Sunday, April 5, 2020

Online Shoppers Just A Click Away From Crypto Payments

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If you want to go shopping online to pay in cryptocurrency, a new app for one of the world’s leading shopping platforms will open the way.

Magento is a market-leading shopping and payment software system for online merchants with more than 200,000 web store outlets selling just about anything anyone would want to buy while turning over 150 million in revenue.

The software works seamlessly behind store fronts providing search, shopping cart and payment facilities.

Now, CLIC technology, based in Florida, USA, has announced the imminent launch of a Magento add-on that will give Magenta merchants the ability to process cryptocurrency payments from consumers.

The app will switch cryptocurrency into the trader’s preferred currency.

CLIC says a similar deal is in the pipeline for Magenta’s rival merchant platform Shopify, which has a user base of 800,000 merchants worldwide.

“It’s important to us that we reach as many users as possible,” said CLIC CEO Roman Bond. “While we’re not done yet, we’re in the final stages of completing what plans to be the premier technology in this space, giving customers and retailers alike the ability to seamlessly complete online transactions using today’s preferred method of payment, cryptocurrency.”

Facebook stays mum over Facecoin rumours

Facebook has issued a cagey statement confirming the social media giant is looking at blockchain technology but failing to confirm or deny reports a Facecoin cryptocurrency is on the way.

News outlets Bloomberg and the New York Times broke the Facecoin story – alleging Facebook, Telegram and Signal are planning coin roll-outs within the next 12 months.

The NY Times claims Facebook has already discussed making cross-border payments through WhatsApp with leading cryptocurrency exchanges.

Facebook is unwilling to divulge if the rumours are true, saying: “Like many other companies Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications. We don’t have anything further to share.”

Similar payment networks have been launched by JP Morgan Bank and electronics gargantuan IBM. Based on stable coins for international money transfers.

$4m scammer faces 100 years in jail

Arisebank CEO Jared Rice faces up to 100 years in jail after pleading guilty to a $4 million cryptocurrency scam.

Rice offered investors guaranteed returns of between 10% and 20% if they paid cash into his start-up.

He also admitted fraud in relation to offering investors credit cards when he had no tie-up with the provider.

Sentencing at the court in Dallas, Texas, will be on July 11.

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