Blockchain and Cryptocurrency News Roundup

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  • July 21, 2020
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21 July 2020.

Dive into a short summary of some of the biggest headlines in Crypto this week. PayPal wants to bring crypto to their clients, Mastercard has a new principal member, Stablecoins are on the rise again and South Korean governments tinker with Blockchain. 

Paxos to Supply PayPal Crypto Services 

“PayPal, the fintech giant planning to bring crypto trading to its massive user base, has chosen Paxos to handle the new service’s supply of digital assets, according to two people familiar with the matter. It’s a plum assignment for New York-based Paxos, which last week launched Paxos Crypto Brokerage and announced its first customer in Revolut US, the American division of the U.K.-based fintech firm that offers bitcoin trading. A formal announcement of the PayPal relationship could come as soon as this week, one source said. The offering would make PayPal one of the most prominent mainstream companies to offer cryptocurrency purchases, joining fellow publicly-traded payments provider Square and unicorn stock brokerage Robinhood. It is not clear exactly which cryptocurrencies PayPal intends to offer. Paxos declined to comment for this story. PayPal did not return requests for comment by press time. CoinDesk broke the news of PayPal’s crypto plans on June 22”


Wirex Becomes Mastercard Principal Member 

“Wirex announced our partnership with Mastercard, as we become the first cryptocurrency-native platform to secure Mastercard principal membership. The news further solidifies our vision to bring cryptocurrency to the mainstream with the support of Mastercard, the renowned global payment technology company, by giving Wirex additional functionality and control. What is Mastercard’s Principal Membership? Principal membership will enable Wirex to issue payment cards directly, offering even more convenience, reduced costs and faster transactions on a platform that is striving to make all currencies equal. The partnership gives Wirex the opportunity to continue improving its cutting-edge services, offering customers the ability to instantly buy, hold, exchange and spend multiple traditional and cryptocurrencies at the best in-market rates, within one platform.”


Stablecoin Monetary Base Hits $12 Billion

“What Q2 2020 made clear is that the previous quarter’s growth was not just due to a flight to cash spurred by the initial financial markets turmoil around the coronavirus pandemic,” he noted. “Instead it is that stablecoins, in some respects, offer a superior payments and savings solution.” But booming stablecoin demand doesn’t just dovetail with COVID. Stablecoin use also correlates with the rise of decentralized finance. Watkins rattled off a list of Q2 DeFi developments: decentralized exchange volumes sometimes hit $500 million a week, Compound’s liquidity mining program led to $800 million in outstanding loans, and more than $2 billion in value was locked up in DeFi tokens. Oh, and the prices of those tokens went up.” 


South Korea Launches Government Subsidies Via Blockchain

“Today Kyungsoo Kim, governor of South Gyeongsang in the southeastern corner of South Korea announced the introduction of a blockchain-based government subsidies platform. The development of the platform is part of the Blockchain Consulting Support Project organized by the Ministry of Science and ICT. The new blockchain-based support fund operation platform aims to convert support fund services provided by the provincial government and area municipal governments from offline to mobile/online operations. The platform will also offer fair and transparent transactions due to the use of blockchain technology. Key primary uses for the system will be to speed up subsidy issuance for AI-based companies and those using smart contracts in order to receive mobile subsidies cards and use electronic wallets. The platform will also share data on illegal use of subsidies between institutions in real time rather than after investigations which can be lengthy and costly for tax payers.”


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