Newsweek|PayPal will launch an application wallet with cryptocurrency function

Golden Weekly is a weekly block chain industry summary column launched by Golden Finance, which covers key news of the week, mining information, project dynamics, technological progress and other industry trends. This article is one of the weekly news magazines, taking you at a glance at the major events in the blockchain industry this week.

Headlines

▌Uniswap founder: Uniswap is in contact with a large number of financial companies and technology companies

Uniswap founder Hayden Adams tweeted that Uniswap has contacted and talked with a large number of financial companies and technology companies, and many companies interested in learning about DeFi also expressed their willingness to cooperate, but Uniswap did not talk to the company mentioned in the EthCC conversation (PayPal , ETrade, Stripe), the corresponding video has been deleted at our request to prevent us from being mistaken for implying a relationship we don’t have. As previously reported, in the video of the EthCC conference held from July 20 to 22, the head of Uniswap growth, Ash, said that many traditional centralized trading companies want to contact Uniswap, including PayPal, eTrade, and Stripe. They seem to have seen the DeFi world. The magic of what is happening and want to be a part of it.

▌PayPal will launch a super app wallet with cryptocurrency function

Payment provider company PayPal said that its users may not have to wait too long to have greater cryptocurrency features through the platform. On PayPal’s second quarter 2021 investor update conference call today, CEO Dan Shulman said that the initial version of the company’s Super App Wallet is “code complete.” The PayPal president said that the company plans to fully promote the wallet in the United States in the next few months. Shulman said that the super application wallet will have high-yield savings, early access to direct deposit funds, information transmission capabilities, “extra cryptocurrency capabilities” and other functions. Each wallet will be “unique, powered by advanced artificial intelligence and Driven by machine learning capabilities”. PayPal reported that as of June 30, it had more than 400 million active user accounts, and the total payment volume in the second quarter of 2021 was US$311 billion. The company also added 14.5 million new active accounts, bringing its user base to 392 million. Venmo, a payment company under PayPal, launched cryptocurrency transactions in April. The total payment volume in the second quarter of 2021 is approximately 58 billion U.S. dollars and has 76 million active accounts.

▌Amazon denies that it will accept Bitcoin payments this year and issue cryptocurrencies in 2022

An Amazon spokesperson said, “Although we are interested in this area, speculation about the specific plan of cryptocurrency is not true. We are still focused on exploring what this might be an experience for Amazon’s customers.” More and more Many companies have begun to accept virtual currency as a means of payment, making this asset class that was shunned by major financial institutions until a few years ago closer to the mainstream. Musk said at a conference last week that after completing due diligence on the amount of renewable energy used for Bitcoin mining, Tesla is likely to restart accepting Bitcoin as a payment method.

▌JP Morgan Chase became the first bank in the United States to provide Bitcoin to retail customers

American financial institution giant JPMorgan Chase became the first bank in the United States to provide bitcoin to retail customers, creating the history of cryptocurrency. According to a latest report, JPMorgan Chase will expand Bitcoin services to retail customers, which the bank previously provided exclusively to its super-rich customers. The bank is opening up bitcoin to a new market valued at $630 billion. According to sources from the bank, JPMorgan Chase sent a memo to its financial advisers telling them to accept orders for five crypto products from its wealth management clients. Among these five products, four are provided by cryptocurrency giant Grayscale.

▌Tesla’s Q2 financial report: currently holding Bitcoin is worth 1.3 billion US dollars

On July 27th news, on Monday, local time in the United States, Tesla released its second-quarter financial report, which showed that the company did not purchase or sell digital assets. The current value of Bitcoin holdings is 1.3 billion US dollars. In February of this year, Tesla purchased $1.5 billion worth of Bitcoin and reduced its position by 10% at the end of the first quarter, resulting in a profit of $272 million. Subsequently, due to the downturn in the digital currency market in the second quarter, Tesla currently holds The value of Bitcoin has shrunk by $23 million. In May of this year, Elon Musk stated that Tesla no longer accepts Bitcoin as a payment option due to environmental concerns, causing the price of Bitcoin to plunge. But at the beginning of July, Musk said that Tesla would resume accepting Bitcoin in the future. He also revealed at the “The B Word” conference that another SpaceX company under his company also holds Bitcoin.

policy

▌The Pennsylvania Act proposes to establish a special task force to evaluate the impact of digital currencies

