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Payment giant PayPal plans to acquire bitcoin custody platform BitGo.

PayPal is in talks with some major cryptocurrency companies, including Bitcoin custody provider BitGo which, once completed, could expand the online payments company’s exposure to digital currencies. Speaking with people familiar with the matter, Bloomberg reported that a deal with BitGo could be completed in a matter of weeks. BitGo provides custody solutions that allow its customers, […]

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Payment giant PayPal plans to acquire bitcoin custody platform BitGo. – Coinnounce




























The payment giant PayPal is in talks with the bitcoin custody platform BitGo as it plans to acquire the company. The acquisition could expand PayPal’s exposure to digital currencies.

PayPal is in talks with some major cryptocurrency companies, including Bitcoin custody provider BitGo which, once completed, could expand the online payments company’s exposure to digital currencies. Speaking with people familiar with the matter, Bloomberg reported that a deal with BitGo could be completed in a matter of weeks. BitGo provides custody solutions that allow its customers, primarily institutional investors, to safely and securely store Bitcoin.

Acquiring BitGo would give PayPal a major breakthrough in the crypto industry. 

The online payment giant PayPal would become more entrenched into the cryptocurrency space once it acquires a major company like BitGo. However, some have expressed concerns with the move. Thorchain, another cryptocurrency company, said PayPal acquiring BitGo would mean that the majority of wrapped Bitcoins Ethereum-based tokens that represent Bitcoins that are custodied in the latter — would be in the hands of the payments company. “PayPal is not a good actor in this space. Position accordingly,” Thorchain had tweeted. Bitcoin reached as high as $13,200 before closing at $12,802 on Wednesday after PayPal announced to enter the crypto market. 

PayPal will allow its users to buy, sell, and shop using crypto. 

As reported earlier, online payment giant PayPal announced to join the cryptocurrency market, allowing its customers to buy, sell, and hold bitcoin and other virtual coins using the U.S. digital payments company’s online wallets. PayPal customers will also be able to use cryptocurrencies to shop at the 26 million merchants on its network starting in early 2021, the company said in a statement. The payment giant hopes the service will encourage the global use of new digital currencies and CBDCs that may be developed by central banks and corporations.

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Jai Pratap

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Source: https://coinnounce.com/payment-giant-paypal-plans-to-acquire-bitcoin-custody-platform-bitgo/

Blockchain

Coinbase Pro to Add Bitcoin Trading Pairs for Blue Chip DeFi Tokens

After a significant cooling-off period, the DeFi market appears to be moving towards another round of massive price movements. Coinbase Expands Order Book with DeFi/BTC Trading Pairs Coinbase announced the order book expansion via a blog post published on Dec. 1. According to the announcement, Coinbase Pro is set to offer new order books for … Continued

The post Coinbase Pro to Add Bitcoin Trading Pairs for Blue Chip DeFi Tokens appeared first on BeInCrypto.

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Coinbase Pro is set to offer more traders the ability to trade popular DeFi tokens against Bitcoin (BTC) as part of its latest order book expansion.

After a significant cooling-off period, the DeFi market appears to be moving towards another round of massive price movements.

Coinbase Expands Order Book with DeFi/BTC Trading Pairs

Coinbase announced the order book expansion via a blog post published on Dec. 1. According to the announcement, Coinbase Pro is set to offer new order books for popular DeFi “coins” including Yearn.Finance (YFI) and Uniswap (UNI).

The order book expansion plan comes on the heels of the platform discontinuing margin trading due to pressure from regulators.

Starting from Dec. 8, Coinbase Pro will allow users to trade some blue-chip DeFi coins against bitcoin. Apart from YFI and UNI, the other tokens involved are Chainlink (LINK), Algorand (ALGO), and Loopring (LRC). The plan will also introduce support for the Zcash (ZEC)-BTC trading pair.

According to Coinbase Pro, the roll-out of the expansive plan will proceed via three stages; post-only, limit only, and full trading. It added:

“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book(s) in one state for a longer period of time or suspend trading as per our trading rules.”

