Bitcoin up, Ether down; Twitter pilots virtual currency payments

Bitcoin, the leading cryptocurrency internationally, traded higher on Sunday, up 0.30 percent to $39,702 as of 08.30 a.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $2,949, down 0.14 percent, according to data from Coindesk.

Twitter, Stripe pilot cryptocurrency payments

Twitter Inc. and digital payments processor Stripe Inc. will pilot cryptocurrency payouts for select users of the social media site’s content monetization products, the companies announced on Friday.

Eligible users of Twitter’s Ticketed Spaces and Super Follows programs will be able to receive their earnings from the company in USD coin, a stablecoin whose value is pegged to the US dollar.

Twitter added the monetization features last year in an effort to integrate more into the “creator” economy and boost revenues.

Users who receive crypto payments can hold their earnings in crypto wallets on the Polygon network, a crypto infrastructure firm on the Ethereum blockchain, and can then exchange them into other currencies.

The crypto payments will be routed through Stripe Connect, which will also handle know-your-customer requirements, Stripe said.

Stripe plans to add options for payment in other cryptocurrencies in the future, the company said.

Twitter is in the midst of a takeover attempt by Tesla head Elon Musk, a prominent figure in the cryptocurrency world who has used the platform to promote bitcoin and “meme coins” like dogecoin.

US regulator says crypto bank violated anti-money laundering rules

The Office of the Comptroller of the Currency on Thursday said flagship crypto bank Anchorage Digital Bank National Association violated rules for monitoring for suspicious activity and preventing money laundering.

The Sioux Falls, South Dakota-based firm failed to adopt a compliance program that meets Bank Secrecy Act and anti-money laundering requirements, OCC said in its order.

Anchorage Digital received a conditional bank charter from the regulator in January 2021.

A spokesperson for Anchorage Digital, which did not admit or deny the OCC’s findings, said the firm has already begun to strengthen and “will continue to bolster” the areas OCC identified as deficient in 2021.

The OCC’s order requires the company appoint a compliance committee within 15 days and have that board submit a progress report and plan for remediation to the regulator, among other actions.

Anchorage has begun corrective action and is committed to remediation, the order said.