ethereum Merge?

Ethereum’s extremely anticipated Merge was accomplished efficiently final week, however even that didn’t stop crypto costs from crashing once more. In this week’s Market Report, I sat down with Marcel Pechman, Benton Yaun and Ray Salmond to debate the elements impacting crypto markets. I additionally shared my ideas on when Bitcoin may attain its definitive cycle backside. You can watch the total replay under.

Crypto Biz is your weekly pulse of the enterprise behind blockchain and crypto delivered on to your inbox each Thursday.

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