Cryptocurrency
U.S customers can now buy Cryptos with Paypal
The American payment juggernaut PayPal’s is now allowing U.S residents to purchase, sell, and keep cryptos.
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The American payment juggernaut PayPal is now allowing U.S residents to purchase, sell, and keep cryptos in a report credited to FxStreet.
What you must know: Although the crypto service PayPal was set to launch in early 2021, however, based on high demand and sign-ups to such service PayPal has decided to allow eligible U.S. PayPal clients to buy, sell and hold cryptos.
A PayPal spokesperson stated:
Due to the initial demand from our customers, we’ve also increased our weekly cryptocurrency purchase limit from $10K/week to $20K/week.
What you should know: A few weeks ago, Nairametrics disclosed PayPal’s plan to provide its users the opportunity to buy, hold, and sell cryptos directly from their PayPal account by early next year.
It hinted at a strategy to significantly boost its crypto’s utility capability by making it readily available as a funding source for purchases by its 26 million clients globally.
What they are saying: PayPal CEO, Dan Schulman, disclosed its clients are signing up to be the first to use the company’s crypto services at an alarming rate. PayPal has started to permit 10% of its customer base to buy, sell, and hold Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
Schulman said, “We’re going to take up our $10,000 limit per day to $15,000 per day, based on the demand that we’re seeing and we’ll roll out to 100% in the U.S. in the next two to three weeks. We’re beginning to already see some halo effects that go on with that.
“But 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 step rate. So, volatility is taken out of the equation, with no incremental fees charged for them to do that transaction from crypto into fiat.’
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Cryptocurrency
Ripple opens last billion XRP for 2020, worth over $662 million
Ripple, a few hours ago unlocked 1 billion XRP, worth about $662 million, from an escrow account.
Fast-rising crypto and presently the third most valuable by market value, unlocked 1 billion XRP worth about $662 million from an escrow account a few hours ago.
Whale Alert, an advanced crypto tracker, monitored these large crypto movements, which occurred in two different 500 million XRP transactions in real-time.
Ripple opened 500,000,000 XRP (331,666,216 USD) from escrow at Ripple Escrow wallet.
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (331,666,216 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) December 1, 2020
It also opened another 500,000,000 XRP (330,070,551 USD) from escrow at Ripple Escrow wallet.
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (330,070,551 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) December 1, 2020
Ripple had earlier set up a strategy where it released 1 billion XRP monthly for sale, for the purpose of funding its company operations, and to invest in start-ups of interest, with the rest kept back in the escrow accounts.
What you should know
Ripple (XRP) plays dual roles as a payment platform and a currency. It is an open-source platform that was created to allow quick and cheap transactions.
- Ripple has gained the attention of major global banks such as Bank of America, Santander, Standard Chartered, and Barclays for international transactions worldwide.
- It is following hard on the heels of its arch-rival and traditional banking payment system, SWIFT, with its fast-rising payment network, better known as Ripplenet.
What this means
In simple terms, the implication of this is more liquidity in the Ripple network, as more investors will now have access to those XRP.
Cryptocurrency
U.S investment giant, with $295 billion assets plans to buy Bitcoin
Wall Street giant that has about $295 billion assets under management is seeking permission for one of its funds to take a substantial stake in Bitcoin.
Global investment powerhouse, Guggenheim Partners is getting ready to invest about $500 million dollars into the flagship crypto asset, Bitcoin.
According to its recent filing with the US Securities and Exchange Commission (SEC), the Wall Street giant has about $295 billion assets under management is seeking permission for one of its funds to take a substantial stake in the Grayscale Bitcoin Trust (GBTC).
READ: Investment bank with over $35 billion assets plans investing in bitcoin
“The Guggenheim Macro Opportunities Fund may seek investment exposure to Bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust. To the extent the Fund invests in GBTC, it will do so through the Subsidiary. Except for its investment in GBTC, the Fund will not invest, directly or indirectly, in cryptocurrencies,” the report said.
READ: World biggest crypto hedge fund: Grayscale Crypto holdings now $9.8 billion
What you should know
The Investment giant, Guggenheim Partners provides services such as investment banking, broker-dealer services in capital markets, and asset management, It has more than $295 billion under its asset management. The elite investment bank is primarily known for its solid investments returns in entertainment and media firms
The investment company, However, spoke on the risks associated in investing such assets, as it took into consideration the very high volatility it often exhibits when compared to other financial instruments, meaning such attributes could result in huge losses for the company.
READ: CardinalStone’s Debut Commercial Paper Issuance records 148% subscription
“The price of Bitcoin could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence in the Bitcoin network, or a change in user preference to competing cryptocurrencies. The Fund’s exposure to cryptocurrency can result in substantial losses to the Fund.”
Bottom-line: With a blurry global outlook gradually becoming a daily norm, institutional funds around the globe have been trooping in droves to have a stake in crypto assets, particularly Bitcoin which all have been outperforming other financial assets in 2020.
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Levi
November 12, 2020 at 8:47 pm
But one can not withdraw d fund to other external crypto wallet right?
chris singer
November 13, 2020 at 2:44 am
Ya I noticed that. You can’t send crypto out of PayPal. Maybe next year we’ll be able to.