The announcement says Coinbase Pro will provide regular updates as to the status of each order book. These tokens are already part of the platform’s trading catalog and tradable against the USD Coin (USDC). Coinbase Pro first listed YFI back in early September.

DeFi Tokens Post Gains

Coinbase Pro’s announcement comes amid a resurgence in DeFi token prices within the general bullishness of the crypto market.

Indeed, data from DeFi aggregator DeFi Pulse shows an almost 30% increase in total value locked (TVL) in the Ethereum DeFi space. As of press time, TVL is only $250 million shy of its all-time high (ATH) value.

As previously reported by BeInCrypto, some crypto traders tip DeFi/BTC pairs to post between 50% and 100% gains in the short term. YFI is up over 180% in the last 30-day trading period.

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Osato is a reporter at BeInCrypto and Bitcoin believer based in Lagos, Nigeria. When not immersed in the daily happenings in the crypto scene, he can be found watching historical documentaries or trying to beat his Scrabble high score.

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Source: https://beincrypto.com/coinbase-pro-to-add-bitcoin-trading-pairs-for-blue-chip-defi-tokens/

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Blockchain

SUSHI Breaks Out and Sets Its Sights on $3

The breakout from the parallel channel suggests that SUSHI is likely in an impulsive move and will move higher towards the resistance levels outlined below. November Increase The SUSHI price has been moving upwards since it reached an all-time low of $0.47 on Nov 4. In the month of November alone, SUSHI increased by 154%. … Continued

The post SUSHI Breaks Out and Sets Its Sights on $3 appeared first on BeInCrypto.

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The SushiSwap (SUSHI) price increased significantly in November and has begun December with another breakout.

The breakout from the parallel channel suggests that SUSHI is likely in an impulsive move and will move higher towards the resistance levels outlined below.

November Increase

The SUSHI price has been moving upwards since it reached an all-time low of $0.47 on Nov 4. In the month of November alone, SUSHI increased by 154%.

Furthermore, December began with another breakout, one which took SUSHI above the $1.75 area, which previously acted as a resistance.

At the time of writing, SUSHI was trading very close to the $2.35 resistance area, which is the 0.618 Fib retracement level of the most recent drop. If a breakout occurs, SUSHI could rally all the way to $3.50.

Chart By TradingView

A closer look at the movement reveals that SUSHI has been following an ascending support line since it reached the previous low on Nov. 5. The support line was accentuated by a validation on Nov. 26 which created a bullish hammer.

Technical indicators are bullish and support an eventual breakout above the $2.35 resistance area.

Chart By TradingView

Channel Breakout

The shorter-term two-hour chart shows that SUSHI has broken out from an ascending parallel channel, a sign that the move is impulsive instead of corrective.

Afterward, it has somewhat retested the resistance line of the channel before moving upward again.

Therefore, the channel breakout supports the possibility that SUSHI will continue increasing and break out above the previous resistance levels.

Chart By TradingView

However, the RSI shows a significant bearish divergence, indicating that SUSHI is likely to decline once more in the short-term before resuming its upward movement.

Chart By TradingView

Wave Count

Cryptocurrency trader @TheTradingHubb outlined a SUSHI chart, showing a bullish movement that would take the price all the way to $3.20.

Source: Twitter

Since the previous Nov. 5 low, the SUSHI price has likely begun a bullish impulse (shown in orange below), currently trading in an extended wave three. The sub-wave count is shown in black.

The most likely target for the top of wave three is found between $3.75 and $3.91 (highlighted in orange), the 2.61 Fib extension of wave one (orange), and the 4.61 Fib extension of sub-wave one (black).

On the other hand, the most likely top for the end of sub-wave three is found between $2.50 and $2.60 (highlighted in black), the 1.61 fib extension of wave one and the 2.61 extension of sub-wave one.

SUSHI Chart By TradingView

Conclusion

To conclude, the SUSHI price should continue increasing towards the resistance levels at $2.35 and possibly $3.80. While short-term declines could occur, it seems that SUSHI is in a bullish impulse.

