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Smile Shop Joins Conflux PayFi Ecosystem with BitUnion Prepaid Card

New York, United States, December 3rd, 2024, Chainwire Smile Shop , the premier Asian e-commerce platform, has partnered with Conflux Network , China’s only regulatory-compliant public blockchain, to launch the BitUnion prepaid card. This partnership signifies a major expansion into global digital asset payment with cards welcome in 183 countries and regions. The BitUnion prepaid card operates on the recently launched UnionPay International USD prepaid card framework . UnionPay International, the world’s second-largest card payment processor, ensures seamless financial transactions. Users can load funds onto the card to make online purchases, use it at point-of-sale machines, or withdraw cash from UnionPay ATMs across 183 countries. The card can also be linked with popular third-party payment platforms like Alipay and WeChat Pay. Whether offline or online, transactions are settled at real-time exchange rates between local currencies and USD. The account approval process is quick, and management fees are waived during the initial launch period. As a key product in Conflux’s PayFi ecosystem, the prepaid card incorporates experienced security authentication systems from traditional finance. User data is managed by professional institutions, ensuring security and compliance. Fiat assets are held within the UnionPay account system, guaranteeing absolute security and reliability. The BitUnion prepaid card has obtained the highest-level financial security certifications, including 3DS and PCI-DSS, comprehensively protecting cardholders’ payment security. The prepaid card will support digital asset transactions and transfers within the Conflux Network, leveraging the blockchain-based PayFi system to overcome limitations in traditional payment infrastructure. Introducing traditional financial models (from credit cards to invoice financing and reverse factoring) into blockchain creates a more integrated value network. Conflux’s PayFi (Pay Finance) addresses inefficiencies in traditional payment systems while keeping financial operations aligned with real-time data, creating a large-scale model for blockchain consumer application ecosystems. As a high-performance Layer1 blockchain, Conflux has been at the forefront of technological advancements, particularly in the development of Stablecoins. They are now expanding their focus to encompass a comprehensive Payments infrastructure and cultivate the PayFi ecosystem. Aiming to become the blockchain of choice for consumer-grade Payments in the future, Conflux Foundation has committed 500 million CFX from the ecosystem fund to fuel the growth of PayFi stack components. About Smile Shop Smile Shop is a super e-commerce platform under Smile Shop Holdings Pte (Singapore), targeting Southeast Asian markets with the vision of becoming Southeast Asia’s most trusted fintech super e-commerce platform. About Conflux Network Conflux Network is a permissionless Layer 1 blockchain that connects decentralized economies worldwide. It utilizes a hybrid PoW/PoS consensus mechanism, ensuring a fast, secure, and scalable blockchain environment. Conflux operates without congestion, maintains low fees, and prioritizes network security. Being the leading regulatory-compliant public blockchain in China, Conflux offers advantages for projects entering the Asian market. In its partnerships, Conflux collaborates with global brands and government entities including, Shanghai, China Telecom, Little Red Book (China’s Instagram), McDonald’s China, and Oreo. These noteworthy collaborations serve as a testament to Conflux’s unwavering dedication to driving blockchain and metaverse initiatives. Contact Melissa Tirey melissa@shift6studios.com Bitcoin.com

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Bitcoin to Maintain Upward Momentum and Break Through $100K If This Happens (Bitfinex)

With December historically a volatile and choppy month for bitcoin (BTC), analysts at the crypto exchange Bitfinex believe the digital asset could experience a short-term pullback; however, a shift in network dynamics could push it above $100,000. According to a weekly report , BTC could maintain upward momentum this month and rally past $100,000 if short-term holder (STH) demand can meet long-term holder (LTH) supply. At the time of writing, BTC was changing hands at $94,800, following a week of consolidation between $90,000 and $98,000. Can STH Demand Meet LTH Supply? Bitcoin long-term holders have begun to capitalize on increased BTC demand in the market to distribute their held supply on a large scale. Heightened BTC demand from institutional investors and the spot Bitcoin exchange-traded fund (ETF) market drove the latest rally. The LTH supply recorded a peak in September, and since then, this cohort of market participants has distributed roughly 508,990 BTC. While this figure represents a significant volume, Bitfinex revealed that it is smaller than the 934,000 BTC LTHs spent during the March rally, which led to bitcoin’s high of $73,666. The last eight months saw LTHs re-accumulate after distributing their bitcoins before the halving. However, with the resumption of a redistribution phase among this cohort of investors, STHs have been buying and accumulating rapidly. Per Bitfinex’s analysis, a reduction in the LTH-held supply is expected at this stage of the bull cycle. BTC Needs ETF Inflows And Strong Demand As LTHs continue to take profits, BTC needs positive ETF flows and strong demand from marginal buyers in the short term to maintain upward momentum. This is because the supply entering the Bitcoin market from LTHs has been sustained for the past two weeks, and a weak spot demand would fail to absorb the supply, resulting in a significant price correction. It is worth mentioning that the LTH Spent Output Profit Ratio (SOPR), which measures the profit margin at which this investor cohort is selling their BTC, signals the market is not near the top. In past cycles, this metric has shown LTHs selling at an average profit of 3.5x at market tops; however, at the time of writing, the SOPR average hovered around 2.6x. Also, the final leg of the bull market starts when the STH supply crosses the pre-halving cycle high of 3,282,000 BTC; this figure is currently at 3,252,000 BTC. The post Bitcoin to Maintain Upward Momentum and Break Through $100K If This Happens (Bitfinex) appeared first on CryptoPotato . Bitcoin.com