NewsBriefs - PayPal enables US business accounts to buy, hold, and sell crypto

Editor-curated news, summarized by AI

  • Crypto Briefing

    PayPal enables US business accounts to buy, hold, and sell crypto

    PayPal now allows US merchants to buy, hold, and sell crypto directly from business accounts. This expansion covers about 36 million merchant accounts as of 2023. The move includes on-chain sending and receiving of tokens to third-party wallets. PayPal aims to increase crypto utility and accessibility for merchants, building on its crypto features introduced in 2020. The company launched PayPal USD (PYUSD) stablecoin in 2023, recently expanding to Solana blockchain and integrating with Xoom for fee-free international transfers.

  • Latest


    • Hyper Foundation

      HyperEVM goes live, enhancing Hyperliquid's financial system with programmability

      HyperEVM is now live, marking a significant development for Hyperliquid by introducing full programmability with the initial release on its mainnet. Key features include the integration of HyperEVM blocks within L1, supporting secure transactions through HyperBFT consensus, enabling spot transfers between native and HyperEVM HYPE tokens, and deploying a canonical WHYPE system contract for DeFi applications. The launch is complemented by a mainnet-level bug bounty program and infrastructure enhancements like a dedicated JSON-RPC server. This upgrade aims to bolster Hyperliquid's onchain financial system without impacting the existing L1 user experience.

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    • The Block

      Meteora co-founder Ben Chow resigns amid Libra fallout

      Ben Chow, co-founder of Meteora, has resigned following controversies related to the Libra memecoin, which experienced rapid valuation fluctuations. Chow's resignation comes despite assertions of non-involvement with insider activities related to Libra and other tokens. Meteora is now seeking new leadership as it navigates the aftermath of the scandal.

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    • Hand-Picked

      Standard Chartered, Animoca Brands, and HKT to establish joint venture for HKD-backed stablecoin

      Standard Chartered Bank (Hong Kong) Limited (SCBHK), Animoca Brands, and HKT are creating a joint venture to issue a Hong Kong dollar-backed stablecoin. They plan to apply for a license under Hong Kong's new regulatory framework, leveraging SCBHK's banking infrastructure, Animoca's Web3 expertise, and HKT's mobile wallet technology. This initiative aims to support Hong Kong's digital asset market and explore stablecoin applications in both domestic and international payments.

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    • World

      World ID launches in the Philippines to enhance online verification and combat misinformation

      World ID is now operational in the Philippines, offering Filipinos secure and anonymous online verification to combat bots, misinformation, and deep fakes. This initiative is part of the global World Network and aims to enhance Filipinos' ability to prove their humanness online, supporting the management of AI agents and ensuring more secure online interactions. The launch targets the digitally engaged population and will soon be available nationwide.

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    • Cointelegraph

      PlanB moves Bitcoin holdings to spot ETFs for simpler management

      Bitcoin analyst PlanB has transitioned his Bitcoin assets into spot Bitcoin exchange-traded funds (ETFs) to handle them like traditional investments without the complexities of self-custody. This shift signifies a move away from the typical self-custodial practice embraced by Bitcoin enthusiasts, citing ease of management and security from potential threats like hackers as primary reasons for the change. This decision generated mixed reactions among his followers and broader implications for the perception and management of Bitcoin investments.

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    • Reuters

      Argentina's opposition considers impeachment of President Milei after endorsing failed crypto token $LIBRA

      Argentine President Javier Milei could face an impeachment trial after promoting a crypto token, $LIBRA, which dramatically crashed shortly after his endorsement. Milei publicized the token on social media platform X, causing its value to initially surge to nearly $5, only to plummet below $1 within hours. The incident led to accusations of a possible 'rug pull,' a scam where token creators abandon the project after profiting from investment surges. Milei has denied any affiliation with the crypto project and retracted his support upon learning more about the situation. Opposition lawmakers, led by Leandro Santoro, are pushing for impeachment citing international embarrassment caused by the scandal.

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    • Pump.fun

      Pump.fun releases mobile app, excludes UK users

      Pump.fun has launched a new mobile app that allows users to trade memecoins on the Solana blockchain. The app, available on iOS and Android, enables users to create coins at no cost, conduct fast transactions, and manage portfolios and watchlists. However, the app is not accessible to users in the UK.

