Visa said its payments network will use a stablecoin backed by the U.S. dollar to settle transactions, as cryptocurrencies and blockchain technology gain more acceptance in the established financial system. From a report: As part of a pilot program, Visa is using USD Coin to settle transactions over Ethereum, with the help of the Crypto.com platform and Anchorage, a digital-asset bank, according to a statement Monday by the San Francisco-based payments giant. Visa will offer the service to more partners later this year. Traditional financial companies are beginning to embrace cryptocurrencies and blockchain projects more than a decade after the creation of Bitcoin in 2009. Jack Forestell, Visa's chief product officer, said the firm's move is partly an effort to serve financial-technology companies.

A new filing with the U.S. Securities and Exchange Commission indicates that asset management giant Fidelity is seeking to create a bitcoin exchange-traded fund (ETF). The Block reports: The Wise Origin Bitcoin ETF is the latest entrant in a growing race to launch a bitcoin exchange-traded product in the United States. According to the filing, a firm called FD Funds Management LLC is the sponsor of the fund, with Fidelity Service Company, Inc. serving as administrator. Per the document, FD Funds Management LLC shares the same Boston, MA address as Fidelity's headquarters. Fidelity Digital Assets, the asset manager's crypto-focused arm, will serve as custodian. The ETF, if approved, will also employ Fidelity's in-house bitcoin price index, per the filing.

"The Trust's investment objective is to seek to track the performance of bitcoin, as measured by the performance of the Fidelity Bitcoin Index PR (the "Index"), adjusted for the Trust's expenses and other liabilities," the filing notes, explaining elsewhere: "The Trust provides direct exposure to bitcoin, and the Shares of the Trust are valued on a daily basis using the same methodology used to calculate the Index. The Trust provides investors with the opportunity to access the market for bitcoin through a traditional brokerage account without the potential barriers to entry or risks involved with holding or transferring bitcoin directly, acquiring it from a bitcoin spot market, or mining it."

Elon Musk, the chief executive of Tesla, said on Wednesday that the company now accepts Bitcoin as payment for cars in the United States. From a report: Tesla will hold the digital currency, rather than convert payments to dollars, and handle the crypto transactions internally, Mr. Musk said. "Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency," Mr. Musk explained in a tweet. That means when someone buys a Tesla with Bitcoin, the price of the car could well rise -- or fall -- over time. In other words, Tesla is turning one-time payments into assets with shifting value, or, essentially, investments. Buyers outside the United States will have the option to use Bitcoin "later this year," Mr. Musk said. Mr. Musk said last month that the company bought $1.5 billion in Bitcoin for its treasury. The announcement on Wednesday confirms speculation in the crypto community that Tesla would not simply contract out payments to a third-party processor and treat Bitcoin like dollars. Musk tweeted, "Tesla is using only internal & open source software & operates Bitcoin nodes directly."

An anonymous reader quotes a report from CoinDesk: Uniswap, the leading decentralized exchange (DEX) on Ethereum and a centerpiece of the $42 billion decentralized finance (DeFi) sector, is releasing its third iteration. In a Tuesday blog post, the firm behind the platform said its aim is to make Uniswap "the most flexible and efficient [automated market maker] ever designed." AMMs -- once nearly solely the domain of Uniswap -- have grown in stature along with DeFi's emergence last year. Rivals like SushiSwap, 1inch and others have also made the exchange of Ethereum-based assets easy for many crypto natives.

Uniswap v3 is expected to launch on mainnet on May 5, the firm wrote. Notably, Uniswap is eyeing an integration "soon after" with Ethereum throughput booster Optimism. All told, the new version promises greater "up to [4,000 times] capital efficiency relative to Uniswap v2," the firm wrote. The key change, as outlined in the new white paper, is what Uniswap is calling "concentrated liquidity." "In this paper, we present Uniswap v3, a novel AMM that gives liquidity providers more control over the price ranges in which their capital is used, with limited effect on liquidity fragmentation and gas inefficiency," it states.

