Category: Investment News

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PayPal’s USD debut: why its new stablecoin is causing concern

PayPal has completed a long period of careful consideration, ups and downs to introduce its new USD-pegged stablecoin.

The stablecoin, called PayPal USD (PYUSD), makes it easy for users to engage in activities like “buying, selling, holding, and transferring” the token through the payment processor interface.

While these features may seem a bit mundane, resembling the features of a conventional checking account or a real PayPal account containing US dollars, they mark an important milestone after the company’s extensive two-year journey.

PayPal Stablecoin raises alarms about centralization functions

Sarah Hodder, an expert in digital asset law, drew X’s attention to the strong similarities between PayPal’s stablecoin and a central bank digital currency that could facilitate censorship.

PYUSD was officially introduced on August 7 and is issued by Paxos Trust Co., renowned for its holding in Binance USD (BUSD).

Using the Ethereum platform, PYUSD is designed for digital transactions and Web3 applications, and the company reveals plans for its availability to US clients in the near future.

Phelps suggested that this move could serve as a clever ploy by PayPal to minimize its own significant fees, juxtaposing them with the substantial gas costs associated with Ethereum.

In a notable gesture, PayPal itself seemed to recognize the potential for high fees beyond its own platform, suggesting an awareness of the challenges posed by Ethereum’s transaction costs.

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Bitcoin cryptocurrency exchange Cryptocurrency news Investment News Ripple

INSR token will be listed on the MEXC Global Exchange on August 7

PRESS RELEASE. MEXC is pleased to inform you that the revolutionary INSR Token cryptocurrency, intended to provide secure investments on decentralized pre-sale platforms, will be officially listed on the MEXC Global Exchange on August 7. This listing represents a major milestone for the INSR Token project and a new step in our mission to provide the crypto community with a secure and transparent investment experience.

MEXC Global Exchange is a leading cryptocurrency exchange serving a global audience known for its powerful and easy-to-use trading platform. Listing the INSR token in MEXC Global allows our community members to access the INSR token more easily and trade INSR tokens with high liquidity and efficiency.

Detail listing:

Trading pair: INSR/USDT

Listing date: August 7

At Insurabler, we believe this listing will further increase the visibility and adoption of the INSR token, allowing more users to take advantage of our decentralized insurance ecosystem. Increased availability will contribute to the liquidity and growth of the INSR token in the global market.

The Lord. Klaus, CEO of INSR, said: “We are delighted to collaborate with MEXC Global, a respected and dynamic cryptocurrency exchange, for the listing of the INSR token. This partnership will reach a wider audience and make the INSR token a major player in the crypto space. We continue with the goal of instilling trust and credibility in the crypto community,” he said.

About Insurable

INSR is a leading blockchain-based platform dedicated to providing secure and innovative solutions for cryptocurrency investors and projects. With our team of experienced experts and developers, we aim to promote trust, transparency, and excellence in the decentralized finance space.

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Bitcoin Investment News Ripple

Ripple applies for UK cryptocurrency license

Ripple has applied for registration as a cryptocurrency company with the UK Financial Conduct Authority (FCA) following its partial victory against the US SEC.

Payment Protocol Ripple recently applied for registration as a cryptocurrency company with the UK’s Financial Conduct Authority (FCA), a company spokesperson tells Cointelegraph. The company is also seeking a payments license in Ireland as part of its major investment in the region.

More cryptocurrency companies are looking to the UK for regulatory clarity and a favorable business environment amid a wave of enforcement actions by the SEC in the US.

Venture capital firm Andreessen Horowitz (A16z) recently announced its first new non-US office in London, following “months of constructive discussions” with policymakers and the FCA, citing a “predictable business environment” as one of the main reasons for expanding abroad.

