Howard Lutnick, a longtime advocate of Bitcoin and former CEO of Cantor Fitzgerald, has been confirmed as the new US Secretary of Commerce. The Senate approved his nomination in a 51-45 vote, securing his position in President Donald Trump’s administration.
Howard Lutnick Confirmed as US Commerce Secretary
According to the confirmation vote, Lutnick will now lead the Department of Commerce, overseeing economic statistics, census operations, and weather reporting. His role includes managing a workforce of approximately 50,000 employees while implementing the administration’s trade policies.
Lutnick is expected to work alongside Jamieson Greer, Trump’s nominee for trade negotiator, to enforce tariff policies aimed at reshaping US trade relationships. He has voiced support for imposing tariffs on a country-by-country basis, arguing that they will encourage foreign governments to lower trade barriers for American goods.
Prominent Bitcoin supporters, including MicroStrategy Executive Chairman Michael Saylor and Senator Cynthia Lummis, congratulated Lutnick on his confirmation. “Congratulations @HowardLutnick on your confirmation as Secretary of Commerce,” Saylor wrote on X, noting Lutnick’s strong financial exposure to Bitcoin.
Concurrently, U.S. Senator from Wyoming Cynthia Lummis, also a vocal supporter of cryptocurrency, expressed confidence in his leadership, stating, “I know he will do a fantastic job reinvigorating our economy.”
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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You are here: Home / News / Altcoin News / Cardano’s IOG Is Now Part Of The American Chamber Of Commerce Mongolia
Cardano’s IOG has become the latest member of the Mongolian wing of the American Chamber of Commerce [AmCham]. According to the tweet, AmCham Mongolia stated,
We are very excited to announce our newest member a leading technology company committed to the highest principles of academic rigor and evidence-based software development.
Describing IOG as “one of the world’s pre-eminent blockchain infrastructure research and engineering companies”, the Mongolian entity also stated that the research wing build high-assurance blockchain infrastructure solutions for public, private sector and government clients.
Besides that, AmCham Mongolia is slated to host Cardano founder Charles Hoskinson and his team for a special ‘Meet & Greet’ event. It has laid out the details of the event here.
Just some days ago, Hoskinson, CEO of IOG, the software studio behind Cardano [ADA] blockchain solutions, spoke on the feasibility of blockchain-based instruments in governmental systems.
In the The Crypto Mile podcast, Mr. Hoskinson sat down to discuss the prospects of blockchain systems in governance solutions.
The chief exec says that as distributed, democratic and permissionless systems, blockchain systems will enable public services to become more accessible than ever before:
“It enables the poorest and most vulnerable person in society equal access as the president of the US, and there has never been a time in human history that that has been the case”, he said.
Apart from that, it has the ability to prevent one nation [USA, China] from gaining absolute control over global political affairs. Thus improving the quality of governance.
“It is a better way of doing things with less friction, less fraud, less waste and abuse and more transparency and ultimately less consolidation of power.”
Cardano To Establish lab at University of Edinburgh
To begin with, blockchain technology can help prove its worth in various sphere of public services such as land contracts, commercial and government voting, health information, educational credentials, tax and legal information, etc.
In order to study various aspects of decentralization and its use for governance, IOG is planning to build a new entity in collaboration with the University of Edinburgh.
Mr. Hoskinson revealed that his team will research all blockchains, including Bitcoin [BTC] and Ethereum [ETH], to find out the most suitable one.
Cardano’s IOG has become the latest member of the Mongolian wing of the American Chamber of Commerce [AmCham]. According to the tweet, AmCham Mongolia stated,
We are very excited to announce our newest member a leading technology company committed to the highest principles of academic rigor and evidence-based software development.
Describing IOG as “one of the world’s pre-eminent blockchain infrastructure research and engineering companies”, the Mongolian entity also stated that the research wing build high-assurance blockchain infrastructure solutions for public, private sector and government clients.
