Daily Review: $2.8 Billion Worth of Transactions Were Sent Over Bitcoin Network in a Single Day in November

Bitcoin crosses new highs every other week despite sometimes unfavoring regulations coming into action. Last week was no exception – the value of daily transactions sent through Bitcoin network went from $200 million for the most part if January to $2.8 billion in a single day of November 16. Predictions suggest that Bitcoin will cross $10,000 in a few months – a new record for daily transactions is not far.

Bitcoin Now Processes $2 Billion Worth Of Transactions Per Day, A 10x Increase In 2017

  • For most of January, roughly $200 million worth of Bitcoin was being sent around the Bitcoin network per day. Near the end of May, days where more than $700 million was transacted on the network were common.
  • Roughly a billion dollars of value was sent around the Bitcoin network per day in early August. This number declined down to $600 million by late September before exploding to $1.5 billion by late October.
  • November 16 set a new all-time high for value transacted over the Bitcoin network in a single day at $2,803,405,660.

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Public transportation is the new battleground for Chinese dragons: WeChat Hitches Ride on Guangzhou Metro

  • Guangzhou Metro passengers can now pay for their rides with the WeChat messaging app, as Tencent competes with its rival Alibaba to get on track in the public transportation sector.
  • Commuters in the southern metropolis have been able to take the subway after allowing the turnstile to scan a QR code generated by a WeChat in-app mini program. The turnstiles can scan the codes within 0.3 seconds.
  • The system also supports offline payments. Passengers without an internet connection can travel first and pay later when they are next online.
  • As on the Guangzhou Metro, travelers on the Shanghai maglev line can use Alipay to pay for their tickets by scanning a QR code.
  • The public transportation sector has recently become the latest battleground for major mobile payment players like Tencent and Alibaba, who both hope to make an early entrance and secure a better position.
  • WeChat faces competition from payment service provider UnionPay, which has also joined with Guangzhou Metro to provide mobile payment services for passengers.

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China Citic, Baidu launch direct bank in FinTech push

  • China Citic Bank Corp and search engine giant Baidu launched a direct banking joint venture called AiBank on Saturday. A direct bank offers services over the internet instead of through physical branches.
  • AiBank will focus on lending to individuals and small businesses. The service will leverage big data and AI to build new risk control models. About 60% of employees will be technology staff.
  • Citic Bank owns 70% of the joint venture, Baidu controls the remaining 30%. The direct bank has a registered capital of 2 billion yuan.
  • Alibaba and Tencent have already set up their own finance arms to offer a range of financial products including payment, wealth management, and micro-loans.

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ACI Partners with Zelle® to Offer Real-Time Payments for Financial Institutions. ACI powers real-time, digital, secure P2P payments for leading payments network

  • ACI Worldwide has been named a technology partner of the Zelle Network®. ACI provides integration for Financial Institutions (FIs) to connect to Zelle. Zelle processed more than 160 million real-time P2P transactions since January 2017.
  • ACI’s support for Zelle will result in banks being able to accelerate speed to market, reduce risk and create new revenue streams. Zelle delivers an easy-to-use consumer experience built into both mobile banking apps and a Zelle stand-alone app. Consumers can easily connect to Zelle — all protected by the security of their financial institutions.
  • Zelle is increasing P2P payments adoption by creating a common payments experience for consumers — regardless of which bank they use, said William Proctor, VP, ACI Worldwide.

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Featured image credit: Steemit.