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Payments Giant PayPal Invests in New Crypto Wallet Software to Boost Web3 Adoption

Payments giant PayPal is investing millions in Magic, the San Francisco-based crypto wallet company, in its latest venture into the digital asset space.

According to Magic’s press release, the wallet-as-a-service (WaaS) provider has raised $52 million in a strategic funding round led by PayPal Ventures.

According to Alan Du, partner at PayPal Ventures,

“Mass adoption of Web3 is a hot topic, and Magic is facilitating it with a simple and secure solution. discover Web3. We are proud to invest in Magic and are confident that the company will help increase the number of use cases for Web3 among global brands.”

The funding round also included investments from Cherubic, Synchrony, KX, Northzone and Volt Capital, bringing the total amount raised by Magic to $80 million, according to the release.

Magic, a 2018 tech startup, provides a non-custodial crypto wallet infrastructure for companies that want to give their customers a simple and secure Web3 experience.

The company uses a unique Software Development Kit (SDK) which is implemented to allow customers to instantly create wallets using their existing email, social media accounts or SMS. To date, Magic has created more than 20 million unique wallets, according to the release.

Current Magic customers include several branded companies, including Mattel, Macy’s, Xsolla, and Immutable.

Magic co-founder Sean Li said the funding will allow the company to expand its presence in the European Union (EU) and Asia-Pacific (APAC) region.

says Li,

“With this new funding, we are focused on expanding functionality and growing use cases to continue to deliver more value to our customers. We also look forward to achieving deeper integration in the EU and APAC.”

Paypal’s recent filing with the United States Securities and Exchange Commission (SEC) shows that the company held approximately $604 million in digital assets, including $291 million in Bitcoin (BTC) and $250 million in Ethereum (ETH), in the fourth quarter of 2022.

Last December, they also announced a partnership with cryptocurrency firm ConsenSys to integrate PayPal with MetaMask, one of the most popular cryptocurrency wallets in the world.

In April, PayPal-owned Venmo announced plans to allow its more than 70 million users to transfer cryptocurrency to other Venmo users, as well as move digital assets to wallets and external exchanges.

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Bitcoin develops a $ 35,000 prize in Argentina

Bitcoin is quoted with a prize in Argentina, with a bitcoin that costs $ 35,000 more than the global price due to the country’s rampant inflation and the strict capital controls.
A bitcoin is $ 35,000 more expensive in Argentina than anywhere else in the world, according to the price data of two of Argentina’s largest cryptographic exchanges.

Ripio, which has 4.5 million users, says that the current purchase price of Bitcoin is 13,800,000 ARs. The selling price has a difference of one million ARs, or $ 5,000, with 12.8 million air.

Your nearby competitor, Buenbit, says you can buy a bitcoin for ARS13,738,800.00, or $ 62,000. Bitcoin’s current global price is $ 27,000.

This is the greatest cousin we saw in amounts of dollars; Therefore, to validate, we ask some Argentine Cryptonians who have confirmed that a bitcoin is currently quoted for about 14 million air.

This is because the official exchange rate between USD and ARS is not the market rate. On the other hand, it is only available to employees in the middle of the current market rate of 483.00 air per blue, as Argentines call the real exchange rate to USD.

The officer, Dollar Banco Nacional (Dollar BNA) is in 218, according to Ambitio, a financial newspaper in Argentina.

The tokenized dollar, such as USDT or USDC, is even more expensive than the market rate for 502 ARs per token, according to Buenbit.

The reason is presumably because you can transfer USDT or USDC much easier than money in cash or dollars.

Argentina has rigid capital controls with any individual capable of buying only $ 200 from USD and requires permission to transfer it out of the country. Similarly, companies must obtain authorization from the Central Bank of Argentina to access the exchange markets.

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Rich Dad Poor Dad Author Predicts Bitcoin Price Explosion to $100,000

Bestselling personal finance author Rich Dad Poor Dad Robert Kiyosaki predicts a massive rush into Bitcoin (BTC) as he says more people are gearing up for the top crypto asset.

Kiyosaki tells his 2.4 million Twitter followers that Bitcoin will rise over 257% from its current value of $27,973.

He predicts that Bitcoin will eventually trade for $100,000, in part because he believes people will increasingly prefer the crypto king to the US dollar following a series of Federal Reserve interest rate hikes aimed at reducing inflation. .

He also says that Bitcoin is fundamentally sounder than traditional financial institutions like banks, which took government bailouts to stay afloat.

“WHY I USE BITCOIN: Years ago I saw BTC rise to $20,000 and then drop to $0. I thought BTC was over. I slowly watched BTC rise to $6,000 and bought a lot. WHY? Because people support BTC, not the FED or the government. BTC didn’t need the FED or government bailout because BTC people’s money. BTC to $100,000. Long live BTC.”

