Author: Stephanie Bedard-Chateauneuf

Samsung Pay has expanded its crypto payments capabilities by partnering with Alchemy Pay, allowing users to transact with cryptocurrency at millions of merchants globally. This new partnership enables over 500,000 users of Alchemy Pay’s virtual cards to link their cards with Samsung Pay for seamless crypto payments both online and in-store. With Samsung Pay available in 24 countries across regions like Asia, Africa, Europe, and North America, this integration broadens access to crypto payments for a growing number of users worldwide.

A Major Step for Crypto Payments

The collaboration between Samsung Pay and Alchemy Pay marks a significant development in the growing adoption of crypto payments. Samsung Pay users can now leverage their digital assets for everyday transactions, from purchasing items online to shopping at physical stores. According to Alchemy Pay’s announcement on October 7, this integration is designed to be user-friendly, enabling cardholders to link their virtual cards to Samsung Pay by following a few simple steps within the app.

This partnership represents Samsung Pay’s second venture into the crypto space. The company first made waves in May 2020 when it collaborated with Swipe to enable the use of Visa Debit cards for crypto payments. With the addition of Alchemy Pay, Samsung Pay is strengthening its presence in the cryptocurrency payment sector, bringing digital currencies closer to mainstream adoption.

Alchemy Pay’s Expanding Ecosystem

While this integration with Samsung Pay is a notable advancement, Alchemy Pay has been making strides of its own. Earlier this year, the crypto payment processor expanded its reach by incorporating Google Pay into its virtual card service. It also integrated Apple Pay support for fiat-to-crypto purchases in January 2023. These moves are part of Alchemy Pay’s ongoing strategy to bridge the gap between cryptocurrency and traditional payment platforms, offering users more flexibility in how they manage and spend their digital assets.

With Samsung Pay now on board, Alchemy Pay’s virtual cardholders can use their crypto for payments across millions of global merchants, including popular platforms like Amazon, Netflix, eBay, and Apple Store. As Alchemy Pay continues to innovate and expand its services, it is becoming a crucial player in the drive to make crypto payments more accessible to everyday consumers.

The Growing Demand for Crypto Payments

Recent data highlights the increasing interest in using cryptocurrency for payments. According to an EY-Parthenon survey, 29% of crypto retail investors now use digital assets for payments, a 6% increase from 2022. The most popular use cases include online shopping, with 57% of respondents using crypto for e-commerce transactions, and paying friends and family, which 49% of respondents cited.

Interestingly, accredited investors show a greater appetite for crypto payments compared to non-accredited investors. Between August 2023 and July 2024, 69% of accredited investors used digital assets for payments, while only 28% of non-accredited investors did so. These figures demonstrate that while crypto payments are gaining traction, there is still significant room for growth, especially among non-accredited investors.

What’s Next for Samsung Pay and Alchemy Pay?

As Samsung Pay and Alchemy Pay deepen their partnership, both companies have ambitious plans for the future. Alchemy Pay is working to integrate additional digital payment platforms and expand compatibility with major card networks, including Visa, Mastercard, and American Express. These developments will further streamline the process for users to make crypto payments with their virtual cards, making digital assets more versatile and practical for everyday use.

Looking ahead, this partnership positions Samsung Pay and Alchemy Pay at the forefront of the crypto payments revolution, creating more opportunities for users to engage with cryptocurrency in their daily lives. With both companies actively expanding their services, the adoption of cryptocurrency for retail and online payments is expected to continue its upward trajectory.

Conclusion

The partnership between Samsung Pay and Alchemy Pay is a pivotal moment in the evolution of crypto payments, making it easier for consumers to use digital assets for a wide range of transactions. As more companies integrate cryptocurrency into their payment systems, the future of payments is becoming increasingly digital, bringing cryptocurrencies closer to mainstream adoption. For users looking to seamlessly incorporate their crypto holdings into everyday purchases, the collaboration between Samsung Pay and Alchemy Pay is a step in the right direction.

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FTX, once a major player in the cryptocurrency exchange industry, has received court approval for a bankruptcy plan that aims to repay customers using up to $16.5 billion in recovered assets. This development comes after FTX’s dramatic collapse in 2022, which followed revelations that its founder, Sam Bankman-Fried, had misappropriated customer funds. The FTX bankruptcy repayment plan is seen as a victory for creditors and customers who are eager to recover their losses.

