Top Blockchain and Crypto News — 11/03/2020
PayPal’s digital currency service launching by November 23rd
During PayPal’s Q3 earnings call on November 2nd, PayPal CEO Daniel Schulman gave several updates regarding PayPal’s digital currency service offering.
Schulman also announced that PayPal is increasing its weekly purchasing limit from $10,000 to $15,000, the waiting list to use the new service is 2–3 times larger than PayPal was expecting demand to be, and the individuals who already have access to the service typically check their PayPal digital currency wallet multiple times a day.
Will PayPal’s offering increase utility? “I think that our platform with its digital wallets and the scale that we have right now can help shape the utility of those currencies that can range from interoperability between wallets, between the currencies themselves, and importantly into our network of merchants for commerce,” said Schulman during the earnings call.
“What I’m really excited about is what we’re going to introduce next year, which is, I think going to dramatically increase the utility of cryptocurrencies by enabling somebody who holds a cryptocurrency in a PayPal account to instantaneously transfer that crypto into fiat currency at a set rate.” Many digital currencies have no utility, but PayPal believes that its service offering-especially the features they roll out in 2021 that allows merchants to accept digital currency but receive the payment in fiat-will give many digital currencies utility.
Huobi users Panic after rumors of Cheif Operations Officer’s arrest surface
The cryptocurrency space has been speculating lately regarding huge amounts of Tether that had been deposited into popular crypto exchange Huobi, followed by withdrawals of significant amounts of BTC during the same time period.
“We have become aware of rumors within our community about the arrest of a Huobi senior executive by local officials. We can share with confidence that these rumors are false. All of Huobi’s management team members have been accounted for and have not been detained or arrested,” the exchange said in a statement.
The statements from the exchange did not seem to have had any effect on the market as the platform’s native token Huobi Token took a hit and is down more than 13% over the past 24 hours.
Last month, crypto exchange OKEx suspended all crypto withdrawals on the platform and soon announced that its founder Stax Xu had been under investigation for weeks.
Binance Shares Details of How It Will Handle Bitcoin Cash Hard Fork
Bitcoin Cash fork is expected to happen on Nov. 15, and Binance has published a blog post with details on how it is going to handle this event that is very important for the BCH community.
The approaching hard fork on Nov. 15
According to the blog post, the chain split will take place between Bitcoin Cash ABC and Bitcoin Cash Node — two major BCH clients.
The operation is expected to result in the appearance of a new coin. However, no new token may appear, and Binance has published two expected scenarios as to what might happen as a result of the hard fork.
Tether Performs Major Chain Swap of USDT from Tron to Ethereum
2020, Tether coordinated two chain swaps with an unnamed exchange that saw more than $1 bln USDT leave the Tron blockchain for Ethereum.
The latest chain swap would be the third massive transfer of Tether from TRON to ETH. Tether’s transparency page, now confirms that ETH reserves on the platform have swelled to $11 bln, with Tron coming in second with $4.7 bln.
Tether Chain Swap Comes Amid Tron Hack Interestingly, the latest chain swap comes just a day after an attacker executed malicious transactions on the TRON network during a routine upgrade.
Tether’s decision to ship large amounts of USDT away from the platform proves that the ETH network is gradually winning the dominance war against Tron.
Huawei’s New Smartphone to Support Digital Yuan
The digital yuan seems ready to launch as Chinese multinational tech company Huawei disclosed that its new smartphone will have a built-in wallet for the digital yuan.
In addition to its integrated digital yuan hardware wallet feature, the smartphone boasts other unique features.
China digital Yuan to launch soon With the new Huawei initiative, all indications suggest that the Chinese digital yuan is close to its launch.
Notably, the People’s Bank of China, in line with its mission to unveil a central bank digital currency, recently disclosed a draft law to regulate the digital yuan.
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