30 April

“Coinbase is allowing U.S. users to buy cryptocurrency with their PayPal accounts in a major expansion of the exchange’s funding rails. The integration could lead to massive, and avoidable, costs for users who don’t pay attention to Coinbase’s fee schedule.

Coinbase users can now buy up to $25,000 in crypto daily using PayPal, according to the exchange’s settings page. They’ll lose nearly 4% of such purchases to PayPal-specific fees.

Buying crypto through PayPal ranks among Coinbase’s priciest payment options (and Coinbase is already notorious in some circles for its high fees). The 3.99% fee is as expensive as debit card buys despite a far higher limit. And it is markedly higher than bank buy fees of 1.49%. Depositing U.S. dollars from PayPal into Coinbase triggers a 2.5% levy; ACH transfers are free.

A CoinDesk reporter previewed $25,000 AAVE (-4.26%) buys on Coinbase using every available funding option. Choosing PayPal, the order would have triggered $959 in fees.”

Under the legislation, wealth and institutional investment fund managers, known as Spezialfonds (special funds), will be able to invest up to 20% of their portfolio in crypto. The bill, which was approved by Germany’s parliament last week, is expected to take effect on July 1.

The legislation could prove a significant development for wider acceptance of crypto institutional investment across Europe.”

“Ether, the native cryptocurrency of the Ethereum blockchain and the second-biggest overall, reached a fresh record high early Wednesday, widening its lead over market leader bitcoin. The cryptocurrency has rallied by 43% so far this month, decoupling from bitcoin, down 7%.

The trend looks set to continue, with ETH/BTC (the ether-bitcoin price ratio) breaking out to a multi-year high in a sign of increased capital flow into ether. The ETH/BTC ratio has jumped to 2.5-year highs above 0.050, confirming a major bullish breakout on technical charts.

ETH/BTC has broken out after a multi-year consolidation, and the trend looks very strong. There are no further resistances here, and we expect to see ETH/BTC push through 0.10 eventually.

The implication is the ongoing capital rotation out of bitcoin and into ether is likely to continue over the coming months.”

“All In” with Ethereum!? Why $10k ETH is Trending!

Two cornerstones of the German financial landscape, Deutsche Börse and Commerzbank, are working together to create a blockchain-based marketplace for real estate and art. Deutsche Börse and Commerzbank will work with fintech firm 360X to build a digital asset marketplace with the first reference transaction (minimum viable product) for each tokenized asset class planned for later this year.

Blockchains and tokenization promise untold liquidity for assets like real estate and art, which is what these large financial firms are aiming for here. Germany is becoming a powerful contender in the digital asset race, with its regulator BaFin inviting banks and startups to apply for special licenses to hold cryptocurrency for interested clients.”

“Asset manager WisdomTree has listed its ethereum (ETH) exchange-traded product (ETP) on Deutsche Boerse’s Xetra market in Frankfurt and the Swiss Stock Exchange (SIX) in Zurich. The physically backed ETP, trading under the ticker “ETHW,” will track the spot price of ethereum and has an expense ratio of 0.95%.

21Shares and ETC Group both listed ethereum-backed ETP in Germany in March, while such products have been listed on the Swiss exchange for some years.”

“Mobile payments firm HIPS and Nordic taxi payment rail The Payment House have partnered to allow cabs in the UK and Scandinavia to accept cryptocurrencies over the Ethereum blockchain.

The deal means that 10,000 taxis in the UK, and 20,000 in Scandinavia can use the payment gateway after it debuts in a beta test in November.”

“CoinGecko calculates a total market capitalization of $128 billion for decentralized finance (DeFi), the corner of the cryptocurrency industry that represents a wide range of lending, trading and betting activities carried out almost entirely on blockchain networks using tokens as proceeds and collateral. The top five tokens on CoinGecko’s list are UNI, LINK, LUNA, AAVE and CAKE.

TVL first broke $1 billion in February 2020. It broke $10 billion in September, on Ethereum. Earlier this month, the money market platform Compound broke $10 billion in TVL all on its own. Tuesday night, the original DeFi protocol, stablecoin minter MakerDAO, also broke $10 billion for the first time.

At least 2 million wallets have interacted with DeFi protocols. The top DeFi applications (Uniswap, SushiSwap and Compound) show a seven-day average of daily fees collected ranging from $1 million to $4 million.”

See Also: Paxos Raises $300M, Joins Crypto Unicorn Club at $2.4B Valuation

“Jason Somensatto, a former lawyer at decentralized exchange project 0x Labs, is the new acting director of LabCFTC, the Commodity Futures Trading Commission’s (CFTC) financial technology research division. Before joining the CFTC in February, he was a senior counsel 0x, whose ZRX token was the first ERC-20 token to be listed on Coinbase’s professional trading platform. 0x raised $24 million in an initial coin offering in 2017.

I am grateful that Jason has agreed to serve as the Acting Director of LabCFTC. Given his experience and deep knowledge of the digital asset marketplace, I am confident he will continue supporting the agency’s important role within this evolving space.”