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April 05,2024

PayPal Users Can Utilize PYUSD For International Payments And Transfers

PayPal has unveiled a fresh service enabling U.S. customers to conduct international money transfers utilizing its USD-pegged stablecoin, PYUSD. Accessible via the cross-border payments platform Xoom, the aim is to provide a more economical option for individuals seeking to send funds overseas.

U.S. clients now have the capability to convert PYUSD to USD and send money to individuals in around 160 countries without incurring transaction charges. This strategic move aligns with an overall objective of broadening the adoption of its stablecoin, launched last year, while solidifying its position as a reputable entity in the digital assets arena.


Becoming More Streamlined

Fernandez da Ponte, SVP for Blockchain and Crypto at PayPal, remarked that facilitating U.S. Xoom users with the choice to finance cross-border money transfers using PYUSD aligns with our mission to promote widespread acceptance of cryptocurrencies, alongside providing a convenient means to securely transfer funds to loved ones at a reduced expense.

This introduction of a novel funding avenue arrives at a juncture where consumers are increasingly pursuing cost-effective alternatives for cross-border transactions. According to a World Bank report referenced by PayPal, the average global cost of transmitting $200 stands slightly above 6%. By presenting fee-free transactions for transfers funded through USD converted via PYUSD, Xoom aims to furnish a more economical option.


The Rise Of Stablecoins

To utilize the aforementioned innovative service, U.S. Xoom users maintaining a sufficient balance of PYUSD in their PayPal Cryptocurrency Hub can designate PYUSD as their funding source when initiating a money transfer. Xoom will subsequently convert the PYUSD to USD without any cryptocurrency sale fees, with recipients receiving the funds in the fiat currency chosen by the sender.

The announcement by PayPal coincides with a potential upsurge in the stablecoin domain. Ripple, another prominent entity in the digital payments sphere, recently rolled out its stablecoin primarily tailored for corporate clients. Ripple anticipates the stablecoin market could hit $2.8 trillion by 2028.


April 05,2024

SushiSwap Drama Unfolds As Team Receives Several Accusations

SushiSwap is currently embroiled in a significant dispute over proposed alterations to its governance system. Concerns have arisen among users and a former associate regarding the suggested changes. The contentious proposal seeks to move assets via the Decentralized Autonomous Organization (DAO)-controlled treasury to a newly formed entity named Sushi Labs. Additionally, it intends to redirect all future airdrops to Sushi Labs rather than the DAO. These developments have sparked worries about community engagement and transparency within SushiSwap.


Competency Is Needed

The proposed governance modifications entail granting 25 million Sushi tokens to Sushi Labs, sourced through various channels like the Arbitrum (ARB) airdrop, business development, partner grants, Kanpai 2.0, Sushi 2.0, rewards, stablecoins, and Sushi House funds. Future airdrops to Sushi by protocols and partners would exclusively benefit Sushi Labs. However, discrepancies regarding the mentioned wallet holdings in the proposal have led to additional scrutiny.

Previously, the Sushi DAO had approved a ballot window to establish a foundational legal entity structure. Proponents of the proposal argue that updating the organizational framework is imperative as the project evolves. They stress the need for competent legal guidance to effectively represent the global presence of SushiSwap. Moreover, the proposal seeks to empower Sushi Labs with full operational responsibility for core product development to streamline decision-making processes.


Mounting Accusations

In response to these developments, Naïm Boubziz, a former member of SushiSwap, has accused the company of executing a genuine hostile takeover. Through scathing social media posts, Boubziz criticizes Head Chef Jared Grey alleging his intention to kill the community and the DAO while aiming to seize the entire treasury. Boubziz claims to have issued warnings for months, which were ignored under false pretenses. He further alleges deletion of snapshots without appropriate reaction and accuses the community of ignoring the truth.

Boubziz contends that the current governance structure of SushiSwap necessitates updates and emphasizes the importance of community involvement. His accusations intensify the rift between advocates for community involvement and supporters of the proposed changes, posing a critical juncture for SushiSwap. The ongoing signal vote on the controversial governance proposal has seen about 93% of participants voting no. Despite this opposition, a second vote is scheduled for April 9th to determine the fate of the proposal.


