Monat: September 2023

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PayPal launches a crypto-for-USD conversion service

Key takeaways

  • Payment giant PayPal has launched a new service that allows users to convert crypto to US Dollars.

  • This comes after the company launched its on-ramp service that allowed customers to buy crypto.

PayPal allows users to convert crypto to USD

Silicon Valley payments firm PayPal announced via a blog post on Monday that it has launched another crypto-related service. The company now allows users to convert their crypto assets to USD, in the process introducing off-ramp services to its customers. 

PayPal has been operating an on-ramp service that allows customers to purchase cryptocurrencies. The company is now adding an off-ramp service, making it easier for users to convert their crypto assets into dollars. 

In their official statement, the company said;

“By adding Off Ramps, crypto wallet users in the U.S. can convert their crypto to USD directly from their wallets into their PayPal balance so they can shop, send, save, or transfer to their bank or debit card.”

At the moment, the service is available to wallets, dApps and NFT marketplaces, and it’s also live on MetaMask.

PayPal pointed out that Web3 merchants can integrate the off-ramp service to connect to robust security controls and tools for fraud management, chargebacks and disputes

PayPal continues to expand its operations in the crypto space

The payment giant has been expanding its operations in the cryptocurrency space in recent months. This latest development comes barely a month after PayPal launched its USD-backed stablecoin on the Ethereum blockchain. 

PYUSD was launched in partnership with Paxos and will be made available to PayPal’s US customers over the coming weeks. 

The company also partnered with Coinbase to offer cryptocurrency transactions in Europe. The partnership is designed to make it easier for Europeans to purchase cryptocurrencies. 

Crypto wallet manufacturer Ledger also recently announced a new integration that allows US customers to purchase cryptocurrencies like BTC, ETH and ETH using their PayPal accounts. 

The post PayPal launches a crypto-for-USD conversion service appeared first on CoinJournal.

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David Marcus sees potential in Bitcoin to be a ‘global payment network’

  • Lightspark CEO says Bitcoin could help transform global payments.
  • David Marcus explained his view today on CNBC’s “Squawk Box”.
  • Bitcoin is currently down about 20% versus its year-to-date high.

David Marcus – the Chief Executive of Lightspark sees a big future for Bitcoin that’s down 20% versus its year-to-date high at writing.

Bitcoin could transform global payments

Marcus has a vision for the world’s largest cryptocurrency that goes well beyond its current stature as a store of value only.

On CNBC’s “Squawk Box”, he asserted that Bitcoin actually had the potential to play a significant role in making global payments as seamless as texting.

What we’re trying to do is turn Bitcoin into a real global payment network. We’re still in the fax era of global payments. That’s what we’re attempting to solve.

Marcus finds the existing fintech apps somewhat inadequate in facilitating cross-border payments. He has previously served as the president of PayPal Holdings Inc.

Bitcoin is not a currency for everyday use

Lightspark is committed to addressing the scalability issues surrounding Bitcoin and making Bitcoin transactions both faster and cheaper.

But the goal is not really to turn Bitcoin into a currency that can be used for everyday transactions, he added in his interview with CNBC today.

Bitcoin on top of Lightning is like a small data packet only for value. You can exchange at edges of network and send dollars to someone who’ll receive Yen or Euros.

Marcus admitted the need to work closely with the regulators to unlock the full potential of Bitcoin in revolutionising the global payment ecosystem.

The post David Marcus sees potential in Bitcoin to be a ‘global payment network’ appeared first on CoinJournal.

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Arbitrum price dips further as whales dispose ARB tokens in millions

  • At press time, Arbitrum (ARB) was trading at $0.7665, after dropping 8.60% in a day.
  • Three whales have sold a combined 10.2 million ARB tokens.
  • Arbitrum, however still accounts for 55% of Ethereum’s L2 ecosystem.

In the past month, the Arbitrum (ARB) token has experienced a significant decline in value, losing over 33% of its price, prompting at least three major ARB whales to consider selling their holdings. Among these whales, one still possesses a substantial stake in ARB tokens for potential sale.