Bitcoin bull previously predicted that Bitcoin will eventually trade for over $100,000, predicting that the value of BTC will reach $500,000 by 2025.

He said BTC’s rally will largely be fueled by the Federal Reserve’s easing of monetary policy and the injection of liquidity into markets.

“A giant showdown is coming. Possible depression. The Fed was forced to print billions in counterfeit money. By 2025, gold at $5,000, silver at $500, and Bitcoin at $500,000. Why? Because faith in the US dollar, counterfeit money, will be destroyed. Money from the gods of gold and silver. Bitcoin [is] the people’s money. Be careful.”

Kiyosaki also said that of all crypto assets, Bitcoin is one of the most attractive, as US regulators are likely to view Bitcoin as a commodity like gold, silver and oil.

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Israel’s Tel Aviv Stock Exchange Apply for Cryptocurrency Trading License

Earlier this week, on Monday, February 27, the Tel Aviv Stock Exchange (TASE) published a draft seeking regulatory approval to facilitate cryptocurrency trading on its platform.

The license is primarily aimed at expanding the authorized activities of Non-Bank Members (NBMs) to include trading in digital assets. Last year, banking institutions such as Bank Leumi already started offering cryptocurrency trading services in agreement with Paxos.

Now, other players are also looking for licenses that allow them to trade digital assets. In its announcement, TASE proposed a structure that will allow customers to deposit fiat money designated specifically for cryptocurrency investments.

If regulators approve this proposal, non-bank members will act as authorized providers of cryptocurrency custody and trading services. All client funds will be placed into an “omnibus account” which will serve as an intermediary for all cryptocurrency trading activities.

It would also allow customers to withdraw funds by selling cryptocurrencies. However, this process is still a bit complex so far. The announcement notes that this is done specifically to address consumer protection and risk mitigation.

Will regulators in Israel move?

Israel has been one of the leading nations in terms of cryptocurrency participation. With global cryptocurrency regulation coming into effect, regulators in Israel are also making a move. In November 2022, the Chief Economist of the Israeli Ministry of Finance released a report: “Regulation of the Digital Asset Sector: Roadmap for a Policy”.

This report seeks to impose regulations on financial activities and services on digital assets that will be similar to those that currently apply to non-digital assets. The Tel Aviv Stock Exchange is aware of the developments and is therefore taking appropriate action. In their press release, they state:

   “The TASE team prioritizes regulating and advancing cryptocurrency trading as a means of improving the Israeli capital market in line with international standards, as well as the ability of NBMs to expand their areas of activity and the ability of their clients to trade. in cryptocurrencies”.

TASE believes that aligning local and global regulations will attract more foreign investment into Israel’s crypto market. This will ensure further advancement of Israel’s capital market while promoting innovation and competition.

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French luxury brand Hermes wins NFT trademark infringement lawsuit

French luxury brand Hermes has won a lawsuit against an artist who depicted its famous Birkin bags in a non-fungible token (NFT) collection. The artist argued that NFTs should be covered by the First Amendment to the US Constitution, but the jury was out.

Hermes wins lawsuit against NFT creator ‘Metabirkins’

French luxury design house Hermes has won a lawsuit against Mason Rothschild, the artist behind the “Metabirkins” non-expendable token (NFT) collection, which features digital renderings of the popular Hermes Birkin bags.

Rothschild created the Metabirkins NFT Collection in 2021, which he described as “a collection of 100 unique NFTs crafted from faux leather in a variety of contemporary colors and graphic executions.” The collection has earned over 200 ETH in sales, which is equivalent to $331,684 at the time of writing. Hermes complained and sued the artist early last year for trademark infringement.

Rothschild argued that NFTs should be covered by the First Amendment to the United States Constitution. The artist’s defense team compared his work to that of Andy Warhol, who depicted Campbell’s soup cans and Coca-Cola bottles in his artwork. Rothschild argued in court:

   These images and the NFTs that authenticate them are not wallets. They carry nothing but meaning.

Hermes’ lawyers accused Rothschild of “stealing the goodwill of famous Hermes intellectual property in order to create and sell his own line of products.” They argued that customers tend to confuse Metabirkins NFTs with genuine Hermes products. They even said that the Metabirkins URL is very similar to the one used by the luxury brand. Oren Warshavsky, a lawyer representing Hermes, told the court: “The reason for these sales was the Birkin name.”

After deliberating for two days, a New York jury returned a verdict Wednesday saying it “found defendant liable for trademark infringement” and “trademark dilution.” Furthermore, they found that “First Amendment protection does not preclude liability.” The jury then awarded Hermes $133,000 in damages: $110,000 for trademark infringement and $23,000 for cybersquatting.