Brazilian Nationals Get New Visa Crypto – Latest news headlines


Hong Kong-based digital asset exchange crypto.com has begun issuing Visa crypto cards for its users in Brazil. Users applying for and receiving the cards will not be charged any monthly, annual, or ATM withdrawal fees, the company has said. Unlike normal Visa credit cards that offer a line of credit, these crypto Visa cards are prepaid in nature and need to be recharged using fiat or cryptocurrencies. These cards can convert all the tokens of the decentralised finance (DeFi) protocol stored in them into the respective market’s currency, which can then be used for purchases and ATM withdrawals.

“The Crypto.com Visa Card offers up to 8 percent back on spending, LoungeKey airport lounge access, and 100 percent subscription rebates for Spotify, Netflix, and Amazon Prime,” the asset exchange company wrote in a blog post announcing the expansion.

Brazilian nationals will have to clear an approval process after having applied for the card. As soon as the clearance comes through, users will be issued a virtual card that would be usable before the physical card arrives.

The crypto Visa card that is currently available in the US, Europe, the UK, Canada, and Singapore, is entering Brazil perhaps amid crypto adoption picking pace there.

In October, Brazilian cab-hailing major 99 enabled the sale and purchase of Bitcoin via its digital wallet app 99Pay.

In Fact, earlier this week, Brazilian parliamentarian Luizão Goulart proposed a bill to legalise cryptocurrency as a form of payment for workers in the public and private sectors.

If the bill does get cleared, Brazil could become only the second country to approve Bitcoin as legal tender, after El Salvador went through with the process in September.

Earlier this week, the overall valuation of the crypto market reached the $3 trillion (roughly Rs. 2,22,79,296 crore) mark, as per market research tracker, CoinGecko.


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.



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Latest News Today – Chartered Flights, Visa Purgatory As Students Try To


For some students, the primary difficulty isn’t the flight, but obtaining a visa.

Students from around the world are eager to study at U.S. colleges in the upcoming fall semester after the Covid-19 pandemic confined many of them to their home countries and left some attending virtual classes in the wee hours of the morning.

Now, getting to campus is the hard part.

In China, which accounts for a third of the roughly 1 million foreign students that flock to the U.S. in a typical academic year, the decline in available flights to American cities has been so severe that some students and their parents have resorted to lining up charter planes. Others, including from India, are caught up in visa purgatory because the State Department reduced personnel at embassies and consulates due to the pandemic. And that’s to say nothing of fast-changing Covid-19 vaccine guidelines.

It all adds up to tangle of challenges that has created uncertainty for students and a potential headache for schools that are looking to blunt last year’s sharp drop in international enrollment and the attending financial hit.

Ohio State University, which drew almost 6,600 international students to its Columbus campus in the fall of 2019, has already begun to see requests to defer for the term that begins Aug. 24, said Carina Hansen, who directs the International Students and Scholars program.

International students bring a worldly perspective to campuses and, crucially, often pay full tuition. Widespread deferrals would be a blow to colleges and universities, which dealt with a 16% decline in international student enrollment in this year’s spring term from the previous year because of the pandemic.

“If they defer for the semester, there’s always the concern that you’ll lose them for good,” said Don Heller, vice president of operations at the University of San Francisco who studies higher education finance. “If it’s easier for them to get into Canada, they might decide to go to a university in Canada instead, or stay in their home country.”

Anticipating potential problems with travel and other factors, Northeastern University in Boston held more than 200 virtual support sessions – in a half dozen languages, across multiple time zones – to answer questions about vaccines, visas and requests for travel support letters for airlines, said Renata Nyul, a spokeswoman.

Chinese students are finding the airline industry’s fitful recovery from the pandemic is making the trip to the U.S. trickier to plan, with a 96% decline in seats from two years ago. In July, there are 61 flights, or 20,254 seats, going from China to the U.S., according to Cirium, an aviation data company. That is far lower than the 1,626 flights, or 479,519, seats, making that voyage in July 2019.

Flights from China may come with an eye-popping price tag, too: The average cost of a round-trip ticket from that country to the U.S. was $2,260 in the first two quarters of 2021, according to travel-management company TripActions, a big jump from the $1,247 average fare seen in the same period in 2019.