Details of the Repayment Plan

The approved plan is structured around settlements with FTX customers, U.S. government agencies, and liquidators overseeing FTX’s operations outside the U.S. One of the key features of the plan is that customers who held $50,000 or less on the exchange will be repaid in full within 60 days of the plan’s effective date. In total, FTX expects to repay 98% of its customers.

FTX estimates that it will have between $14.7 billion and $16.5 billion available to repay creditors, enough to cover at least 118% of the value in customer accounts as of November 2022, when the company filed for bankruptcy. The company has recovered cash and crypto assets through settlements, asset sales, and an extensive process of rebuilding its financial records.

U.S. Government Agencies Agree to Prioritize Customers

In a significant move, U.S. government agencies like the Commodity Futures Trading Commission and the Internal Revenue Service have agreed to let FTX prioritize customer repayment over other claims, such as fines or tax debts. This agreement ensures that customers receive the bulk of FTX’s remaining assets, rather than seeing their funds go toward penalties or legal settlements.

This decision was made possible by FTX’s ability to recover substantial amounts of money through the sale of various assets, including investments in technology companies like Anthropic, a prominent artificial intelligence startup. These sales contributed to the billions of dollars FTX has recovered since its collapse.

Customer Reactions: A Mixed Bag

While the FTX bankruptcy repayment plan has been met with relief by some, not all customers are satisfied. The plan calculates repayment based on the value of assets at the time of the bankruptcy filing in November 2022, which has caused frustration among customers. For example, the price of Bitcoin has risen from $16,000 in 2022 to over $63,000 in 2024, leading some to feel that their repayments do not reflect current cryptocurrency values.

David Adler, a lawyer representing a group of objecting creditors, pointed out that many customers are disappointed that they won’t benefit from the rebound in crypto prices since FTX’s collapse. Customers are expected to receive a percentage of their original deposits in fiat currency or assets, rather than the actual cryptocurrency they originally held.

FTX has defended its plan, stating that repurchasing billions of dollars’ worth of cryptocurrencies would be “exorbitantly expensive.” Moreover, FTX’s financial adviser, Steve Coverick, testified that when FTX filed for bankruptcy, it held only 0.1% of the Bitcoin that customers believed they had deposited on the platform. As a result, returning crypto assets as-is is simply not feasible.

FTX’s Impact on the Crypto Industry

FTX’s collapse has sent shockwaves through the cryptocurrency industry. Once seen as a trailblazer in crypto exchanges, FTX’s downfall exposed the fragility of platforms that mix customer deposits with risky hedge fund bets. Sam Bankman-Fried, the company’s founder, was sentenced to 25 years in prison after being found guilty of fraud and conspiracy. He has since appealed the decision, but the case remains a cautionary tale for crypto investors.

Despite the fallout, FTX’s bankruptcy repayment plan is being hailed as a model for handling complex Chapter 11 proceedings. U.S. Judge John Dorsey, who presided over the bankruptcy court hearings, described FTX’s plan as a success story in recovering significant funds for customers in a remarkably short time.

Looking Forward

As FTX moves forward with its bankruptcy plan, many in the crypto community will be watching closely. While the repayment structure is not without its critics, it represents a significant step toward resolving one of the largest crypto collapses in history. FTX’s ability to repay most of its customers in full offers some hope for stability in an industry that has been rife with volatility.

The FTX collapse underscores the importance of regulatory oversight and transparency in cryptocurrency exchanges. As the FTX bankruptcy repayment process unfolds, the lessons learned will likely influence future regulations and the way investors interact with crypto platforms moving forward.

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When it comes to investing, people are typically categorized based on their risk tolerance: aggressive investors seek higher returns through volatile assets, while conservative investors prioritize stability and wealth preservation. However, new data reveals an intriguing shift in crypto investment trends. A recent study by Bank of America Private Bank found that young, wealthy investors who identify as “conservative” are holding more cryptocurrency than their “aggressive” counterparts, challenging traditional definitions of risk and investment.