Monty Python alumnus John Cleese "is going to be selling an illustration of the Brooklyn Bridge he did on his iPad as an NFT," reports Nick Bilton in Vanity Fair.

So far the highest offer is $50,000, though Cleese's "buy it now" price has been set higher — at $69,346,250.50. But marveling at the wild popularity of NFTs, Bilton muses (hyperbolically?) that "The crazy thing is, he actually might get it..." The rapper Ja Rule recently launched an NFT platform on which he's selling a painting from the disastrous Fyre Festival with a starting bid of $600,000. Collectible NBA trading cards called "Top Shots," which are essentially digital trading cards of basketball players, are selling (and people are buying them) for as much as $240,000 ($208,000 is the highest price sold so far). And Beeple, a 39-year-old man from Charleston, South Carolina, whom you had never heard of until three weeks ago but who is now all anyone can talk about, a guy who makes dark and atramentous memeified "works of art," including pieces featuring a naked Elon Musk riding a Dogecoin dog and an image of a postcoital Santa Claus after — one assumes? — he's just cheated on Mrs. Claus, managed to sell a random pixelated artwork to another cryptocurrency investor at auction this month for $69,346,250 — exactly 50 cents less than John Cleese, I mean the Unnamed Artist, hopes to sell the Brooklyn Bridge for...

[T]hese odd things called NFTs have done the miraculous and created scarcity in a digital world where there is, by default, no such thing. As such, like any collectible or limited number of artworks, people have gone crazy to get a slice of this new fortune. The insanity around NFTs, and what is now for sale as an NFT, has whiplashed from obscurity to frenetic hysteria in just a matter of weeks. While Ja Rule and trading cards and Beeple's "artwork" are often talked about with perplexity, there are countless NFTs hitting the specialized trading markets almost hourly.

Some are stunts, some are pitched as real art, and there's everything in between. A company that specializes in blockchain technology, for example, purchased a real, physical print by the artist Banksy for $95,000, then lit the print on fire until it was destroyed, and then sold a digital version of it as an NFT for almost $400,000. Grimes, the musician, sold about $6 million worth of music-and-video NFTs last month. Jack Dorsey's first tweet is currently at auction with a high bid of $2.5 million. A poker player is selling his most famous quotes as NFTs. The TV show American Gods is shilling trading cards of the show's characters as NFTs. The website Quartz is offering a news article about NFTs as an NFT itself. There's an NFT house for sale, nudes of the actor Katie Cassidy at auction as NFTs, and there are all sorts of digital collectibles ranging from pixelated punks to impish kitty cats with wings. Now an Unnamed Artist has a bridge to sell you...

It's almost like we're living in a simulation that has sped up and no one knows where the pause button is. But that, sadly, is by design. Bitcoin, which is only a little over a decade old, was first adopted by the video game culture: nerds who thought it was cool to mine on their computers and collect these odd little coins, but who are now Bitcoin billionaires. They are using that money, like Monopoly money that turned real overnight, to dictate what is considered art culturally. In doing so, they are — some believe — destroying the culture.

It all started when a 42-year-old German man named Sebastian saw a mysterious tweet that he thought was from Elon Musk, reports Entrepreneur: "Musk tweeted 'Dojo 4 Doge' and I wondered what it meant," the man recounted. "There was a link to a new event below, so I clicked on it and saw that it was giving away bitcoins!"

Like many onlookers, Sebastian clicked on the link and came to a web page that seemed legitimate. There he found a countdown timer and a quiz, supposedly run by the Tesla team. The dynamic consisted of sending from 0.1 bitcoins (with an approximate value of 6,000 dollars) to 20 bitcoins (about 1.2 million dollars), with the promise of doubling the amount at the end... At the time of the fraud, his 10 bitcoins were worth about $560,000 (about 11.5 million Mexican pesos).

