Blockchain Bites: PayPals Play, Modes Bitcoin Buy, CoinDesks Most Influential Needs Your Vote

Thursday 22 October 2020, 2:31 AM AEST - 1 month ago

screen-shot-2020-10-21-at-11-37-34-am(Manny Becerra/Unsplash, modified by CoinDesk)

PayPal merchants will soon accept crypto payments as part of a major push into the virtual currency marketplace. The Bahamian central bank unveiled the worlds first CBDC. Kik and the SEC are nearing an end to a yearlong court battle over its $100 million initial coin offering (ICO). Heres everything people are talking about in crypto today.

PayPals play
PayPal will be offering trading and transaction of bitcoin, bitcoin cash, ether and litecoin in the next few weeks to its 346 million customers and 26 million merchants through a partnership with Paxos Trust Company, although for some users, the features are already available. The New York State Department of Financial Services (DFS) has granted the first conditional BitLicense to PayPal, a regulatory arrangement where interested companies can operate in the states virtual currency marketplace by working with already chartered firms. DFS will continue to encourage and support financial service providers to operate, grow, remain and expand in New York and work with innovators to enable them to germinate and test their ideas, the watchdog said. Many in the industry see this as a year-defining event that could rapidly expand cryptos pool of potential users. Others take umbrage that the payments firm will not initially allow users to transfer crypto outside of the PayPal network. You own the cryptocurrency you buy on PayPal but will not be provided with a private key, the company wrote in a help post.

Another allocation
Mode Global Holdings, a London Stock Exchange-listed company, has announced plans to make a significant purchase of bitcoin as part of its treasury investment strategy. The fintech group said it will convert up to 10% of its cash rese ...

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