Kraken Exchange has granted BTCPay $150,000, a day after the widespread news that the Venezuelan government has adopted the platform to receive funds from those applying for passports.
Yesterday, it became known through different online platforms that the Venezuelan government will allow passport applicants to pay with cryptocurrency Bitcoin, thereby increasing the usage of the cryptocurrency in the country.
The move came as a surprise since the Venezuelan government has its national digital currency Petro and has been flaunting the progress of the government-backed token before now.
BTCPay is the medium through which passport applicants pay the Venezuelan government. The gateway was seen on the Administrative Service for Identification, Migration, and Foreigners of Venezuela referred to as Servicio Administrativo Identificaion Migracion Y Extranjeria (SIAME).
However, the payment option that was widely shared on several social platforms was denied by a popular Venezuelan journalist Marbellis Linares to ever exist. He said the widely shared rumor is not true and not functioning, a statement completely antithetical to available screenshots widely circulated on the internet.
On the heels of the news, BTCPay Server Foundation acknowledged a grant of $150,000 USD in Bitcoin from Kraken Exchange. The grant comes as the biggest ever received by the platform.
BTCPay Server Foundation said it had a conversation with Kraken shortly after it launched. The platform says it has also been integrated with Cryptowatch. BTCPay says it users have been sending “WEN KRAKEN” messages to them over the years, and BTCPay is elated by the development.
The exchange also says it resolved to support BTCPay considering the Bitcoin payment processor’s effort over the years.
Pierre Rochard, Kraken Lead Bitcoin Strategist said:
BTCPay has been operating a secure, private, censorship-resistant, and free payment solution deplorable on any platform.
The Exchange then enjoins its users to make use of BTCPay for easy payment without any monitoring. BTCPay offers an online PoS application that can be easily integrated into e-commerce stores worldwide.
Bitcoin Adoption on the Increase
As the rumor of feasible usage of Bitcoin by PayPal continues to circulate without the payment solution company writing a rebuttal to deny the possible link, Tuesday, June 21, digital asset exchange FalconX announced a partnership with PayPal-backed TRM Labs in order to bring real-time business deal monitoring to the platform.
The development, according to an update, will serve as a way of monitoring digital asset transactions purposely to identify possible money swindlers and other illegal actions on the exchange.
FalconX co-founder and CEO Raghu Rarlagadda in a press statement said TRM will grant them the advantage of constructing with their customers which will in the end translate into a big growth for the organization.
The news started exactly like what happened before Facebook announced the creation of a crypto token. Launched in 2019, TRM Labs was proudly backed by a group of investors including Y Combinator, PayPal, Initialized Capital, and some others.
PayPal-supported TRM Labs said they are delighted to see FalconX make use of their platform to achieve the needed standards for digital asset compliance.