PayPal To Support Cryptocurrencies in the Weeks Ahead

PayPal To Support Cryptocurrencies in the Weeks Ahead
October 22, 2020

 

The cryptocurrency market has turned bullish, with Bitcoin (BTC) breaking above the $12,000 level yesterday. At the time of writing this article, Bitcoin was trading at $12,752.85, reflecting a gain of 5.7% in the last 24 hours. Ether (ETH) was trading at $392.54, up 5.4% in the same period. XRP has gained 3.3% to trade at $0.2549.

Major altcoins which have rallied in the past 24 hours include Bitcoin Cash (BCH-$265.75, 9%), Monero (XMR-$119.72, 0.4%), Litecoin (LTC-$54.29, 14%), Cardano (ADA-$0.1065 2.8%), ChainLink (LINK-$10.80, 6.6%), Huobi (HT-$4.48, 2.2%), Dash (DASH-$74.62, 3.1%), IOTA (IOTA-$0.2843, 6.2%), Bitcoin SV (BSV-$166.92, 4.8%), EOS (EOS-$2.64, 3.7%), Stellar (XLM-$0.0843,  2.3%), OKB (OKB-$4.96, 2.3%), Tron (TRX-$0.0269, 2.3%), Tezos (XTZ-$2.15, 2.9%), Binance Coin (BNB-$30.01, 2.7%), Cosmos (ATOM, $5.27, 2.3%) and Polkadot (DOT-$4.13, 4.4%). The only major altcoin which has lost value in the past 24 hours is Tether (USDT-$0.9932, -0.2%).

 

Government level initiatives

Bank of Korea in discussions with Klaytn regarding CBDCs

The Bank of Korea (BoK) has revealed that it is having a detailed discussion about central bank digital currencies (CBDC) with the creator of domestic public blockchain firm Klaytn.

Specifically, the Bank of Korea intends to utilize a platform named CBDC ledger, based on blockchain or distributed ledger technology (DLT) for its digital won trial. The central bank also underlined a two-level distribution system with banks carrying out disbursement of the digital won, while taking care of the KYC (Know Your Client) procedures.

Klaytn is slightly distinct from several public blockchains. The network was established by GroundX, the blockchain-focused sister concern of Kakao, the largest social network of South Korea, which claims to have over 50 million monthly users. The governance council is made up of crypto companies and popular enterprises such as LG Electronics, Worldpay, UnionBank, and SK Networks.

 

Private sector initiatives

Breitling to provide Arianee blockchain digital passports to all it’s watches

Beginning this month, watch manufacturer Breitling will provide Arianee blockchain digital passports to all brands of watches it manufactures. In March, the Swiss company implemented blockchain technology in one of its brands, Top Time, as a trial. After succeeding in the initiative, Breitling has decided to turn into the foremost luxury watch manufacturer to implement blockchain technology on all the watches it manufactures.

Access to the digital passport is possible by scanning the owner’s digital guarantee card and downloading the encoded e-wallet in which the passport file is stored. The digital passport performs the function of digital identity, enabling the owners to establish the genuineness and legality of ownership.  The passport can also be used to monitor repairs, link to Breitling’s digital warranty scheme, and provide access to crucial data related to the watch, for example, the serial number.

The passport also consists of an ownership certificate that can be effortlessly transferred, thereby avoiding the need for any physical documents while reselling. Additionally, Breitling intends to include a feature that would permit owners to increase warranty time and get insured for theft or any other kind of loss.

Regarding the adoption of blockchain technology, Antonio Carriero, Breitling’s CTO said, “We are empowering the customer not only through the watch on their wrist, but also with a digital passport in a secured digital wallet, always providing tailored suggestions throughout the ownership experience. Customer engagement is at the heart of everything we do.”

The blockchain open-source and decentralized covenant implemented in Breitling’s digital passport tags a permanent digital identity exclusive to every single product.

 

Everipedia joining forces with The Associated Press and Chainlink

Blockchain focused company Everipedia is collaborating with renowned news agency The Associated Press (AP) and Chainlink, a decentralized oracle network. The venture will pave the way for AP to share the US election outcome through a safe and transparent blockchain-powered platform. Notably, the blockchain will also confirm that the news has originated from AP, which has a proven record of covering the US elections since 1848 at both domestic and national levels.

The Associated Press has to cryptographically sign the data to confirm that it originates from the organization. Still, there is no guarantee that someone could illegally gain control over the keys that are used to sign the news.

 

PayPal to offer e-wallet for the storage of Bitcoin and other digital cryptos

PayPal Holdings has officially announced that it will offer an online wallet in the next few weeks for its customers to store Bitcoin and other digital currencies. Clients of PayPal will also be able to use them to shop at 26 million vendors associated with its network.

The latest service transforms PayPal into one of the biggest US enterprises to start offering access to cryptocurrencies, which could indirectly propel the adoption of Bitcoin and other altcoins.

Regarding the intended launch, President and CEO Dan Schulman said, “We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role.”  

US residents having an account with PayPal will be able to store, buy, and sell cryptos using their online wallets provided by PayPal in the weeks ahead. The company intends to widen the service to its P2P payment app Venmo and few other countries in the first half of next year.

 

Miscellaneous

Kraken and Binance might soon participate in the airdrop of Spark token

Kraken and Binance may soon join the list of cryptocurrency exchanges that have confirmed their willingness to participate in the airdrop of Spark token, the native crypto of Flare Networks, which is a blockchain venture backed by Ripple’s investment division Xpring. In fact, Flare is the first blockchain created by forking XRP, the native crypto of Ripple.

Specifically, Flare has mentioned that it in negotiations with exchanges such as Kraken, Binance and Binance.US. For every XRP held by a user, one Spark token will be given. Promoters of Flare Networks have planned to take a snapshot of the trading accounts that hold XRP token on December 12th, 2020.

So far, 18 institutions and wallets have committed to support Spark’s airdrop. These include cryptocurrency exchanges such as Poloniex, Uphold, NDAX, bitrue, GateHub, AnchorU$D, btcmarkets, and CoinSpot, to name a few.

Likewise, the wallets, which are backing the airdrop, include Ledger, Xumm, and Exodus.

In addition to Kraken and Binance, five more exchanges are studying the feasibility of distributing Spark. They are Ripple’s partner SBI, bitibank, eToro and Nexo.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Ian Maguire

Ian Maguire

Ian is our resident contributor to the latest going ons in the cryptomarket, keeping up to date with the latest icos and coins


Related Articles

New Zealand’s Taxman Suggests Elimination of Crypto Taxes

  The cryptocurrency market has entered into a bearish mode with Bitcoin (BTC) plunging below $9,000. In the past 24

The Leading Cryptocurrency Stories for 2nd April 2018

The cryptomarket continues to remain weak for the second week in a row, even though there was no specific reason

Qtum Unveils Tools For Dapp Development On Google Cloud

  After remaining slightly bearish for almost ten days, the cryptocurrency market has begun another round of rally. Bitcoin (BTC)