Bitcoin and digital currency wallet company ZenGo is becoming a part of the Visa Fast Track program and will create a new digital currency payment card, according to an announcement. ZenGo said the card will be the first card connected to a “self-hosted, on-chain, multi-currency wallet” in which the user manages the funds. The card will roll out in the United States and expand to further places at a later time. According to ZenGo, the crypto space has entered into a new phase in which crypto is used more for keeping wealth or trading assets for the sake of it. “People want to be able to spend crypto,” it said.
In other news, HSBC has successfully run the first international blockchain letter-of-credit (LC) transaction in Bangladesh, according to an announcement. The Contour platform was used for the transaction, which involved the import of fuel oil for a power plant by United Mymensingh Power Limited from Singapore. “Fuel Oil LCs are highly time sensitive where every second counts and we believe this Blockchain technology will help to manage time efficiently and also ensure increased efficiency and better cost management,” Moinuddin Hasan Rashid, Group Chairman and Managing Director, United Group, said.
On another note, the government in Hong Kong is looking to modify the regulations for digital currency trading companies running or providing offerings in the area in the city, Coindesk reported. The Securities and Futures Commission (SFC) had put regulatory guidance into place last year that aimed to treat digital asset companies that trade one security token or more with the same rules as securities brokerages, yet signing up with the watchdog was not mandatory. However, a new paper by SFC Director of Licensing Clara Chiu will reportedly put forward the idea that SFC have oversight of each “centralized virtual asset trading platform” in the city.