Rumble and Tether announced the launch of a new crypto wallet for creators. The wallet aims to prevent censorship, offering cross-border asset transfers.
Rumble, the social media partner of Tether, announced the launch of a new wallet with censorship-resistant payments. Rumble and Tether, which have partnered to boost stablecoin adoption, launched a non-custodial wallet to bypass banking censorship.
Rumble Wallet will be a non-custodial service, leaving video creators in control of their funds. The wallet will support the most widely used USDT stablecoin, Tether Gold (XAUt), BTC, and will have tools for direct cryptocurrency tips.
The wallet is touted as the next step for Rumble in creating an independent platform. The video streaming service has been trying to bypass traditional Internet venues by offering alternative storage and censorship-free distribution.
The new wallet also allows creators to embed payments directly into the social media platform, eliminating the need for third-party payment processing. The wallet will build on Rumble’s previous tipping technology. Following the news, Rumble (RUM) traded at $6.72, with a small gain for the past week.
Rumble and Tether deploy wallet development kit
Rumble was the first client to use Tether’s wallet development kit (WDK) for its own platform. The freedom-first social media and streaming service built the wallet from scratch, precisely for the needs of creators. Tether also allows the creation of other white label wallets, with no centralized holding authority.
“Rumble represents free speech and liberty the same way that cryptocurrency and a decentralized internet represent freedom, and Rumble Wallet is the natural combination of those things,” Chris Pavlovski, founder and CEO of Rumble.
The new Rumble wallet is an extension of the collaboration between Tether and Rumble. The two companies announced their collaboration during a Bitcoin forum in Lugano, Switzerland. The wallet allows creators to monetize their channels without fear of arbitrary debanking.
MoonPay will serve as fiat on-ramp for Rumble Wallet
Rumble Wallet will be entirely self-custodial, allowing holders to move assets between wallets or trade on decentralized platforms. The wallet will still allow for a fiat on-ramp to deposit funds, as well as trade and withdraw.
MoonPay, one of the most widely used payment processors for crypto onboarding, will be integrated with the wallet.
The integration of MoonPay will allow payments into a wallet using credit cards, Apple Pay, PayPal, and Venmo.
“Peer-to-peer payments powered by crypto are the future of the internet economy,” said Ivan Soto-Wright, CEO of MoonPay.
“Rumble is one of the first major platforms to adopt this model, giving creators the ability to get paid instantly in stablecoins or Bitcoin and easily move in and out of fiat,” he said.
The payment processing mechanisms will be entirely voluntary and not include additional incentives, as in the case of tokenized social media. The wallet includes a small selection of high-value assets, instead of building a new tokenized tool.
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Source: https://www.cryptopolitan.com/rumble-tether-roll-out-new-crypto-wallet/