Changing Landscape of Crypto Investment

Traditionally, aggressive investors lean towards assets like stocks, while conservative investors opt for safer, more predictable options such as bonds. Cryptocurrency, known for its volatility and speculative nature, would logically be a choice for aggressive investors. However, the study shows that young investors aged 21 to 43 with a minimum of $3 million in investable assets hold, on average, 17% of their portfolios in crypto if they identify as conservative, compared to 14% for those who are more aggressive.

These unexpected crypto investment trends reflect not just a shift in the market but also a redefinition of how investors view risk and opportunity in today’s financial landscape. Stephane Ouellette, founder and CEO of digital asset firm FRNT Financial, suggests that the current state of the crypto market plays a significant role in these trends. In a relatively stable market, “true believers” in Bitcoin (BTC) and other cryptocurrencies are holding on, while aggressive investors tend to re-enter the market when prices surge.

A Different Kind of Risk Perception

Why would conservative investors hold a larger share of their wealth in something as unpredictable as crypto? It all comes down to perspective. While traditional assets like stocks and bonds are backed by fundamentals like corporate earnings and cash flow, cryptocurrencies are primarily driven by speculation and investor sentiment. For some, this speculative nature and the potential for massive returns outweigh the risks.

Brad Klontz, a certified financial planner and financial psychology professor, points out that many crypto investors have a different attitude towards risk. “It’s more conservative to own crypto? It goes against all logic,” he notes. But for many young, wealthy investors, crypto offers a way to diversify away from traditional financial systems that they may not fully trust.

Crypto as a Hedge Against Economic Uncertainty

Cryptocurrencies like Bitcoin have often been seen as a hedge against economic instability. In periods of economic uncertainty, digital currencies provide an alternative store of value outside of conventional markets. The rise of crypto as a decentralized asset appeals to investors seeking to protect their wealth from systemic risks, currency devaluation, or market collapses.

Mike Pelzar, head of investments at Bank of America Private Bank, points out that for some young, affluent investors, crypto investments are perceived as safer than traditional assets. In the event of a significant economic downturn or collapse of the U.S. dollar, crypto may offer a safeguard as an alternative form of currency. For these investors, the perceived stability of crypto as an independent asset class provides peace of mind, even if it appears contradictory to conventional investment logic.

Crypto Investment Trends Reflect a New Perspective

It’s important to note that the current market environment plays a large role in these crypto investment trends. A few years ago, during crypto’s rapid rise, aggressive investors flocked to the market in search of quick gains. As prices fell in 2022, many exited their positions. However, those who view crypto as a long-term store of value and a hedge against systemic risks remained.

As markets stabilize and more institutional support for digital currencies emerges, the belief in crypto as a stable asset class is solidifying among certain investor groups. The attitudes of young, wealthy investors reflect a growing sentiment that diversifying portfolios with crypto is not necessarily a speculative gamble but rather a strategy to hedge against broader economic uncertainties.

The Implications for Wealth Building and Diversification

For young investors building wealth, having a small allocation to crypto may be seen as a high-risk, high-reward strategy that could lead to significant portfolio growth. The allure of potentially drastic returns justifies the volatility. For those who already have substantial wealth, however, the potential benefits of holding crypto are different. Since it would take a catastrophic event to significantly impact their wealth, crypto serves as an asset that might perform well when traditional investments do not, providing a safety net in times of economic crisis.

Ouellette of FRNT Financial believes that as the market evolves and if crypto prices take off again, aggressive investors may re-enter the market, driving further adoption. Until then, the cautious, long-term investors who see crypto as an alternative asset class will continue to shape the current crypto investment trends.

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The global cryptocurrency market is approaching a significant milestone as adoption rates soar. According to a recent report by MatrixPort, approximately 7.51% of the world’s population is now actively using digital currencies. The report projects this figure will surpass 8% by 2025, marking a crucial shift as crypto moves from a niche investment vehicle to an integrated part of mainstream financial systems. As global crypto adoption grows, the role of institutional players, regulatory challenges, and the economic landscape are all influencing the trajectory of this digital revolution.

Institutional Influence on Global Crypto Adoption

A key driver behind the growth of crypto adoption worldwide is the increasing interest and involvement from institutional investors. Financial firms like BlackRock (NYSE:BLK) have played a pivotal role in legitimizing digital assets within traditional financial systems. Their participation is fueling the demand for crypto-related products and contributing to wider acceptance.