Data from Lookonchain revealed an intriguing pattern: Despite Arbitrum’s struggles to regain value, a particular whale continued to accumulate the token over the course of a week. This whale invested 2,000 ETH, equivalent to over $3.27 million, to acquire 3.64 million ARB tokens at an average price of $0.9, starting from September 3, 2023. In the previous month, this same whale had spent 800 ETH, equivalent to $1.47 million, to acquire 1.27 million ARB tokens.

Whales on an Arbitrum (ARB) selling spree

On September 11, 2023, three prominent Arbitrum (ARB) whales took action by transferring a total of more than 10.2 million ARB tokens to Binance, the world’s largest cryptocurrency exchange.

Chinese cryptocurrency journalist Colin Wu disclosed that the first whale had transferred 3.8 million ARB tokens to Binance and sold them at a rate of $0.77 per token, resulting in a profit of 1,812 Ethers (ETH). Remarkably, this whale still retains ownership of 13.7 million ARB tokens available for sale.

Another prominent whale, known as vladilena2.eth, sold 3.63 million ARB tokens at a rate of $0.83 per token. Notably, this wallet also possesses a portfolio exceeding $14 million in various altcoins and recently received 2,800 Staked Ethers (stETH) from Lido Finance (LDO) within the last 24 hours.

The third whale decided to move 2.8 million ARB tokens to Binance when the token’s price was at $0.79. Given that the ARB token’s price has dipped below $0.77 as of the present moment, all three whales have the opportunity to reclaim their investments with profit.

Despite the recent downturn in the ARB token’s value, Arbitrum (ARB) continues to maintain its position as the dominant Layer 2 (L2) solution for Ethereum (ETH). It boasts a total value locked (TVL) of $5 billion, accounting for 55% of Ethereum’s L2 ecosystem. Today, on September 11, 2023, the token reached an all-time low on major spot exchanges, reflecting the challenging market conditions.

The post Arbitrum price dips further as whales dispose ARB tokens in millions appeared first on CoinJournal.

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Crypto slides as FTX reveals what assets it holds

  • Crypto prices dropped after an FTX announcement that showed the value of various crypto assets the collapsed exchange held as of August 31. 
  • Bitcoin fell to lows of $25k while ETH, XRP and BNB traded to key support levels.

The crypto market slipped into red on Monday to add to the downside pressure that engulfed major caps over the weekend.

As covered earlier, rumours of a potential sell-off for Solana based on bankrupt crypto exchange FTX liquidation of millions of dollars’ worth of SOL had the broader market reacting lower. Bitcoin, which an analyst says could trigger a cascade of bloodbath with a dip to $25,200, traded to lows of $25,015 on Binance for its lowest level since mid-June.

Bitcoin price chart from TradingView

Ethereum slid further below $1,560 with a 3.7% decline, while BNB and XRP dumped 3% and 5% to touch key levels near $200 and $0.45 respectively. 

FTX reveals crypto portfolio

Crypto exchange FTX went bankrupt in 2022 – former CEO Sam Bankman-Fried is facing a criminal trial over the implosion that sent crypto into a downward spiral. As the debtors eye a reimbursement for victims, one of the latest topics around it is the potential dump of billions worth of tokens to the market.

FTX revealed just what assets it currently holds and their nominal value as of August 31. Notably, SOL accounts for the largest percentage at more than $1.16 billion. 

The exchange held Bitcoin, Ethereum and Aptos worth $560 million, $192 million and $137 million as well as $120 million and $119 million in USDT and XRP. More can be seen as below per this post from Wu Blockchain.

Per the FTX filing, the exchange has another 438 investment portfolios accounting for roughly $4.5 billion. These invested amounts have not been added to the $7 billion that was earlier announced. Some of the assets still being tallied include from Genesis, Yugalabs, and Paradigm.

Meanwhile, over 36,000 customer claims had reportedly been filed as of August 24, with total claims of $16 billion. 