April 04,2024

Binance Executive Remains Detained In Nigeria Despite Efforts To Get Him Out

Binance faces legal troubles in Nigeria as an executive remains detained over money laundering accusations. The company is actively working to engage with Nigerian regulators to resolve the issue. The development comes after former CEO Changpeng Zhao pleaded guilty to a felony concerning his failure to stop money laundering on the platform which also cost the crypto exchange roughly $4 billion.


An International Incident

The cryptocurrency exchange has repeatedly emphasized that the detained executive, Tigran Gambaryan, who joined Binance in 2021 to aid in compliance matters, does not hold decision-making authority. Despite his background in law enforcement and advocacy for transparent financial practices, Binance argues against his culpability in the charges.

Gambaryan, recognized for his work in cybercrime investigations, played a vital role in the Binance Financial Crime Compliance team, contributing to asset recovery and policy development. Before joining Binance, he had a distinguished career as a U.S. Federal Agent handling serious criminal cases.


Bad To Worse

The legal situation for Binance in Nigeria is becoming more intricate with additional charges and the reported escape of another executive involved. Nevertheless, Binance persists in communicating with regulatory authorities. Despite these challenges, the market value of BNB, the native token of Binance, has remained steady, underscoring market resilience amidst the turmoil.

Regardless, the entire ordeal as well as the aforementioned ordeal with Changpeng Zhao has caused a significant drop in the popularity of Binance. Many payment processors, including Wise (formerly known as TransferWise), have removed the ability to buy and withdraw crypto via the exchange using their services.


April 04,2024

Cardano Being Considered To Help With Enhancement Of Voting Processes

Although specific details are lacking, several US states are exploring the potential of leveraging Cardano for enhancing election transparency through the integration of blockchain technology into the voting process.

According to Frederik Gregaard, the CEO of the Cardano Foundation, some US states have reached out to discuss the development of a blockchain-powered voting system. The aim is to conduct elections with increased transparency. Gregaard revealed in an interview with DailyCoin that the states are seeking assistance in implementing a lightweight blockchain solution to enhance the transparency and accountability of their voting processes.


Blockchain Based Voting

Gregaard also hinted at similar discussions taking place in the UK. However, he noted that the Cardano Foundation is currently evaluating the feasibility of meeting the given timeframe requirements. He concluded the interview without disclosing the number or identities of the states involved in the discussions.

Blockchain-based voting has been hailed as a promising application of the technology by enthusiasts. With Cardano, an experienced entity, considering leading such initiatives in the US, the likelihood of a viable solution is considerable.

The Cardano Foundation, like other decentralized blockchain entities, has already incorporated blockchain-based voting into its operations to democratize decision-making. For example, Cardano employs Catalyst, a platform enabling ADA holders to propose and vote on network projects. While such platforms are integral to the Cardano ecosystem, developing a statewide blockchain voting system would necessitate more detailed planning.


Cardano Is Going Global

Cardano may face competition if the idea gains traction in the US. Other blockchain networks, such as Solana, could also be approached by states to develop similar platforms, posing additional competition for Cardano.

Despite potential competition, the Cardano network has been highly active and could be well-equipped to tackle upcoming challenges. Recent data shows a surge in developer activity on Cardano, surpassing even Ethereum. This suggests that developers increasingly view Cardano as an appealing platform with opportunities comparable to Ethereum.

The influence of Cardano has extended beyond voting initiatives, as evidenced by its collaboration with the Dubai Police on a blockchain pilot project. This project aims to securely share sensitive data with global law enforcement agencies like Interpol, showcasing the diverse applications of blockchain technology in combating crime.

Other recent developments on Cardano include the launch of USDM, a fiat-backed stablecoin developed by Mehen Finance. Despite encountering obstacles during development, including a partnership change with Cross River Bank, Mehen successfully partnered with fintech solution Plaid to finalize and launch USDM.