Besides that, AmCham Mongolia is slated to host Cardano founder Charles Hoskinson and his team for a special ‘Meet & Greet’ event. It has laid out the details of the event here.
Just some days ago, Hoskinson, CEO of IOG, the software studio behind Cardano [ADA] blockchain solutions, spoke on the feasibility of blockchain-based instruments in governmental systems.
In the The Crypto Mile podcast, Mr. Hoskinson sat down to discuss the prospects of blockchain systems in governance solutions.
The chief exec says that as distributed, democratic and permissionless systems, blockchain systems will enable public services to become more accessible than ever before:
“It enables the poorest and most vulnerable person in society equal access as the president of the US, and there has never been a time in human history that that has been the case”, he said.
Apart from that, it has the ability to prevent one nation [USA, China] from gaining absolute control over global political affairs. Thus improving the quality of governance.
“It is a better way of doing things with less friction, less fraud, less waste and abuse and more transparency and ultimately less consolidation of power.”
Cardano To Establish lab at University of Edinburgh
To begin with, blockchain technology can help prove its worth in various sphere of public services such as land contracts, commercial and government voting, health information, educational credentials, tax and legal information, etc.
In order to study various aspects of decentralization and its use for governance, IOG is planning to build a new entity in collaboration with the University of Edinburgh.
Mr. Hoskinson revealed that his team will research all blockchains, including Bitcoin [BTC] and Ethereum [ETH], to find out the most suitable one.
Cardano’s IOG has been welcomed as the newest member of the American Chamber of Commerce (AmCham), a Mongolian entity. In a thread of tweets, Amcham Mongolia describes Input Output as “a leading technology company committed to the highest principles of academic rigor and evidence-based software development” and the “driving force behind the decentralized and smart contract platform, Cardano.”
Thank you for welcoming us. Looking forward! https://t.co/pfTRtgggpS
— Input Output (@InputOutputHK) July 19, 2022
Cardano has made remarkable moves in recent months, fostering its relationship with major companies and organizations. In June, Cardano announced it was now a member of the Linux Foundation. The Cardano Foundation joined the Linux Foundation as a gold member, becoming the only nonprofit active at this level.
Cardano’s founder praises blockchain’s potential
In a recent interview, Charles Hoskinson, the founder of Cardano, extols the positives of blockchain technology and its capacity to fundamentally transform government services all over the world and even make them interoperable.
Imagine tax revenue is open source, everybody can see where money is coming from, where it’s going and traditional institutions of governance develop in efficiency + efficacy at same rate as iPhone. Blockchain and Gov with Charles Hoskinson@IOHK_Charles https://t.co/PqVJsh9G2o
— Brian McGleenon (@BMcGleenon) July 15, 2022
The blockchain can support this interconnected global community as we transition to a genuinely global society by enabling the secure transmission of data in a smooth and democratic manner, in which, as the Cardano creator says, “No one actor will have complete control over critical things and resources.”
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The founder of Cardano asserts that if both political systems are implemented on the same underlying blockchain, they may be interoperable with equivalent systems in other nations.
Hoskinson also envisioned a day in the future where world governments collaborate and compete to be the most effective and beneficial, much like how Apple’s iPhone and Samsung’s Galaxy quickly surpass one another.
The blockchain would power this future, and just as Moore’s law states that the number of transistors on a computer chip doubles every two years, blockchain-based government systems might advance at the same rate as technological advancement.
Merchants using leading cryptocurrency firm Coinbase for their commerce solutions can now accepts payments in a wider number of digital currencies, including meme-inspired tokens Shiba Inu ($SHIB) and Dogecoin ($DOGE).
In a new announcement Coinbase Commerce, a division of the Nasdaq-listed exchange Coinbase Global, reveled that as part of its goal to bring together consumers and businesses in the cryptoeconomy, it’s making crypto transactions “easier and more accessible” while adding new cryptocurrencies as payment options.