The Pennsylvania legislature is reviewing the encryption task force bill. A bill to establish an encryption working group in Pennsylvania has been submitted. According to the details of HB1724 published by LegiScan, the proposed encryption working group will be authorized to study the potential impact of widespread adoption of encryption and digital currencies in the state. If this bill is passed, it will be called the “Digital Currency Task Force Act.” The bill, which was proposed as early as July 19, has been submitted to the Commission of Commerce. The bill outlines the responsibilities of the proposed task force, stating that the agency will determine the amount of cryptocurrency traded in the state and the trading platform operating in Pennsylvania. The task force will also investigate investment entities seeking large-scale exposure to encryption and digital currencies, as well as the potential tax impact of cryptocurrencies on state and local taxes. According to the details of the proposed bill, the working group will consist of 13 members and they will serve free of charge. The task force will also hold public hearings as part of its crypto market review process. The working group will also prepare and submit the findings.

▌The virtual asset task force of the Democratic Party of Korea will discuss investor protection measures with officials of the virtual asset exchange

The Democratic Party of Korea’s Virtual Assets Task Force (TF) will hold its third meeting at the Korea Securities Depository in Yeouido, Seoul on the afternoon of the 27th to discuss virtual assets (virtual currencies), such as Bitcoin. TF leader Dong-soo Dong, senior vice chairman of the policy committee, members of the relevant standing committee and officials of the virtual asset exchange will attend the meeting. At the meeting, the working group plans to understand how to manage market price manipulation in actual exchanges and examine the response of the field to the implementation of specific financial transaction information laws (special laws). The meeting is also expected to discuss how to change the current reporting system, virtual currency trading business to a registration or licensing system, and legislative measures to protect investors by imposing responsibilities on operators in the event of an accident.

▌Kazakhstan conducts a pilot cryptocurrency bank account, allowing users to trade cryptocurrencies

According to the report of the Kazakhstan Blockchain and Data Center Industry Association on July 27, cryptocurrency exchanges registered on the basis of the Astana International Financial Center (AIFC) will soon begin to cooperate with local banks for pilot projects. The project allows customers to trade cryptocurrencies formally and publicly. It is reported that investors can open legal accounts in banks registered with AIFC to purchase and trade cryptocurrencies. In addition, investors will have the opportunity to transfer the income received back to their accounts in ordinary currency. It is reported that the pilot project is expected to last for one year so that the government of Kazakhstan can assess the risks and benefits of digital assets. Although Kazakhstan currently prohibits the circulation of digital currencies, market experts predict that after the completion of the project, the ban on cryptocurrencies will become less clear or will be completely cancelled.

▌The Israeli government proposes a new bill requiring citizens who hold more than $61,000 in cryptocurrency to submit a report to the tax authority

According to news on July 29, the Israeli government is stepping up efforts to prevent tax evasion and plug possible loopholes for money launderers. The law proposed by the Israeli Ministry of Finance will mandate that users who have purchased cryptocurrencies worth 200,000 NIS (US$61,000) or currently hold cryptocurrencies of the same value or more must submit a report to the Israeli tax authorities. This reporting obligation applies to any Israeli citizen. If he personally or on behalf of a child under the age of 18 holds cryptocurrency with a value of this amount or more during one or more days of the tax year, he needs to submit a report. If approved, the introduction of this measure will increase national income through additional taxes in 2022, estimated at 30 million new shekels ($9.2 million).

▌The International Monetary Fund plans to “strengthen” digital currency monitoring

Golden Finance reported that according to a paper published by the International Monetary Fund (IMF) on Thursday, the organization plans to “strengthen” the monitoring of digital currencies. The article stated that the IMF must increase resources to seek to “monitor, advise and help manage this far-reaching and complex digital currency transformation.” The article stated that rapid technological innovation is ushering in a new era of public and private digital currencies. Payments will become easier, faster, cheaper, and more accessible, and will quickly cross national borders. These improvements can promote efficiency and inclusiveness, and bring significant benefits to all. However, this implementation will only happen when the IMF can “keep up with the pace of policy challenges”, which requires a more in-depth study of the prospects of the digital economy. The IMF plans to cooperate with institutions that “fit with its responsibilities”, such as the central bank, regulators, and the World Bank, while expanding its own digital currency research. The IMF will also focus on CBDC, stablecoins, encrypted assets, etc., and will study how these assets represent financial independence, how they serve as reserve currencies, and how they will replace the current payment system.