April 03,2024

Avalanche Dominates GDC 2024 As Nearly 30K People Attend

At GDC 2024, Avalanche took center stage with standout games like Shrapnel and Off the Grid. Despite facing challenges, including a significant increase in attendance to nearly 30,000, the event showcased the growing prominence of Web3 gaming.


The Rise Of Web3 Gaming

The presence of Avalanche was notable, boasting one of the largest exhibits, surpassed only by Unreal. Their showcase featured an array of titles such as Shrapnel, Providence, Off the Grid, MEGAWEAPON, BloodLoop, Petopia, and the Merit Circle Beam ecosystem. These games provided attendees with hands-on experiences, demonstrating the diversity and innovation within the Web3 space.

The absence of ImmutableX, a previous heavyweight in Web3 gaming, highlighted the rapidly evolving nature of the industry. Despite concerns such as industry-wide layoffs and uncertainties in traditional gaming, the enthusiasm surrounding Web3 gaming contrasted with the subdued presence of AAA studios and mainstream titles.


Gaming Continues To Grow

The event concluded with the 26th annual Independent Games Festival Awards and the 24th annual Game Developers Choice Awards, celebrating notable achievements in gaming. Winners included Venba by Visai Games, which won the Seumas McNally Grand Prize, among other notable entries.

Moreover, GDC 2024 was not solely focused on gaming, as advancements in AI as well as AR and VR technologies were also focused upon, offering new avenues for game development and immersive experiences. Looking ahead, GDC is scheduled to return to the Moscone Center in 2025, continuing its mission to facilitate learning, networking, and innovation within the gaming community.


April 03,2024

Burkett Financial Services Reveals First BTC ETF Investment

Burkett Financial Services, based in South Carolina, has disclosed its ownership of 602 shares of the iShares Bitcoin Trust in a recent filing with the SEC. This disclosure represents the inaugural mention of a Bitcoin ETF in such filings, suggesting an escalating intrigue in digital asset investments within traditional finance circles.

The iShares Bitcoin Trust offers investors an avenue to participate in the crypto market without directly acquiring the digital assets, presenting a more straightforward approach for both institutional and individual investors to enter the market while mitigating typical risks and technical complexities associated with digital currencies.


Investments Continue

The investment by Burkett Financial Services in the Bitcoin ETF mirrors a broader trend where conventional investment entities are contemplating digital assets as feasible investment avenues, indicating a growing acknowledgment of cryptocurrencies like Bitcoin as a diversifying asset within investment portfolios.

This disclosure not only underscores the mounting acceptance of cryptocurrencies but also signifies a shifting investor mindset towards incorporating digital assets into their investment portfolios, further catalyzed by the increasing appeal and adoption of cryptocurrencies.

This development is also notable as it marks the inaugural instance of a Bitcoin ETF appearing in such a filing, a significant factor in tracking institutional investment trends, indicative of the entrenched position of digital assets in investment discourse. This visibility may contribute to enhanced legitimacy for cryptocurrencies in mainstream investment spheres.


Increasing Adoption

The inclusion of Bitcoin ETFs in these filings reflects an evolving regulatory environment for digital assets and acknowledgment of their expanding role in financial markets, potentially fostering broader adoption among a more extensive investor base, including those previously apprehensive about digital asset investments.

In essence, the aforementioned move signifies a pivotal moment in integrating digital assets into traditional finance, not only showcasing heightened interest but also establishing a precedent for future disclosures, likely stimulating further investment in digital assets. This trajectory is anticipated to bolster mainstream acceptance and regulatory progress for cryptocurrencies.


April 02,2024

Funding Deals - March 26th To April 1st, 2024

ChainComply (Belgium) successfully secured $364K in Pre-Seed funding led by Blockchain Founders Group on 03/29/2024. ChainComply relieves AML teams from stressing over their crypto-exchanges interactions with a quick and easy source of investigation tools.

Parallel (Canada) is proud to announce a $35M investment in Venture funding with Solana Ventures leading the way on 03/28/2024. Parallel is a sci-fi based competitive card game where players build decks and face off, bank energy, and build armies to decide the fate of humanity. (United Kingdom) secured $6M in Seed funding with Lightspeed Faction backing them on 03/28/2024. aims to build a decentralized privacy-preserving solution for AI. By replacing the central entity that collects data and organises machine learning with blockchain, FLock aims to empower users to mine insights from their data and monetize at their discretion.

