Schlagwort: crypto business

• MoonPay integrates PayPal for EU and UK crypto purchases using fiat.
• PayPal, the third most popular payment method in the US, brings convenience to MoonPay.
• MoonPay’s move aims to lower entry barriers and foster trust among its growing user base.

MoonPay, a leading cryptocurrency payments platform, has announced the integration of PayPal as a new fiat on-ramp for its users in the European Union and the United Kingdom.

Buying crypto with PayPal is going global!

MoonPay users in 24 EU member states and the UK can now buy 100+ cryptocurrencies using their PayPal account. pic.twitter.com/FtHiJ6u21e

— MoonPay 🟣 (@moonpay) June 12, 2024

This move will allow customers to use PayPal to purchase cryptocurrencies on the MoonPay platform, providing a seamless and convenient user experience. Initially available to 1% of European users, a full rollout across the region is expected soon, though residents of Croatia, Iceland, and Hungary will not have access to this service.

MonnPay expanding crypto access with PayPal integration

MoonPay’s decision to integrate PayPal stems from the latter’s significant popularity in the United States, where it ranks as the third-most commonly used payment method after Apple Pay and traditional bank cards.

By offering PayPal as a payment option, MoonPay aims to lower the barriers to entry for new users, making it easier and more convenient for them to purchase cryptocurrencies. Ivan Soto-Wright, CEO and co-founder of MoonPay emphasized that this move will provide a frictionless experience and increase trust among its growing customer base.

In the United States, MoonPay already offers PayPal as a payment method in 48 states, with New York and Texas being the exceptions. The integration is part of MoonPay’s broader strategy to enhance its services and cater to the diverse needs of its global user base.

By incorporating PayPal, MoonPay leverages a widely trusted and user-friendly payment option, which is expected to attract more users to its platform.

PayPal’s foray into the crypto market

PayPal’s integration with MoonPay is part of its larger strategy to establish a foothold in the cryptocurrency market.

In August 2023, PayPal launched its own U.S. dollar stablecoin, PayPal USD (PYUSD), backed 1:1 by cash and short-term cash equivalents.

Initially deployed on Ethereum as an ERC-20 token, PYUSD faced challenges due to Ethereum’s limited transaction speed and high costs.

To address these issues, PayPal deployed PYUSD on the Solana network in May 2024. Solana offers higher throughput and lower transaction costs, making it suitable for everyday transactions. This deployment also introduced “confidential transfers,” a feature that hides transaction amounts from the public while ensuring compliance with reporting regulations.

Stablecoins like PYUSD play a crucial role in the cryptocurrency ecosystem. They provide liquidity, reduce transaction costs, and facilitate cross-border payments. By offering a stable value, these digital tokens enable more efficient and secure transactions, thereby promoting wider adoption of cryptocurrencies.

MoonPay’s integration of PayPal as a fiat on-ramp is a significant step towards making cryptocurrency more accessible and user-friendly for individuals across the UK and EU.

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• Terraform Labs is to pay $4.47 billion to settle with the US Securities and Exchange Commission (SEC).
• The SEC sued Terraform Labs and its former CEO Do Kwon after the firm’s collapse in 2022.

Terraform Labs has agreed to a $4.47 billion settlement with the US Securities and Exchange Commission (SEC).

The news follows an earlier report that Terraform Labs and its founder and former CEO Do Kwon had reached agreement over a settlement.

On Wednesday, it emerged that the company had agreed to pay the hefty $4.47 billion as part of the resolution of a fraud case the SEC filed after the firm’s implosion in 2022.

The SEC filed its lawsuit in February last year and in April, it emerged the regulator sought $5.3 billion from Terraform Labs and Do Kwon.

The $4.47 billion settlement awaits court approval.

Terraform Labs/SEC agreement

According to court filings, Terraform Labs will pay approximately $3.5 billion as disgorgement, $460 million in prejudgment interest, and $420 million in civil penalties.

The firm’s former CEO Kwon is also to pay just over $200 million, this going to the Terraform Labs bankruptcy estate.

“Payment of the monetary remedies against Kwon shall be deemed satisfied, provided that all transfers by Kwon to the SEC and the Terraform bankruptcy estate in the Bankruptcy Case total no less than $204,320,196, excluding the value of any Terraform Crypto Assets transferred to the Terraform bankruptcy estate, only if and until Kwon completes: (1) transferring into an escrow account agreed by Kwon and the Commission staff $4,700,000 within 30 days of Final Judgment,” the settlement reads in part.

Terraform Labs’ collapse in 2022 saw massive contagion across the crypto industry, with billions of dollars wiped from the market as prices nosedived.

Terra Luna Classic (LUNC) and Terra (LUNA) traded 5% and 6% up respectively after the news.

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• The spot Bitcoin ETF market in the US saw another day of outflows, with $200 million exiting on Tuesday, June 11.
• Bitcoin price fell sharply amid the outflows and as the market awaits key macroeconomic reports

After Monday saw $65 million in net outflows to end a 19-day streak of inflows, the sector recorded the massive outflows as BTC price slipped to near $66k.

This was a second-straight day of spot Bitcoin ETF outflows in the US, with market reaction to this week’s upcoming macroeconomic reports key to the outlook.