▌Colombia’s financial regulator approves a 12-month cryptocurrency pilot program

On July 25, the Colombian financial regulator Superfinanciera recently approved a 12-month pilot program that will allow Colombians to withdraw and withdraw cash through Movvi and Bitpoint. Users of the platform will be able to trade, transfer and operate using Colombian pesos or cryptocurrencies.

▌The Central Bank of Ukraine is officially approved to issue digital currencies and will set up a regulatory sandbox

The Ukrainian government is advancing its central bank digital currency (CBDC) program, and the country’s central bank NBU is now officially authorized to issue digital currencies. Ukrainian President Volodymyr Zelenskyy signed a law called “On Payment Services”, which officially allows the central bank of the country to issue digital hryvnias (CBDC). The new law authorizes NBU to set up a regulatory sandbox for testing payment services and tools based on emerging technologies. The statement stated that the new bill also requires the Central Bank of Ukraine to work closely with start-ups in the local payment market, taking into account the needs of the private sector. (Cointelegraph)

▌Binance was investigated by Indian anti-money laundering agency

According to people familiar with the matter, India’s anti-money laundering agency is reviewing whether Binance is involved in the gaming business. People familiar with the matter said that the Bureau of Enforcement has summoned Binance executives for questioning and is awaiting a response. Because this matter is under investigation, the summoned person will not be named. India is investigating gambling apps operated by Chinese operators that have accumulated more than 10 billion rupees ($134 million) in the past 10 months and are suspected of laundering money through the WazirX digital asset exchange, which Binance acquired in 2019 WazirX. (Bloomberg)

▌Germany will allow institutional funds to invest in cryptocurrencies not to exceed 20% of the portfolio

On July 30th, Germany will allow some institutional-level funds to invest in cryptocurrency assets on a large scale for the first time. According to a law that will come into effect next Monday (August 2nd), so-called “special funds” (Spezialfonds) with fixed investment rules can invest up to 20% of their assets in Bitcoin and other cryptocurrency assets. These funds currently manage about 1.8 trillion euros ($2.1 trillion) in assets, which means they can invest up to 360 billion euros in the cryptocurrency market. (Sina Finance)

Blockchain application

▌The government of Maharashtra, India will use the Ethereum blockchain to verify diploma certificates

The government of the Indian state of Maharashtra recently announced a collaboration with Indian blockchain startup LegitDoc to implement an Ethereum-based tamper-proof diploma certificate authentication system. In order to combat the increase in the forgery of such documents, the Maharashtra State Skills Development Board (MSBSD) does not agree with India’s ban on the use of the Ethereum public blockchain. LegitDoc CEO Neil Martis emphasized that although the certificate is verified using traditional manual methods, MSBSD will begin to advocate only digital verification methods in all manual verification requests this year.

▌ EY works with government and industry representatives to create blockchain solutions for global tax challenges

On July 29, the audit giant Ernst & Young, together with government and industry representatives, created the blockchain solution TaxGrid to solve the challenges in the cross-border withholding tax process. The solution uses blockchain technology to more securely automate, decentralize and share tax and financial information between financial intermediaries and tax authorities by creating a shared record book of all dividend transactions to help collect dividend income from the source tax. To ensure data privacy and confidentiality, TaxGrid uses privacy technology to help protect investors’ sensitive information and commercial secrets. TaxGrid was developed in cooperation with government tax authorities, including the Royal Tax and Customs Administration, the Dutch and Norwegian tax authorities, as well as BNP Paribas Securities Services, Citibank, JP Morgan Securities Services, Northern Trust, APG Asset Management, Companies such as PGGM Investment Company and the EY team, as well as two invited academic institutions: Vienna University of Economics and Business and the Tax Management Research Center of the University of Exeter, UK.

▌Guiyang, Gui’an accelerates the construction of the Guiyang node of the sovereign blockchain

On July 29, the “People’s Daily” published a full-page article “China Data Valley Shuangshuang Guiyang Struggles to Seize New Opportunities in the Implementation of Digital Economy Strategy”, reporting that Guiyang, Gui’an uses big data to reshape the city’s core competitiveness and complete the development of the big data industry . Gui’an Gui’an, Guiyang, implemented the innovation capability enhancement project, accelerated the pilot work of Guiyang’s domestic database application, promoted the construction of the Guiyang node of the sovereign block chain, explored the implementation of the “share chain” application scenario, and comprehensively carried out the “digital code”, big data legal system and Theoretical system innovations such as the standard system and the big data talent system.

