PayPal launches its own stablecoin, Bankman-Fried is in jail again, and will being scammed make you a better trader? This week we bring you these stories and more in cryptocurrency.
PayPal Launches Dollar-Backed Stablecoin
Payments giant PayPal has launched its own stablecoin pegged to the US dollar. This stablecoin, backed by US dollar deposits and US short-term Treasury bonds, will be issued by Paxos under the ticker symbol PYUSD and will be available to US users first. PayPal is the first major fintech company to adopt digital currency for payments and transfers.
SEC Delays Decision on Spot Bitcoin ETF
The US SEC has opened a 21-day comment period, delaying a decision on ARK Investments’ spot Bitcoin ETF application. The application was originally filed in May and will have to wait until January for the SEC to make a final decision. The SEC offered its usual justification for delaying the approval process, noting that the commission could approve the proposal without regulating the Bitcoin market.
SBF goes to jail in handcuffs
FTX founder Sam Bankman-Fried was jailed in handcuffs last October after his bail was revoked following a fraud trial. After evidence was presented by the prosecution, Judge Lewis Kaplan said there was good reason to believe Bankman-Fried attempted to tamper with witnesses on at least two occasions. Prosecutors had demanded he be jailed for breaching bail contract rules by sharing his former partner Caroline Ellison’s personal writings with a reporter, aimed at damaging her credibility as a witness against him.
Coinbase launches BASE network for all users
Coinbase’s Base network is now officially open to all users. A beta version of Base was released in February and is likely to bring more users to Web3. Users can now use Base for token exchanges, payments, and NFT activities. Several Web3 teams are releasing apps for Base, and the team has released a schedule of events to celebrate the launch.
Microsoft and Aptos: Collaborating on AI and Web3
Microsoft has partnered with blockchain platform Aptos to combine AI and Web3. The goal of this collaboration is to train Microsoft’s AI model with Aptos’ verified blockchain data. Validator nodes on the Aptos blockchain run on Microsoft’s Azure cloud, improving the reliability and security of the service. Microsoft predicts that AI will be infused into Web3 solutions on a larger scale in the future.
Solana, Sagaphone price cut
The price of Solana’s Android-based phone, the Saga, has been reduced by 40%, from $1,000 to $599. Solana Mobile said this is βthe next step to expand adoption of Mobile Web3 and continue to improve the experience of the Solana Mobile community.β Based on the number of unique Saga Genesis NFTs created with each Solana app setup, it is estimated that more than 2,000 units have been sold since launch in April.
FC Barcelona’s NFT secures $132 million in investment
FC Barcelona has secured $132 million for its Barca Vision blockchain and NFT project through investments from Libero Football Finance and Nipa Capital. Barcelona aims to integrate Web3, blockchain, NFTs and metaverse as part of the club’s digital Espai Barca strategy, with the sale of a 29.5% stake in Bridgeburg Invest, the holding company for the initiative.
Does being a fraud victim make a better trader?
A new research paper reveals an unexpected trend: Ethereum investors who lose their funds to cybercrime tend to make better profits after becoming victims. The results were revealed after the incident. Investors have modified their risk tolerance, become more diversified, and become less willing to take risks that are difficult to control, ultimately leading to better investment results.
This is what happened in the cryptocurrency market this week. I will see you next week.