After double checking the verification logo next to Elon Musk's name, he decided to participate. "'Take the maximum,' I thought. This is definitely real, so I sent 10 bitcoins," said Sebastian...Sebastian's 10 bitcoins are the largest recorded amount ever lost in a single such transaction, said Whale Alert, an Amsterdam-based blockchain analytics company.

According to analysts, during the first quarter of 2021, the scam gangs have made more than $18 million in this way. This amount exceeds the $16 million dollars that they obtained during all of 2020. Regarding the number of victims, in 2020, some 10,500 people fell for this type of fraud. However, so far in 2021, there have already been 5,600 victims (and counting).

An anonymous reader quotes a report from Reuters: An engineer working for Elon Musk's SpaceX pleaded guilty on Thursday to conspiracy to commit securities fraud by selling insider tips on the "dark web," the U.S. Department of Justice and Securities and Exchange Commission (SEC) said on Thursday. The case was the first in which the SEC has brought an enforcement action alleging securities violations on the dark web, it said. James Roland Jones of Redondo Beach, California, faces a maximum penalty of five years in federal prison, the Department of Justice said. A sentencing date has not yet been set.

According to the agencies, from 2016 until at least 2017, Jones conspired with another unnamed person to access various dark web marketplaces, including a website claiming to be an insider trading forum, in search of material, non-public information to use for his own securities trading. Jones also devised a scheme to sell what he falsely claimed were insider tips on the dark web, the agencies said. Several users paying in bitcoin purchased these tips and ultimately traded based on the information Jones provided, they said.

According to CNBC, Morgan Stanley is the first big U.S. bank to offer its wealth management clients access to bitcoin funds. From the report: The investment bank, a giant in wealth management with $4 trillion in client assets, told its financial advisors Wednesday in an internal memo that it is launching access to three funds that enable ownership of bitcoin, according to people with direct knowledge of the matter. The move, a significant step for the acceptance of bitcoin as an asset class, was made by Morgan Stanley after clients demanded exposure to the cryptocurrency, said the people.

But, at least for now, the bank is only allowing its wealthier clients access to the volatile asset: The bank considers it suitable for people with "an aggressive risk tolerance" who have at least $2 million in assets held by the firm. Investment firms need at least $5 million at the bank to qualify for the new stakes. In either case, the accounts have to be at least 6 months old. And even for those accredited U.S. investors with brokerage accounts and enough assets to qualify, Morgan Stanley is limiting bitcoin investments to as much as 2.5% of their total net worth, said the people.

Two of the funds on offer are from Galaxy Digital, a crypto firm founded by Mike Novogratz, while the third is a joint effort from asset manager FS Investments and bitcoin company NYDIG. The Galaxy Bitcoin Fund LP and FS NYDIG Select Fund have minimum investments of $25,000, while the Galaxy Institutional Bitcoin Fund LP has a $5 million minimum. Clients can likely make investments as early as next month, after the bankâ(TM)s financial advisors complete training courses tied to the new offerings, said the people.

On Fortune's Leadership Next podcast yesterday, Visa CEO Alfred Kelly said that the payment processing behemoth is willing to facilitate not only bitcoin purchases, but also spending functionalities. "We're trying to do two things," said Kelly. "One is to enable the purchase of Bitcoin on Visa credentials. And secondly, working with Bitcoin wallets to allow the Bitcoin to be translated into a fiat currency and therefore immediately be able to be used at any of the 70 million places around the world where Visa is accepted." BTC Times reports: According to Kelly, Visa is working hard to earn its role as an intermediary in financial transactions even after Bitcoin sees mainstream adoption. Other than Bitcoin, the payment processor also plans to allow for the use of stablecoins. He admitted that the company recognizes "a strong potential for those to become a new payment vehicle." Kelly said Visa is collaborating with about 35 partners involved with stablecoins, explaining that "these are currencies that are fiat-backed, but we're allowing this translation, if you will, into a fiat currency and in a wallet where there's a Visa card and again that Visa card can be used with the translated digital currency over to the fiat currency to purchase at any one of our 70 million locations."