For BeInCrypto’s latest Bitcoin analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

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Source: https://beincrypto.com/sushis-breaks-out-and-sets-its-sights-on-3/

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Blockchain

OKEx CEO Explains Exchange’s Recent Withdrawal Suspension

Issues with one of the exchange’s private key holders forced the cryptocurrency exchange to pause withdrawals for around five weeks in October. In the recent AMA, Hao reiterated previous apologies for the stress and uncertainty the sudden suspension caused. He also detailed updates to the platform’s private key management system, as well as a new … Continued

The post OKEx CEO Explains Exchange’s Recent Withdrawal Suspension appeared first on BeInCrypto.

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Jay Hao recently hosted an ‘Ask Me Anything’ session to address user concerns regarding OKEx’s suspension of withdrawals.

Issues with one of the exchange’s private key holders forced the cryptocurrency exchange to pause withdrawals for around five weeks in October.

In the recent AMA, Hao reiterated previous apologies for the stress and uncertainty the sudden suspension caused. He also detailed updates to the platform’s private key management system, as well as a new user rewards package.

Jay Hao: Apologetic to Users Over Withdrawal Suspension

Last week, OKEx CEO, Jay Hao, took questions from the platform’s users during an AMA on the exchange’s Telegram channel. During the session, Hao reiterated that user assets were never at risk but extended apologies for the stress and inconvenience the uncertainty had caused.

As BeInCrypto reported previously, the major exchange had halted user withdrawals on Oct. 16. User assets remained trapped on the platform until it reinstated withdrawals on Nov. 26.

OKEx explained in a previous blog post that one of the platform’s private key holders had been assisting Chinese authorities in an investigation. The exchange had apparently not considered such incidents as part of its contingency plan.

During the recent AMA, Hao noted that trading activity had understandably declined on the exchange over the five-week suspension period. Upon the resumption of withdrawals, many users immediately withdrew funds from the exchange:

Despite the clear signs of reduced user confidence, Hao praised “supportive and loyal” customers that had reached out with messages of support.

He also commented on the growing maturity of the wider cryptocurrency market – apparently evidenced by BTC’s strong price performance over the period.

OKEx Rolls Out New User Rewards

To prevent potential future incidents leaving users unable to access their funds, the exchange has reportedly updated some of its internal processes. These include the way it generates and backs up private keys as well as the backup of its master private keys.

Hao further commented on reports of on-chain outflows from OKEx wallets prior to the resumption of service. He claimed that wallets identified as belonging to the exchange were mislabelled, leading to incorrect reports of funds leaving the platform.

The CEO went on to state that the investigation involving the private key holder “has no relation to OKEx.” He added that the platform remained committed to compliance with all international regulations and that it would not be able to grow without such a commitment.

Finally, Hao detailed various reward schemes aimed at thanking customers for their continued trust in OKEx. These include rebates and waivers on trading fees, with extra perks going to those users holding the exchange’s OKB token.

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A former professional gambler, Rick first found Bitcoin in 2013 whilst researching alternative payment methods to use at online casinos. After transitioning to writing full-time in 2016, he put a growing passion for Bitcoin to work for him. He has since written for a number of digital asset publications.

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Source: https://beincrypto.com/okex-ceo-addresses-exhanges-recent-withdrawal-suspension/

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Decentralized Finance: What’s Hot in Q4 2020

2020 has been a strong year for the cryptocurrency industry, to say the least. With trading volumes on many exchange platforms reaching record highs, massive institutional investments aplenty, and PayPal recently launching its own cryptocurrency service the market has been sent into a meteoric uptrend.  And now, as we approach the end of the year, … Continued

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2020 has been a strong year for the cryptocurrency industry, to say the least. With trading volumes on many exchange platforms reaching record highs, massive institutional investments aplenty, and PayPal recently launching its own cryptocurrency service the market has been sent into a meteoric uptrend. 

And now, as we approach the end of the year, several sectors have begun to emerge as indicators of what to expect in the months ahead. And decentralized finance (DeFi) looks set to dominate.

