Daily Crypto, Finance and Tech News Summary – May 25, 2023

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Welcome, and thank you for being part of the MyZucoins community! Dive into our daily crypto, finance and tech news summary to stay in the know.

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Mastercard’s Perspective on Crypto: Security and Usability as Key Challenges

In a recent North America Innovation Day event, Raj Dhamodharan, Mastercard’s EVP and head of crypto and blockchain, emphasised the potential of blockchain and cryptocurrency to bring significant value to the financial industry. However, he stressed that these technologies must overcome challenges related to security and ease of use, to build trust and realise their full potential.

Dhamodharan noted that while blockchain and crypto are gaining popularity worldwide, their utility is limited by security concerns and complex user interactions. He argued that the ability of crypto technology to store and move capital becomes limited if safety and simplicity are not prioritised.

Echoing Dhamodharan’s sentiments, Johan Gerber, EVP of Security and Cyber Innovation, stated that for blockchain technology to scale globally, it requires interoperability and an underlying security of trust. Once these key points are achieved, it will be easier for various companies, both traditional and new players, to enter the Web3 industry.

Mastercard is not new to the crypto and blockchain industry. The company has made several developments, including the launch of Crypto Secure, a software to help banks identify transactions from fraud-prone crypto exchanges, and Start Path Crypto, a global engagement program to assist blockchain, crypto, and digital asset startups.

Despite the potential of crypto as an investment, Dhamodharan believes that the technology holds more promise for the financial industry as a whole. Mastercard aims to provide a technological foundation that allows everyone, from small startups to massive financial institutions, to innovate and build upon. Read more here.

It’s no coincidence that Zucoins have focused on these factors, safety and easy-of-use, amongst many, many others. These factors have emerged as innovative solutions that prioritise security and ease of use, overcoming challenges faced by traditional blockchain-based cryptocurrencies. Zucoins, with their no-fee structure and in-built two-factor authentication (2FA), provide a safer and efficient means of doing transfers. Their scalable architecture allows for data expansion based on the number of wallets transacting, addressing storage challenges present in traditional blockchains. These advancements have strongly addressed transaction security and usability concerns, enabling seamless and trustworthy transactions, that should inspire trust and lay the groundwork for wider participation in the Web3 industry.

Zucoins and Splitchain signify a positive shift in the crypto industry, contributing in their own way to the evolution of the financial sector. Their scalable architecture, enhanced safety features and emphasis on simpler interfaces to complete tasks, aim to create opportunities for innovation and growth. By prioritising the needs of everyday users and addressing deep-rooted industry concerns, Zucoins and Splitchain could pave the way for the next generation of the crypto landscape.

From Endorsement to Caution: Musk Warns Against Betting Big on Dogecoin

Elon Musk, CEO of Tesla and SpaceX, has recently issued a warning against buying and betting big on Dogecoin, a popular digital currency. This marks a significant departure from his previous endorsements of the cryptocurrency.

Musk’s tweets and public statements have historically had a profound impact on the volatile cryptocurrency market, with his endorsement or criticism capable of sending digital assets soaring or plummeting in value. Dogecoin, in particular, skyrocketed in value due to his previous endorsements on his Twitter social media profile.

However, during a virtual conference in London, Musk surprised attendees by cautioning against buying into the digital asset frenzy and placing significant bets on Dogecoin. He stated, “I’m not advising anyone to buy crypto or bet the farm on Dogecoin.” This cautionary stance indicates a shift in his perspective on the risks associated with investing in cryptocurrencies.

Despite his warning, Musk maintains his affection for Dogecoin, citing its humour and the inclusion of dogs as reasons for its appeal. The future trajectory of Dogecoin will depend on various factors, including market dynamics, regulatory developments, and broader shifts in the cryptocurrency ecosystem.

It’s important to note that Musk is undergoing legal cases regarding his effect on areas of the crypto market, so this could be seen as a cautious move to rein in this side of things.

At the time of the report, Dogecoin’s value stood at $0.070482, experiencing a minor setback with a 1.2% dip in the past 24 hours and a 4.8% decline over the course of the last seven days. Read more here.

Dogecoin was originally a modified fork of Bitcoin (that is, a cloned seperate project), released in 2013. It shares many of the same limitations as Bitcoin. This is in contrast to Zucoins and its Splitchain network, which are ground-up rethinks to blockchains, designed to solve many of the issues and limitations that we cover here on a regular basis.

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