Autor: dot-traders

• PayPal enables US business accounts to buy, hold and cell crypto.
• Service will initially be unavailable to users in New York State.

PayPal has expanded the feature that allows consumers to buy, hold and sell cryptocurrencies in the US to business accounts.

In an announcement on Sept. 25, PayPal said clients with businesses across the US can now purchase, hold or sell crypto directly from their merchant accounts. The company’s move follows increased demand for the service, which PayPal and Venmo retail users have enjoyed since 2020.

“Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers,” Jose Fernandez da Ponte, senior vice president of blockchain, cryptocurrency, and digital currencies at PayPal, said.

Enabling access for merchants meets this demand, and also empowers business owners to tap into and benefit from digital currencies.

In this case, PayPal also plans to enable on-chain crypto transfers for US merchants, with these available to “eligible” third-party wallets. This means business accounts will be able to send and receive supported tokens.

Not available in New York state

While merchants across the US will have access to the crypto service, PayPal has announced that the service will not be available to business account holders in New York state. However, PayPal holds the BitLicense and trust license from the New York Department of Financial Services.

PayPal’s latest announcement adds to recent steps that represent the company’s growing push into the digital assets and blockchain space. Following its launch of crypto support in 2020, the payments giant followed it up with the unveiling of its PayPal USD (PYUSD) stablecoin in 2023.

Earlier this month, PayPal and Venmo integrated Ethereum Name Service (ENS). The integration added ENS domain names, allowing for streamlined crypto transactions.

Meanwhile, PYUSD recently expanded to Solana and is also available to Xoom users.

The post PayPal enables crypto buying and selling for US business accounts appeared first on CoinJournal.

• Worldcoin price rose 23% to hit $2.14 and outperform all top 100 coins by market cap by 24-hour gains.
• The jump in WLD price came as Worldcoin expanded its World ID to Guatemala, Malaysia and Poland.
• WLD has spiked since bouncing from lows of $1.35 on Sept. 6.

Worldcoin (WLD) price traded as the largest gainer among cryptocurrencies in the top 100 by market cap on Wednesday as its price soared more than 23% in 24 hours.

The token’s value hit an intraday high of $2.14, it’s highest level since August 1, 2024. Latest upside follows the rebound from lows of $1.35 reached on September 6.

The gains saw the WLD token outpace Sei (SEI), Popcat (POPCAT) and Starknet (STRK) in the top 100 by market cap. SEI and POPCAT tokens were double digits higher at the time of writing, posting 18.8% and 12.5% respectively.

Meanwhile, STRK was up 8.5%. For Starknet, gains came as the zero-knowledge layer 2 network announced phase one of its staking was now live.

Worldcoin expands World ID verification

On Sept. 25, the Worldcoin team announced that it had achieved three new World ID verification launches in Guatemala, Malaysia and Poland.

1 week, 3 World ID verification launches 🇬🇹🇲🇾🇵🇱 pic.twitter.com/CwwNPNUPzh

— Worldcoin (@worldcoin) September 25, 2024

The expansion adds to the growing number of countries where the World ID, the project’s AI related digital passport, are available. Worldcoin’s entry into these countries comes on the back of the company’s expansion in Europe in July.

On Sept. 19, the project announced its test launch of Face Auth, a new feature that allows for proof of humanness online.

According to Worldcoin, Face Auth offers a “private 1:1 face comparison.” With this feature, only individuals who verify their World IDs using a Worldcoin orb can use it.

Earlier this month, interoperability platform Wormhole integrated World ID on Solana, allowing developers on the layer-1 blockchain to authenticate users’ World IDs initially verified on Ethereum.

The post Worldcoin soars as World ID expands to three more countries appeared first on CoinJournal.

• Curve Finance is considering dropping TUSD from crvUSD backing amid SEC charges.
• The SEC alleges TUSD was mostly backed by a risky offshore fund, not U.S. dollars.
• Proposed changes include reducing TUSD backing to zero and lowering PYUSD minting.

In light of recent regulatory scrutiny, Curve Finance, a prominent decentralized exchange (DEX), is contemplating the removal of TrueUSD (TUSD) from its collateral options for the Curve Stablecoin (crvUSD).

This consideration follows charges filed by the United States Securities and Exchange Commission (SEC) against TrueCoin, the issuer of TUSD, for violations of securities laws.

Proposal to drop TrueUSD backing for crvUSD

On September 25, a proposal was posted on Curve’s governance forum by Wormhole, a cross-chain messaging protocol. The proposal suggests reducing the upper limit on TUSD backing for crvUSD to zero, aiming to eliminate exposure to TUSD amidst rising regulatory concerns and issues regarding its solvency.

Currently, the PegKeeper liquidity pool associated with crvUSD allows users to mint up to $10 million worth of crvUSD using TUSD as collateral.

Additionally, the proposal recommends decreasing the minting capacity of crvUSD with PayPal’s stablecoin, PYUSD, from $15 million to $5 million, ensuring a balanced reliance on the PegKeeper pools corresponding to the significance of each respective asset.

This strategic adjustment reflects Curve’s intention to enhance stability and mitigate risks associated with regulatory uncertainties.

Concerns over TUSD reliance

The SEC’s recent actions, particularly the charges settled against TrueCoin and TrustToken for fraudulent and unregistered sales of investment contracts involving TUSD, have heightened concerns within the crypto community.

The SEC’s complaint alleges that TrueCoin and TrustToken misled investors by claiming that TUSD was fully backed by US dollars when, in reality, a substantial portion of its reserves—specifically, 99%—was invested in a speculative offshore fund.

This risky investment strategy has raised alarms about the reliability of TUSD as a stable collateral option.

Following these revelations, TrueCoin and TrustToken neither admitted nor denied the allegations but agreed to final judgments that prohibit them from future violations of federal securities laws. They will also incur civil penalties of $163,766 each as part of the settlement.

Currently, crvUSD’s backing includes various cryptocurrencies, with Wrapped Bitcoin (WBTC) holding the largest share, amounting to over $68 million in total value locked (TVL).

Wrapped Staked Ether (wstETH), issued by Lido Finance, follows with approximately $60 million in TVL.

The community proposal underscores the need for greater diversification among PegKeepers, pointing to the risks associated with over-reliance on lesser-known stablecoins like TUSD, which has faced scrutiny in light of its recent regulatory challenges.

The post Curve Finance considers dropping TUSD from crvUSD backing amid SEC charges appeared first on CoinJournal.