Here, we take a look at what’s hot in DeFi right now.

Yield-Generating Stablecoins

With the growing interest in DeFi products and the launch of ever-more creative and capable DeFi platforms, users now have access to a wide range of DeFi protocols — many of which can be used to generate an impressive yield.

However, to obtain these impressive yields, users typically need to deposit or hold one or more volatile cryptocurrencies, which exposes them to the risk of potential losses if the market for that asset turns sour. To counter this, and produce a lower-risk option, a number of modern platforms have developed solutions that allow users to earn a yield without risking their capital — these are known as “yield-generating stablecoins”.

CHIP is arguably the most prominent of these. Developed by the BXTB Foundation, CHIP is a USD-pegged stablecoin that forms part of a two-token economy, along with an accessory and governance token, known as BXTB.

When BXTB is combined with a supported stablecoin, like Tether (USDT), users receive yBXTB (activate BXTB) and CHIP tokens in return. The CHIP tokens remain stable since they are backed by stablecoins and can be redeemed for these at any time, whereas the yBXTB tokens can be staked in the BXTB wallet app to generate a yield for holders, derived from CHIP transaction fees.

BXTB recently entered into a partnership with GameWorks Technology (GWX) and recently launched the first game incorporating the CHIP stablecoin — a physics-based Pachinko game.

Moreover, other yield-generating stablecoin platforms, like Kava’s USDX and the waves-backed Neutrino USD (USDN) have seen their use in DeFi climb in recent weeks, as an increasing number of people look to earn a yield without taking on any risk.

Non-fungible Tokens Are Back

Non-fungible tokens (NFTs) first rose to prominence in 2017 with the rise of Cryptokitties — a game that allows users to collect, breed, and trade digital cat NFTs.

Since then, they have mostly been used for representing digital game items and collectibles, almost all of which have roots in a decentralized gaming application. Despite this, interest in NFTs dwindled throughout 2018 and 2019 as the markets entered into a slump.

But now, NFTs are back with a vengeance, and the number of projects incorporating non-fungible tokens has skyrocketed — with both new and established blockchain projects launching their own NFT initiatives, while NFT trading platforms like OpenSea and Mintable have seen user interest soar.

For example, V Systems is set to launch its own NFT card collecting game, known as NFTOctopus which will be distributed via a community airdrop to VSYS 2.0 stakers. Likewise, Japan’s largest cryptocurrency exchange Coincheck is working together with Enjin to bring Minecraft NFTs to users. These will be useable within Minecraft by the end of the year, potentially exposing more than 100 million Minecraft players to the benefits of NFTs.

This dramatic resurgence in interest has seen trading volumes for NFTs climb considerably in recent months, and more than triple in the last year, while the absolute number of NFT traders reached record heights — indicating the NFT industry is about to catch its second wind.

Bringing Traditional Finance to DeFi

Since the birth of the DeFi industry, it has been widely hailed as the successor to traditional finance — that is the banks, financial institutions, and traditional payment channels we’re all accustomed to using.

But while this may or may not be the case, a wave of projects are looking to become a bridge of sorts, helping the worlds of traditional and decentralized finance interoperate, achieve some degree of synergy, or enable users to move between the two with ease.

One of these solutions is known as Venture Bond (VB), a recently announced DAO Maker product that essentially allows investors to access near zero-risk venture investments in the cryptocurrency industry. This is achieved by locking up the deposits made by Venture Bond buyers into insured DeFi and CeFi margin funding activities. The interest yielded by this is then transferred to the bond issuer to fund its development, while investors receive tokens or equity from the bond issuer — plus their initial investment back at bond expiry.

Moreover, with platforms like AllianceBlock looking to produce the world’s first decentralized capital market, and synthetic tokens looking like an increasingly promising way to bring real-world assets to the blockchain, it’s likely the theme of meaningfully connecting CeFi and DeFi will continue well into the future.

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Source: https://beincrypto.com/decentralized-finance-whats-hot-in-q4-2020/

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