Markus Thielen, founder of 10x Research, shared insights on the impact of institutional products on the growth of Bitcoin (BTC) and the broader crypto market. He noted that each layer of Bitcoin acquisition introduced to financial markets has led to price rallies and heightened interest. For instance, the potential introduction of Bitcoin spot ETFs could trigger further waves of institutional activity, attracting larger capital inflows into the crypto ecosystem.

This trend underscores a broader shift as institutional investors bring not only more legitimacy but also increased liquidity to the market, helping to smooth out some of the extreme volatility typically associated with cryptocurrencies.

Bitcoin’s Central Role Amid Economic Uncertainty

Bitcoin (BTC) remains a cornerstone of global crypto adoption. As the most widely recognized cryptocurrency, it often serves as a store of value, particularly in times of economic turbulence. Its role as “digital gold” becomes more prominent as investors seek to hedge against inflation, currency devaluation, and other macroeconomic risks.

Thielen noted that Bitcoin’s demand historically surges during periods of economic uncertainty, such as the European debt crisis or the devaluation of the Chinese yuan. Additionally, with rising U.S. debt levels, Bitcoin is positioned as a potential hedge against economic slowdowns, recessionary periods, or trade wars. As traditional markets experience heightened volatility, the narrative of Bitcoin being a “safe haven” asset continues to gain traction, prompting more investors to explore the crypto market.

This correlation between economic factors and Bitcoin’s price movement emphasizes its role as a barometer for the global financial environment, which in turn drives global crypto adoption further.

Challenges to Global Crypto Adoption

While the MatrixPort report projects a bright future for crypto adoption, several challenges persist. Regulatory uncertainty remains a major hurdle as governments worldwide grapple with how to classify, regulate, and tax cryptocurrencies. The lack of clear regulatory frameworks in some regions creates obstacles for both institutional and retail investors looking to participate confidently in the market.

Market volatility also poses a significant concern. While institutional involvement adds credibility, it can also lead to large sell-offs that exacerbate price fluctuations. A sudden shift in macroeconomic conditions, such as interest rate changes or geopolitical events, could destabilize the market and amplify crypto’s inherent volatility.

Security concerns, particularly for retail investors, further slow down adoption. Hacks, scams, and frauds, including wallet drainers and phishing attacks, remain prevalent in the crypto space. These incidents not only erode trust but also highlight the need for stronger security measures, investor education, and transparent market practices.

What to Expect for Crypto Adoption by 2025

Despite these challenges, the outlook for global crypto adoption remains optimistic. The integration of cryptocurrencies into traditional finance, driven by institutional support and a maturing market, is expected to fuel further growth. The adoption rate surpassing 8% by 2025 will likely result in increased crypto usage across various sectors, from retail payments to cross-border transactions and investment portfolios.

The rise in blockchain-based financial products, along with more robust regulatory frameworks, could facilitate smoother entry points for new investors and users. As crypto continues to establish itself as a viable asset class, it will further integrate with global financial systems, offering more utility and transparency.

Investors and market participants should keep an eye on key factors such as regulatory developments, advancements in security protocols, and the continued evolution of crypto’s role in economic landscapes. The growth in crypto adoption, coupled with the stabilization of the market, could pave the way for a new era in finance where digital assets are part of everyday life.

Conclusion

Global crypto adoption is accelerating, with projections indicating that over 8% of the world’s population will engage with digital currencies by 2025. Driven by institutional interest, Bitcoin’s role as a hedge against economic uncertainty, and evolving financial ecosystems, crypto is steadily becoming part of mainstream financial discourse. While challenges such as regulatory hurdles and market volatility persist, the long-term outlook remains bullish as the world embraces the potential of decentralized digital currencies.

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Kamala Harris Crypto Policy is gaining traction as billionaire investor Mark Cuban voices his support for her proactive engagement with the digital asset community. Throughout her 2024 campaign, Kamala Harris has emphasized her willingness to connect with leaders in the cryptocurrency space, setting her apart from the Biden administration’s more stringent regulatory stance. This move aims to resonate with the crypto community, which feels underrepresented by existing policies.

