Schlagwort: blockchain markets

• PayPal and Venmo integrate ENS to simplify crypto transactions with .eth names.
• PayPal has been expanding its web3 efforts and enhancing crypto services since 2020.
• However, PayPal’s stablecoin, PYUSD, has seen a significant market cap drop, mainly on Solana’s network.

PayPal and Venmo have introduced support for Ethereum Name Service (ENS) domain names. This new feature, initially available to US users, allows for streamlined cryptocurrency transactions using easily recognizable ENS names instead of complex wallet addresses.

The move simplifies crypto payments, aligning with PayPal’s broader push into web3 and its expanding crypto offerings, including the PYUSD stablecoin.

🚀 We’re thrilled to announce that @ensdomains is now supported on @PayPal & @Venmo!

This new feature brings the power of ENS to millions, making crypto transfers easier and more secure than ever—starting in the USA.🌐 pic.twitter.com/9hsrhRqEAp

— ens.eth (@ensdomains) September 10, 2024

Simplifying crypto transactions for PayPal and Venmo users

The integration of Ethereum Name Service (ENS) into PayPal and Venmo marks a significant step toward improving the user experience within the crypto space.

Traditionally, sending cryptocurrencies has required users to input long, complex alphanumeric wallet addresses, creating friction and increasing the risk of errors.

ENS simplifies this process by allowing users to link their wallet addresses to easily readable “.eth” domain names. With this feature, users can now send and receive payments by simply entering an ENS name, making cryptocurrency transactions more intuitive and user-friendly.

Khori Whittaker, Executive Director of ENS Labs, expressed excitement about the partnership, stating that they are “excited to bring ENS’ naming capabilities directly into the hands of millions of users through Venmo, PayPal Mobile, and PayPal Web.”

This integration aims to streamline wallet address management and reduce the risks associated with incorrect payments.

ENS, which has been operational since 2017, has registered more than 4 million domain names, showing the growing demand for user-friendly solutions in the web3 ecosystem.

PayPal’s ongoing web3 push

PayPal has been actively expanding its presence in the web3 space since 2020 when it first allowed users to buy, hold, and sell cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. This service was initially made possible through a partnership with Paxos Trust Company, a regulated provider of cryptocurrency services.

Venmo followed suit in 2021, offering its users similar features.

In addition to the ENS integration, PayPal launched its own stablecoin, PayPal USD (PYUSD), in collaboration with Paxos in August 2023 initially on Ethereum before later launching it on Solana in May 2024.

PYUSD is backed by US dollar deposits and short-term US Treasuries, ensuring a 1:1 ratio with the US dollar. It is issued as an ERC-20 token on the Ethereum blockchain and has been integrated with the Solana blockchain, expanding its functionality across networks.

PYUSD market cap decline

Despite PYUSD’s initial success, with its market cap surpassing $1 billion on August 24, the stablecoin has faced recent challenges.

As of early September, PYUSD’s market cap had dropped by 17%, with the majority of the decline occurring on Solana. The stablecoin’s Solana deployment saw a 21.5% decrease in market cap, dropping to $507.5 million, while its Ethereum deployment remained more stable, only falling 3% to $351.8 million.

This decline comes amid PayPal’s broader efforts to establish PYUSD as a trusted stablecoin in the market.

Nonetheless, PayPal and Venmo’s ENS integration demonstrates the companies’ commitment to enhancing the user experience and making cryptocurrency transactions more accessible to a wider audience, particularly as digital assets continue to gain mainstream adoption.

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• Paxos integrates with Arbitrum to expand institutional adoption of on-chain assets.
• The partnership enhances real-world asset tokenization using Arbitrum’s low-cost network.
• Paxos focuses on stablecoin growth post-SEC inquiry, driving long-term digital asset use.

Stablecoin issuer Paxos has announced its integration with Arbitrum, Ethereum’s leading Layer 2 scaling solution. The integration marks Paxos’ first foray into a Layer 2 network, signifying a significant step toward facilitating institutional adoption of on-chain assets.

According to a press release issued by Arbitrum and Paxos, the collaboration aims to bring real-world asset tokenization to the Arbitrum ecosystem, leveraging its high-speed, low-cost infrastructure to enhance the utility of digital assets for enterprises.

Paxos tapping into Arbitrum’s DeFi ecosystem

By integrating with Arbitrum, Paxos taps into Ethereum’s deep liquidity, enabling faster transactions and reduced costs, which are crucial for institutions seeking to adopt blockchain technology.

Arbitrum, which launched in 2021, has quickly grown to become one of the most robust ecosystems in decentralized finance (DeFi), boasting over 520,000 active addresses and nearly 700 decentralized applications.

In addition to offering Paxos access to Arbitrum’s ecosystem, this integration will also allow Paxos to expand its reach within the Ethereum ecosystem, enhancing the accessibility of digital assets for both retail and institutional users.

Leveraging the stablecoin growth

Paxos’ entry into Arbitrum comes at a time when stablecoins growth is poised to accelerate, following the conclusion of an SEC investigation into the company’s Binance-branded stablecoin, BUSD.

With the regulatory hurdles behind it, Paxos is now focused on driving the integration of real-world assets onto the blockchain.

Luke Xiao, Fintech Partnership Lead at Arbitrum, highlighted the transformative impact of Paxos’ tokenization platform on the DeFi ecosystem. Walter Hessert, Paxos’ Head of Strategy, echoed these sentiments, stating that the partnership would drive long-term adoption of digital assets.