As part of its goal, Coinbase Commerce is now allowing for payments to be “instant and free from Coinbase users to Coinbase-managed commerce merchants, as the new feature “leverages Coinbase’s unique access to both Coinbase customers as payers and to merchants as payees to enable instant, free payments using off-chain transactions.”
Per Coinbase, an off-chain transaction “involves an account-to-account transfer processed outside of the blockchain through a separate channel, which means we can offer this benefit to payers with Coinbase accounts.”
Moreover, the firm noted that merchants concerned about price volatility will now benefit from instant transactions and auto conversions to fiat currency to help ensure they’re receiving the correct amount from payers.
The firm added seven new cryptocurrencies were added as a payment method. The announcement reads:
We now support BTC, ETH, USDC, BCH, LTC, DOGE, DAI, USDT, APE, and SHIB. Merchants can easily manage which cryptocurrencies they want to accept, turn off the ones they don’t, and choose to hold or auto-convert any cryptocurrency balance to USD.
Coinbase noted that by removing “friction and increasing flexibility within the crypto payment process on both sides of the ecosystem,” it’s taking “another step towards mainstream adoption and leveraging the network effect of our brand.”
Coinbase Commerce’s move notably comes shortly after both SHIB and DOGE were removed from the Crypto Earn rewards program of popular cryptocurrency exchange Crypto.com, along with various other cryptoassets.
Image Credit
Featured image via Pixabay
Community favorites Shiba Inu (SHIB) and APE are among the seven new coins that Coinbase Commerce added to its payment options. Coinbase Commerce is a platform that allows businesses to accept bitcoin and crypto payments for products and services.
In response to consumer complaints about hefty fees, the business explained that it was determined in the most recent update to make cryptocurrency payments rapid and free if the buyer buys products and services from those merchants that are affiliated with Coinbase-Managed.
According to the firm, tokens received as payment will automatically convert into fiat so that merchants receive the precise amount they specified owing to the extreme volatility of the cryptocurrency market.
Concretizing the statement at the same time, the platform noted that auto conversion of cryptocurrency to fiat is only accessible for Coinbase-Managed businesses and operates within predetermined limits.
- $1M: BTC, ETH, USDC, DAI
- $500K: LTC, SHIB, USDT
- $250K: APE, BCH, DOGE
Shiba Inu is witnessing mass adoption
Retailers of high-end accessories as well as airlines and supermarket chains are among the businesses that are embracing SHIB as a form of payment. These kinds of announcements must be commonplace by now among the Shib army, as the coin’s supporters are proudly known.
Even in the midst of the current financial downturn, Shiba Inu has seen a lot of adoption instances this year. It has repeatedly demonstrated that it is one of the most well-liked crypto ventures.
Shiba Inu is also a preferred breed among Ethereum (ETH) whales. It is the coin that the top 100 ETH whales own the most of, according to Whalestats.
On the other hand, Crypto.com tweeted that their rewards program, Crypto Earn, will no longer support 15 coins. The 15 tokens include Dogecoin (DOGE) and Shiba Inu.
Shibarium, the layer-2 protocol developed by SHIB, is also virtually ready for public release. Shibarium will be prepared for the public testnet by Q3 of this year, according to a blog post by Unification, the development team driving the program.
- Coinbase Commerce, the e-commerce arm of the US-based cryptocurrency exchange, recently added support for Dogecoin and Shiba Inu.
- Users can now send instant and free Dogecoin and Shiba Inu payments to Coinbase-managed commerce merchants.
- Dogecoin price failed to recover from its slump, posting double-digit losses in a crypto bloodbath.
Coinbase Commerce added Shiba-Inu-themed cryptocurrencies Dogecoin and Shiba Inu to their platform for users. Despite the rise in utility, the Dogecoin price continued its downtrend, posting 10% losses overnight.