This is seemingly referring to Visa's partnership with Circle, the firm behind the USDC stablecoin. According to a report released by Forbes at the end of 2020, the payment processing giant partnered with Circle to integrate USDC into its infrastructure and allow credit card issuers to use USD Coin on their platforms and send and receive USDC payments. Visa's head of crypto Cuy Sheffield said at the time: "We continue to think of Visa as a network of networks. [...] Blockchain networks and stablecoins, like USDC, are just additional networks. So we think that there's a significant value that Visa can provide to our clients, enabling them to access them and enabling them to spend at our merchants."

A new feature has appeared at smoke shops in Montana, gas stations in the Carolinas and delis in far-flung corners of New York City: a brightly-lit bitcoin ATM, where customers can buy or sell digital currency, and sometimes extract hard cash. From a report: The machines have multiplied quickly through the United States over the past year, fueled by a frenzy in crypto trading that sent bitcoin prices over $58,000. Kiosk operators such as CoinFlip and Coin Cloud have installed thousands of ATMs, scouring areas competitors have not yet reached, executives told Reuters. "I just assumed there was demand and people wanted bitcoin everywhere," said Quad Coin founder Mark Shoiket, who flew to Montana after scanning a U.S. map for bitcoin ATM deserts. During a week-long road trip, he found seven places to install machines, including 406 Glass, a store in Billings, Montana, that sells tobacco, vape juice and colorful glass pipes. As of January, there were 28,185 bitcoin ATMs in the United States, according to howmanybitcoinatms.com, an independent research site. Roughly 10,000 came within the prior five months.

Teenage Twitter hacker Graham Ivan Clark has pleaded guilty to last summer's unprecedented bitcoin scam attack that involved the takeover of dozens of high-profile accounts on the social network, according to paperwork filed in Florida court on Tuesday. Clark, who was 17 when accused of leading the scam, will spend three years in prison as part of his plea deal. The Tampa Bay Times reported the news on Tuesday. From a report: Clark has already been credited with 229 days of time served since his arrest last summer. As part of the deal, Clark is also being sentenced as a "youthful offender," which lessened his prison time and also opens up the possibility that he can serve some of his sentence at a boot camp, according to the Tampa Bay Times. Clark will also be banned from using computers without permission and without supervision from law enforcement.

An anonymous reader quotes a report from The Verge: Nvidia made a big deal about reducing the hash rate of Ethereum mining on its new RTX 3060 graphics card last month. A special system was supposed to make the RTX 3060 undesirable for cryptominers, but Nvidia has now confirmed that it has accidentally unlocked those restrictions with a new driver. "A developer driver inadvertently included code used for internal development which removes the hash rate limiter on RTX 3060 in some configurations," says an Nvidia spokesperson in a statement to The Verge. "The driver has been removed."

While Nvidia has now removed the driver, the genie is out of the bottle. Nvidia's latest 470.05 beta driver automatically unlocks performance for most RTX 3060 cards, boosting hashing rates for Ethereum mining. Mirrors of the driver can easily be found online, and Nvidia won't be able to prevent RTX 3060 owners from continuing to use this driver in the future.

According to Reuters, "India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets." From the report: The bill, one of the world's strictest policies against cryptocurrencies, would criminalize possession, issuance, mining, trading and transferring crypto-assets, said the official, who has direct knowledge of the plan. The measure is in line with a January government agenda that called for banning private virtual currencies such as bitcoin while building a framework for an official digital currency. But recent government comments had raised investors' hopes that the authorities might go easier on the booming market.

