In an Aug. 7 notice, the SFC said certain trading firms had falsely claimed to have submitted applications for licenses in Hong Kong. The securities regulator said should the companies actually apply to operate legally in the special administrative region, it would consider any false statements as well as possible criminal charges.Continue Reading on Coin Telegraph More
PayPal USD is designed to contribute to the opportunity stablecoins offer for payments and is 100% backed by U.S. dollar deposits, short-term U.S Treasuries and similar cash equivalents. PayPal USD is redeemable 1:1 for U.S. dollars and is issued by Paxos Trust Company. Starting today and rolling out in the coming weeks1, eligible U.S. PayPal customers who purchase PayPal USD will be able to: “The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar,” said Dan Schulman, president and CEO, PayPal. “Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD.” Building the Bridge Between Fiat and Web3 for Consumers, Merchants and Developers PayPal USD will be available to consumers, merchants and developers to seamlessly connect fiat and digital currencies. As the only stablecoin supported within the PayPal network, PayPal USD leverages PayPal’s decades-long experience in payments at scale, combined with the speed, cost and programmability of blockchain protocols. As an ERC-20 token issued on the Ethereum blockchain, PayPal USD will be available to an already large and growing community of external developers, wallets and web3 applications, can be easily adopted by exchanges, and will be deployed to power experiences within the PayPal ecosystem. PayPal USD is designed to reduce friction for in-experience payments in virtual environments, facilitate fast transfers of value to support friends and family, send remittances or conduct international payments, enable direct flows to developers and creators, and foster the continued expansion into digital assets by the largest brands in the world. Most of the current volume of stablecoins is used in web3-specific environments – PayPal USD will be compatible with that ecosystem from day one and will soon be available on Venmo. U.S. Dollar Denominated, Redeemable and Transparent PayPal USD is issued by Paxos Trust Company, a fully licensed limited purpose trust company subject to regulatory oversight by the New York State Department of Financial Services. In June 2022, PayPal was issued a BitLicense by NYDFS after previously obtaining a conditional BitLicense.Reserves for PayPal USD are fully backed by U.S. dollar deposits, U.S. Treasuries and similar cash equivalents, and PayPal USD can be bought or sold through PayPal at a rate of $1.00 per PayPal USD. Beginning in September 2023, Paxos will publish a public monthly Reserve Report for PayPal USD that outlines the instruments composing the reserves. Paxos will also publish a public third-party attestation of the value of PayPal USD reserve assets. The attestation will be issued by an independent third-party accounting firm and conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (AICPA). Focusing on Education, Understanding and Adoption of Digital Currencies In addition to building products and services that add utility to digital currencies, PayPal is focused on increasing consumer and merchant comprehension of cryptocurrencies, stablecoins and central bank digital currencies (CBDCs), while working closely with regulators as the industry evolves. In addition to offering PayPal USD for U.S. accountholders, PayPal currently offers customers the ability to buy, hold, sell and transfer select cryptocurrencies, and provides educational content to help accountholders understand the risks and possibilities surrounding the technology. To learn more about PayPal’s cryptocurrency services, click here. More
On Aug. 2, the venture capital firm announced the winners of its Summer Bootcamp competition for university students. Various participants from different academic institutions participated to win a trip to Cabo San Lucas, Mexico and mentorship opportunities from crypto funds. Continue Reading on Coin Telegraph More
An AI-powered explanation of blockchain can help developers reinforce their understanding, streamline problem-solving and accelerate the development process. Additionally, ChatGPT can assist with troubleshooting code, suggesting optimal solutions and exploring new blockchain use cases.Continue Reading on Coin Telegraph More
According to data provided by a market intelligence platform Santiment, Ethereum (ETH) whales’ activity has been constantly on a downward momentum. Ethereum whales completed 3,976 transactions, each worth at least $100,000, on Aug. 1.ETH price, supply, and whale activity – Aug. 7 | Source: SantimentAt the time of writing, Santiment recorded only 744 such transactions in the past 24 hours. Quite similarly, whale transactions consisting of at least $1 million worth of ETH have also dropped from 672 on the first day of the month to 95 at the time of writing.On the other hand, an ETH whale, nd4.eth, sent 2,500 coins to a dead wallet after his “girlfriend” allegedly “cheated on him.” The burned tokens are currently worth over $4.5 billion. On-chain data shows that nd4.eth still holds 32 different crypto assets and a CryptoPunk NFT — all worth around $196,000.Moreover, Santiment data shows that the amount of Ethereum supply outside exchanges has been constantly hitting new all-time highs since March. Per the data, 35.9 million coins are sitting in non-exchange addresses, showing signs of long-term accumulation.Ethereum has been consolidating between $1,825 and $1,870 over the past week. The asset is up by 0.2% in the past 24 hours and trading at around $1,830 at the time of writing. The upward momentum comes as ETH’s 24-hour trading volume surges by 25%, currently sitting at over $3.5 billion.This article was originally published on Crypto.news More
On Aug. 7, Singapore Red Cross announced its partnership with the first crypto payment gateway licensed by the Monetary Authority of Singapore, Triple-A, to enable the option of anonymous donations in crypto. All donations will be converted into fiat currency and settled via bank transfer within one business day. Continue Reading on Coin Telegraph More
The position involves investigating high-end crypto fraud, money laundering and other blockchain-based crime carried out by organized crime groups. The investigators will be working with a surveillance team and London police. Continue Reading on Coin Telegraph More
Martinez’s incisive tweet outlined a compelling disparity between Bitcoin’s market price and the burgeoning number of new addresses. Despite a drop from $32,000 to $29,000, the tally of these fresh addresses has shown a remarkable upward trajectory, hinting at the possibility of a robust, sustained uptrend for the world’s premier cryptocurrency.Source: Twitter of At the heart of Martinez’s claim lies a chart showcasing the astonishing surge in new BTC holder addresses. The data reveals a nearly twofold increase, surging from 360,000 daily to an impressive 600,000. Notably, this upsurge in network growth has occurred simultaneously with a dip in Bitcoin’s market valuation, forming an intriguing divergence.As the crypto market remains notoriously volatile, such data-driven observations hold significant weight in shaping investor sentiment. The growing consensus among industry experts and market enthusiasts alike is that, in the face of price downturns, the underlying fundamentals of ‘s network growth continue to pave the way for a resilient and prosperous future.This article was originally published on U.Today More