Midas (Germany) raised $8.7M in Seed funding with BlockTower Capital as their lead investor on 03/28/2024. Through Midas, investors gain exposure to investment-grade securities on-chain, while harnessing the full suite of DeFi applications via a permissionless ERC-20 token.

SPIRIT Blockchain Capital Inc. (Canada) successfully secured $406K in Post-IPO Debt financing on 03/28/2024. SPIRIT is transforming global finance through Web3 technology investments and utilizes proven investment strategies for next-generation capital markets and blockchain infrastructure.

peaq (Singapore) announced $15M in Series A funding with Borderless Capital on board as their lead investor on 03/27/2024. Peaq looks to become the blockchain for real-world applications while empowering users to build DePINs and dApps for mobility, connectivity, energy, and more.

BloodLoop (Switzerland) celebrated a $4M Seed investment with Avalanche backing their vision on 03/27/2024. BloodLoop is a 5v5 tactical hero-shooter game, integrated with blockchain technology. secured $4.6M on 04/01/2024 in Seed funding led by Lerer Hippeau, marking a significant milestone in their journey towards revolutionizing blockchain services.

Burnt (XION) raised a staggering $25M in Series A funding from The Spartan Group, reflecting immense confidence in their vision for the future of chain technology. XION empowers developers and brands to create frictionless Web3 experiences, with a Generalized Abstraction layer that removes technical barriers for all users.

Merkle Trade successfully closed a $2.1M seed round backed by Hashed Fund, underscoring the growing interest in DeFi solutions. Merkle Trade is the first-ever gamified perp DEX where users can trade, level up, and unlock instant rewards.


Once again, congratulations to everyone! Follow CryptoWeekly for all the latest updates and deals in crypto, blockchain, AI, and Web3.


April 02,2024

Telegram Introduces Toncoin As New Payment Option For Advertisers

This weekend brings significant news concerning Telegram, namely the integration of Toncoin (TON) as a payment method. This move allows advertisers to purchase in-platform ads using Toncoin. It is a key part of the growing strategy by the platform to create a user-friendly environment while also compensating content creators for their work. Telegram is now distributing 50% of ad revenue generated via ads in public channels directly to their owners, a big change compared to the previous methods used by digital platforms to reward content creators.

The integration of Toncoin as a payment method for ad purchases signals its benefits. By utilizing blockchain technology, Telegram aims to provide users with greater autonomy and flexibility. Users can now participate in promotions with even small amounts of Toncoin, making it easier for content creators to engage their audience.


Expanding Utility

Telegram looks to expand the utility of TON tokens, allowing users to purchase and place ads exclusively on channels they intend to use. This individualized approach ensures ads are targeted to specific audiences, thereby enhancing advertising campaign effectiveness and delivering optimal returns for advertisers.

A notable aspect of this update is the effort by Telegram to streamline the rewards and withdrawal process for channel owners. The introduction of fee-free withdrawals underscores the commitment by Telegram toward supporting its creators. This withdrawal service is set to be available soon on the Telegram Fragment exchange, further strengthening the Toncoin ecosystem and new monetization capabilities.


A Strategic Decision

The choice of the TON Blockchain for this initiative is a strategic move for Telegram, leveraging its low fees and high transaction speeds to offer an efficient solution. The ability of the TON Blockchain to process up to 100,000 transactions per second positions it as an ideal foundation for the aforementioned monetization efforts.

Telegram founder and CEO Pavel Durov highlighted the challenge of monetizing channel ads despite high viewership. The new initiative aims to create a virtuous circle where content owners are rewarded and can reinvest in their channels, fostering a diverse and active media space on Telegram.

By allowing creators to receive Toncoins as payment or reinvestment in their channels, Telegram encourages high-quality content creation and fosters community engagement. The acceptance of TON payments by advertisers and renewed support for in-platform cryptocurrency usage by Telegram signal an innovative business model.