As Paxos and Arbitrum work together to bring real-world assets on-chain, this collaboration is set to reshape institutional engagement with blockchain technology and fuel the next wave of innovation in digital finance.

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• Judge allows parts of Coinbase’s shareholder lawsuit to proceed on negligence claims.
• Plaintiffs allege Coinbase misled about regulatory risks; some claims dismissed.
• Coinbase remains confident and committed to defending against the remaining allegations.

In a significant legal development, US District Judge Brian Martinotti has partially a motion filed by Coinbase to dismiss a class action lawsuit filed by shareholders.

The lawsuit, dating back to 2022, accuses Coinbase of misleading investors about the potential risks of regulatory action from the US Securities and Exchange Commission (SEC).

Coinbase accused of providing false and misleading statements

The plaintiffs allege that Coinbase provided materially false and misleading statements about its exposure to regulatory scrutiny.

They claim that the exchange painted an overly optimistic picture regarding the likelihood of SEC enforcement actions by asserting that the digital assets listed on its platform were not classified as securities. This stance, they argue, was contradicted when the SEC subsequently sued Coinbase for alleged violations of federal securities laws in June 2023.

Judge Martinotti’s recent ruling allows parts of the shareholder lawsuit to proceed, specifically those alleging that Coinbase acted negligently in its communications about regulatory risks.

While many of the plaintiffs’ claims were dismissed, the court found that some allegations regarding Coinbase’s portrayal of its regulatory exposure were sufficiently plausible to warrant further examination. The decision highlights ongoing concerns about transparency and the accuracy of risk disclosures in the cryptocurrency sector.

Coinbase’s spokesperson has expressed confidence in the company’s position, noting that the court’s decision is based on the plaintiffs’ allegations rather than established facts. The spokesperson emphasized that the company remains committed to defending itself and proving its case.

This legal battle underscores the critical importance of transparent and accurate communications for companies, particularly in the highly regulated and evolving field of cryptocurrency.

As Coinbase navigates these challenges, the outcome of this lawsuit could have broader implications for the industry’s approach to regulatory compliance and investor relations.

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• ADA’s price has rebounded to $0.343 after a low of $0.3054 amid market volatility.
• Mysterious transactions involving large ADA amounts stir speculation and concern.
• The Cardano ecosystem grows with increased transactions, wallets, and Plutus scripts.

Cardano (ADA) has been in the spotlight recently, facing a mix of market turbulence and intriguing developments. Notably, mysterious wallet transactions involving millions of ADA have stirred speculation and heightened market interest.

Despite this, the Cardano ecosystem continues to showcase impressive growth, with significant increases in transactions, wallets, and development activities reported in recent updates.

Cardano (ADA) going through a turbulent phase

Cardano’s price has been navigating a turbulent phase, marked by recent volatility. After hitting a low of $0.3054 on September 7, ADA’s price has shown some bullish trends, surpassing $0.34, which hints at potential market recovery.

The cryptocurrency’s price surge, currently trading around $0.343, reflects a general resurgence across digital currencies. This positive price movement comes amid rising trading volumes and open interest, suggesting increasing investor confidence.

However, there are concerns about the impact of the recent revelations of mysterious wallet transactions involving a top Cardano wallet that initiated a large-scale transaction that, coincidentally, occurred during significant network congestion linked to a new platform release.

Mysterious ADA transactions

The mysterious transactions involving ADA began with a user converting SOL to ADA using SimpleSwap, with the ADA being directed to a new wallet created through GeroWallet. This wallet then transferred ADA to another new Vespr wallet. The transaction faced delays but was eventually completed.

Subsequently, a large amount of ADA was transferred back to the original wallet and then returned to Solana.

This sequence of transactions was further complicated by the involvement of a wallet flagged as an ‘enterprise address’ on Cexplorer, typically used by exchanges and custodians. This address, known as vx7j28, had been active for 12 days and handled a significant volume of ADA.

Speculation has arisen about whether this wallet’s activity is linked to exchange operations or network anomalies, such as reorgs or stress-induced issues.

The wallet’s behaviour, including receiving a substantial amount of ADA and transferring it back shortly after, suggests either an unusual network edge case or potential deliberate manipulation. This has led to widespread discussions and investigations within the crypto community to understand the full scope and impact of these transactions on the Cardano network.

Key metrics point to Cardano ecosystem growth

Despite the market turbulence and mysterious transactions, the Cardano ecosystem has shown remarkable growth. According to the Cardano Foundation’s August 2024 report, several key metrics highlight this expansion:

• Transaction Volume: Cardano network transactions grew by 1.51% in August, reaching 95.9 million transactions.
• Wallets and Delegated Wallets: The number of wallets increased by 0.67% to 4.87 million, with delegated wallets growing by 0.98%.
• Plutus Scripts: The number of Plutus scripts rose by 0.75% to 6,709.
• Native Tokens: Native tokens saw a 0.85% increase, totalling 10.3 million, with token policies up by 6.53% to 160,299.

In addition to these metrics, Input Output Global (IOG) reported that as of August 30, 2024, there are 1,373 projects actively building on Cardano. The number of token policies increased by 8,375, and 110,000 new native tokens were minted.

Plutus scripts experienced a significant rise of 5,995, reaching a total of 74,729. Furthermore, the total number of transactions saw an increase of 1.5 million over the month.

This growth underscores the ongoing development and expansion within the Cardano ecosystem, showcasing its resilience and potential despite market challenges.

As Cardano (ADA) navigates a complex landscape of market fluctuations and mysterious transactions, the underlying growth in its ecosystem reflects a positive and robust trajectory.

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