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Alicia Zhang, 20, took a gamble by buying a ticket for a direct flight in late June from her hometown, Shanghai, to New York, where she’s a rising junior studying economics at New York University. The price — about $4,000 for a one-way ticket — was roughly five times greater than what she had paid in pre-pandemic times. It didn’t pay off: She said the China Eastern Airlines flight was canceled less than a month later, with a refund. She then purchased a seat on another flight, with a layover in Hong Kong, for about $4,500. She said many students fear that the course of the pandemic this summer could prompt airlines to reconsider their schedules, potentially leading to cancellations or changes.

“The biggest problem will be the ticket,” Zhang said. “Most of my friends will buy several tickets and just wait for which ticket is not canceled, and just go to that flight.”

After trading stories of pricey airfares or worries about flight cancellations in WeChat groups organized by the Chinese Students and Scholars Association, some students and their parents lined up charter flights with Cathay Pacific, including two flights to New York in August. The group helps Chinese students studying abroad, especially in the U.S.

“We don’t have many choices,” said Samantha Duan, 18, an incoming NYU student from Chengdu who is traveling to the U.S. for the first time on one of the charter flights. This option offers some certainty, a more attractive price, and the fun of traveling with other students.

For those that don’t opt for charter flights, the ever-changing circumstances of the pandemic make it hard to game out when fares might be most affordable.

“An uptick in ticket prices should indeed be expected given airlines will be looking to tap the surge in demand from students over the short August/September window,” said Chris Muckensturm, a Bloomberg Intelligence analyst who studies passenger transportation in the Asia Pacific region, in an e-mail. “Yet more capacity deployed on those routes could mitigate price increases.”

For some students, the primary difficulty isn’t the flight, but obtaining a visa. According to a State Department website that offers guidance on appointment wait times, the situation varies widely across the globe. For those looking to obtain student and exchange visas, estimates range from three calendar days in Beijing and 36 days in Seoul to emergency appointments only in Shanghai, Mumbai and London. The State Department says it is prioritizing visa applications for certain types of travelers, including students and exchange visitors.

Sara Dahiya, 17, an incoming freshman at Harvard University from Panipat is among the students awaiting her visa. She expects to depart for the U.S. this fall alongside her twin brother, Anirudh, who will begin at the University of Wisconsin-Madison. She and her brother purchased their plane tickets in mid-June.

“It definitely was a risk to book my flight before getting a visa but I’m glad I took it,” Dahiya wrote in an email. “The process of scheduling a visa appointment, as it is, was extremely distressing, and finding and paying twice the amount for a flight right now would’ve only added to the troubles.”

Colleges have ample incentive to move away from remote learning this fall. Beyond the potential educational rewards of in-person schooling, there are financial benefits to these institutions, because payments for living in dormitory housing and eating in dining halls help cushion their bottom lines.

International students studying at U.S. colleges and universities contributed $38.7 billion to the nation’s economy and supported 415,996 jobs during the 2019-2020 academic year, according to an analysis by NAFSA: Association of International Educators. Last year, when campuses shut down in March, many students were stranded far from home. If they did eventually depart the U.S., they might have ended up taking classes online at odd hours, thanks to time-zone differences.  

“International students probably took the hardest hit in the pandemic,” said Wendy Wolford, vice provost for international affairs and a professor of global development at Cornell University in Ithaca, New York.

Paulash Chatterjee, a rising senior at the University of Illinois-Chicago, has attended school from his home in Jaipur since last August, located 7,500 miles away from campus in a time zone that is 10.5 hours ahead.

He plans to resume in-person learning in the fall, but is concerned about the cost of airfare and the possibility that his flight might end up canceled. He also must consider Covid-19 vaccine recommendations. He received his first dose of the Indian vaccine Covishield in June, but evolving government advice now suggests that a later administration of his second vaccine dose — up to 16 weeks after the first — would offer better protection. That’s long after Chatterjee is set to be in the U.S.

“I’ve been checking flights every day,” said Chatterjee, 21, who is studying biology. “Of course I want to go back to Chicago, but at the same time, I don’t want to risk my life.”