Instead, the bill would give holders of cryptocurrencies up to six months to liquidate, after which penalties will be levied, said the official, who asked not to be named as the contents of the bill are not public. Officials are confident of getting the bill enacted into law as Prime Minister Narendra Modi's government holds a comfortable majority in parliament. If the ban becomes law, India would be the first major economy to make holding cryptocurrency illegal. Even China, which has banned mining and trading, does not penalize possession. According to the senior official, the plan is to ban private crypto-assets while promoting blockchain. "We don't have a problem with technology. There's no harm in harnessing the technology," said the official, adding the government's moves would be "calibrated" in the extent of the penalties on those who did not liquidate crypto-assets within the law's grace period.

The report notes that 8 million investors in India now hold 100 billion rupees ($1.4 billion) in crypto-investments.

A lapsed domain registration tied to WeLeakInfo, a wildly popular service that sold access to more than 12 billion usernames and passwords from thousands of hacked websites, "let someone plunder and publish account data on 24,000 customers who paid to access the service with a credit card," reports Krebs on Security. This comes after the service was seized a little over a year ago by the FBI and law enforcement partners overseas. From the report: In a post on the database leaking forum Raidforums, a regular contributor using the handle "pompompurin" said he stole the WeLeakInfo payment logs and other data after noticing the domain wli[.]design was no longer listed as registered. "Long story short: FBI let one of weleakinfo's domains expire that they used for the emails/payments," pompompurin wrote. "I registered that domain, & was able to [password] reset the stripe.com account & get all the Data. [It's] only from people that used stripe.com to checkout. If you used paypal or [bitcoin] ur all good."

Cyber threat intelligence firm Flashpoint obtained a copy of the data leaked by pompompurin, and said it includes partial credit card data, email addresses, full names, IP addresses, browser user agent string data, physical addresses, phone numbers, and amount paid. One forum member commented that they found their own payment data in the logs.

Elon Musk is getting in on the NFT gold rush by selling a new electronic music track he's apparently produced as an NFT. The Verge reports: Yes, you've heard that right -- it's a song about non-fungible tokens, which Musk appears to have minted (or plans to mint) on the blockchain. Musk did not include a link to the NFT, so it's not clear if it's already live or if Musk plans to initiate the sale at a later date. It's also not clear on which platform Musk intends to sell the NFT.

We also don't know if the song has a name, but we have some clues. The looping video attached to the song Musk posted to Twitter on Monday displays the words "Vanity Trophy" orbiting around a golden orb affixed to the top of a literal trophy reading "HODL," short for the phase "hold on for dear life." [...] At various points in the short video, the words along the trophy shift from "computers" to "never sell" while a female vocalist sings lyrics over top like "NFT for your vanity" and "computers never sleep." Did I mention that the trophy also has little gold dogs, or "doges" if you will, rotating around it, too? The techno song drop is appropriate considering Musk named himself the "technoking" of Tesla in a filing with the U.S. Securities and Exchange Commission on Monday. Meanwhile, chief financial officer Zach Kirkhorn's new position is "Master of Coin."

Both Elon and Zach "will also maintain their respective positions as Chief Executive Officer and Chief Financial Officer," the filing concludes.

PayPal has announced that it plans to acquire Curv, a cryptocurrency startup based in Tel Aviv, Israel. TechCrunch reports: Curv is a cryptocurrency security company that helps you store your crypto assets securely. The company operates a cloud-based service that lets you access your crypto wallets without any hardware device. Curv also lets you set up sophisticated policies so that the new intern cannot withdraw crypto assets without some sort of approval chain. Similarly, you can create allow lists so that regular transactions can go through more easily.

Behind the scenes, Curv uses multi-party computation to handle private keys. When you create a wallet, cryptographic secrets are generated on your device and on Curv's servers. Whenever you're trying to initiate a transaction, multiple secrets are used to generate a full public and private key. Secrets are rotated regularly and you can't do anything with just one secret. If somebody steals an unsecured laptop, a hacker cannot access crypto funds with the information stored on this device alone.

