UK FinTech Says You Can Now Spend NEO Anywhere That Takes Apple Pay or Google Pay

Siamak Masnavi

On Monday (April 29), UK-based FinTech startup Zeux announced that it is adding support for NEO to its "digital payment wallet", so that it will be possible to spend NEO at any merchant worldwide that accepts Apple Pay, Google Pay, or Samsung Pay.

Here is a brief description of NEO from its website:

"NEO is an open source project driven by the community. It utilizes blockchain technology and digital identities to digitize assets and automate the management of digital assets using smart contracts. Using a distributed network, it aims to create a 'Smart Economy'.
NEO was founded in 2014 and open sourced on GitHub in June 2015. Its MainNet was released in October 2016 and has been running in stable capacity for two years. Its vision of a 'smart economy' was set up along with the project rebranding in 2017."

This is what Abra wrote in July 2018 in its "Ultimate Guide to Altcoins" document about QTUM:

"Started by a blockchain research company called Onchain in 2014, the project originally called antshares was rebranded as NEO in 2017. NEO focuses on the verification of digital identities, and smart contracts (contracts built from code that execute and run themselves with rules on how funds can be transferred). Calling itself a distributed smart economy network, NEO is powered by gas in the same way that ethereum runs on ether... In other words, a separate token known as gas is needed to run smart contracts, depending on the computing power used. The price of NEO and the price of NEO gas are listed as two different assets on the coin market cap charts."

As for Zeux, in a blog post published earlier today, it says that it is "committed to providing the mass with a simpler way to pay, bank and invest," which it does by "integrating all the services onto one platform  — the Zeux app, which provides a digital bank account on top of a digital wallet address for each user, allows them to pay at all stores, and offers a range of investment products provided by different financial institutions."

Zeux, which is registered with the UK's financial regulator, the Financial Conduct Authority (FCA), "charges no fees for opening an account, money transfers, top-ups, withdrawals or payment fees on fiat and cryptos."

Frank Zhou, Founder and CEO of Zeux,said:

“We’re delighted to announce that we will be adding NEO to our list of cryptocurrencies. We believe that NEO is paving the way for a smart economy by giving developers the tools to deploy and scale their own smart contract applications without learning another unique language. This strategic partnership will help us build upon our current infrastructure and expand our service to a larger audience.”

Zeux launched its mobile app in the UK earlier this month, and expects to make it available within the rest of Europe later this year (soft launch in June, official launch in November). Support for the NEO cryptocurrency will be added to the Zeux app on 7 May 2019. 

Featured Image Courtesy of the NEO Team

India’s Finance Minister Says Countries Are 'Rushing' Into Cryptocurrency

  • India's Finance Minister and Reserve Bank Governor cautioned against countries rushing into digital currencies. 
  • IMF Director Kristalina Georgieva said the organization is taking a "balance approach" to regulation.

Reserve Bank of India Governor Shaktikanta Das and Minister of Finance Nirmala Sitharaman cautioned that countries are rushing into cryptoassets, in the wake of Facebook’s handling of libra. 

Das spoke on cryptoassets earlier in the week at the annual meeting for the International Monetary Fund and World Bank. Sitharaman told Indian reporters of the meeting, 

On our side, the Reserve Bank Governor spoke about it during our turn to intervene. I got the sense that many countries were cautioning on rushing into this.

Das continued, explaining how some officials took issue with libra being labeled a ‘stablecoin,’

Some of them [countries] of course even suggested that they shouldn't be using, all of us shouldn't be using the name stable currency because that's the expression they used. Many cautioned to the extent saying even the name should not be stable currency, it should relate to virtual currency or something of the kind.

Sitharaman said the general consensus was that countries need to show “extreme” caution in the handling of digital currencies. However, she also admitted there were discussions about the benefits of digital currencies, saying that "presentations were also highlighting the strenghts of such virtual currency."

IMF Managing Director Kristalina Georgieva said the organization is taking a “very balanced approach” to crypto-assets while being “mindful” of the risks they pose for consumers. 

Featured Image Credit: Photo via Pixabay.com