–With assistance from Mary Schlangenstein, Dave Merrill and Nick Wadhams.



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Latest News Today – Indian Talent Moving To Canada Due To Outdated H-1B Visa


Indian talent is choosing Canada over US, experts have said. (Representational)

Washington:

The much sought-after Indian talent is now getting attracted towards Canada in large numbers, away from the United States because of its outdated H-1B visa policy, immigration and policy experts have told US lawmakers.

This is mainly because of the per-country quota on issuing employment-based green card or permanent residency, the experts said on Tuesday, urging the Congress to act fast to prevent the Indian talent from moving to Canada from the United States.

Without Congressional action, the total backlog for all three employment-based categories for Indians would increase from an estimated 9,15,497 individuals currently, to an estimated 21,95,795 individuals by fiscal 2030, executive director of National Foundation for American Policy Stuart Anderson said.

“We should let that number sink in: Within a decade, more than 2 million people will be waiting in line for years or even decades for employment-based green cards,” he submitted in his testimony before the House Judiciary Committee-Subcommittee on Immigration and Citizenship.

Testifying before the panel, Anderson said that highly skilled foreign nationals, including international students, are choosing Canada over America.

“This has happened in response to how difficult it is to work in the United States in H-1B status or gain permanent residence, and the comparative ease of international students and foreign nationals working in temporary status and then acquiring permanent residence in Canada,” he said.

The number of international students from India enrolled in graduate-level computer science and engineering at US universities declined by more than 25 per cent between 2016-17 and 2018-19 academic years, according to an analysis of US government data by the National Foundation for American Policy (NFAP).

To place the significance of the decline in context, international students represent approximately 75 per cent of the full-time graduate students at US universities in computer science, and in the 2016-17 academic year, two-thirds of the international students at the graduate level in computer science at US universities were from India.

At the same time fewer Indian students were coming to America, the number of Indian students attending Canadian universities rose from 76,075 in 2016 to 1,72,625 in 2018, an increase of 127 per cent, according to the Canadian Bureau for International Education, he said.



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Telangana: Visa delays may derail students’ foreign dreams | | Sidnaz Blog


HYDERABAD: While students going abroad for further studies are relieved over the state government’s decision to vaccinate them, many are worried over the delay in processing their visas due to closure of US consulate and the Visa Facilitation Services (VFS) global centers.
Despite getting admission offers from universities abroad, city students are in a fix on whether they’ll be able to travel overseas and join their peers when the fall semester commences in August/September.
“I completed my medicals on April 27 in Bengaluru before the lockdown and applied for the visa on May 5. I have been waiting to get my biometric done so that my visa can be processed. However, closure of the VFS centers in Telangana is resulting in delay,” said Hrudhvi Bandla, 23, who has secured admission for masters in management (business analytics) at Western University in Ontario in Canada.
With many universities mandating 15 days quarantine period before the commencement of classes, students are racing against time to get their visas processed.
“My classes commence from September 7 and the Canadian government has mandated15 days institutional quarantine for those coming from other countries. In that case, I have to be in Canada latest by August 15. Therefore, I have to get my visa latest by July to be able to make flight bookings,” said Ashish Patnaik, 21, who has secured admission for masters in global business administration at Humber Institute of Technology and Advanced Learning in Toronto in Canada.
Closure of the US Consulate has also put many students in a fix. With the lockdown extending for another 10 days in Telangana, many have reached out to the authorities on social media seeking help.
“Dear @KTRTRS sir please do something for us students who are about to leave to abroad this Fall 21. Along with the vaccination we also need the US consulate @USAndHyderabad to be available so that we can get our visas. We’ve only 2 months left, else we’ve to wait until winter 21’,” tweeted Likhitha Gupta, a student.
Following several requests from students, IT minister KT Rama Rao has requested the US Consulate to look into them. The VFS centers are waiting for government directives.



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Latest News Today – Google Leads US Business Push to Preserve Work Permits


Google said on Friday it was leading about 30 companies and trade groups in opposing a lawsuit that seeks to stop over 90,000 spouses of highly skilled US visa workers from having jobs in the country.