With FTX seeking court approval to liquidate the assets and pay creditors, crypto analysts predict a potential market dump. The negative sentiment is what has driven SOL price sharply lower in the past 24 hours and things could get bloody if the anticipated sell-off happens on September 13.

The post Crypto slides as FTX reveals what assets it holds appeared first on CoinJournal.

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Dogecoin price prediction as Shiba Memu’s presale hits $2.6M

Key takeaways

  • Dogecoin has been underperforming in recent days and risks dropping below the $0.060 level in the near term.

  • Shiba Memu’s presale continues to reach new highs and recently crossed the $2.6 million region.

DOGE, the native coin of the Dogecoin ecosystem, has been one of the worst performers over the past seven days. It has lost more than 4% of its value in recent days, with Bitcoin also struggling below $26k.

However, the market’s poor performance hasn’t halted Shiba Memu’s ongoing presale from hitting new highs. 

DOGE could drop below $0.060 soon

DOGE is one of the worst performers amongst the top 10 cryptocurrencies by market cap over the past seven days. The leading meme coin has lost more than 5% of its value during that period. At press time, the price of Dogecoin stands at $0.06027.

If the bearish trend continues, DOGE could drop below the $0.060 mark. The poor performance comes as the broader crypto market undergoes a correction. The total cryptocurrency market cap stands just above the $1 trillion mark.

What is Shiba Memu?

Despite the bearish sentiment in the broader crypto market, Shiba Memu continues to set new records with its presale. Shiba Memu is an exciting Web3 project which aims to combine the powers of blockchain technology and artificial intelligence. With the rise of AI, their applications have become vast globally. 

Shiba Memu is a Web3 project that seeks to take advantage of the powers of AI and blockchain technology to make marketing campaigns easier for individuals and entities. 

According to their whitepaper, Shiba Memu is designed to handle various marketing tasks, including content creation, marketing, social media advertisement, and creative advertisement. 

As an AI software, Shiba Memu will always be active and will work 24/7 to find the best work going on in creative advertising, consuming it and generating better content marketing. 

Shiba Memu is launching as a meme token thanks to the recent popularity of meme coins in the crypto space. Within two years, meme coins saw their market caps grow from practically $0 to $20 billion in 2022. 

Shiba Memu is different from the other meme token projects because it has real-world use cases. With Shiba Memu, users can create marketing strategies, roll out PR schedules, and promote campaigns on relevant forums and social media platforms. 

The project is being deployed on the Ethereum and BNBChain blockchains. 

Shiba Memu’s presale hits $2.6M

The bearish sentiment in the market hasn’t negatively affected the ongoing Shiba Memu presale. So far the presale has been going on for more than two months now, and the team has raised more than $2.6 million. 

The funds generated from the Shiba Memu presale would be directed towards developing some of their products and services. Most of the funds would be directed towards developing the Shiba Memu AI technology. 

According to their whitepaper, the Shiba Memu platform would also have a robotastic dashboard, making it possible for users to interact with the AI, provide feedback, make suggestions, and ask questions.

Click here to find out more about Shiba Memu’s presale event.

Shiba Memu price prediction

It is almost impossible to predict Shiba Memu’s medium-term price at the moment since the HMU token is still in its presale stage. At the moment, 1 SHMU =0.026425 USDT

According to the team, SHMU’s price increases every day at 6 pm GMT. In a few hours, the token will go for 0.026650 USDT. 

SHMU began trading at $0.011125 when the presale began and will trade at $0.0244 when the presale ends. The SHMU token can be purchased using Ethereum, USDT, BNB and BUSD

Should you buy Shiba Memu now?

Shiba Memu has the features to be an exciting Web3 project. Its combination of AI and blockchain technology could prove useful to marketing agencies. The fact that Shiba Memu is still in its early stages could be a bonus to investors. 

If the project gains the right level of adoption, SHMU’s price could rally over the next few months and years. Furthermore, a rally by the broader crypto market could also see SHMU’s price experience a major boost in the coming months. 

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