Several pieces of legislation have been introduced in the British Parliament with the aim of establishing a crypto-regulated environment in the UK. In June, a bill subjecting cryptocurrencies to the same rules applied to traditional assets was enacted after receiving royal assent from King Charles. The new law gives the Treasury, the Financial Conduct Authority (FCA), the Bank of England and the Payment Systems Regulator the authority to introduce and enforce regulations for crypto companies.

In another recent development, upper house lawmakers discussed a bill that seeks to expand authorities’ ability to target cryptocurrencies used for illicit purposes. The bill includes provisions for authorities to have greater flexibility in the confiscation and recovery of crypto assets.

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Bitcoin Investment cryptocurrency exchange Cryptocurrency news Investment News

UK financial regulator announces launch of permanent Digital Sandbox in August

According to the FCA, the sandbox will be open to companies, startups and data providers, including those involved in banking, investing, lending and payments.

The UK Financial Conduct Authority (FCA) has announced the launch of its Digital Sandbox, which aims to support technology companies in the early stages of product development.

In a July 20 announcement, the FCA said the Digital Sandbox will be permanently available starting August 1. The financial watchdog has run two pilot programs of the initiative, which will be open to companies, startups and data providers, including those involved in banking, investing, lending and payments.

A sandbox allows projects to operate in a test environment to test their products and services largely without unwanted side effects that affect the real world. According to the FCA, the Digital Sandbox aims to help innovative companies in their efforts to launch new products and services, in addition to supporting economic growth and international competitiveness.

The UK Department of Treasury and Finance proposed a “financial market infrastructure sandbox” in April 2022 alongside its plans for a regulatory framework for payment stablecoins. HM Treasury also opened an investigation into a digital securities sandbox that could include crypto products in July.

On July 3, the European Commission announced that 20 projects had been selected for an EU regulatory sandbox. Those who qualified for the initiative included companies in financial and capital markets, telecommunications and information technology, and global trade.

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Bitcoin Bitcoin Investment crypto casino bonus Cryptocurrency news Investment News

Flipster will give a big bonus of 1,500,000 USDT

As part of the launch of the Flipster (formerly AQX) name, the company today announced an additional $1,500,000 in additional rewards to encourage new users to join and trade on its exchange. Until the rewards are fully distributed, the futures exchange will run at least one campaign per week to encourage new users to sign up and trade derivatives on the Flipster platform. With the old name, the exchange has already released more than 400,000 USDT in bonuses in previous campaigns.

The first promotion for the series started on July 17, 2023 (for seven days). Massive bonuses of 110,000 USDT have been allocated. 10,000 USDT to reward new users for completing identity verification with a 10 USDT bonus. The remaining 100,000 USDT bonus is to incentivize and reward high volume traders who give the platform a try. Top performers by trading volume will be rewarded with a bonus of 10,000 USDT at the end of the weekly campaign.

Flipster reinvented futures trading with a mobile-first approach to appeal to casual cryptocurrency traders with limited experience trading derivatives (or as they say, Flipping).

The method is to specialize in derivatives trading, stripping away the app experience to make it quicker to learn and easier to use. Novice traders can open, close and monitor positions from any location. Potentially meaning that some users may earn more money on the bus to work than they do on their workdays. In addition to the ease of use, the portable experience makes trading fun and feels less like a technical task.

The shift to a mobile-first approach came after initially having a web experience similar to other futures exchanges. The traditional user interface for futures trading has a steep learning curve and is considerably more technical, which is in stark contrast to the user interface most contemporary application users have become familiar with. The data concluded that new derivatives users were not attracted to this experience as it was created for experienced traders. The Flipster team has discovered few alternative user interfaces for futures trading and none that have been successfully built to onboard new users to cryptocurrency futures trading at scale.

About Flipster

Founded in 2021, Flipster (formerly AQX) is the industry’s easy-to-use crypto derivatives trading platform. It offers users a complete platform that trades over 120 tokens with up to 50x leverage. Start at flipster.xyz to go online or download the app and Play Store. For media inquiries, including staff interviews, please contact pr@flipster.xyz