Monat: August 2023

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PayPal launches a US Dollar stablecoin on the Ethereum blockchain

Key takeaways

  • Fintech firm PayPal has launched a stablecoin on the Ethereum blockchain.

  • The stablecoin is backed by the US Dollar and was launched in partnership with Paxos.

PayPal joins the stablecoin train

Silicon Valley-based payments firm PayPal announced on Monday, August 7th, that it had launched a US Dollar stablecoin.

In a press release earlier today, PayPal said the stablecoin was launched in conjunction with Paxos.

The stablecoin will be pegged to the US Dollar and made available to PayPal’s customers in the United States over the coming weeks and months. 

While commenting on this latest cryptocurrency news, Dan Schulman, president and CEO of PayPal, stated that;

“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. 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.“

PYUSD is an ERC-20 stablecoin

The stablecoin, dubbed,  PayPal USD, or PYUSD, will be issued on the Ethereum blockchain. The stablecoin will be fully backed by U.S. dollar deposits, short-term Treasuries and similar cash equivalents. 

PayPal has been expanding its efforts in the cryptocurrency space in recent years. In May last year, the company’s Vice President Richard Nash revealed that the payment giant plans to embrace every possible service related to cryptocurrency and blockchain.

PayPal planned to release its stablecoin earlier but reportedly faced a setback. Eligible customers can make transfers using the stablecoin and also make purchases. 

Furthermore, PayPal said it would allow users to convert supported cryptocurrencies into or from PYUSD. The company added that;

“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.”

PayPal believes that issuing the stablecoin on the Ethereum blockchain could become useful to the larger cryptocurrency community

The post PayPal launches a US Dollar stablecoin on the Ethereum blockchain appeared first on CoinJournal.

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Hong Kong regulator warns crypto exchanges, Shiba Memu marches on

  • Hong Kong regulator the Securities and Futures Commission (SFC) published the warning on August 7.
  • Crypto exchanges yet to apply for licences but have gone ahead to publicise the same.
  • Shiba Memu presale gathers speed with over $1.6 collected from early investors.

Crypto exchanges looking to acquire virtual assets trading licences in Hong Kong have been warned that offering certain services and products are not allowed. 

Meanwhile, one major crypto news headline today has been around Huobi, a crypto exchange looking to set up shop in Hong Kong. The exchange as well as Tron founder Justin Sun have termed insolvency rumours as more FUD.

Quietly gaining fresh momentum despite these developments is the Shiba Memu presale. As seen on the new meme coin’s website, investors eyeing new gems linked to artificial intelligence have poured nearly $1.64 million into the native SHMU token.

Hong Kong’s warning to unlicensed exchanges

The Securities and Futures Commission, Hong Kong’s securities regulator, today released a statement warning that some cryptocurrency exchanges are offering products for which they have no approval or license.

According to the agency, this translates to “improper practices,” by unlicensed virtual asset trading platforms (VATPs).  Per the SFC, some unlicensed exchanges have falsely claimed to have applied for licenses from the regulator when they have taken no such step.

“These untrue and misleading claims give the public a false sense of assurance that the VATP is in compliance with the SFC’s regulatory requirements,” the statement read.

Such claims amount to “fraudulent or reckless misrepresentation” aimed at inducing traders, the SFC warned and have likely been tailored to exploit the transitional arrangements in place as Hong Kong bring into effect new crypto rules relating to retail investors.

“Some unlicensed VATPs set up new entities to provide virtual asset services in Hong Kong. They also publicly announced their intention to apply for licences for these new entities. However, the services and products offered by some of these new entities may not be in compliance with the legal and regulatory requirements under the new regime,”

The SFC’s warning also involved the launch of new products and services, including crypto derivatives and earn accounts – these are not allowed as per the new regulatory framework.

Shiba Memu’s AI-powered token like no other in meme coin-sphere

Shiba Memu is a revolutionary meme token currently in the development phase. When it finally launches, it will boast of a self-sufficient marketing system powered by artificial intelligence (AI).

AI and blockchain technology combine to give this token a unique pull compared to other meme coins. Unlike other meme coin projects, Shiba Memu is designed no to rely on human efforts for traction. Rather, Shiba Memu looks to deploy an AI dashboard that will drive the marketing strategies of the SHMU ecosystem.

For this doge-inspired meme coin, AI promises to be the secret ingredient at the heart of its marketing genius. 

Natural language processing, personalization and AI-powered image and video recognition technology are all integrated to give Shiba Memu the edge over competing tokens, including the likes of Dogecoin, Shiba Inu and Pepe.

Can Shiba Memu be a good long term investment?

Part of the expected success will come from the AI dashboard’s capability to engage with ecosystem users directly. The AI robot dashboard, per the Shiba Memu whitepaper, will gather all there’s in terms of industry news, hype and developments to bring more people to SHMU.

Users on the other hand will have an opportunity provide feedback or give suggestions aimed at creating more traction for SHMU, and in return receive rewards in the native token.

If the project delivers on its AI dashboard, it could potentially slalom towards the top of the meme coin charts. Long-term investors currently participating in its presale could thus be in position for significant returns.

Note that SHMU price increases every 24 hours while the presale is expected to run for just eight weeks – more than half of which is gone.

Learn more about Shiba Memu on the project’s website, or buy SHMU here.

The post Hong Kong regulator warns crypto exchanges, Shiba Memu marches on appeared first on CoinJournal.

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WorldCoin faces renewed headwinds as WLD price retreats

WorldCoin, the new blockchain project started by Sam Altman, is going through major headwinds as regulators remain concerned about data privacy. As a result, the WLD token price has plunged by more than 72% from the highest level this year. The total volume of the tokn traded in exchanges has dropped.

Headwinds continue

WorldCoin was recently launched with a lot of hype, mostly because of its founder, who was the creator of ChatGPT. The key challenge for the network is the data collection part of its operations. 

As part of the strategy, the developers are collecting user data by scanning their iris using the Orb device. Many countries, especially in Europe, have warned the company against collecting its users data.

Authorities in Kenya last week suspended the data collection as thousands of people participated in the process. These people were promised to receive tokens worth about $50. That was a high figure in a country where the youth unemployment rate stands at a record high.

Now, authorities in Kenya have raided a warehouse belonging to WorldCoin. A report by a Kenyan media company said:

“The officers backed by multi-agency officials went to the offices along Mombasa Road armed with a search warrant and broke in Saturday before leaving with machines they believe stores data gathered by the firm.”

In a recent statement, authorities in the UK warned that the company must work in line with the Data Protection Impact Assessment (DPIA) before collecting user data.

“Organisations must conduct a Data Protection Impact Assessment (DPIA) before starting any processing that is likely to result in high risk, such as processing special category biometric data. Where they identify high risks that they cannot mitigate, they must consult the ICO.”

WLD price has lost steam

WorldCoin’s token, WLD, has been in a tight range in the past few days. On the 30-minute chart, we see that the token has formed a double-bottom pattern, which is usually a bullish sign. The token remains below the important resistance level at $2.20, the lowest point on August 1.

Therefore, the token will likely remain in a consolidation phase in the coming days. A bullish breakout will likely see it rise to about $2.20. A break below the support at $2 will invalidate the bullish view.

The post WorldCoin faces renewed headwinds as WLD price retreats appeared first on CoinJournal.