PayPal (PYPL) said on Monday that it is entering the cryptocurrency market with its own US dollar-pegged stablecoin, PayPal USD (PYUSD). The Ethereum-based token will be available to PayPal users in the United States soon, marking the first time that a major financial company has issued its own stablecoin. Users can send and receive PYUSD between PayPal and compatible external wallets, fund purchases of products and services, and convert any of PayPal’s supported cryptocurrencies to and from PYUSD. PayPal stated that the stablecoin will be accessible to a “already large and growing community of external developers, wallets, and web3 applications,” and that it will be easily adopted by cryptocurrency exchanges. Paxos Trust, situated in New York, issues PYUSD, which is fully backed by US dollar deposits, short-term Treasuries, and comparable cash equivalents. It is always redeemable for dollars and can be exchanged for other cryptocurrencies on PayPal’s network, including bitcoin (BTC), bitcoin cash (BCH), ether (ETH), and litecoin (LTC). “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 of PayPal, in a press statement. “Our commitment to responsible innovation and compliance, and our track record delivering new

On behalf of Sino’s Liquid Value fund, which was launched in collaboration with Sam Bankman-Fried in 2021, Matthew Graham’s Sino Global Capital filed a $67.3 million claim against FTX Trading Ltd. The fund primarily targeted high net worth individuals and had a $200 million fundraising goal. This strategy was novel for Sino because it was

A study from Swiss-based cryptocurrency investment adviser 21e6 Capital found that during the first half of 2023, investors would have gained more from purchasing and holding bitcoin (BTC) than from investing in crypto hedge funds. In comparison to bitcoin’s 83% rise during the time period, cryptocurrency funds returned an average of 15%, according to data

On Saturday, Kenyan authorities searched the Worldcoin warehouse in Nairobi, according to local news outlets, seizing records and equipment. According to media sources, Tools for Humanity, the parent business of Worldcoin, neglected to reveal its genuine purpose when it incorporated in Kenya, according to Immaculate Kassait, commissioner of Kenya’s Office of the Data Protection. According

Apparently, Genesis Global Capital’s subsidiary, Digital Currency Group, is the subject of a New York probe into financial activities. Financial transactions involving Digital Currency Group’s (DCG) subsidiary, Genesis Global Capital, are currently being investigated. According to sources familiar with the situation cited by Bloomberg, the investigation is being carried out by New York Attorney General

Alchemix, a lending marketplace, has declared that the Curve Finance hacker has returned all of the money that was taken. Over $61 million worth of cryptocurrencies were lost in the attack on July 30. This amount included $13.6 million from Alchemix’s alETH-ETH pool. JPEGd’s pETH-ETH pool and Metronome’s sETH-ETH pool both had outflows of approximately

Tether’s development team is close to finishing a set of “well polished” JavaScript libraries, according to a recent tweet from Paolo Ardoino, the company’s chief technology officer (CTO) and the CTO of Bitfinex and Tether. These libraries are made to control and communicate with several varieties of bitcoin miners, such as WhatsMiners, AntMiners, and Avalon

Cardano, a well-known Proof-of-Stake (PoS) Layer-1 smart contract network, has been the subject of a recent report by Messari, a renowned source of cryptocurrency research and insights. The study provides a thorough review of the Cardano ecosystem’s performance, financial situation, ecosystem, staking, and decentralisation, as well as noteworthy community and development events. It emphasises crucial

OPNX exchange makes a proposal for Hodlnaut, If the agreement is accepted, Hodlnaut would receive a capital infusion of almost $30 million worth of FLEX tokens to help pay off creditors and settle unpaid claims. Hodlnaut, a cryptocurrency lender, looks to have located a white knight investor to help it exit bankruptcy. A 75% takeover

Bitcoin-friendly,Francis Suarez, mayor of Miami, said on Friday that his presidential campaign will now accept bitcoin (BTC) contributions. “Officially, my campaign is accepting bitcoin,” Suarez declared. In his words, “This is a process of developing technologies that are going to create democratising opportunities for wealth creation and are not manipulated by a human being’s ulterior motives, political goals, etc.” Supporters can donate as little as 0.00034 bitcoin, or the equivalent of $1, at FrancisSuarez.com, he said. Suarez criticised the way the Biden administration handled cryptocurrency. The main error this administration has made, according to Suarez, is that they don’t comprehend cryptocurrency and instead of establishing the rules, they have chosen to regulate by enforcement. “You have to be able to classify certain digital products, and you have to be able to have certain guidelines and rules that are clear with respect to the custody of assets.” Suarez also declared that he would outlaw digital money issued by a central bank.“Nobody wants the government to know where they keep their money and how much they have,” There isn’t anything particularly new about that, in my opinion,” he remarked.Republican Suarez declared his candidature for president in June, joining a crowded GOP primary field that includes front-runners Ron DeSantis of Florida and former President Donald Trump.Given that the mayor of Miami has long been a champion for digital assets, particularly bitcoin, which he has claimed will have a “democratising impact on the future of wealth for every American,” the decision to enable bitcoin payments for donations shouldn’t come as a surprise. He accepted payment in bitcoin and has promised to turn Miami into a centre for bitcoin. Suarez has already conducted numerous trials with digital assets, such as the introduction of MiamiCoin (MIA) in 2021, which he intended to utilise in the future to pay Miami residents a reoccurring bitcoin stimulus, comparable to a dividend paid to shareholders of a firm. However, the cryptocurrency has underperformed, with a 95% value decline since debut. Suarez, though, is still quite active in the sector and has stated that the nation needs a president who is familiar with cryptography and artificial intelligence.

