ALBAWABA- This week's crypto news recap features notable developments in finance, automotive, and mobile applications. Mastercard has successfully wrapped CBDCs on blockchains, linking digital currencies with NFTs. Luxury automaker Ferrari now accepts cryptocurrency payments in the U.S., with plans for expansion into Europe. Meanwhile, MetaMask, a popular Ethereum wallet, faced a temporary removal from the Apple App Store, raising concerns among its user base. These events highlight the widespread adoption of blockchain and cryptocurrencies in diverse industries, so let's dive in!
MetaMask Wallet Briefly Removed from Apple App Store
On October 14, Ethereum wallet MetaMask was temporarily removed from Apple's App Store, sparking concerns about its potential permanent removal. MetaMask, which boasts over 30 million users worldwide and connects to various Web3 decentralized applications (DApps), went missing from the App Store, with Apple users unable to download it from the MetaMask website. According to a MetaMask spokesperson, the issue was unrelated to security concerns and likely stemmed from Apple's service policies, which disallow "unrelated background processes," such as cryptocurrency mining. While MetaMask returned to the App Store shortly after the incident, it highlights the ongoing challenges crypto firms face in dealing with Big Tech marketplaces' policies, including the 30% revenue-sharing requirement imposed by Apple.
Ferrari to Accept Cryptocurrency Payments for Luxury Cars in the U.S. and Europe
Ferrari, the renowned luxury sports car manufacturer, has responded to customer demand by announcing its acceptance of cryptocurrency payments in the United States, with plans to expand the offering to Europe. Enrico Galliera, Ferrari's Chief Marketing and Commercial Officer, confirmed the move, citing market demand and dealer requests, especially from crypto-savvy young investors. While specific sales figures were not disclosed, Ferrari's order book is reportedly full until 2025, and they aim to explore this expanding market and connect with a broader customer base. In collaboration with BitPay, Ferrari's initial phase in the U.S. enables transactions in Bitcoin, Ether, and USD Coin, without additional fees or surcharges. BitPay will facilitate the conversion of cryptocurrency payments into fiat currency to shield dealers from price fluctuations and ensure the legitimacy of digital currencies. This move follows a trend where some large corporations, like Tesla, have cautiously ventured into cryptocurrency acceptance.
Mastercard Completes Successful Trial of CBDC Wrapping on Blockchains
In a groundbreaking development, Mastercard has successfully conducted a trial involving the wrapping of central bank digital currencies (CBDCs) on different blockchains, akin to the concept of wrapped Bitcoin (wBTC) and wrapped Ether (wETH). Collaborating with the Reserve Bank of Australia (RBA), along with the country's Digital Finance Cooperative Research Centre CBDC, and participation from Cuscal and Mintable, the trial showcased the ability of a CBDC owner to purchase a nonfungible token (NFT) listed on Ethereum in a live environment.
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This process entailed locking a specified amount of a pilot CBDC on the RBA's pilot CBDC platform and minting an equivalent amount of wrapped pilot CBDC tokens on the Ethereum blockchain. To maintain control and security, Ethereum wallets, NFT marketplace smart contracts, and involved parties were carefully 'allow-listed' within the platform, successfully demonstrating the capability of implementing controls, even on public blockchains. This innovative solution leverages Mastercard's Multi Token Network, introduced in June 2023, marking a significant step towards linking digital currencies and NFTs, potentially addressing fraud and theft concerns, and opening up new possibilities for commerce. While recognizing the potential for complex payment arrangements and financial sector innovation, the RBA also emphasizes the need for further research to evaluate the benefits of an Australian dollar CBDC.
