Nexo’s New Mastercard Will Support Crypto Payment In Europe
Daily Market Wrap
Crypto market cap: 1.92 trillion, up 2.91%
BTC price stands at USD 41,404, up 3.32%
ETH price stands at USD 3,127, up 2.73%
Top gainer: Compound (COMP), up 15.58%
Top loser: Quant (QNT), down 0.18%
News of the Day
Nexo’s new Mastercard card will allow cardholders to borrow and spend fiat using their cryptocurrency holdings as collateral.
Why it matters:
Nexo has partnered with Mastercard and corporate payment services provider DiPocket to launch a new card service for European markets
The card will be integrated with Google Pay and Apple Pay with a 2% cashback
Nexo co-founder Antoni Trenchev said the card service will also accept multiple crypto assets including Bitcoin, Ethereum, and Tether, as collateral with no minimum repayment requirements
Crypto daily spotlight
Ethereum’s proof-of-stake upgrade “ The Merge” will be postponed to later than June
Brief introduction: Ethereum is a smart-contract enabled Layer 1 blockchain. It is the base layer for many Layer 2 scaling solutions, such as Polygon, Arbitrum, and Immutable X. Ethereum’s execution layer, previously known as ETH 1.0, uses proof-of-work to validate transactions, which contributes to its scalability issues. While Ethereum is the largest smart contract blockchain by market capitalization, friction points for users include slow transaction speed (about 15 transactions per second) and high gas fees, which Ethereum’s consensus layer aims to resolve by shifting to a proof-of-stake mechanism.
Why it matters:
The highly-anticipated upgrade for ETH 2.0 will be delayed until the latter half of 2022
The news was out after the launch of Ethereum’s first mainnet Shadow Fork designed to find more bugs ahead of “The Merge”
Ethereum’s switch from a proof-of-work (PoW) to proof-of-stake (PoS) consensus model will be likely in a few months after, meaning that Ethereum mining will soon become obsolete by the end of 2022
Daily sector tracker
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