According to an announcement from Detroit’s Office of Treasury, Detroit will soon allow its residents to pay their taxes and other city fees with cryptocurrency as the city looks to “modernize” and attract blockchain companies to the city.
Here are the latest updates from the crypto world.
According to an announcement from Detroit’s Office of Treasury, Detroit will soon allow its residents to pay their taxes and other city fees with cryptocurrency as the city looks to “modernize” and attract blockchain companies to the city.
In a statement on Nov. 7, the Detroit Treasury said the new crypto payment options would be offered through a “secure payment platform managed by PayPal” from mid-2025.
However, the announcement did not clarify which cryptocurrencies Detroit would accept as payment, but PayPal currently provides support for a small number of major crypto assets, including Bitcoin BTC, Ether.
Detroit also said the move to accept crypto was part of a broader push to “modernize” its payment channels.
Unstoppable Domains, a blockchain domain provider, has partnered with Cake Wallet, an open-source wallet, to launch a new top-level domain specifically for Monero users, the companies announced.
As per the Unstoppable Domains, the new .xmr domains will allow Cake Wallet and Monero XMRtickers down $164.37 users to send and receive tokens using human-readable addresses instead of long, alphanumeric strings.
The company also said it expects the change to support wider adoption of Monero by simplifying the user experience.
Cake Wallet will support .xmr usernames on its platform, allowing it to create unique digital identities for its blockchain interactions.
According to cryptocurrency researchers and onchain data, Ethereum’s network revenues are poised to rebound as surging activity on layer-2 (L2) scaling networks drives demand for data storage.
Ethereum L2s have been posting upward of three times more transaction data in November, each day to the mainnet than they did in March, according to data from Dune Analytics.
According to data from asset manager VanEck, Ethereum’s revenues dropped by as much as 95% after the network’s March Dencun upgrade migrated L2 transaction data to temporary offchain stores called “blobs” in a bid to cut costs for users.
“ETH Fees Were Weak Due to Lack of Blob Revenues as L2s Have Not Filled Available Capacity,” Matthew Sigel, VanEck’s head of digital asset research, said in a Nov. 1 post on the X platform.