You Can Now Get Your Paycheck Deposited Into Coinbase

On Monday, Coinbase announced it will enable direct paycheck deposits, allowing users in the U.S. to deposit “as much or as little” of their paycheck at no fee, whether in the crypto of their choice or fiat currency.

The company said the service will be launched in “the coming weeks.” In the meantime, you can learn how to set it up here.

Twitter Tips

The rumors have come true. Twitter has officially rolled out a tipping function worldwide that integrates with Venmo, Cash App, Patreon, and more importantly, bitcoin via the Lightning Network.

The brains behind the bitcoin integration were Jack Mallers and his team at Strike. Here's Jack explaining how it works, how it came to fruition, and what's coming next.

In other Twitterverse news, the company is also in the early stages of exploring NFT authentication for user profiles. The plan is to allow NFT owners to connect their Web3 wallets (i.e. MetaMask) to Twitter, in order to verify and showcase NFTs on Twitter.

Revolut To Launch Crypto Token?

Revolut, a U.K.-based fintech company with a $33 billion valuation that offers crypto buying as part of its services, is looking to launch its own token.

Rumors have it that the company is working on something like an exchange token, such as Binance’s BNB, with incentive modeling that rewards platform users.

How will this token gain value and/or liquidity?... And will the plans even be approved by the U.K.’s Financial Conduct Authority (FCA)?

Nobody knows.

What we do know is that, in order to get in on the U.S. retail trading boom and keep up with fintech rivals Robinhood and PayPal, Revolut recently secured a U.S. broker license. Launching their own token, however, would seem to set Revolut apart from the pack.

Related: In an earnings call in June, Revolut said crypto services made up about 20% of its revenue.

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DEEP DIVES

New Trend Report: Into the Metaverse

The metaverse, a term first coined in Neal Stephenson’s 1992 sci-fi novel Snow Crash, is a blending of digital and physical existence. Almost 30 years later, that definition is taking shape before our eyes.

Into the Metaverse explores what the metaverse is, how it’s changing people’s lives, new opportunities that are being created, and why brands need to pay attention. The report includes original consumer data by Wunderman Thompson Data from 3,011 digital participants across the U.S., U.K., and China.

Related: Facebook Is "Responsibly" Spending $50 Million to Build Metaverse

Stablecoins, Stability, and Financial Inclusion

"The financial sector is about to undergo its most radical transformation in a century. Stablecoins have the potential to help drive that change in a positive way and we believe could be an important part of a better, more inclusive financial system."

Here's a fresh and thoughtful a16z deep dive on the modern stablecoin landscape, CBDCs, what policymakers should focus on going forward, and financial inclusion for everyone.

Is The Crypto Revolution Failing?

The idea incepted by Satoshi Nakamoto of a peer-to-peer electronic cash system beyond the control of governments and corporations can seem like a distant memory when scanning news about today's top cryptocurrency projects.

For example, projects like dogecoin have turned corporate... Stablecoins basically promote the popularity of the USD... In NFT land, none of the popular marketplaces are decentralized... More and more projects built on Ethereum are under regulatory pressure... And now even governments are creating their own cryptocurrencies.

Few want to acknowledge and have an open conversation about these issues, or about how “crypto,” Web 3.0, and DeFi has recreated a Wall Street system of Cantillon insiders, enriched a tiny few institutions and VCs often at the expense of retail token buyers.

Can we still separate money and state and create an alternative system to corporate bailouts and mass financial surveillance?

Where did Satoshi’s political revolution go?

Do you think crypto is living up to its promises? Do you disagree?

Good! Let's have the conversation.

REGULATORY FRONT

China Says All Crypto-Related Transactions Are Illegal

Last week, China delivered another tough blow to the industry. The country banned ALL crypto transactions and vowed to root out the mining of digital assets. Going forward, all crypto-related transactions will be considered illicit financial activity, including services provided by off-shore exchanges, the People’s Bank of China said on its website.

It added that cryptocurrencies, including bitcoin and tether, are not fiat currencies and cannot be circulated. Yikes.

Now, China's crypto crackdown obviously has a resounding impact on crypto brands across the globe, prices, and the overall market. For example:

Exchanges like FTX have moved from Hong Kong to the Bahamas
The announcement caused BTC to fall roughly ~9%
Popular crypto market data sites have already been blocked by China's internet firewall
The regulatory pressure has spurred a Great Mining Migration, with now ASIC manufacturers like Bitmain relocating to regions in Malaysia and Indonesia

But, as always, it's not all bad news. Each previous crackdown has spooked investors and roiled the markets, but BTC has significantly recovered every time. Some U.S. crypto proponents, like Senator Pat Toomey and seat seeker Blake Masters, even see opportunity in Beijing’s rejection of crypto.

Missouri Mayor To Give $1,000 in BTC to Every Household

Cool Valley, Missouri, a small town in the St. Louis County area that has about 1,500 residents just got a lot cooler.

Missouri Mayor Jayson Stewart plans to give every household in Cool Valley $1,000 worth of bitcoin. Initially, Stewart planned to raise enough money to airdrop just $500 to every household in Cool Valley, however, his announcement drew attention and additional funds from across the nation.

During his interview with Bitcoin Magazine, Stewart described the hurdles of putting BTC on the town’s reserve, and how this shifted his priority to solving the logistics of educating and giving 1,500 residential households access to bitcoin.

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