Stablecoins are a controversial topic in the crypto sector. Questioning the legitimacy and support of Tether (USDT) is a right of passage for many entering the cryptocurrency market for the first time. The collapse of the Terra ecosystem left little doubt that algorithmic stablecoins have no future beyond Do Kwon’s fantasies. Pesky regulators keep digging into dollar-linked assets to set stricter rules on their use.
But, if you look past all the fear, uncertainty, and doubt (FUD), stablecoins are providing liquidity to millions of people who don’t have access to dollars due to capital controls or sanctions, or because hyperinflation is raging. devaluing their local currency. This week’s Crypto Biz newsletter looks at the role of stablecoins in driving e-commerce. We also do some research on our own to see if a major payment platform is preparing its own stable asset.
Checkout.com Launches 24/7 Stablecoin Settlement in Partnership with Fireblocks
If cryptocurrencies become widely successful as a payment system, stablecoins will likely play a significant role. This week, global payment processor Checkout.com announced that it was launching a new stablecoin settlement system focused on Circle’s USD coin (USDC). Now, merchants using Checkout.com will be able to receive payments in USDC and convert them to fiat instantly. It turns out that Checkout.com has already settled over $300 million worth of USDC transactions during its beta testing phase. Regardless of what one thinks of them, stablecoins still offer real-world utility.
Crypto.com’s Cronos Launches $100M Accelerator for DeFi and Web 3.0 Projects
On Tuesday, digital asset exchange Crypto.com announced that its blockchain ecosystem Cronos had launched a $100 million accelerator program to accelerate decentralized finance, Web3, and metaverse projects. The new fund aims to help emerging cryptocurrency projects gain seed and pre-seed investment as they get their concepts and business models off the ground. You may have heard that cryptocurrency venture capital funding has slowed down a bit from its breakneck pace. That may be true, but 2022 is already shaping up to be a record year for venture capital funding, and we’re not even halfway there.
FTX Won’t Freeze Hiring Amid Layoffs At Other Crypto Firms, Says CEO
The bear market has been brutal for crypto exchanges and other blockchain-focused businesses. Amid harrowing stories of people taking jobs at Coinbase only to have their offers rescinded due to a hiring freeze, derivatives exchange FTX clarified this week that its human resources department will continue to add staff. CEO Sam Bankman-Fried explained that his exchanges will “continue to grow” despite the so-called crypto winter. In fact, the CEO said that he has no plans to downsize. “We’re going to keep moving forward,” he tweeted. Maybe it’s time to consider a career in crypto derivatives?
12) And because we hired carefully, we can keep growing regardless of market conditions.
Because we exponentially scaled our revenue and productivity, not our expenses.
But more importantly, because each person we add takes on a huge opportunity, and a huge responsibility.
— SBF (@SBF_FTX) June 6, 2022
And because we hire carefully, we can continue to grow regardless of market conditions.
Because we exponentially increase our income and productivity, not our expenses.
But more importantly, because each person we add takes on a huge opportunity, and a huge responsibility.
PayPal allows the transfer of digital currencies to external wallets
When PayPal launched its cryptocurrency services in October 2020, the company provided a huge market catalyst by sucking in the available supply of newly minted Bitcoin (BTC). Now, finally, the global payment provider is allowing users to natively transfer, send, and receive crypto between PayPal and third-party wallets and exchanges. Of course, the service is currently only available to US residents. You may also be intrigued to learn that PayPal is still actively exploring creating its own stablecoin — at least, according to the source code for the company’s iPhone app.
Before you go, can the merger save Ethereum from the ETH killers?
The success of Ethereum 2.0 has a lot at stake. In this week’s Market Report, I sat down with fellow analysts Jordan Finneseth, Marcel Pechman, and Benton Yuan to explain what exactly Eth2 entails, and whether competitors like Solana, BNB, Cardano, and Avalanche can really dethrone Ethereum as the largest contract platform. smart. What do you think? Do they have a chance? Watch the debate replay below and let us know what you think. Crypto Biz is your weekly pulse of the businesses behind blockchain and cryptocurrencies delivered straight to your inbox every Thursday.
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