In today’s edition of Bitmama’s weekly crypto news roundup, we cover interesting developments in the cryptocurrency industry. Top picks – Luxury watchmaker TAG Heuer to accept crypto payments, Ethereum merge might happen in August as testing enters final round, Facebook ( Meta) files trademark applications for ‘Meta Pay’ covering crypto services.
Let’s get started.
Luxury watchmaker TAG Heuer to accept crypto payments
TAG Heuer, a Swiss luxury watchmaker that designs, manufactures, and markets watches and fashion accessories, announced on Friday that it will allow customers to purchase products using cryptocurrency payments. The luxury watchmaker named Bitcoin, Bitcoin Cash, Dogecoin, Ethereum, Litecoin, Shiba Inu, and the five USD-pegged stablecoins as some of the major cryptocurrencies that consumers can use to buy products at its stores.
TAG disclosed that it partnered with Bitpay to bring such a new payment feature to its e-commerce customer base.
TAG also announced plans to make its entry into the web3 space. The firm said it is developing a broader and long-term strategy for Web3, which it said will enable its brand to come alive in bold new ways via blockchain technology, NFTs, and many more in the e-commerce and retail spaces.
TAG acknowledged that as a luxury brand, it had to ensure that its entrance into Web3 would meet its standards of excellence. The firm said that through its agile in-house teams and with the support of Bitpay, it has the capacity to enter into this new financial world in the best way possible. The company stated that the new crypto payment feature is just the beginning of several exciting projects that it intends to develop in the Web3 universes.
Frédéric Arnault, CEO of TAG Heuer, commented about the development and said: “We have been following cryptocurrency developments very closely ever since Bitcoin first started trading. As an avant-garde watchmaker with an innovative spirit, we knew TAG Heuer would adopt what promises to be a globally integrated technology in the near future despite the fluctuations— one that will deeply transform our industry and beyond.”
TAG mentioned that there is no minimum spending required for the crypto payment method. Furthermore, it said that customers can pay using cryptocurrency for up to US$10,000 per transaction. According to the firm, customers can select their preferred cryptocurrency wallet or exchange, and crypto coin before proceeding with their payment.
Ethereum merge might happen in August as testing enters final round
The Ethereum merge is a move from the original proof-of-work validation model to a more environmentally friendly and scalable model called proof-of-stake. Bitcoin (BTC) uses proof-of-work, as does Dogecoin (DOGE). Right now the three cryptos each consume as much energy as a small- to mid-sized country. The merge will cut Ethereum’s energy consumption by about 99%.
The merge is an important step in a series of staged upgrades designed to solve some of the network’s issues. It was the first blockchain to introduce the all-important smart contract capabilities, and still hosts a large number of decentralized applications. However, Ethereum struggles with high gas fees and heavy network congestion. As a result, its first mover advantage has been eroded as projects move to faster and lower cost Ethereum alternatives.
Speaking at the Permissionless 2022 Conference in Florida, the U.S., Ethereum Researcher Justin Drake disclosed that the merge of Ethereum (ETH) might happen in August.
Market insight provider Bankless pointed out. He noted: “Strong desire to make this happen before difficulty bomb in August. Stars are aligned.”
Meanwhile, Ethereum core developer Preston Van Loon shared similar sentiments that testing was in the final stages and said:“As far as we know, if everything goes to plan, August—it just makes sense. If we don’t have to move, let’s do it as soon as we can.”
The merge, which will transition the current proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS), has been elusive because it was slated for June.
The merge is estimated to be the biggest software upgrade in the Ethereum ecosystem because the PoS algorithm will allow the confirmation of blocks in a more energy-efficient way. After all, it requires validators to stake Ether instead of solving a cryptographic puzzle.
Validators will take up the role of miners when it comes to the confirmation of blocks based on the amount of ETH staked, acting as collateral against dishonest behaviour.
The merge is usually regarded as a game-changer that will give the Ethereum network a new face because it is expected to enhance scalability through upgrades like sharding.
Furthermore, it is anticipated to strengthen Ethereum’s quest as a deflationary asset because the second-largest cryptocurrency’s value is speculated to increase based on slashed supply.
Meta ( Facebook ) files trademark applications for ‘Meta Pay’ covering crypto services
Meta Platforms Inc., formerly Facebook, filed five trademark applications for “Meta Pay” with the United States Patent and Trademark Office (USPTO) last week. Trademark attorney Josh Gerben tweeted explaining Wednesday that, in his opinion, Meta’s applications indicate the company is planning to launch a payment platform called Meta Pay for users to exchange regular fiat money for cryptocurrencies.
Meta’s head of fintech, Stephane Kasriel, explained last week that the company is “investing more” in its existing payments experiences, noting that it has been in payments since 2009.
“Today, people and businesses use our platforms to make payments in 160 countries and 55 currencies,” Kasriel wrote, elaborating:
‘’The experience that people see today is Facebook Pay, but we’ll be bringing that closer to the Meta brand soon by renaming it Meta Pay.’’
In March, Meta filed eight trademark applications for its logo covering the metaverse as well as a wide range of cryptocurrency services.