Cryptocurrencies have been around for over a decade now, but they are still a big talking point in 2023. The cryptocurrency market is now valued at over $1 trillion, and there are in excess of 12,000 crypto coins currently in circulation.

Despite this, there remains a good deal of uncertainty about cryptocurrencies. Much of this is due to the high levels of volatility shown by Bitcoin over the past 12 months, as well as the high-profile hacks and collapses of major crypto exchanges and the Terra and Luna stablecoins.

However, it looks like 2023 is set to be the year that cryptocurrencies bounce back, and there is a growing demand for being able to make crypto payments online. So here is a handy overview as to where you can now use cryptocurrencies to pay for goods and services in the online domain.

CRYPTOCURRENCIES AT E-COMMERCE PLATFORMS

Cryptocurrencies are starting to appear at more and more e-commerce sites. Microsoft was one of the pioneers in accepting crypto payments as the tech giant has been cryptocurrency-friendly since way back in 2014. While many major e-commerce brands remain reluctant to take crypto payments, there is a growing trend for some familiar names like GameStop to accept Bitcoin as a way of purchasing goods.

It’s important to note that the e-commerce giant, Amazon, has recently taken steps to make its services more crypto-friendly. The brand now uses the Purse.io technology to let Bitcoin users trade the crypto for Amazon gift cards that can then be used to facilitate the transaction. While it’s not a direct way to purchase goods on Amazon, it shows that the e-commerce brand is taking steps to help customers who prefer to use cryptocurrencies.

Plus, with e-wallet brands like PayPal as well as e-commerce platforms such as Shopify now taking Bitcoin payments, it looks like the future is bright for crypto e-commerce. 

CRYPTO-FRIENDLY ONLINE TRAVELLING PLATFORMS

Cryptocurrencies can be used to make frictionless payments all around the world regardless of the national currency of its user. As such, it’s no major surprise to find that more and more online travel sites are starting to accept crypto payments.

CheapAir was one of the first travel brands to jump on board the cryptocurrency bandwagon. The company started taking Bitcoin payments for flight reservations back in 2013 and have since expanded this service to include hotel reservations.

It’s a theme that has been expanded upon by other brands like Travala. This company now accepts over 50 different crypto coins to book millions of different travel products. All of this shows that it’s not just cryptocurrencies that are using blockchain technology to travel freely across national borders.

Regulators shut Signature Bank, pick industry veteran to run bridge bank

Regulators shut down Signature Bank in New York on Sunday amid fears of an industry liquidity crisis and tapped a veteran regional bank executive to run the bridge bank that will take its place.

The shutdown of Signature by its state-chartering authority marks the second U.S. bank in three days to be closed by regulators, following the abrupt closure Friday of Silicon Valley Bank in Santa Clara, California. The $110.4 billion-asset Signature is the third-largest bank failure by assets ever in the United States, according to Federal Deposit Insurance Corp. data.

The New York State Department of Financial Services took possession of Signature "in order to protect depositors," the department said in a press release Sunday evening. The FDIC, which was appointed receiver of the bank, said that it has transferred all of Signature's deposits and "substantially all" of its assets to Signature Bridge Bank, which will be operated by the FDIC as a full-service bank while the regulator attempts to "market the institution" to potential buyers.

Greg Carmichael, who retired as the CEO of Cincinnati-based Fifth Third Bancorp in July, will lead the bridge bank, the FDIC announced. Carmichael was scheduled to vacate his post as executive chairman of Fifth Third's board of directors on April 18, but he "has stepped away from the board to assist the FDIC in stabilizing Signature Bridge Bank," a Fifth Third spokesperson said.

All of Signature's depositors will be made whole and no losses will be borne by taxpayers, the FDIC said Sunday. Depositors and borrowers of Signature Bank will automatically become customers of Signature Bridge Bank and all banking activities, including online banking, will resume Monday, the FDIC said. Official Signature checks will continue to clear and loan customers should be able to make their loan payments as usual, the FDIC added.

In a joint statement Sunday, the FDIC, the Treasury Department and the Federal Reserve tried to ease fears about the state of the U.S. banking system, which has been fraught with uncertainty since Friday's shutdown of Silicon Valley Bank, the banking subsidiary of SVB Financial Group in Santa Clara, California. In the statement, the regulators said they issued a systemic risk exception to protect uninsured customer deposits at both Silicon Valley Bank and Signature.

The trio of regulators said the nation's banking system "remains resilient and on a solid foundation."

"Those reforms combined with today's actions demonstrate our commitment to take the necessary steps to ensure that depositors' savings remain safe," the joint release said.