Mark Cuban Praises Kamala Harris’ Engagement with Crypto Community

In a recent interview with Notus, Mark Cuban commended Vice President Kamala Harris for seeking out discussions with key figures in the crypto industry. Unlike the regulatory-focused Biden administration, Harris appears to be building bridges with those involved in emerging technologies such as artificial intelligence and digital currencies.

Cuban described Harris’ attitude as a fresh and open perspective, noting that it addresses the concerns of a sector wary of government interference. Her approach stands in contrast to Donald Trump’s highly polarized position on U.S. politics, where Cuban suggests that more extreme views may hinder the potential for a unified approach to crypto policy. “You can’t take extreme positions if you want to bring a country together,” Cuban remarked on October 3rd in an interview with Farokh radio.

This endorsement by Cuban highlights a pivotal moment for the cryptocurrency community, as both political parties look to capture the growing influence of digital assets in American politics.

Kamala Harris’ Balanced Stance on Crypto Regulation

Kamala Harris’ balanced and open approach to the cryptocurrency space is reflected in her team’s efforts to establish clear policy goals through the Crypto4Harris initiative. Recognizing the potential of digital assets and their role in innovation, her campaign aims to cultivate a constructive dialogue with industry stakeholders and formulate a policy that encourages growth without stifling technological advancements.

Unlike the Biden administration’s strict regulatory measures, which have often left crypto enthusiasts wary of potential overregulation, Harris’ policy seeks to find a middle ground. It signals a willingness to explore how cryptocurrencies can fit into the broader financial system while ensuring that appropriate safeguards are in place. This pragmatic approach has sparked interest and optimism within the digital asset community, which has long sought political allies to advocate for their needs.

The Role of Crypto in the 2024 Election

Both Democrats and Republicans recognize the rising importance of cryptocurrency in American politics. For Kamala Harris, engaging with the crypto community is not just about addressing regulatory concerns; it’s about establishing a forward-thinking dialogue with an industry that holds significant economic and technological potential.

The Republican front-runner, Donald Trump, has also shifted his stance toward a more crypto-friendly approach. Once a critic of digital currencies, Trump is now advocating for policies that align more closely with the crypto industry. On August 29th, he announced plans to transform the U.S. into the “crypto capital of the planet” if re-elected. This strategy aligns with the launch of World Liberty Financial, an initiative supported by his sons, which emphasizes the importance of digital assets in the future of finance.

As Harris and Trump both work to engage the crypto community, the election season showcases a growing understanding among political leaders that digital currencies are more than a passing trend. They represent a significant voting bloc and financial influence that could play a crucial role in determining the outcome of the election.

Crypto4Harris: Building a Pro-Crypto Policy Framework

In response to the Republican push, the Crypto4Harris project is the Harris campaign’s direct effort to connect with the digital asset community. The initiative is designed to deepen Harris’ engagement with industry leaders and enthusiasts, positioning her as a potential advocate for crypto-friendly policies. This project is actively working to establish a policy framework that addresses the concerns of the crypto world while ensuring that regulation does not impede innovation.

The Crypto4Harris framework aims to counterbalance the Republican crypto outreach and provide an alternative perspective that aligns with the sector’s desire for reasonable regulation and growth. By collaborating with crypto stakeholders, Kamala Harris’ team hopes to build a policy that can foster the healthy development of the sector and counterbalance the more extreme regulatory approaches seen in the past.

Conclusion: The Potential for New Crypto Policy Pathways

The evolving Kamala Harris Crypto Policy signals a shift in how digital assets are discussed in the political arena. With Mark Cuban’s endorsement, Harris’ open-minded and proactive approach to the crypto industry marks a significant departure from traditional regulatory measures and creates a space for positive engagement and potential growth in the sector.

As both parties aim to secure the support of the rapidly growing crypto community, the future of U.S. crypto policy will likely hinge on how well candidates can balance innovation with regulation. Harris’ efforts to build a bridge with the digital asset world, paired with Trump’s newfound crypto advocacy, highlight the increasing importance of crypto in shaping economic policy, political strategy, and voter priorities.

The 2024 election could mark a turning point in U.S. crypto policy, driven by an industry that is not only influential in finance but also deeply engaged in political discourse.

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