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“Fintech giant PayPal plans to roll out direct sales of cryptocurrency to its 325 million users.
My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo. They are going to have some sort of a built-in wallet functionality so you can store it there.
The service could be expected ‘in the next three months, maybe sooner.’
Crypto is increasingly seen as an obvious way to bolster user numbers on fintech apps and create new revenue streams.”
“DeFi “yield farming” is the latest meme exciting investors in the crypto universe.
One of the first mainstream DeFi use cases is high-yield interest income in which users deposit their crypto to earn a high rate of return, often 100 times higher than the typical commercial bank savings account (i.e. 10% vs 0.1% APY). DeFi yield farming takes this basic concept and compounds returns by utilizing leverage to gain additional exposure to various crypto assets.
Considering the average bank saving account interest rate is 0.1% and DeFi products can yield 100%+ annualized yields, are these products inherently 1,000 times riskier? Probably not, and thus savvy investors and traders are cashing in on these arbitrage opportunities.
These rates will naturally decline over time as the space grows in size and volume and DeFi products become battle tested and hardened. Until then, DeFi yield farming will serve as a catalyst increasing user adoption and acclimating users to the notion of “unbanking” themselves.“
See Also: 3 Reasons Why DeFi Tokens Are Outperforming Bitcoin Price
“Wang made the announcement during the online 2020 Fintech Forum organized by Tencent Fintech Research Institute and the Fintech 50 Forum in Beijing.
China’s CBDC is currently in its testing phase, Wang said during the forum. The country has also started drafting laws that will help the launch and implementation of its digital currency.”
See Also: Italian Banks Are Ready to Trial a Digital Euro
See Also: Chinese City Issues Post-Pandemic Consumer Vouchers on the Blockchain
“The pair modeled a so-called basket-backed stablecoin in a hypothetical scenario, evaluating the likely impact that stablecoin would have on the economy as well as the likelihood of it being adopted.
Our model shows that although the basket may have the potential to become important and globally demanded, [the regular ebb and flow of fiat value and trade] make it such that the basket never dominates either of the component currencies.
Although the basket currency will never dominate the sovereign currencies it comprises, we find that there can be substantial gains in world welfare if many sellers accept the basket as payment.”
“The company will use the investment to spread cashless solutions to businesses across Asia.
In times of social distancing, fintech infrastructure such as payment gateways are key tools in performing day to day financial transactions in a fast, secure and convenient manner.
Our subsidiaries are developing new and improved technologies and financial infrastructure to enhance customer experiences with seamless value transfer systems that would also accommodate a cashless society.”
See Also: Anthony Pompliano Continues Push for Pension Fund Crypto Allocation
See Also: $10M Investment From Tether Won’t Change Celsius’ Mission of Sharing
“Ebang will reportedly get listed on Nasdaq on June 26, becoming the second crypto mining company to go public in the United States.
Notably, Ebang’s sales have been decreasing since 2018. In 2019, Ebang’s annual revenue was $109 million, which constituted a 66% drop in growth from $319 million in 2018.
This is great for the Bitcoin mining industry because as more ASIC manufacturers go public we have more transparency and accountability.”
“On a relatively new exchange like the Antigua-based FTX, the order book depth now matches the depth seen on industry leader BitMEX.
As of Monday, the daily average bid/offer spread for bitcoin perpetual swaps for $10 million quote size on FTX is 0.32% compared to 0.28% on BitMEX. A small spread implies a highly liquid market and vice versa.”
“Honeywell has announced that its newest quantum computer has reached a quantum volume of 64—twice that of IBM and Google’s rival machines. Honeywell aims to increase the quantum volume of its machine by a factor of 10 every year, reaching a score of 640,000 by 2025.
According to a June 2017 paper, a quantum computer would need to have around 2,500 qubits of processing power in order to break the 256-bit encryption used by Bitcoin, although the crypto industry is preparing defenses.”
The Disrupt 