The demand for hedging tools among investors helped the world’s largest derivatives exchange, Chicago Mercantile Exchange (CME), report double-digit growth in the volume of crypto options trading in July. Data recorded by CCData show that trading activity increased 24% to $940 million, marking the first gain in four months. The volume of options on bitcoin (BTC) increased by 16.6% to $734 million, while the volume of options on ether (ETH) increased by 60% to $207 million. According to CCData, “the rise in BTC options volume on the CME suggests that institutions may be hedging their positions with options as market uncertainty persists.” Options are derivative contracts that grant the buyer the option to buy or sell the underlying asset at a defined price on or before a given date.The right to buy is granted by a call option, while the right to sell is granted by a put option. The buyer of a CME option has the option to purchase or sell one bitcoin futures contract at a certain price at a later date. Based on the exchange’s cash-settled standard and micro BTC and ETH futures contracts, CME provides bitcoin and ether options. 5 BTC and 50 ETH are the sizes of standard contracts. One tenth of a bitcoin and one tenth of an ether make up the micro ones. Both bitcoin and ether experienced 4% declines in July as investor excitement over the prospective introduction of a bitcoin exchange-traded fund waned, regulatory uncertainty increased, and hacking into decentralised financial systems shook confidence. It was justified to use options to hedge directional exposure in the cryptocurrency market since bitcoin traded more often with stocks and gold than it did in the second half of June. In accordance with the general slowdown, the combined activity in CME BTC and ETH futures decreased. According to CCData, CME futures volume decreased 17.6% to $39.1 billion, while derivatives trading volume overall (including futures and options) decreased 17.0% to $40.1 billion. The total amount of cryptocurrency traded in spot and futures on centralised exchanges dropped by 12% in July to $2.36 trillion. The only month to have a lower combined volume on centralised exchanges since December 2020 was December 2022, according to CCData.

The first edition of trading platform GMX’s version 2 went live on Thursday with a modest start that brought in just over $1.2 million for its liquidity pools. On the Arbitrum layer 2 network, the most well-known decentralised exchange, GMX, offers users a low-cost on-chain interface through which they can trade spot and perpetual futures. The rise of the Ethereum-based Arbitrum, which allowed GMX to provide traders with a service for leveraging leverage to gamble on price movements of significant tokens like bitcoin (BTC) and ether (ETH), is partly responsible for its current popularity. V2 will coexist with the GMX platform as it is right now.In an effort to encourage trading activity and boost revenue, it increases the list of tradable assets to include alternative currencies like dogecoin (DOGE) at lower costs than version 1. On V2, individual GMX Market, or GM, pools provide liquidity.Users who lock their tokens on GMX are known as liquidity providers, and they are compensated with a portion of the fees collected through services like leveraged trading, borrowing, and swaps. Solana (SOL), XRP, Litecoin (LTC), Dogecoin (DOGE), and Arbitrum (ARB) are some of the initial GM pools, along with SOL, XRP, LTC, and DOGE on the Avalanche network. An index pool token, a short token that backs positions betting on lower prices, and long tokens that back positions betting on higher prices make up a GM pool. The solana pool is paying 47% as of Friday, while the GM pools for DOGE are paying up to 45% annualised. It is possible for the prices to alter. The launch of V2 might improve GMX’s standing among traders in a market that is becoming more and more cutthroat.Ultimately, gmx (GMX), the governance token that bears GMX’s name, may gain value due to alluring prizes and greater revenues. According to DefiLlama data, GMX secures around $447 million on Arbitrum and $74 million on the Avalanche network.The exchange has transacted tokens worth over $117 billion and earned $184 million in fees from just its Arbitrum users.

The diversified holding company Ault Alliance, Inc. (NYSE American: AULT) declared recently that its wholly-owned subsidiary Sentinum, Inc. had mined a total of 909 Bitcoins between January 1, 2023, and July 31, 2023. Details on the company’s Bitcoin mining operations are included in the announcement, which was made in Las Vegas. Two different processes were

The CDC expressed delight with the decision, noting that it was in line with their amicus curiae brief in favour of Ripple. The Chamber of Digital Commerce (CDC), a blockchain and digital asset advocacy group based in the United States, released a thorough report on the U.S. Securities and Exchange Commission’s (SEC) legal action against

According to the company that told CoinDesk, digital bank Revolut is shutting down its cryptocurrency platform in the United States due to an unsteady regulatory climate. In a message to local clients, the bank stated that U.S. consumers will no longer be able to purchase cryptocurrency through Revolut as of September 2 but will still

A company that provides financial services for digital assets called HaskKey Capital has announced intentions to introduce a liquid digital assets fund on September 1 that will be overseen by the Hong Kong Securities and Futures Commission (HK SFC). The open-ended fund, which will only invest in digital assets, will have a minimum fundraising goal

A stablecoin tethered to the dollar has been launched by Latin American cryptocurrency services firm Ripio, in part to give Argentinians a mechanism to shield their investments from inflation. According to the business, Ripio users in Argentina, whose annual inflation is 115%, can already buy the UXD stablecoin, also known as the Criptodólar. The stablecoin,

According to court documents dated Thursday, bankrupt cryptocurrency exchange FTX seeks to keep its Dubai branch out of the wind-down procedures in the United States. In November of last year, FTX initiated Chapter 11 litigation for 102 related corporations from all around the world. One of the entities included in the proceedings was FTX Dubai,

The SEC revealed on recently that it has won a temporary asset freeze and a restraining order against an alleged fraudulent scheme based in Utah that raised almost $50 million by selling cryptocurrency to hundreds of American investors. The SEC accused DEBT Box, a firm situated in Draper, Utah, as well as its four founders