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Six Binance Smart Chain DeFi projects awarded grants from $100M fund By Cointelegraph

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Six Binance Smart Chain DeFi projects awarded grants from $100M fund

Global cryptocurrency exchange Binance announced funding for six projects building on the firm’s smart chain.

In an Oct. 14 statement, Binance stated that blockchain projects AnySwap, Arkane Network, BakerySwap, Bitquery, PancakeSwap and Proxima will receive $350,000 in grants through the firm’s $100 million fund. More than 180 projects have applied for grants since the fund was announced in September. The firm chose the six projects using criteria examining teams, products and contribution to the blockchain ecosystem.

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Cryptocurrency

PayPal to open up network to cryptocurrencies By Reuters

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© Reuters. The German headquarters of PayPal is pictured at Europarc Dreilinden business park south of Berlin in Kleinmachnow

By Anna Irrera and Tom Wilson

LONDON (Reuters) – PayPal Holdings Inc (O:) said on Wednesday it will allow customers to hold bitcoin and other virtual coins in its online wallet and shop using cryptocurrencies at the 26 million merchants on its network.

The new service makes PayPal one of the largest U.S. companies to provide consumers access to cryptocurrencies, which could help bitcoin and rival cryptocurrencies gain wider adoption as viable payment methods.

The San Jose, California-based company hopes the service will encourage global use of virtual coins and prepare its network for new digital currencies that central banks and companies may develop, President and Chief Executive Dan Schulman said in an interview.

“We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role,” he said.

U.S. account holders will be able to buy, sell and hold cryptocurrencies in their PayPal wallets over the coming weeks, the company said. PayPal plans to expand the service to its peer-to-peer payment app Venmo and some other countries in the first half of 2021.

The ability to make payments with cryptocurrencies will be available from early next year, the company said.

Other mainstream fintech companies, such as mobile payments provider Square Inc (N:) and stock trading app firm Robinhood Markets Inc, allow users to buy and sell cryptocurrencies, but PayPal’s launch is noteworthy given its size.

The company has 346 million active accounts around the world and processed $222 billion in payments in the second quarter.

PayPal’s shares were up 4% at 1418 GMT, set for their best day in a month.

() hit its highest since July 2019 on the news. It was last up 4.8% at $12,494, taking gains for the original and biggest cryptocurrency above 75% for the year. Cryptocurrency market players said the size of PayPal meant the move would be a plus for bitcoin prices. “The price impact will be positive overall,” Joseph Edwards of Enigma Securities, a cryptocurrency brokerage in London, said. “There’s no comparison with regards to the potential exposure between the upside of PayPal offering this, and the upside of any similar previous offering.”

VOLATILITY

Bitcoin and other virtual coins have struggled to become established as widely used forms of payment despite being around for more than a decade. Cryptocurrencies’ volatility is attractive for speculators, but poses risks for merchants and shoppers. Transactions are also slower and more costly than other mainstream payment systems.

PayPal believes its new system will address these issues as payments will be settled using traditional currencies, such as the U.S. dollar. This means PayPal will be managing the risk of price fluctuations and merchants will receive payments in virtual coins.

“We are going about it in a fundamentally different way to make sure we provide the maximum amount of safety to our merchants,” Schulman said.

PayPal’s service comes as some central banks have announced plans to develop digital versions of their currencies, following a Facebook-led (O:) cryptocurrency project Libra in 2019, which was met by strong regulatory pushback..

PayPal was among the founding members of this project but dropped out after a few months.

PayPal has secured the first conditional cryptocurrency licence from the New York State Department of Financial Services. The company will initially allow purchases of bitcoin and other cryptocurrencies called ethereum (), bitcoin cash () and litecoin (), it said.

PayPal is teaming up with cryptocurrency firm Paxos Trust Company to offer the service.





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Litecoin Climbs 10% As Investors Gain Confidence By Investing.com

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Litecoin Climbs 10% As Investors Gain Confidence

Investing.com – was trading at $52.589 by 09:45 (13:45 GMT) on the Investing.com Index on Wednesday, up 10.22% on the day. It was the largest one-day percentage gain since October 21.

The move upwards pushed Litecoin’s market cap up to $3.388B, or 0.90% of the total cryptocurrency market cap. At its highest, Litecoin’s market cap was $14.099B.

Litecoin had traded in a range of $46.851 to $52.589 in the previous twenty-four hours.

Over the past seven days, Litecoin has seen a rise in value, as it gained 2.13%. The volume of Litecoin traded in the twenty-four hours to time of writing was $2.455B or 2.36% of the total volume of all cryptocurrencies. It has traded in a range of $45.6238 to $52.5893 in the past 7 days.

At its current price, Litecoin is still down 87.48% from its all-time high of $420.00 set on December 12, 2017.

Elsewhere in cryptocurrency trading

was last at $12,452.6 on the Investing.com Index, up 4.19% on the day.

was trading at $384.79 on the Investing.com Index, a gain of 3.95%.

Bitcoin’s market cap was last at $230.368B or 61.06% of the total cryptocurrency market cap, while Ethereum’s market cap totaled $43.467B or 11.52% of the total cryptocurrency market value.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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CBDC as a store of value threatens financial system, says German official By Cointelegraph

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CBDC as a store of value threatens financial system, says German official

Burkhard Balz, a German politician and executive board member of the country’s central bank, said in a speech on Oct. 20 that it was crucial to build tools to restrict how the digital euro is used upon launch.

Balz emphasized that people should only be able to use the central bank-backed digital euro as a mode of payment and not as a store of value.

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Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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