▌Hengfeng Bank Yantai Branch actively expands cross-border financial blockchain platform financing business

According to news on July 26, Evergrowing Bank Yantai Branch learned about corporate financing needs and came to customize financing plans for it as soon as possible. Using the blockchain service platform, it only took one day to complete financing applications, system verification, document review and financing. Full-process operations such as issuance and platform registration. It is understood that the cross-border financial blockchain service platform is based on blockchain technology by the State Administration of Foreign Exchange to reengineer the existing export accounts receivable trade financing process, effectively solving the background authenticity verification difficulties in traditional import and export trade financing , Involving the long chain of logistics, capital flow, information flow, and the low efficiency of offline paper document circulation. At the same time, it effectively avoids the problem of repeated financing of enterprises, simplifies the cumbersome traditional business process, and significantly shortens the business processing time. Save financing costs.

▌”Blockchain+” technology innovation financing service takes the lead in landing in Xiongan New District

According to news on July 30, Xiong’an New District took the lead in launching the country’s first blockchain-based science and technology innovation service platform in April this year. The platform has formed a multi-subject data co-governance pattern for governments, enterprises, and third-party financial institutions. On July 22, Bank of China Fullerton Rural Bank successfully landed its first online loan based on blockchain technology on the platform, which marked the smooth landing of the country’s first “blockchain+” technology innovation financing service in Xiong’an New District. In the next step, the Xiongan New District Blockchain Laboratory, the New District Smart City Federation, and the Bank of China Fullerton Rural Bank will continue to cooperate in depth to create a unique new model and new business form of science and technology financing in the Xiongan New District. (Sina)

▌The first blockchain insurance policy financing business in Shunde District was launched

On July 29, the signing ceremony of the first order of Shunde blockchain insurance policy financing and a business presentation was successfully held in Huagui Garden. At the meeting, Shunde Rural Commercial Bank, CITIC Insurance and Guangdong Xinbao Electric Co., Ltd. signed the first cross-border blockchain insurance policy financing business in Shunde District, marking the pilot of the cross-border financial blockchain service platform export credit insurance policy financing scenario in Shunde Officially landed. In the next step, all parties will continue to explore rich policy financing scenarios and functions under the cross-border financial blockchain service platform, expand the financing functions that support various policy products such as small, medium and micro enterprises, and form a complete short-term insurance policy financing business system. A brand-new foreign trade financing ecosystem built, shared, and win-win by all parties involved in government, banking, insurance and enterprises. It is hoped that enterprises can make good use of relevant favorable policies and make concerted efforts to promote the high-quality development of foreign trade in Shunde District to a new level. (Phoenix Net)

▌Tencent Music internal test encrypted digital collection platform

Tencent Music (TME) may officially launch the NFT encrypted artwork service TME Digital Collection next month, and distribute virtual collections to users. At present, QQ Music has taken the lead in opening internal testing, and the subsequent platform technology may be launched simultaneously in various products in TME. (Pinwan official Weibo)

Cryptocurrency

▌Facebook will set up a meta universe product group, led by Vishal Shah, vice president of Instagram

On July 27, Facebook announced that it would set up a meta-universe product group led by Instagram vice president Vishal Shah. Other executives include Facebook Gaming vice president Vivek Sharma and Facebook Gaming director Jason Rubin. The team will directly report to Andrew Bosworth, Facebook’s AR/VR vice president. report. The team members mainly include FacebookHorizon team members, the AR/VR content team and the Unit2Games team that Facebook acquired last month. Facebook said it will also recruit hundreds of new employees for the team. Facebook CEO Mark Zuckerberg said in an interview that Metaverse is the successor of the mobile Internet and promised to transform Facebook from a social media company into a metaverse company.

▌The book value of Bitcoin held by MicroStrategy reaches US$2.051 billion

Golden Financial Report, MicroStrategy today announced its financial performance report for the second quarter of fiscal 2021. In the second quarter, MicroStrategy’s digital asset impairment losses were $424.8 million. As of June 30, 2021, MicroStrategy’s digital assets (including approximately 105,085 bitcoins) have a book value of US$2.051 billion, with a cumulative impairment loss of US$689.6 million since the acquisition. The average book value of each bitcoin is approximately US$19,518. , The average cost of each bitcoin is approximately $26,080. In addition, MacroStrategy LLC, a subsidiary of MicroStrategy, holds approximately 92,079 Bitcoins. MicroStrategy CEO Michael J. Saylor said that he continues to be pleased with the results of the implementation of the company’s digital asset strategy. Recent financing has enabled MicroStrategy to expand its digital asset holdings. Looking ahead, the company intends to continue to deploy additional funds in its digital asset strategy.

