Category: Exchanges

Top US Crypto Exchange Coinbase Adds PayPal’s Dollar-Backed Stablecoin PYUSD to Listing Roadmap

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Coinbase has placed PayPal’s new stablecoin on its listing roadmap, meaning the exchange’s users could soon trade the digital asset. The stablecoin, called PayPal USD (PYUSD), aims to maintain a 1:1 peg with the US dollar and is built on Ethereum (ETH). PayPal unveiled the asset earlier this month and said it is “backed by secure and highly liquid assets.” The payment giant’s customers can buy and sell PYUSD through the PayPal app and website and convert it to other crypto assets like Bitcoin (BTC). The blockchain-focused firm Paxos Trust…

Top US Crypto Exchange Coinbase Says It Will Axe Trading Support for Multichain (MULTI) and Five Other Altcoins

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Leading US-based cryptocurrency exchange Coinbase will suspend trading for the crypto asset of the bridging platform Multichain (MULTI) effective September 6th. The decision comes after Multichain advised its users to stop using its services. Earlier this year, the protocol announced that its team members couldn’t find the project’s CEO, Zhao Jun, amid technical issues. “The team has done everything possible to maintain the protocol running, but we are currently unable to contact CEO Zhaojun and obtain the necessary server access for maintenance.” Cybersecurity firm PeckShield also revealed last month that…

U.S. Crypto Tax Proposal Lets Miners off the Hook, Snares ‘Some’ Decentralized Exchanges

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The Treasury Department published a nearly 300-page proposed rule on Friday in response to the 2021 Infrastructure Investment and Jobs Act saying centralized crypto exchanges, payment processors, some hosted wallet providers, some decentralized exchanges and people or entities that redeem crypto tokens they created will be bound to those reporting obligations. Moreover, Treasury unveiled a new custom tax form – the 1099-DA – that these brokers can file, resolving longstanding confusion over whether different versions of the U.S. tax form make the most sense for taxpayers. Source

Australian exchange enlists PayPal as banks ‘close ranks’ against crypto

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The CEO of Australian crypto exchange Independent Reserve says it has turned to payments giant PayPal to hedge against increasing bank restrictions against crypto exchange payments. The exchange has partnered with PayPal to enable an on-ramp that will give Independent Reserve’s customers the ability to fund their crypto accounts directly with fiat from their PayPal wallet as well as using PayPal to withdraw funds from the crypto exchange. Speaking to Cointelegraph, Independent Reserve CEO Adrian Przelozny said the new partnership offered Australian crypto investors extra choice, and also mitigates the…

Crypto Exchange Backed by Fidelity, Citadel and Charles Schwab Set To Use Anchorage Digital As Custodian

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A new crypto exchange supported by the world’s biggest financial institutions is tapping into the digital asset management services of the crypto platform Anchorage Digital. In a statement, EDX Markets (EDX) says Anchorage Digital will be the custody provider of its clearinghouse arm, EDX Clearing, which is set to launch later this year. EDX CEO Jamil Nazarali says the decision to partner with the San Francisco-headquartered digital custodian takes into account that Anchorage Digital’s crypto-native bank has a banking charter from the Office of the Comptroller of the Currency (OCC),…

Embattled Crypto Exchange FTX Hires Billionaire Mike Novogratz’s Galaxy Digital To Manage Recovered Crypto

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Troubled crypto exchange FTX is hiring a prominent crypto asset management firm to handle its recovered digital assets. In a new court filing, the bankrupt crypto exchange is seeking authorization for billionaire Mike Novogratz’s Galaxy Digital to take over the management of its recovered virtual currencies as a part of its restructuring process. “The Debtors seek authorization for FTX Trading Ltd. to enter into an Investment Services Agreement with Galaxy Digital Capital Management and to perform its obligations thereunder. The Debtors selected Galaxy Asset Management as an investment adviser based…

Is this exchange the next FTX?

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The blockchain industry has been revolutionary, to say the least. In the last three years, the crypto market has affected and changed lives positively — mine included. And this is why I am a massive advocate of cryptocurrencies and their power to give anyone financial freedom. Perhaps that is why MicroStrategy CEO Michael Saylor’s quote calling Bitcoin (BTC) “digital gold” resonates with me.  As an industry still in its nascent stages, I have had my fair share of unfortunate events happen to me, but none as bad as what I’ve…

Nigerian crypto exchange’s token launch draws scrutiny

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Patricia, a Nigerian cryptocurrency exchange, has revealed the introduction of its own native token named Patricia token (PTK). However, this launch has generated more doubt than applause within the local cryptocurrency community. Native tokens are digital assets that are specific to a particular blockchain platform or cryptocurrency exchange. They are created and issued directly by the platform or exchange itself. Examples of native tokens include Binance Coin (BNB) on the Binance exchange, Ether (ETH) on the Ethereum network, and SOL on the Solana blockchain. In the official communication on X…

Coinbase Invests in USDC Issuer Circle, Says Crypto Exchange Is Committed to Long-Term Success of Stablecoins

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Top US crypto exchange by trading volume Coinbase is investing in the USD Coin (USDC) stablecoin issuer Circle. Coinbase and Circle co-created USDC in 2018 and have jointly managed the asset, which aims to maintain a peg to the US dollar, through the Centre Consortium. In a new announcement, however, Coinbase chief executive Brian Armstrong and Circle CEO Jeremy Allaire say that Circle will now bring all of USDC’s governance and operations responsibilities in-house. Explain the CEOs, “The new structure will streamline the operations and governance, and enhance the direct accountability…