Crypto News: Travala Hits $100M, Ripple Approves RLUSD, Microsoft Rejects BTC

December 13, 2024

Crypto World

Maciej Zerelik

Get the latest scoop with StealthEX and CryptoDaily! Each week, we spotlight the biggest stories in the crypto space. Want to know what’s trending right now? Our concise updates break down the essentials so you’re always in the know. Clear, simple, and packed with value—your go-to source for all things crypto. Let’s jump in!

Travala Achieves $100M Revenue Milestone and Embraces Bitcoin in New Strategy

Travala, a leading name in blockchain-based travel services, has broken through the $100 million annual revenue barrier. This achievement highlights the platform’s growing influence as a hybrid travel agency blending traditional and crypto-powered booking options. Since its launch in 2017, Travala has steadily climbed the ranks, cementing its position as a major player in the online travel market.

The platform’s success stems from its innovative approach and key alliances with established brands like Skyscanner and KAYAK. These partnerships, along with support for both fiat and cryptocurrency payments, have fueled its growth. Travala also incentivizes users with Bitcoin rewards for bookings, a strategy that has attracted crypto enthusiasts and mainstream travelers alike.

A surging crypto market has also boosted Travala’s appeal. With more people embracing digital currencies, demand for blockchain-based travel services has risen, driving higher bookings for flights and hotels.

In tandem with this financial milestone, Travala has unveiled a Treasury Reserve Plan to bolster its long-term growth. The company is now allocating a portion of its treasury to Bitcoin and AVA tokens. These assets will support its loyalty program, where users earn rewards based on membership levels. The initiative showcases Travala’s commitment to leveraging digital currencies to shape the future of travel.

Ripple’s Stablecoin Secures NYDFS Approval, Targets Institutional Expansion

Ripple Labs has taken a major step forward with the approval of its RLUSD stablecoin by the New York State Department of Financial Services (NYDFS). CEO Brad Garlinghouse shared the news on Tuesday, calling it a pivotal moment for the company. This milestone solidifies Ripple’s growing presence in the digital asset market and underscores its ambitions to challenge established players like USDC.

RLUSD is a stablecoin pegged 1:1 to the US dollar, backed by deposits, short-term government treasuries, and cash equivalents. Designed to rival Circle’s USDC, it aims to capture market share in the competitive stablecoin sector. Extensive testing on the XRP Ledger and Ethereum networks ensures the coin’s reliability, with plans for listings on major exchanges.

Ripple’s leadership views RLUSD as a complement to XRP, targeting institutional investors. Monica Long, the company’s president, emphasized its role in strengthening Ripple’s ecosystem and appeal to large-scale financial players.

The company’s momentum has surged, particularly after overcoming legal challenges with the SEC. XRP, Ripple’s native cryptocurrency, now ranks fifth globally, with a significant price surge over the past month. Its adoption is growing, particularly in BRICS nations like India and Russia, where Ripple is forming key partnerships.

As RLUSD prepares to launch, Ripple’s collaborations with platforms like Uphold and Bitstamp position the stablecoin for success. Analysts predict RLUSD could reach a $2 trillion market cap by 2028, marking a new chapter in Ripple’s growth story.

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Microsoft Shareholders Reject Bitcoin Investment Proposal

Microsoft shareholders have voted against a proposal to explore Bitcoin as part of the company’s investment strategy. Despite efforts by the National Center for Public Policy Research (NCPPR) and vocal support from MicroStrategy CEO Michael Saylor, the idea was ultimately dismissed.

The proposal suggested Microsoft evaluate Bitcoin’s potential as a hedge against inflation and its ability to outperform traditional assets like corporate bonds. It argued that Bitcoin could help diversify the company’s treasury without requiring an immediate investment. Saylor, a prominent Bitcoin advocate, also pitched the benefits, claiming such a move could significantly boost Microsoft’s stock value and market cap over time.

Saylor has consistently pushed for Bitcoin adoption by corporations, citing its transformative potential. His company, MicroStrategy, has aggressively invested in Bitcoin, leading to a dramatic surge in its stock price. However, Microsoft’s board was unconvinced, citing Bitcoin’s volatility and the need for stable investments to support its operations.