The organisations contend undoing employment authorisation for spouses would cause financial havoc for families, because most made life choices such as having children or buying homes based on the expectation of two incomes.

A federal judge in Washington is expected to decide in the coming months on the lawsuit challenging the work permits tied to H-4 visas, that are issued to spouses of H-1B visa holders in high-skills roles in tech and other industries.

Google vice president of legal Catherine Lacavera said in a blog post that the company had spearheaded an amicus brief in the case.

Save Jobs USA, a group of IT workers who say they lost jobs to visa workers, filed the lawsuit in 2015. It was delayed as President Donald Trump’s administration considered rescinding the H-4 work rule. But the axe never came, and both the plaintiffs and US President Joe Biden’s administration now are seeking summary judgment.

After hearing employees’ concerns about the uncertainty of the work programme, attorneys for Google contacted trade bodies including the Information Technology Industry Council and together recruited Amazon, Microsoft, Pinterest, the US Chamber of Commerce and other organisations to sign onto the filing, two sources familiar with the discussions said.

A smaller group of businesses including Google last month filed an amicus brief supporting a separate case that seeks an order pushing the government to speed its processing of the work permits.

Businesses in ongoing litigation also are fighting rules Trump imposed requiring higher wages for H-1B holders and prioritizing workers with higher pay for the visas.

© Thomson Reuters 2021




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Alphabet, Pinterest, Mondelez: What to Watch When the Stock | Sidnaz Blog


Here’s what we’re watching ahead of Wednesday’s opening bell.

  • U.S. stock futures wobbled as investors awaited insights from the Federal Reserve on the economic recovery as well as earnings reports from giant technology companies.
  • Futures tied to the broad S&P 500 edged up 0.1%, while Dow Jones Industrial Average futures edged down 0.1%. Nasdaq-100 futures also slid 0.1%, pointing to further weakness for tech stocks a day after they pulled broader indexes lower. Read our full market wrap here.
What’s Coming Up
Market Movers to Watch
  • Alphabet


    GOOG -0.84%

    shares jumped more than 5% premarket after the Google parent said it would repurchase an additional $50 billion in shares, fulfilling the wishes of investors who had been monitoring the company’s swelling cash reserves.

  • Pinterest


    PINS 1.11%

    shares plunged more than 11% ahead of the bell. The online-pinboard company reported 78% on-the-year revenue growth for the first quarter, but its user growth fell short of analysts’ expectations as pandemic restrictions eased.

Pinterest’s user growth for the recent quarter fell short of expectations.



Photo:

Gabby Jones/Bloomberg News

  • Mondelez


    MDLZ -0.09%

    added 2.5% premarket after the maker of Oreos and other food and beverages reported first-quarter profit and sales above expectations.

  • Capital One


    COF 0.48%

    shares rose 2.7% ahead of the bell. The bank holding company specializing in credit cards, auto loans, banking and savings accounts reported a swing to profit in the first quarter, beating analyst expectations.

  • Visa


    V -0.19%

    ticked up 0.9% in off-hours trading after its latest earnings showed some recovery in spending amid the pandemic.

  • Starbucks


    SBUX 0.20%

    shares slipped 1.4% premarket. The coffee chain said it is operating more efficiently than before the pandemic struck, as it reported a bump-up in quarterly sales.

Market Facts
  • Over recent days, firms eligible to participate in the New York Fed’s reverse repo facility and its 0% return have gone from ignoring it to pumping in cash. The Federal Reserve Bank of New York took in $142.17 billion Tuesday and $101 billion Monday, in what were both overnight operations.
  • Iron-ore rose to an all-time high on the back of booming steel markets. The price paid for iron ore hit $193.85 a metric ton on Tuesday, according to a daily price published by S&P Global Platts. That surpassed a record of $193 a ton reached in February, 2011.
  • On this day in 1942, the World War II bear market hit bottom, as the Dow Jones Industrial Average closed at 92.92, down 0.97 points for the day and 16.3% for the year to date. Over the next four years, the market more than doubled.
Chart of the Day
Must Reads Since You Went to Bed

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Tesla, GameStop, UPS: What to Watch When the Stock Market Opens | Sidnaz Blog


Here’s what we’re watching as markets kick into gear on Tuesday.