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    • SEC.gov | EDGAR

      Barclays discloses $131 million investment in BlackRock's Bitcoin ETF

      Barclays has entered the crypto market with a $131 million investment in the iShares Bitcoin Trust (IBIT), a Bitcoin ETF managed by BlackRock. Detailed in their latest SEC 13F filing, the UK bank's substantial purchase of 2,473,064 shares indicates a growing trend of institutional adoption of crypto-related investment products, aligning with similar moves by major banks like Goldman Sachs and JP Morgan.

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    • The Block

      SEC and Binance legal dispute paused until April by district judge

      A district judge in Washington D.C. has granted a 60-day stay in the legal dispute between Binance and the SEC, requesting a joint status report by April 14. The pause follows a joint filing by the parties, citing the need to align with the SEC's new crypto task force's regulatory framework initiatives. The task force, recently formed under new SEC Acting Chair Mark Uyeda and led by Commissioner Hester Peirce, focuses on classifying certain tokens as non-securities.

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    • The Block

      JPMorgan reports Tether may need to divest part of its $8B in Bitcoin under proposed US stablecoin rules

      Tether might need to sell bitcoin, precious metals, and other non-compliant assets to adhere to impending US stablecoin regulations, JPMorgan analysts suggest. The proposed STABLE and GENIUS Acts in the US require stablecoin issuers like Tether to ensure their reserves are sufficiently backed by liquid and high-quality assets, potentially impacting Tether's reserve management and market position significantly.

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    • The Block

      Ethereum Foundation invests $120 million in Ether into DeFi lending protocols

      The Ethereum Foundation has allocated nearly $120 million worth of Ether into various decentralized finance (DeFi) lending protocols to generate yield from its holdings. It transferred 30,800 ether to Aave, split between Aave's core market and Lido instance, and distributed funds to Spark of the MakerDAO ecosystem and Compound's lending platform. These investments are part of strategies to enhance its treasury value through annual yields without liquidating any assets.

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    • The New York State Senate

      New York senator proposes a crypto task force to study digital currencies and blockchain

      New York State Senator James Sanders Jr introduced a bill to establish a 17-member task force to explore the status and impact of crypto and blockchain in the state. This includes assessing trading volumes, exchange activities, tax implications, environmental sustainability, and current regulations related to crypto. The task force aims to report its findings and suggest legislative reforms by December 15, 2027.

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    • The Block

      Cboe BZX Exchange seeks to introduce staking for 21Shares Ethereum ETF

      The Cboe BZX Exchange has filed with the US Securities and Exchange Commission (SEC) a proposal to allow staking in the 21Shares Core Ethereum ETF. This filing marks the first initiative by an ETF to seek approval for crypto staking from the SEC. Previously, the SEC had approved the ETF along with others but without the staking elements. The regulatory body is generally shifting towards a more crypto-friendly approach, potentially classifying some tokens as non-securities.

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    • The Block

      Robinhood reports $70 billion in Q4 crypto trading volume, marking a 400% increase

      Robinhood, a commission-free brokerage, observed a 400% increase in crypto trading volume in Q4, reaching $70 billion. This surge is in contrast to the declining volumes earlier in the year and reflects a continuing strong interest in crypto trading. The firm's transaction-based revenues increased significantly, largely driven by crypto trading which generated $358 million, up 700% from last year. During the same period, Robinhood also expanded its crypto offerings in the US and launched Ethereum staking in the EU.

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    • The Block

      Bitwise CIO sees opportunity as institutional interest in crypto grows amid retail pessimism

      Bitwise Chief Investment Officer Matt Hougan identifies a significant opportunity in the crypto market due to contrasting sentiments between institutional and retail investors. Hougan notes institutional sentiment towards crypto is highly bullish, evidenced by substantial investments, including exchange-traded funds and corporate acquisitions of Bitcoin. Meanwhile, retail sentiment is at a low, affected by poor performance in altcoin investments compared to Bitcoin. Despite current retail pessimism, Hougan is optimistic about the long-term prospects for altcoins, highlighting potential regulatory clarity and the role of stablecoins as factors driving future growth.

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