Wednesday, Aug 17, 2022
×
Outlook.com
×
Outlook Money

Meta Launches Meta Pay Wallet; Monetary Authority of Singapore Says Cryptos Are Not Currencies

Meta Pay wallet will aim to bring in more interoperability features for end users' convenience. Meanwhile the crypto markets didn’t seem to catch Meta’s enthusiasm and Bitcoin was down by 1.3 per cent, Ethereum by 2 per cent.

Meta (formerly Facebook)
Meta (formerly Facebook)

Meta (formerly Facebook) has launched its own wallet service as a universal payment mechanism both in the real physical world and the virtual online metaverse world. This wallet is called ‘Meta Pay’ and it aims to bring in a wider acceptability and interoperability functionalities for the end user. 

Mark Zuckerberg, CEO, Meta said in a Meta post, “There's a long way to go, but this kind of interoperability will deliver much better experiences for people and larger opportunities for creators. That is, the more places you can easily use your digital goods, the more you'll value them, which creates a bigger market for creators.”

In other news Singapore’s central bank, The Monetary Authority of Singapore (MAS) said that they are open to the ideology of blockchain and central bank digital currency but do not yet accept cryptocurrencies as currencies.

In an email interview with Forkast they said, “Cryptocurrencies are not currencies and they are unlikely to perform the functions of money as prices are subject to sharp speculative swings and that they have no fundamental value.”

Cryptocurrency Prices

The global crypto market capitalisation went down by 1.15 per cent to $913.73 billion as of 8.50 am. However, the global crypto volume was up by 0.91 per cent to $56.39 billion as per Coinmarketcap data.

"The market leader is trading closely to the $20,000 threshold. A result of investors receiving discouraging economic data, unsettling the market as a whole. The market continues to be overly anxious and altcoins are in the red. A breakthrough will be difficult," says Gaurav Dahake, CEO and founder, Bitbns.

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $20,353.46, lower by 1.31 per cent in the last 24 hours. Ethereum (ETH) was down by 1.95 per cent to $1,152.46. 

Among other significant coins, Cardano (ADA) was down by 0.75 per cent at $0.475; Algorand (ALGO) was trading with a loss of 1.89 per cent at $0.3151, Solana (SOL) was trading with a loss of 4.36 per cent at $35.67, Polkadot (DOT) was down by 1.76 per cent at $7.37, and Binance Coin (BNB) was down by 1.22 per cent at $228.72.

Today’s top gainer was Bitsubishi (BITSU), which was up by 2613.49 per cent at $4,170.76. The top loser was ZENFI AI (ZENFI), which was down by 99.2 per cent at $0.01298. 


Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 3.63 per cent at $0.06704. Its volume to market cap ratio stands at 0.0567. Rival Shiba Inu (SHIB) was down by 5.31 per cent at $0.00001016.

Dogelon Mars (ELON) lost 4.83 per cent to trade at $0.0000003297, Floki Inu (FLOKI) lost 5.61 per cent at $0.000005729, and Samoyed Coin (SAMO) lost 0.93 per cent at $0.00739. 

In the DeFi segment, YFI (yearn.finance) was down by 2.44 per cent at $5,764.77, and Terra Classic (LUNC) was trading with a massive gain of 80.33 per cent at $0.0001471. Avalanche (AVAX) was down by 2.49 per cent at $18.52, Uniswap (UNI) was trading with a loss of 4.77 per cent at $4.97, and Aave (AAVE) fell by 3.59 per cent at $61.23.

Advertisement
Advertisement
Advertisement