  • U.S. stock futures drifted higher ahead of earnings from more blue-chip companies and the start of the Federal Reserve’s two-day policy meeting.
  • Futures for the S&P 500 ticked up 0.1%, after the benchmark index ground higher to a record on Monday. Contracts for the Dow Jones Industrial Average and technology-heavy Nasdaq-100 also edged up 0.1%. Read our full markets wrap here.
What’s Coming Up
Market Movers to Watch

A United Parcel Service driver leaves with his truck from a UPS facility that is delivering vaccines to Washington, D.C. and Maryland areas on March 15, 2021 in Landover, Maryland.



Photo:

Alex Wong/Getty Images

  • The most popular meme stock,

    GameStop,


    GME 11.74%

    is rising for the second day. It’s up over 8% premarket after adding 11.7% on Monday. The video game retailer said it raised around $551 million in a share offer.

  • MicroVision


    MVIS 47.13%

    rose 13%, looking to extend its recent meteoric rise into a fifth straight trading session. The laser-scanning technology developer is up over 47% this week so far amid active discussions on Reddit forums.

  • Cadence Design Systems


    CDNS 1.51%

    fell 3.5% after the software company revised its full-year guidance, which brought its earnings-per-share forecast below analysts’ estimates.

  • Snap,


    SNAP -2.09%

    developer of the SnapChat social-media app, declined 2.8%. It said it will issue $1 billion of senior convertible notes in a private placement.

  • SS&C Technologies


    SSNC -0.66%

    climbed 3.1% after reporting a jump in earnings per share.

  • Lululemon Athletica


    LULU -0.93%

    slipped 2%. Filings showed that the company’s CEO recently sold 3,000 shares.

Market Facts
  • The S&P 500 hit yet another record high on Monday, its 24th this year. It has risen 11.5% since the beginning of the year.
  • The Nasdaq also notched another record yesterday, for the 13th time in 2021.
Chart of the Day

Demand for inflation-protected bonds remains high despite a recent decline in Treasury yields, indicating that investors have long-term concerns about the impact of economic growth on interest rates. Read more here.

Must Reads Since You Went to Bed

Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8



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Latest News Today – Coinbase Cryptocurrency Exchange Gets Clearance from US


Coinbase, the largest US cryptocurrency exchange, has received approval from regulators to list its shares on the Nasdaq, paving the way for a landmark victory for cryptocurrency advocates.
The decision from the US Securities and Exchange Commission (SEC) is another boost to the legitimacy of digital currencies, which are rapidly gaining acceptance from the mainstream financial services industry.

Earlier this week, Visa said it would allow the use of the cryptocurrency USD Coin to settle transactions on its payment network, while PayPal started allowing US consumers to use their cryptocurrency holdings to pay its millions of global online merchants.

A successful listing for Coinbase would mark a significant endorsement for a sector that has struggled to win the trust of mainstream investors, regulators, and the general public.

Coinbase said in a blogpost that its shares were declared effective by the SEC earlier on Thursday. The company, which plans to go public through a direct listing, expects its shares to start trading on the Nasdaq on April 14.

In a direct listing, no shares are sold in advance, as is the case with an initial public offering (IPO). The company’s share price is determined by orders coming into the stock exchange. Advocates argue it is a better way to price new stock rather than an IPO.

In a regulatory filing last month, Coinbase said its stock in the private market traded at a weighted average price of $343.58 (roughly Rs. 25,200) in the first quarter of 2021 through March 15, a nearly 13-fold jump in its valuation to around $68 billion (roughly RRs. 4.9 lakh crores) in the space of a few months.

The surge in Coinbase’s private market valuation illustrates how the perceived value of the company has rallied hand-in-hand with the jump in the price of cryptocurrency bitcoin.


Orbital, the Gadgets 360 podcast, has a double bill this week: the OnePlus 9 series, and Justice League Snyder Cut (starting at 25:32). Orbital is available on Apple Podcasts, Google Podcasts, Spotify, and wherever you get your podcasts.



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Latest News Today – Joe Biden To Let Trump’s H-1B Visa Ban Expire In Win For


The ban on guest-worker visas was not revoked at the same time. (Representational)

President Joe Biden plans to allow a pandemic-related ban on visas for certain temporary workers, enacted by former President Donald Trump, to expire Wednesday, according to people familiar with the matter.

