PayPal patents faster cryptocurrency payments system

Expedited virtual currency transaction system — USPTO — “The systems and methods of the present disclosure practically eliminate the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction by transferring to the payee private keys that are included in virtual currency wallets that are associated with predefined amounts of virtual currency that equal a payment amount identified in the virtual currency transaction.”

Venezuela to create a new virtual currency

Venezuela unveils virtual currency amid economic crisis — BBC News — “Venezuelan President Nicolás Maduro has announced the creation of a new virtual currency in a bid to ease the country’s economic crisis. He said the Petro would be backed by Venezuela’s oil, gas, gold and diamond wealth… Mr Maduro said the new cryptocurrency would allow Venezuela ‘to advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.'”

Amazon puts new focus on its Amazon Coins virtual currency

Amazon debuts a new Appstore app with better discovery, focus on Amazon Coins — Techcrunch — “Introduced in 2013, the Amazon Coins platform represents a different means of encouraging consumers to pay for apps and in-app purchases. Instead of seeing a dollar amount associated with their purchase, app developers show the purchase amount as coins… The idea is that the more Coins you purchase, the more you’ll save on the purchase amount. For example, 100 Amazon Coins are worth $100, but when you buy them in larger bundles, they cost less. With the highest package, customers can save up to 22% on their Coin purchases.”

Amex applies for personalized blockchain rewards patent

American Express eyes blockchain for customer rewards systems — CoinDesk — “A new patent application published last week by the US Patent and Trademark Office details a concept for offering customer-specific types of rewards (including points, a virtual currency or specific items tied to a product). The filing indicates the financial giant would make these offers by compiling personalized data about the customer, such as their historic spending patterns.”

MUFG seeks to quicken cashless push with card unit buyout

MUFG seeks to quicken cashless push with card unit buyout — Nikkei — “Mitsubishi UFJ Financial Group plans to turn a credit card unit into a wholly owned subsidiary and position it as a hub for new financial services such as virtual currency payment… MUFG’s move is driven by the prospect that cashless payment methods such as digital wallets and virtual currency will proliferate in Japan as financial technologies evolve.”

Sweatcoin pays Brits to get fit

UK consumers will soon be rewarded whenever they are physically active with Sweatcoin — a virtual currency that can be earned by exercising and then exchanged at select retailers via a mobile app set to launch next week... More

Coinbase ships Bitcoin debit card

Bitcoin wallet Coinbase and Shift Payments have introduced a US-issued Bitcoin-backed debit card that will allow Coinbase users in 24 states to make payments using the virtual currency both online and in-store... More

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