▌Galaxy Digital CEO: Institutional purchases are the reason for the recent rebound in crypto prices

Mike Novogratz, CEO of Galaxy Digital, said that cryptocurrencies have rebounded as institutions are buying. Novogratz dismissed the news that the price increase was due to Amazon’s possible acceptance of cryptocurrency payments. He emphasized that institutions are one of the smartest investors in the world and they are participating in the crypto space. This sends a signal to the entire crypto market that this situation will not go away.

▌Data: Axie Infinity earns US$18.48 million in a single day, twice as much as “Glory of the King”

According to news on July 29, TokenTerminal data showed that the NFT+ blockchain game project Axie Infinity yesterday had revenue of 18.48 million U.S. dollars, with a total revenue of 74.51 million U.S. dollars in the past 7 days and a total revenue of 167 million U.S. dollars in the past 30 days, a record high. According to SensorTower data, in June 2021, “Glory of the King” was the world’s highest-paid mobile game, with a monthly revenue of US$277 million, with an average daily income of about US$9.2 million. Axie Infinity’s single-day income on July 28 exceeded King’s glory twice. .

▌State Street Bank will begin to provide crypto services to its private fund clients

According to Bloomberg News, State Street Bank is preparing to provide encryption services to its private customers. The company will become a partner with Lukka Inc., which will provide encryption software for its fund management services and will provide data support for the fund’s valuation services. It is reported that State Street Bank manages more than US$40 trillion in assets and is one of the largest custodians in the world. In early June news, State Street Bank established a new digital financial department, State Street Digital, which will be led by Nadine Chakar, executive vice president of State Street Bank, focusing on cryptocurrency, central bank digital currency, blockchain, DeFi and other fields.

Area. The United States topped the list with 21,161 locations, followed by Canada with 1,698 locations and the United Kingdom with 174 locations.

▌Survey: 43% of Singaporeans own cryptocurrency

According to a new survey conducted by the Independent Reserve, an Asia-Pacific cryptocurrency exchange, the adoption rate of cryptocurrencies in Singapore is growing, especially among the younger generation who want to take advantage of the intergenerational wealth potential of Bitcoin (BTC) and other digital assets. IRCI results show that 43% of respondents said they own cryptocurrency, and 46% plan to purchase digital assets in the next 12 months. Among the respondents in the 26 to 45 age group, two-thirds (66%) said they own cryptocurrency. 93% of respondents said they have heard of Bitcoin. Nearly 40% of respondents described BTC as an “investment asset” and 25% described it as a “store of value” or “digital gold.” Among the 26 to 35-year-olds, three-quarters said they believe that cryptocurrencies will be widely accepted by individuals and businesses.

▌Tether announces the launch of the Euro stablecoin EURt on Curve

On July 30, Tether’s official Twitter revealed that Tether announced the launch of the Euro stablecoin EURt on Curve.

▌Visa Q3 financial report: cryptocurrency purchases stimulated 56% growth in online consumption

Visa released its third-quarter earnings report on Tuesday, and the company’s revenue and earnings per share both exceeded analyst expectations. Bloomberg pointed out that this is the result of the recovery of the global tourism industry, a large number of economic stimulus checks, and the cryptocurrency boom. The financial report shows that as a key indicator of Visa’s business, overseas consumption has soared 47% year-on-year in the third quarter. And if the proportion of travel consumption is removed, the year-on-year growth rate of online cross-border consumption is as high as 56%, an increase of 12% compared with Q2. And it is worth mentioning that most of them come from the purchase of cryptocurrency. With most parts of the world in a tightly sealed state, cryptocurrency consumption drove the overall transaction volume of Visa cards in the third quarter to soar by 34% year-on-year to US$2.72 trillion, while Bloomberg analysts had previously expected US$2.57 trillion. However, the company’s CFO Vasant Prabhu issued a warning that the company has noticed a slowdown in the purchase of cryptocurrencies. Even at the current stage of slow recovery in cross-border tourism, this will drag down the subsequent growth of cross-border consumption. Vasant Prabhu said: “Especially in April and May, the business of buying cryptocurrency has grown considerably, but it has already started to fall back in June.”

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/newsweek%ef%bd%9cpaypal-will-launch-an-application-wallet-with-cryptocurrency-function/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Leave a Reply