Bitcoin spot ETFs see $200 million in outflows

Per SoSoValue data tracking the performance of the US spot Bitcoin ETFs, Grayscale continued to lead in outflows, with $120 million recorded on June 11. GBTC has seen a total of $18 billion in outflows since spot ETFs debuted on exchanges in January.

On Tuesday, BlackRock’s IBIT recorded zero flows, while Fidelity’ FBTC ended with $7.4 million in outflows and Bitwise’s BITB saw redemptions reaching $11.7 million.  ARK Invest’s ARKB had the second-largest outflows with $56.5 million while VanEck’s HODL accounted for $3.8 million.

Bitcoin price struggles

As the BTC ETFs struggled, Bitcoin price nosedived to lows of $66,000 – with the price of the flagship cryptocurrency sinking more than 5% in 24 hours.

Currently, BTC price is around $67,970, up 1.7% in the past 24 hours as positive sentiment seeps into the market.

The market however awaits crucial macroeconomic reports, including Consumer Price Index (CPI) and Fed’s interest decision. The two-day Federal Open Market Committee (FOMC) meeting ends on Wednesday and investors are keen on what the Fed Chair Jerome Powell has to say.

Commenting on the market and Bitcoin’s price drop, analysts at QCP Capital noted:

“Markets are risk-off mode ahead of CPI and FOMC tomorrow. This month’s FOMC will also release the Dot Plot, which informs the market how many cuts the Fed anticipates for the rest of 2024.”

In previous instances, Bitcoin price has bounced after FOMC meeting, recouping losses suffered in the lead up to the key economic event,

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• PEPE and BONK look to be defying this outlook with notable gains in the past 24 hours.
• Respected crypto analyst Michael van de Poppe believes a crypto bounce is likely amid multiple macroeconomic events this week.

Pepe (PEPE) and Bonk (BONK) are leading top meme coin gainers today as Dogecoin and Shiba Inu struggle alongside the broader crypto market.

Bitcoin’s sharp declines on Tuesday, coupled with bleeding for Ethereum, Solana and other altcoins, saw the sell-off pressure cascade into memecoins.

Analyst on crypto market outlook

According to crypto analyst Michael van de Poppe, while BTC and altcoins have struggled with downside pressure, a “bottom could be in” amid several macroeconomic events lined up for this week.

It includes the anticipated CPI release, FOMC meeting and the Federal Reserve’s interest rate decision. These are events that could have a notable impact on the broader market.

“The markets have been correcting down as the anticipation of these events usually has a negative relationship with the price action on the crypto markets, especially altcoins. On top of that, Roaring Kitty’s event and GameStop’s correction of last week didn’t have a positive impact on the price action,” he posted on X.

Van de Poppe says a bullish flip is likely given previous market reactions to FOMC meetings.

Pepe price

PEPE traded to lows of $0.00001163 on June 11, hitting the level amid downside pressure across the market.

While the price of Pepe remains below a downtrend line formed after the rejection from around $0.000017 in late May, today’s bounce sees it trade near $0.000013.

This price level has Pepe up 8% in the past 24 hours after paring some of the early gains amid intense volatility across the meme coin market.

Nonetheless, PEPE looks poised for more upside action if buyers hold the support area.

Bonk price

Bonk (BONK) is the first Solana-based dog-themed memecoin, which went parabolic in late 2023 to help Solana break above the $200 level.

In recent months, this token has lagged newly launched counterparts such as dogwifhat (WIF). However, Bonk remains a top meme coin on Solana and is currently soaring alongside GME.

Price of Bonk is currently at $0.00002872, up 6% in the past 24 hours. BONK soared to an all-time high of $0.00004547 in March this year.

While down 17% this past week, today’s bounce could spark a new surge.

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• Ripple has completed the acquisition of Standard Custody & Trust Company, according to a news release published on Tuesday.
• The news comes months after Ripple revealed its intention to acquire the regulated digital assets custody solution.

Ripple closes Standard Custody acquisition

Standard Custody allows Ripple to add a regulated limited purpose trust company to its portfolio, given the New York Department of Financial Services (NYDFS) has licensed the custody firm.

According to the blockchain company’s announcement today, the deal received all the necessary regulatory approvals.

With this deal, Ripple has now completed two huge acquisitions in the digital assets custody market.

In May 2023, Ripple acquired Metaco, a leading digital asset custody provider for institutional investors. This new deal underscores Ripple’s growth and presence within the digital assets ecosystem, per the announcement.

Ripple’s eyes on stablecoin market

Ripple traction is now across cross-border payments, crypto custody, CBDCs and tokenized real-world assets (RWAs) – including stocks, bonds and commodities. Ripple is also eyeing entry into the stablecoin market.

“This is an exciting new chapter for Ripple to strengthen its existing product offerings and explore new, complementary products like stablecoins—underpinned by a commitment to regulatory compliance,” Ripple wrote in a blog post.

Ripple recently announced plans to debut a US dollar-backed stablecoin, a development that will see the company tap into the stablecoin and the native crypto token XRP to bolster its payments solution.

The US-based crypto company plans to issue the new stablecoin on the XRP Ledger and will leverage it to expand liquidity to XRPL’s native decentralized exchange (DEX).

“There is huge demand for stablecoins that deliver trust, stability and utility, and Ripple will leverage its decade-plus of experience building real-world financial solutions for global institutions to address this growing market,” the company noted.

Jack McDonald, CEO of Standard Crypto, joins Ripple as Senior Vice President of Stablecoins.

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