Cryptocurrency continues to rock global headlines in various fashions this week. In this edition of Crypto NFT Today, we cover the latest sweeping news across the industry, including PayPal’s latest crypto feature rollout, Jamaica’s newly launched digital currency, and a newly introduced bill by U.S. Senators, among other exciting topics.
Alchemy, Ava Labs, Chainalysis, Circle, Fireblocks, FTX, OpenSea, Paxos, and TRM Labs are the first crypto firms to appear in Forbes’ Fintech 50 list.
These nine crypto-focused firms have collectively raised $6.5 billion in venture capital. FTX and OpenSea raised the most out of the lot. FTX found $1.5 billion in private funding, while OpenSea found itself amid a $13.3 billion evaluation. Despite an industry downturn climbing through the first half of 2022, these players continue steady growth as they approach a bear market and crypto winter.
On Tuesday, June 7th, a pair of bipartisan U.S. senators, Republican Senator Cynthia Lummis and Democratic Senator Kirsten Gillibrand, unveiled a bill that could be a great starting point to lay the general groundwork for cryptocurrency legislation moving forward.
One of the most notable recommended changes in the bill would require new rules for “stablecoins,” revolving mainly around the latest meltdown of TerraUSD.
With the midterm elections hovering in the next few months, this bill is unlikely to see its way into law. But hopefully, by the end of 2022, the U.S. will have a more explicit stance on digital assets.
After initially allowing account holders to buy, sell, and hold bitcoin, Ethereum, bitcoin cash, and litecoin in October 2022, PayPal has officially notified its users that they now allow transfers of bitcoin, among other cryptocurrencies, to external wallets.
This update shouldn’t surprise you either. Dan Schulman, CEO of Bitcoin, has formerly shared a positive view of the cryptocurrency industry. He cited crypto specifically, claiming it will inevitably “redefine the financial world going forward.” PayPal will continue pursuing more significant opportunities within crypto, web3, and NFTs spaces.
On Tuesday, U.K.’s Finance Ministry announced that it would begin testing blockchain technology to streamline trading for traditional market assets such as the settlement of stocks and bonds. This move is bold and defines U.K.’s initial stance on cryptocurrency as they move into competition with Dubai and UAE to become the global hub for crypto tech.
After recent approval from legislators, The Bank of Jamaica is currently preparing to issue a national digital currency for the first time in its history.
This move comes as no surprise after Jamaica released an eight-month pilot program last year testing digital currency. One of the biggest motivators for Jamaica to launch a digital version of the dollar is to make finances more available to those on the island. Nearly 3-million of its citizens don’t hold financial assets with banking institutions.
The new Jamaica digital asset will hold a fixed value at a one-to-one rate.
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