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Bitcoin Daily: Bakkt Holdings Debuts Crypto Debit Card; PayPal Visa Join Up With Blockchain Capital VC

Bitcoin Daily: Bakkt Holdings Debuts Crypto Debit Card; PayPal, Visa Join Up With Blockchain Capital VC

June 23, 2021 at 04:34AM
by PYMNTS

Digital asset marketplace Bakkt Holdings has rolled out a new card intended to help people use digital currency to purchase everyday items, according to a press release.

They’ll be able to use Bakkt’s new Visa debit card to buy items online or in stores wherever Apply Pay and Google Pay are accepted, the release stated.

“Imagine a bitcoin user who sees a significant gain,” said Bakkt CEO Gavin Michael in the release. “Now, instead of selling and waiting to transfer to a bank, they can simply walk into their favorite store, tap their Bakkt Card and buy that new item they’ve been eyeing. Very soon selected rewards customers will have the same flexibility — leveraging their points to pay for a lunch out with friends or even an impulse purchase.”

In other news, PayPal and Visa have invested in Blockchain Capital’s new venture fund, the company’s fifth, CoinDesk reported. The company raised $300 million.

Both PayPal and Visa have been getting more into the crypto market, although they’re new to crypto VC, according to CoinDesk. They’ve invested in some crypto startups, but this is the first time they’ll join as limited partners, meaning an outside manager will put broader equity investments on their behalf.

Blockchain Capital, one of the bigger crypto-native VC firms, has over $1.5 million under management, CoinDesk reported.

Meanwhile, Indian investors looking to buy bitcoin are likely going to see a 2 percent increase in cost when bought from exchanges outside the country, The Economic Times of India reported.

Those exchanges are staring down new taxes in the form of equalization levies, according to the report. India’s tax department is looking into whether or not the 2 percent levy is applicable for crypto assets bought online by locals from overseas.

The government’s recent rules have expanded the scope of equalization levy to include any purchases made by an Indian or India-based entity via overseas platforms, the report stated.

Lastly, Bitcoin dropped below $30,000 as of Tuesday (June 22), marking the first time that’s happened since Jan. 28, according to a Barron’s report published on MarketWatch.

The fall coincides with China’s current actions against cryptocurrency mining and banking, the report stated.

Richard Farr, chief market strategist at financial advisory firm Merion Capital Group, said cryptos threaten the Chinese government’s ability to stay in power, since cryptos go against “their increased controls on society (what good is a social credit score when it can be easily circumvented by crypto?),” according to the report.