The moratorium, which affected H-1B visas used by technology companies to hire foreign coders and engineers, was imposed last June. Biden is opting not to renew it, said the people, who asked not to be identified because the decision hasn’t been announced. The White House declined to comment.

Biden’s decision will please business groups, which had pressured the administration to lift the ban ever since the new president took office. Executives have grown frustrated that the directive was not immediately revoked, arguing it hurt U.S. companies.

Trump’s restrictions on guest-worker visas, which also covered non-agricultural seasonal laborers, au pairs and others, had been under review by the Biden administration.

Biden last month withdrew a related Trump executive order that stopped the issuance of new green cards, citing the pandemic — a move that drastically cut legal immigration to the U.S. Trump had argued the policies were necessary to protect the American economy as it emerged from the pandemic-induced recession.

“To the contrary, it harms the United States, including by preventing certain family members of United States citizens and lawful permanent residents from joining their families here,” Biden said in a presidential proclamation at the time. “It also harms industries in the United States that utilize talent from around the world.”

The ban on guest-worker visas was not revoked at the same time. Temporary work visas are unpopular with labor unions and other worker groups who argue that they put American workers at a disadvantage to their foreign counterparts.

Despite the Trump administration’s extension of the visa ban at the end of 2020, opponents of the restrictions had already found some success in court.

A federal judge in California granted a preliminary injunction on Oct. 1 in a lawsuit brought by several large business groups, including the National Association of Manufacturers and the U.S. Chamber of Commerce. The groups argued Trump exceeded his authority by imposing immigration restrictions in his June 22 proclamation.

The Trump Justice Department appealed that ruling to the San Francisco-based U.S. Court of Appeals for the Ninth Circuit. In February, the appellate court requested a status report from the parties by April 7.



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Latest News Today – Visa Moves to Allow Payment Settlements Using


Visa said on Monday it will allow the use of the cryptocurrency USD Coin to settle transactions on its payment network, the latest sign of growing acceptance of digital currencies by the mainstream financial industry.

The company told Reuters it had launched the pilot program with payment and crypto platform Crypto.com and plans to offer the option to more partners later this year.

Bitcoin, the most popular crypto coin, jumped to a one-week high on the news, rising as much as 4.5 percent to $58,300 (roughly Rs. 42.4 lakh) and heading back toward a record-high above $61,000 (roughly Rs. 44.4 lakh) hit earlier this month.

Visa subsequently confirmed the news in a statement.

The USD Coin (USDC) is a stablecoin cryptocurrency whose value is pegged directly to the US dollar.

Visa’s move comes as finance firms including BNY Mellon, BlackRock and Mastercard take steps to make more use of cryptocurrencies for investment and payment purposes.

Tesla boss Elon Musk, a major proponent of cryptocurrencies, said last week that customers can buy its electric vehicles with bitcoin, hoping to encourage more day-to- day use of the digital currency.

“We see increasing demand from consumers across the world to be able to access, hold and use digital currencies and we’re seeing demand from our clients to be able to build products that provide that access for consumers,” Cuy Sheffield, head of crypto at Visa, said.

Traditionally, if a customer chooses to use a Crypto.com Visa card to pay for a coffee, the digital currency held in a cryptocurrency wallet needs to be converted into traditional money.

The cryptocurrency wallet will deposit traditional fiat currency in a bank account, to be wired to Visa at the end of the day to settle any transactions, adding cost and complexity for businesses.

Visa’s latest step, which will use the ethereum blockchain, strips out the need to convert digital coin into traditional money in order for the transaction to be settled.

Visa said it has partnered with digital asset bank Anchorage and completed the first transaction this month — with Crypto.com sending USDC to Visa’s Ethereum address at Anchorage.

© Thomson Reuters 2021


Orbital, the Gadgets 360 podcast, has a double bill this week: the OnePlus 9 series, and Justice League Snyder Cut (starting at 25:32). Orbital is available on Apple Podcasts, Google Podcasts, Spotify, and wherever you get your podcasts.



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