The board emphasized that Microsoft already has robust processes in place to manage its treasury and diversify assets for long-term shareholder value. It dismissed comparisons to companies like MicroStrategy and BlackRock, highlighting differences in corporate strategies.

While some criticized the decision, calling it a missed opportunity, Microsoft’s leadership remains committed to a more cautious approach to managing its financial resources.

Mastercard and JPMorgan Launch Unified Blockchain Payment Solution

Mastercard and JPMorgan have joined forces to introduce a cutting-edge blockchain-powered solution for cross-border business payments. The collaboration integrates Mastercard’s Multi-Token Network (MTN) with JPMorgan’s Kinexys Digital Payments, providing seamless transactions through a unified API.

This innovative system addresses critical challenges in global commerce, such as settlement delays, time zone conflicts, and limited transparency. By streamlining the payment process, mutual customers can now benefit from real-time transactions that reduce operational hurdles and enhance efficiency.

The partnership underscores the growing role of blockchain technology in revolutionizing digital payments. With features like integrated digital asset infrastructures and faster cross-border transfers, this solution simplifies complex payment systems while ensuring greater security and transparency.

Major financial players like Mastercard and JPMorgan are driving the adoption of blockchain in global commerce, showcasing its potential to transform business-to-business transactions. Their collaboration signals a shift towards embracing digital currencies and decentralized financial systems, paving the way for the future of digital payments.

As industries worldwide look to adopt blockchain-based solutions, the integration of MTN and Kinexys demonstrates how innovation can address longstanding inefficiencies and set a new standard for cross-border payments. This move reinforces the importance of collaboration in shaping the next era of global financial systems.

Bitmain Expands Bitcoin Mining Operations to the US

Bitmain, a leading Bitcoin mining hardware manufacturer, is expanding its production to the United States. The move is designed to address supply chain challenges, enhance efficiency, and meet the rising demand for mining equipment in North America. Announced on December 9, this strategic shift also aims to mitigate the effects of escalating trade tensions between the US and China.

Trade barriers have recently intensified, with the US restricting the export of advanced memory chips to China and China retaliating by banning key mineral exports. These policies have disrupted global supply chains, including delays in the shipment of Bitmain’s ASIC mining machines to US-based customers. Some miners have faced delays of up to two months, though Bitmain denies being under any supply chain investigations.

As part of its US expansion, Bitmain is set to launch the Antminer S21 Pro, a high-performance mining device boasting a hash rate of 234 terahashes per second. This rollout, along with collaborations with North American partners like HIVE Digital and Hut 8, aims to strengthen the region’s mining capabilities.

North America remains a critical hub for Bitcoin mining, accounting for over 44% of the global network’s hashrate. Bitmain’s expansion underscores its commitment to serving this market and adapting to geopolitical and logistical challenges in the industry.

Czech Republic to Eliminate Capital Gains Tax on Long-Held Bitcoin

The Czech Republic is making strides toward simplifying cryptocurrency taxation with a new proposal to abolish capital gains tax on Bitcoin and other digital assets held for at least three years. The measure, set to take effect in 2025, reflects the government’s intent to create a more crypto-friendly regulatory environment.

Prime Minister Petr Fiala announced the initiative, which is supported by Chamber of Deputies member Jiri Havranek. The proposal aims to reduce the tax burden on cryptocurrency investors, fostering greater adoption of modern financial technologies. According to the amendment, investors will not be taxed on profits from the sale of Bitcoin or other cryptocurrencies if they meet two conditions: the assets must be held for more than three years, and total gross income from crypto sales within a year must not exceed CZK 100,000.

This exemption mirrors existing rules for securities and represents a significant shift from the current capital gains tax, which ranges from 0% to 19%. Pavel Rusnak, co-founder of Trezor Wallet developer SatoshiLabs, revealed that the legislation was overwhelmingly supported in parliament, with 169 members voting in favor.

While the move is celebrated as a progressive step, the lack of detailed implementation guidance leaves some uncertainty. Taxpayers will need to rely on general principles until clearer definitions of digital assets are introduced in the Income Tax Act. Despite this, the change is expected to boost crypto investments and align the Czech Republic’s policies with broader EU regulations.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.