Paxos Launches Settlement Platform for Equity Securities After SEC Relief

Paxos Trust Company announced today that it is set to introduce its Paxos Settlement Service for a number of United States-listed equity securities. In an Oct. 28 press release, digital asset trust company Paxos stated that it is moving forward with the launch of its blockchain-based settlement platform, having received no-action relief from the U.S.…

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Alipay Denounces Bitcoin OTC Trading: Regulatory ‘Gray Area’ in China

Earlier in October 2019, Binance announced a fiat on-ramp for crypto trading via Chinese payment services Alipay and WeChat. This move was part of the exchange giant’s peer-to-peer (P2P) trading rollout for Bitcoin (BTC), Ether (ETH) and Tether (USDT) against the Chinese yuan. The public nature of this announcement did bring questions to the fore regarding…

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Stablecoins Backed by Precious Metals — How Do They Work?

Cryptocurrencies are constantly subject to exchange rate fluctuations and are characterized by high price volatility. For making crypto money more useful and more stable, a special type was created: stablecoins. Related: Stablecoins, Explained Stablecoin is a cryptocurrency whose value is tied to some valuable asset. This asset could be fiat money, precious metals like gold…

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Ex-Fed Official: Ending US Dollar Dominance for Crypto Makes No Sense

Ex-United States Federal Reserve official Simon Potter has said that proposals to end the U.S. dollar’s dominance by replacing it with a digital currency make no sense. Central banks unlikely to coordinate Last month, Governor of the Bank of England Mark Carney suggested ending the U.S. dollar’s dominance by replacing it with a digital currency, such as…

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BUSD — Binance and Paxos Stablecoin Latest to Get US Regulator Consent

Over the course of the past few weeks, the global cryptocurrency community bore witness to two major announcements related to stablecoins — with the first being the launch of Paxos’s gold-backed Ethereum token, PAX Gold (PAXG), and the other being the release of Binance’s cryptocoin backed by the United States dollar (BUSD).  Paxos, a global…

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German Gov’t Speaks Against Approval of Facebook’s Libra in Europe

The government of Germany has spoken against the authorization of the development of Facebook’s forthcoming Libra stablecoin in the European Union. As German weekly news magazine Spiegel reported on Sept. 13, the Christian Democratic Union (CDU) parliamentarian Thomas Heilmann — who is responsible for the blockchain policy of the CDU and Christian Social Union in…

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Report: Libra Stablecoin Tied to Major Currencies, Maybe Not Yuan

Social media giant Facebook, which is currently trying to get regulatory approval for its Libra stablecoin project, reportedly shared details regarding the project’s proposed backing reserves. According to a report by Bloomberg on Sept. 9, Facebook told United States senators about the backing reserves for the stablecoin — a type of cryptocurrency valued by a…

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P2P Crypto Lending Is on the Rise

As peer-to-peer cash, it only seems logical that cryptocurrency should be deployed for P2P lending. While that application has taken time to materialize, bitcoin and other crypto assets are now increasingly fulfilling that purpose. Across the BTC, BCH and ETH networks, credit is being supplied to ordinary citizens while bypassing its traditional gatekeepers, usurping the…

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