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PayPal might want to dominate the crypto world


Yesterday Bloomberg published a note that alarmed and, perhaps, impressed others where it points out that PayPal could be in talks to buy crypto companies.

They want the crypto domain

From our perspective, outside the company, it seems that PayPal became interested in cryptocurrencies and the market overnight.

Yesterday the company announced the addition of Bitcoin and other cryptos to the platform to buy and sell. Today it seems that PayPal’s intention is not naive, but that it goes for everything.

According to Bloomberg, PayPal is exploring acquiring some crypto companies, specifically BitGo, people familiar with the matter said.

In this way, the news outlet specifically targets Bitcoin, a company that helps investors store BTC safely.

Anonymous sources pointed out that there could be an agreement soon between the parties. However, they also made the exception that PayPal could choose to buy other companies in the crypto market.

The most curious thing about the news is that BitGo does not offer the type of crypto service that PayPal announced it will be incorporating. Therefore, the acquisition of a crypto company points to other strategies much deeper in the market.

In fact, the service that PayPal announced is aimed at retail investors, while the service offered by BitGo is aimed at institutional investors.

Bitcoin Futures Hit New Highs at CME

According to data from Skew, the Chicago Mercantile Exchange, or CME, has removed BitMEX as a derivatives crypto exchange from second place in the ranking for the amount of Open Interest in Bitcoin Futures.

At the moment, OKEx remains the leader in crypto derivative. But CME managed to snatch the position from BitMEX; which, in fact, is now in the fourth position.

In this way, there is $ 0.79 billion in open interest for Bitcoin futures contracts on CME. That means there is $ 0.79 billion in Bitcoin futures contracts that have not yet expired.

Technical document proposes how to comply with the Travel Rule

The US Travel Rule Working Group (USTRWG), a consortium of 25 companies that operate with virtual assets, published a whitepaper offering a proposal on how its members will comply with the Travel Rule in the crypto market.

Recall that the Travel Rule, simply explained, implies that financial institutions share certain information with other financial institutions with which they are transacting. This is in order that the authorities can trace illegal activities.

The Travel Rule has been around for a long time but is relatively new to the crypto community.

98% of all unspent Bitcoin crypto transactions are profitable

Glassnode pointed a few days ago a metric that describes the recent success that Bitcoin is experiencing. Thus 98% of all Bitcoins in the Wallets if sold would give investors a profit.

According to the crypto firm, it is “a level not seen since December 2017, and typical in previous bull markets of $ BTC”.

In a few lines …

  • Director of the Central Bank of Russia pointed out that by the end of next year they could have a digital version of their national currency.
  • All indicate that Ethereum is headed towards $ 550, and perhaps that target crypto falls short.
  • Ken Kurson, a member of the Ripple board, was arrested today for cyberbullying.

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