It’s no longer news that the world’s payment juggernaut, Paypal is allowing its users buy and sell cryptos
What is news now is that PayPal has linked up with the crypto exchange and stablecoin issuer, Paxos Trust Company to allow its millions of users in the US to purchase, sell and store Ethereum (ETH), Bitcoin Cash (BCH) Bitcoin (BTC), and Litecoin (LTC).
What this means: In a recent interview on Unchained Podcast, Paxos CEO and co-founder Charles Cascarilla disclosed reasons why for now the payment juggernaut, PayPal can only trade with such cryptos.
“That’s what [PayPal was] looking for and that’s what we had. We actually have the authority to be able to custody and trade additional tokens. We have Pax Gold, which is one of our tokens. We have Pax dollars. So there are other products that we have that weren’t included in the crypto brokers launch. But in terms of pure cryptocurrencies, those are the four that we have that we’re listing on our exchange and really providing custody for.
“For instance, Bitcoin, Bitcoin Cash, as a result, Litecoin, which are very similar, and Ethereum have essentially been grandfathered in by the SEC, Bitcoin explicitly and Ethereum explicitly. And once you start getting away from these top four, there are always a few questions around them. Not just for us, but for the industry in general. So that’s something we need to be sensitive about.”
Recall Nairametrics, a few days ago reported that PayPal is now allowing U.S residents to purchase, sell, and keep cryptos. 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.”
List of unpopular Cryptos likely to outperform
Tyler Swope has tipped some pretty unknown crypto assets of likely doing very well, amid the recent price correction.
Despite the recent consolidation in crypto assets, a top crypto strategist trader, Tyler Swope has tipped some pretty unknown crypto assets of likely doing very well, amid the recent price correction that seems to be pausing the bullish momentum.
The crypto trader told his 201, 000 followers on Youtube that he was recommending decentralized finance (DeFi) platform Bao Finance (BAO).
He went on by giving his bias it on the fact that the unknown crypto asset was making progress while settling down from its initial hype stage;
“The xDai pools are deployed, a few minor bugs, but as we can see from the Baoman’s mouth: ‘Block rewards were pushed back one more day but the farms are working and stable. User deposits can start now.’ Yes, the crops are ready to be farmed on xDai. They are moving exactly as planned,” Swope said.
The top influencer further hinted that the crypto-asset could be used as collateral for spot trading on the FTX crypto exchange.
The other crypto asset on the experts’ list includes Deus Finance (DEUS), which is created in allowing users to trade conventional investments asset like equities and commodities directly on Ethereum.
“Deus is officially launching its decentralized trading platform in the next 48 hours. You will be able to trade hundreds of stocks, forex, and selected cryptos on xDai without time restriction,” he stated.
The crypto asset on Swope’s radar is DeFi platform Non-Fungible Yearn (NFY). He recommended the crypto asset taking to account it is expanding the opportunities in the non-fungible tokens (NFTs) subsector by “taking NFTs and applying it to DeFi.”
“They are the first DeFi protocol to utilize NFTs to make yield farming more secure and flexible by protecting the wallet and allowing the first transferable stake. What this does is create an ecosystem where instead of wallet addresses that represent the right to stake, an NFT will represent the right to the staked funds and the yield they generate. You will be able to trade your staked tokens and future yield via an NFT,” he added.
Football-based Crypto, is world best performing Crypto in 7 days
Chiliz traded at $0.105397 with a daily trading volume of about $589 million.
A pretty unknown crypto asset, based on arguably the most popular sport has outperformed all major Crypto assets tracked by Nairametrics Week to Week.
At press time, the sport-based Crypto traded at $0.105397 with a daily trading volume of about $589 million. Chiliz is up 97% for the week.
Chiliz is currently ranked the 91st most valuable crypto asset, a market value of $573,581,586 It has a circulating supply of 5,442,094,892 CHZ coins and a maximum supply of 8,888,888,888 CHZ coins
The fast-rising crypto can be traded on the following crypto exchange trading that includes OKEx, HBTC, Binance, Huobi Global, and Xtheta Global.
Chiliz, powering Socios.com, aims to give sports and esports fans the ability to crowd-manage their favorite teams, games, leagues, and events.
Football clubs are now using blockchain, to facilitate better experiences for their fans.
Football is by far the most popular game worldwide. The last football World Cup tournament held in Russia 2018, had over 3.5 billion individuals watching the matches. This shows that about half of the world’s population is keen on football.
Nairametrics believes such partnerships with these football clubs via blockchain will open more economic opportunities and leverage the wider audience via collaboration with the industry’s global brands.
Socios.com Fan Token partners include Juventus, AS Roma, Galatasaray, FC Barcelona, Atlético de Madrid, Paris Saint-Germain, CA Independiente, Apollon Limassol and esports organizations Team Heretics and OG.
Dozens of more clubs are set to launch Fan Tokens before the end of the year, with many leading IPs from sports and entertainment also primed to join the Socios.com roster in the near future.
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