Shopify Adopts Crypto.com Pay for Processing Settlements in Digital Currencies

Crypto.com, a budding trading place for digital assets, announces that Shopify traders can now process payments in digital assets from their clients on its site. The latest announcement allows Shopify’s traders a wider reach as they have an additional payment option for receiving or making payments on Crypto.com.

Moreover, Crypto.com. said that it would absolve Shopify’s traders of the statutory 0.5% transaction Levy on all deals that the new traders from Shopify process to serve as a welcome gift. By implication, Shopify’s traders can now process payments in digital assets at zero cost for a minimum of one month.

E-Commerce Platform to Allow Crypto Payments for Buying and Selling of Goods

The Crypto.com pay will allow trading activities on the e-commerce platform to occur in digit currencies like Bitcoin and Ether via crypto.com at an initial zero settlements’ levy. Apart from absolving traders of settlement levies, Crypto.com also provides its clients with rewards for utilizing the native Cronos token (CRO) in making settlements.

Reports say that Crypo.com could offer clients up to one-tenth of the amount of assets they process when they utilize the token. Similar to the duration of Crypto.com’s no-transaction-fee policy, the promotion would reportedly continue for one month. 

The alliance between Shopify and Crypto.com’s app makes the platform a favorite destination for traders seeking opportunities to pay and receive settlements in digital assets. Crypto.com Pay is an off-chain platform that allows users to hold, invest, and trade digital assets via its Crypto.com app.

Japanese Top Investment Bank Prepares to Float Foreign Digital Asset Subdivision

In another foray of conventional financial system into the digital asset industry, a top bank in Japan, Nomura, reportedly plans to set up a subsidiary that would cater for digital assets services.  The investment services provider said that it would situate the subsidiary on foreign soil.

Nomura said that it would hire about 100 workers to function in the new digital asset subdivision by 2023. The subdivision, the financial organization says, would assist institutions in investing in cryptocurrency and other digital assets.

However, reports from local news sites said that the initial board over the cryptocurrency subdivision would include some staff transfers from current employees at the Japanese bank. However, the bank reportedly intends to hire other experts in the field of Web3 and blockchain tech solutions by next year.

India’s Central Bank Issues Fresh Warnings against Dollarization of Its Financial Sector by Crypto

Senior officials at the Reserve Bank of India (RBI) have reportedly warned the country against the risk of a dollarization of its economy over increased adoption of digital assets. Additionally, the officials reportedly said that adopting digital currencies could limit the nation’s ability to monitor its financial system and issue regulatory policies.

The central bank reportedly said that utilizing digital asserts could threaten the market share of its fiat money and negatively affect it’s local economy. The bank’s officials reportedly made the remarks during a presentation to a committee in the nation’s parliament on financial issues. Meanwhile, India’s Finance Minister recently called for global institutions to establish regulations for the digital asset economy to stem the use of the asset in funding illegal activities.

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