Top Stories This Week
Circle launches cross-chain USDC transfer protocol
Circle launched a cross-chain protocol that enables USDC transfers between the Ethereum and Avalanche blockchains. The protocol works by burning the selected amount of native USDC on the source chain, and minting an equivalent amount of new USDC on the intended destination chain. The protocol essentially makes USDC transfers between the two networks faster and more user-friendly, as prior to its launch, people had to use third-party bridges or a Circle partner to facilitate transfers between the two networks. Additional support for Solana and other blockchains will be added later in 2023.
Stablecoin payments: Visa shares plans for ‘ambitious’ crypto product
Cuy Sheffield, the head of crypto at Visa, announced a new cryptocurrency-related project, on April 24, focused on stablecoin payments. Details are sparse at this stage; however, Sheffiled shared a job listing relating to the project, with the description noting that the “Visa Crypto Team is building the next generation of products to facilitate commerce in everyone’s digital and mobile lives.” The job listing is seeking candidates with a good understanding of layer-1 and layer-2 solutions, alongside experience with writing smart contracts using the programming language Solidity, among other things.
Kraken asks San Francisco court to intervene against IRS demands
Crypto exchange Kraken has fought back against the U.S. Internal Revenue Service (IRS) over what it feels is an “unjustified treasure hunt” for user’s trading info. According to court documents, the firm requested a federal court in San Francisco to intervene and ask the IRS to back off. The IRS issued a summons in February demanding additional information on Kraken users who traded $20,000 or more in any single year from 2016 to 2020.
Meta disclosed in its Q1 earnings report that its metaverse unit, Reality Labs, posted a loss of around $4 billion during the quarter. In what has been a costly venture for the firm, the $4 billion loss adds to the $14 billion Reality Labs loss over the entirety of 2022. Still, Meta posted a profit totalling roughly $5.7 billion in Q1 overall, with the firm’s work on artificial intelligence somewhat curbing the losses. Mark Zuckerberg was also not phased by the loss from Reality Labs, as he reiterated that “we continue to expect Reality Labs operating losses to increase…
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