Instant and free Dogecoin payments arrive on Coinbase Commerce
Coinbase Commerce announced two significant updates to its platform. Coinbase users can now avail of the exchange’s free and instant payments to merchants in the platform’s network. Also, the exchange announced the addition of seven new cryptocurrencies, Bitcoin, Ethereum, USD Coin, Bitcoin Cash, Litecoin, Dogecoin, DAI, USD Tether, Apecoin, and Shiba Inu.
Merchants are free to manage the cryptocurrencies they are prepared to accept, turn off the ones they don’t wish to accept and choose to hold or auto-convert crypto balances to USD. The platform removes friction and increases the flexibility of crypto payments on both sides of the ecosystem, taking another step towards mainstream adoption of Shiba-Inu-themed meme coins Dogecoin and Shiba Inu.
Dogecoin price plummets 10% overnight
Dogecoin price witnessed a drop despite the spike in the meme coin’s utility. Coinbase Commerce boosted the meme coin’s utility and enabled users to make instant and free Dogecoin payments to merchants on the platform.
Analysts have evaluated the Dogecoin price chart and noted that the meme coin could continue its downward trend towards a 14-month low of $0.049. Analysts noted that the Dogecoin price is still 91.1% away from its all-time high of $0.73 a year ago.
FXStreet analysts believe Dogecoin should be on crypto traders’ watchlists and identified buy signals on the meme coin’s chart. For more information, watch this video:
Merchants who use a leading cryptocurrency company for their commerce solutions now have the option to accept several additional cryptos for payment. Here are the details.
Faster Payments: Coinbase Commerce, a unit of Coinbase Global COIN announced an update Tuesday that includes faster payment and more cryptocurrency options for its merchant partners.
Coinbase launched instant and free payments from Coinbase users to Coinbase merchants earlier this year.
“This new feature leverages Coinbase’s unique access to both Coinbase customers as payers and to merchants as payees to enable instant, free payments using off-chain transactions,” the company said.
Coinbase said off-chain transactions are cheaper and faster, which allow for faster settlement.
“Following this launch, existing Coinbase users will be able to complete crypto payments for free if they are sending money to a Commerce merchant on our Coinbase-Managed product, and funds will be settled to the merchant instantly.”
Instant transactions and auto conversions are expected to help with merchants worried about price volatility around cryptocurrencies.
Additional Cryptocurrencies Added: Coinbase announced the addition of seven cryptocurrencies added to the Commerce platform Tuesday. The additions come from requests of users, according to the company.
The cryptocurrencies now accepting for Coinbase Commerce merchants are:
Bitcoin BTC/USD
Ethereum ETH/USD
USD Coin USDC/USD
Bitcoin Cash BCH/USD
Litecoin LTC/USD
Dogecoin DOGE/USD
Dai DAI/USD
Tether USDT/USD
ApeCoin APE/USD
Shiba Inu SHIB/USD
“Merchants can easily manage which cryptocurrencies they want to accept, turn off the ones they don’t, and choose to hold or auto-convert any cryptocurrency balance to USD,” Coinbase said.
Related Link: 4 Coinbase Analysts On Q1 Earnings, Stock Plummet, Projections Include Short-Term Crypto Winter, Long-Term Growth
Why It’s Important: Coinbase has a goal of connecting consumers and businesses in the cryptoeconomy.
“By making cryptocurrency transactions easier and more accessible, we are continuing to drive towards this goal,” the company said.
Safe and convenient payments are among the company’s key strategic pillars.
Coinbase Commerce has been used by partners that include Sotheby’s, Yuga Labs and Constellation Brands STZ.
“By removing friction and increasing flexibility within the crypto payment process on both sides of the ecosystem, we are taking another step towards mainstream adoption and leveraging the network effect of our brand.”
COIN Price Action: Coinbase shares are down 8.92% to $50.97 on Tuesday.
Photo: Courtesy of PiggyBank Canada on flickr
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