Crypto on LYO: The Blend — US Bank Supporting Digital Assets Planned, Use of e-CNY Urged in China, Starbucks Teams Up with Polygon for Rewards Program

What happened in the crypto world in the last week? Let’s see some interesting news together!

US Bank Supporting Digital Assets Planned

Cryptocurrency trading platform Abra announced that a state-chartered bank based in the United States that will allow clients to deposit digital assets is in the works.

The said bank is named Abra Bank, which will empower customers to use cryptocurrency the same way they use fiat currencies. Abra Bank will be operational in the U.S. and regulated in the country.

According to Abra, “The best way to become the default Web3 wallet and crypto bank for everyone is by embracing a global regulatory framework that provides for transparency, oversight, security, and agency.”

Use of e-CNY Urged in China

People’s Bank of China deputy governor Fan Yifei said that more legislation and standardization when it comes to digital identities, QR codes and the like are necessary to push for the interconnectivity of different payment technologies in the country.

This will encourage the country to use the digital yuan (e-CNY) more conveniently. Fan also highlighted the importance of safety and security when it comes to using e-CNY. He mentioned that this can be achieved by keeping user information safe and strengthening data security.

Starbucks Teams Up with Polygon for Rewards Program

Starbucks Coffee Company taps Polygon (MATIC) to create a loyalty program that enables customers to buy and earn non-fungible token (NFT) stamps. This is part of the coffee giant’s Web3 program named Starbucks Odyssey, which went live on September 12.

According to Starbucks’ executive vice president and chief marketing officer Brady Brewer, “Starbucks Odyssey will transcend the foundational benefits that our Starbucks Rewards members have come to love, and unlock digital, physical and experiential benefits that are uniquely Starbucks.”