Read in the Digest:
- PayPal (NASDAQ:PYPL) finally allows users to transfer crypto to external wallets.
- Citadel Securities is building a crypto trading ecosystem with Virtu.
- Solana Foundation pledges $100 million to support Web 3.0 projects in South Korea.
- Chainlink updates staking roadmap – LINK surges to 4-week high.
PayPal Finally Allows Users to Transfer Crypto to External Wallets
PayPal has announced that users can now transfer their digital assets from the platform to external wallets and exchanges. The announcement comes nearly two years after PayPal’s first involvement with cryptocurrencies.
Paypal’s Jose Fernandez da Ponte revealed that the feature was the most demanded by users.
The feature now enables PayPal users to transfer supported crypto with no fees or network charges. However, they will be charged fees when sending crypto to external blockchain networks.
The feature was initially launched for select U.S. users starting on Tuesday, June 7th, however, Paypal revealed that the feature will be rolled out to all eligible U.S. customers ‘in the coming weeks.’
Flipsider:
- The feature’s announcement comes swiftly after PayPal Holdings converted its New York Department of Financial Services approved conditional virtual currency license into a full-fledged “BitLicense”.
Why You Should Care
The move makes PayPal the world’s largest blockchain-enabled consumer digital wallet, with over 429 million accounts.
Citadel Securities is Building a Crypto Trading Ecosystem with Virtu
Citadel Securities and Virtu Financial (NASDAQ:VIRT) Inc. are partnering to build a cryptocurrency trading “ecosystem” that will enable retail brokerages to offer crypto-executions to customers.
According to insider information, the assortment of backers behind the project includes venture capital firms Sequoia Capital and Paradigm, as well as a number of other wealth managers, market makers, and retail brokerages.
It was further stated that the firms were developing a crypto offering in association from Fidelity Investments and Charles Schwab (NYSE:SCHW) Corp in order to widen venture capitalists’ access to digital assets.
In a statement, Schwab noted that they will “consider introducing direct access to cryptocurrencies when there is further regulatory clarity.” Reports claim that the product, which is still in its early development phase, could be available later this year, or in early 2023.
Flipsider:
- A16z and Coinbase (NASDAQ:COIN) executives have shown their support for new crypto VC fund Canonical.
Why You Should Care
The crypto ecosystem aims to provide more efficient access to deep pools of liquidity for digital assets.
Binance.US Launches Crypto Staking Product for Solana and Avalanche Users
Binance.US, the American branch of the world’s largest cryptocurrency exchange by market cap, has launched a new high-yield staking service. Users will now be able to earn rewards by staking crypto on the platform.
The new staking product offered by Binance.US features seven Proof of Stake (PoS) tokens: Binance Coin (BNB), Solana (SOL), Avalanche (AVAX), Cosmos (ATOM), The Graph (GRT), Livepeer (LPT), and Audius (AUDIO).
Binance.US staking will enable customers to automatically re-stake the rewards received on a weekly basis, ensuring high APY through compounding.
Binance.US users can now stake these seven tokens to earn an annual percentage yield (APY) of up to 18%, the highest rate among U.S. crypto firms. Binance further revealed that it plans to add integrations for other PoS cryptos soon.
Flipsider:
- The U.S. Securities and Exchange Commission (SEC) is investigating whether Binance Holdings broke securities rules when launching its BNB token in 2017.
Why You Should Care
The new product will allow Binance.US to compete against the competitive returns and usability of Coinbase and Gemini.
Solana Foundation Pledges $100 Million to Support Web 3.0 Projects in South Korea
Solana Ventures and the Solana Foundation have outlined plans to invest $100 million into the growth of nonfungible token (NFT), virtual gaming, and decentralized finance (DeFi) projects in South Korea.
The fund will be backed by capital from the Solana community treasury, along with the venture arm’s pool of capital. The $100 million fund will be allocated as investments and grants “across all Web 3.0 verticals.”
With a good portion of South Korea’s gaming industry moving into the Web 3.0 space, Solana is positioning to play a major role in its development. Notably, Solana has gone on record as placing particular emphasis on the development of South Korea’s gaming sector.
In part of its move the into South Korean market, which is still reeling from the crash of Terra, the Solana Foundation has pledged a portion of the funds towards the preservation of some Terra-based projects.
Flipsider:
- Companies wanting to launch blockchain-based games could face hinderances from South Korean law, which forbids games from providing monetary rewards, crypto included.
Why You Should Care
Solana believes that launching “high-quality and fun games” on the Solana blockchain in the second half of 2022 can help alter South Korea’s perception of P2E games.
Chainlink Updates Staking Roadmap – LINK Surges to 4-Week High
Chainlink’s native token (LINK) has been one of today’s top-performing crypto, gaining 12% in value after the Chainlink Team announced the launch of a staking feature in the second half of 2022.
On June 7th, 2022, the Chainlink team published documentation titled “Long-Term Goals, Roadmap, and Initial Implementation,” outlining the project’s four goals and further development stages.
The goals are to:
- Increase the security and user assurances of Chainlink oracle services.
- Encourage community participation.
- Generate sustainable rewards for long-term use of staking.
- Empower node operators to access higher-value jobs through staking.
The 24 hour price chart for Chainlink (LINK). Source: CoinMarketCap
Flipsider:
- Later this month, Chainlink plans to launch its oracles on the Solana blockchain.
Why You Should Care
By creating passive income opportunities via staking, Chainlink (LINK) is aiming to see increased usage that could drive its price even higher.