PayPal says that the Curv team will join the cryptocurrency group within PayPal. Terms of the deal are undisclosed and the transaction should close at some point during the first half of 2021. Calcalist reported that PayPal was paying between $200 million and $300 million for the acquisition. A person close to the company says that the transaction was under $200 million. I guess we'll find out what happened exactly in the next earnings release.

Business intelligence firm MicroStrategy disclosed on Friday that it just spent $10 million in cash to buy 205 bitcoins. From a report: The enterprise software and bitcoin holder said it paid an average price of $48,888 for each bitcoin, including fees. The company said as of March 5, it holds about 91,064 bitcoins, which were acquired at total spend of $2.20 billion at an average price of about $24,119 per bitcoin. MicroStrategy's stock has soared 96.9% over the past three months through Thursday, while bitcoin prices have rocketed 156.4% and the S&P 500 has gained 1.9%.

PayPal is said to be in the process of buying Curv, a technology firm that powers the secure storage of cryptocurrency, news outlet CoinDesk reported Tuesday, citing three sources familiar with the situation. From the report: Israeli news outlet Calcalist reported Tuesday that Curv was being sold for between $200 million and $300 million, without naming the buyer. "PayPal is buying Curv for $500 million," a source from within the digital asset custody space told CoinDesk on Monday. "From where I'm hearing it, I'm pretty sure it's true." Several people in the cryptocurrency space have said PayPal, which made an entrance to the crypto space last year, turned its attention to Curv after talks to buy crypto custody and trading firm BitGo fell through last year. PayPal offered $750 million in cash for BitGo, two sources familiar with the deal told CoinDesk. Bloomberg has corroborated the talks.

Google Finance now has a dedicated "crypto" field for bitcoin, ether, litecoin and bitcoin cash. CoinDesk reports: Right at the top of the page, where users can "compare markets," crypto is listed among the five default markets, which also includes U.S., Europe, Asia and "Currencies." At the moment, it appears Google Finance only tracks a limited number of cryptocurrencies. Bitcoin, ethereum, litecoin and bitcoin cash are displayed by default when clicking the crypto tab.

A search for Cardano's ADA, Polkadot's DOT, Stellar's XLM tokens return no results -- for either the protocol or the token's ticker. XRP returned a result for the Ripple XRP Liquid Index, which trades on Nasdaq.

An anonymous reader quotes a report from Reuters: Bitcoin rose nearly 7% on Monday as risk assets rallied after last week's bond rout cooled, with Citi saying the most popular cryptocurrency was at a "tipping point" and could become the preferred currency for international trade. With the recent embrace of the likes of Tesla and Mastercard, bitcoin could be at the start of a "massive transformation" into the mainstream, the investment bank said. Goldman Sachs, meanwhile, has restarted its cryptocurrency trading desk and will begin dealing bitcoin futures and non-deliverable forwards for clients next week, a person familiar with the matter told Reuters.

Bitcoin, which hit a record high of $58,354 in February, could in the future become the preferred currency for international trade or face a "speculative implosion," Citi said. "There are a host of risks and obstacles that stand in the way of bitcoin progress," Citi's analysts wrote. "But weighing these potential hurdles against the opportunities leads to the conclusion that bitcoin is at a tipping point."

Bitcoin's recent performance has come with the growing involvement of institutional investors in recent years, contrasting with its heavy retail investor focus for most of the past decade, Citi said. If businesses and individuals gain access via digital wallets to planned central bank digital cash and so-called stablecoins, bitcoin's global reach, traceability and potential for quick payments would see it "optimally positioned" to become the preferred currency for international trade, Citi added. Such a dramatic transformation to the de facto currency of world trade -- a status currently held by the dollar -- would depend on changes to bitcoin's market to allow wider institutional participation and closer oversight by financial regulators, Citi said. Still, shifts in the macroeconomic environment could also make the demand for bitcoin less pressing, it added.