Crypto remittance between the US and Mexico could become a breeze, Bitcoin nearly breaks more of its own records, and an Australian baseball team goes big on Bitcoin.
It was a busy week in crypto. Here are our top picks to come from it.
Bitso and Circle to work on crypto payments from the US to Mexico
Latin American crypto exchange Bitso and USDC stablecoin operator Circle are set to launch a cross-border payment tool between the US and Mexico.
Named Bitso Shift, the tool is intended to make payments like remittances between the two countries quicker and cheaper.
The tool will make it more affordable, especially for individuals in Mexico, while increasing the transparency of USD transactions.
Bitso, the Latin American cryptocurrency service provider behind El Salvador’s official Bitcoin wallet has teamed up with USDC operator Circle to make payments between the US and Mexico.
Together, the two companies have created a payments tool called Bitso Shift that is intended to make cryptocurrency payments between the US and Mexico faster and more affordable. Users will be able to exchange between the Mexican peso and the United States dollar (USD)-backed stablecoins.
“The opportunity for Circle and USDC to be part of making cross-border exchanges seamless between the U.S. and Mexico — the world’s largest exchange corridor — is tremendous,” said Jeremy Allaire, Circle co-founder and CEO.
This will be especially useful for Mexicans wanting to send remittances from the US, as Mexicans working across the border currently have strict limits. According to the U.S. Department of Commerce’s International Trade Administration, Mexicans that are non-account holders are allowed to deposit no more than $1,500 a month, while those who do hold an account cannot exceed a $4,000 limit.
To learn more about stablecoins, check out this quick explainer.
Bitcoin hash rate teased previous all-time high
Bitcoin’s hash rate has surged to over 184 exahash per second (EH/s) and was heading towards all-time highs.
The surge in hash comes off the back of the much-anticipated first Bitcoin ETF debuting on the New York Stock Exchange, as well as a record-breaking October for Bitcoin.
The hash rate has pulled back slightly to sub 180EH/s levels amidst a micro crash across the market.
Bitcoin’s hash rate, which is the total combined computational power that is being used to mine and process BTC transactions, crept toward previous highs last seen in May.
The hash rate surged to over 184 exahash per second (EH/s) as mining devices have been far more profitable during this time of high BTC prices. This has also allowed older generations of mining devices to continue making profits.
Following its peak of 184 EH/s, the hash rate has since fallen to sub 180 EH/s levels.
In addition to BTC’s uptick in hash rate, Ethereum, the second-largest crypto asset by market cap Ethereum, also had its hash rate soar to fresh highs.
Keen to learn more about hash rates? Take a look at this.
Australian baseball club to pay players in BTC
Australian baseball club Perth Heat has announced that it will accept and make payments in Bitcoin.
Perth Heat is looking to establish itself as “the Bitcoin baseball team,” and has listed Bitcoin-branded merchandise on its official website.
Australia has been ramping up efforts to allow regulated crypto adoption, with the Securities and Investments Commission having recently released a guideline that greenlit Bitcoin and Ether (ETH)-based exchange-traded products (ETPs).
Australian baseball club Perth Heat has announced a partnership with Bitcoin payment processor OpenNode to accept and make payments in Bitcoin. This partnership will enable the club to pay Perth Heat players and staff in BTC.
According to the announcement, the sports club will use the Lightning Network to make transactions. In addition, Perth Heat will be able to accept payments made in BTC for sponsorships, merchandise and other revenue streams.
In the announcement, the club also made clear its long-term commitment to mainstream adoption:
“As part of this sporting world exclusive, Perth Heat will hodl Bitcoin on the club’s balance sheet. The Perth Heat are embracing the reality that the future of money and corporate treasuries will live on the Bitcoin blockchain.”