Mastercard and Paxos help banks offer crypto, Jack Dorsey details new social platform and other news

October 23, 2022


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A week in review: October 16–22

Your weekly highlights to stay up to date with the latest crypto news

#1. Mastercard taps Paxos to launch crypto trading for banks

Banks will soon be equipped to offer clients crypto trading and custody thanks to a new program called "Crypto Source" from Mastercard and Paxos Trust Company. As part of the program, Mastercard will cover some of the compliance, security and interface details while Paxos handles crypto custody and trading. Expected in the final quarter of 2022, the Crypto Source program will essentially provide the underpinning that will let banks offer crypto trading and custody to their clients.

#2. Jack Dorsey unveils decentralized social with algo choice and portable accounts

Under the supervision of former Twitter CEO Jack Dorsey, a new social media platform called "Bluesky Social" has entered its private beta phase after years of anticipation. Underpinning the platform is a protocol known as the Authenticated Transfer Protocol (formerly named ADX). The protocol essentially removes the walls around user data, letting users move their accounts from platform to platform rather than having their profiles and information locked on a single platform.

#3. Not like China: Hong Kong reportedly wants to legalize crypto trading

Although a special administrative region of China, Hong Kong is reportedly looking to ease its crypto regulations to favor the industry. China has taken regulatory steps to discourage crypto industry activity in the past. Crypto trading in Hong Kong itself is largely limited to professional investors, thanks to Hong Kong's Securities and Futures Commission (SFC). However, the SFC is now taking steps to allow retail crypto trading, as well as other crypto-friendly pursuits.

#4. Prediction of the week. Bitcoin price 'easily' due to hit $2M in six years — Larry Lepard

Bitcoin's price traded relatively sideways for most of this week yet again, according to Cointelegraph's BTC price index.

Equity Management Associates founder Larry Lepard sees Bitcoin reaching $2 million per coin over the next five or six years, he said on a Quoth the Raven podcast episode published on Oct. 16. "Bitcoin could go to zero, but I personally believe Bitcoin's going to go up 100x," according to Lepard. He also, however, noted the possibility of Bitcoin dropping to $14,000 before then.

#5. FUD of the week. Report: Half of all DeFi exploits are cross-bridge hacks

Cross-chain bridges are the weakest security point in decentralized finance (DeFi), according to a Token Terminal report. The crypto data provider detailed that cross-chain bridge exploits, largely on Ethereum Virtual Machine blockchains, have accounted for about $2.5 billion in lost funds over the last two years. Cross-chain bridge exploits represent about half of all DeFi hacks during that period.

#6. FUD of the week. 77.1% of Salvadorans surveyed think the gov't should 'stop spending public money' on Bitcoin

Most Salvadorans are not pleased with their government's Bitcoin spending, according to residents polled as part of a study from El Salvador's José Simeón Cañas Central American University. The country made Bitcoin legal tender in September 2021, although just 24.4% of Salvadorans polled have used Bitcoin for payments since then, as of polling in September 2022. Additionally, less than 40% of those polled favored El Salvador's decision to make Bitcoin legal tender.