A recent press release announced that MetaMask, the popular Ethereum (ETH) Network crypto wallet provider, will integrate its self-custodial wallets with a major U.S. fintech firm. According to the press release, the integration will allow U.S. MetaMask users to purchase ETH from the fintech firm within the MetaMask wallet application. The press release includes instructions on how to access the new feature using the MetaMask mobile app. In other payments news, according to recent reports, Bermuda-based Jewel Bank has launched a stablecoin, Jewel USD (JUSD), that will be backed 1-to-1 by U.S. dollar reserves. JUSD reportedly will be launched on the Polygon Network.
A major U.S. bank recently published research on the “Dynamics and Demographics of U.S. Household Crypto-Asset Use.” The research reports four key findings: (1) Most crypto users made their first transactions during spikes in crypto-asset prices; (2) Usage of crypto is broader and deeper for men, Asian individuals, and younger individuals with higher incomes; (3) Crypto holdings for most individuals are relatively small, but almost 15 percent of users have net transfers of over one month's worth of pay to crypto accounts; and (4) Most individuals who transferred money to crypto accounts did so when crypto-asset prices were significantly higher than recent levels, and those with lower incomes likely made purchases at elevated prices relative to higher earners. The research also found that approximately 13 percent of the U.S. population has held cryptocurrency at some point, up from 3 percent prior to 2020.
A major U.S. cryptocurrency exchange recently published its Transparency Report, which seeks to “provide customers with data about requests for their information that [the exchange] receive[s] from government agencies and law enforcement” and “provide some insight into law enforcement and regulatory trends around the world.” Among other things, the report cited: (1) the exchange received 12,320 total law enforcement requests during the reporting period, representing a 66 percent increase from the prior period; (2) 57 percent of requests were from foreign law enforcement agencies; (3) 80 percent of requests were from the U.S., U.K., Germany, and Spain; (4) six countries increased their number of requests by over 100 percent from the prior period; and (5) the overwhelming majority of requests received both globally and in the U.S. were from law enforcement agencies in connection with criminal enforcement matters. Separately, the same exchange announced that its prime broker platform recently completed SOC 1 Type 2 (SOC 1) and SOC 2 Type 2 (SOC 2) examinations.
For more information, please refer to the following links:
- ConsenSys Teams with PayPal For A New Way To Buy Crypto in MetaMask
- Jewel Bank Launches Stablecoin-Based Payment Services
- JP Morgan: The Dynamics and Demographics of U.S. Household Crypto-Asset Use
- 13% of Americans have now held crypto: JPMorgan research
- Coinbase Transparency Report 2022
- Coinbase, Inc. completes initial Prime Broker (Prime) SOC 1 and SOC 2, Type 2 reports
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