April 02,2024

Pepe Looks To Replace SHIB As Meteoric Rise Continues

PEPE has garnered significant attention recently, with the total market capitalization of the meme coin soaring to over $3 billion in the last 24 hours. Despite experiencing a slight pullback, this bullish performance remains largely intact.


Market Dynamics Of PEPE

To begin, the total supply of PEPE is diminishing, suggesting an imminent increase in demand as market dynamics unfold. According to CoinMarketCap data, the total market cap for the meme coin surged by 24.6% in the past 24 hours, reaching a peak of $3.44 billion. This surge was followed by a pullback, settling at the aforementioned figures.

In terms of circulating supply, PEPE currently boasts a maximum of 420.69 trillion coins, all of which are already in circulation. Supporting its bullish outlook are indicators such as an RSI of 66 and a 50 EMA standing at $0.0000079.


Can PEPE Surpass SHIB?

The growing popularity of PEPE has sparked speculation that it could potentially surpass Shiba Inu (SHIB). Presently, PEPE holds the 42nd position on the charts, while SHIB holds the 12th position, according to CoinMarketCap. SHIB has maintained a robust market presence and supportive community for an extended period, necessitating PEPE to deliver a significantly more impressive performance to pose a formidable challenge to SHIB.

In any case, investors and traders are showing heightened interest in PEPE, indicating a prevailing sentiment that this upward trajectory continues. Speculation and discussions have emerged regarding whether PEPE can initiate a substantial bullish surge to challenge SHIB as a leading meme coin.


April 01,2024

Interest In NFTs Decreasing As OpenSea Experiences Reduced Sales Volume

The sales volume of Non-Fungible Tokens (NFTs) has experienced a 4% decrease since the start of March. Within this period, there has been a downturn in the performance of premier NFTs. The leading NFT marketplace, OpenSea, concluded last month with a reduction in its 30-day NFT sales volume.

Data sourced via a Dune Analytics dashboard prepared by Rchen8 indicates that NFT sales on the platform over the past 28 days amounted to $147 million, representing a 4% drop compared to the amount in February which was $153 million.


Declining User Engagement

The decline in the sales volume can be attributed to the consistent decrease in user engagement since the beginning of the year. Up to now this month, 75,000 active users have engaged in at least one transaction on OpenSea. This reflects a 27% decrease compared to the number of active users in February which were just over 103,000 and a 40% decrease compared to January which had approximately 125,000 users. March recorded the lowest monthly user count on OpenSea since July 2021.

Due to reduced user activity, the monthly count of NFTs sold on OpenSea has reached its lowest point so far this year. In the last 28 days, the number of NFTs sold totaled 123,000, marking a whopping 38% decline which also represents the lowest monthly count since May 2021.


Fees Go Up

Interestingly, despite the sluggish user activity and sales volume this month, the monthly fees of the platform, which stem via primary transactions and royalties, have reached their highest level since the beginning of the year. Over the last 28 days, fees through primary transactions and royalties have each amounted to $4 million.

In Q1 2024, the initial two months witnessed increased activity in the NFT vertical, resulting in the growth of floor prices for various NFT collections, including Blue-Chip NFTs. These are distinguished by their high floor price, robust community, and potential for future utility. However, according to the Blue-Chip Index, which provides data reflecting the performance of platforms like OpenSea, the marketplace peaked at 5,800 ETH on March 8th and has since begun to decline.


April 01,2024

Arthur Hayes Believes Meme Coins Can Bring Value To Blockchain Networks

BitMEX co-founder Arthur Hayes recently advised caution before dismissing all meme coins as stupid, suggesting they can bring notable benefits to the blockchain networks where they emerge. In an interview with Real Vision CEO Raoul Pal on March 30th, Hayes emphasized that meme coins can attract attention and draw in new users and developers to blockchains, thereby adding value to the ecosystem.

Hayes asserted that if meme coins attract attention and talent to the space, then it should be seen as a positive development. He also highlighted Solana and Ethereum as the most promising networks capable of harnessing attention generated by memes.


The Frenzy Continues

Last year, Solana experienced a surge in network activity following a meme coin frenzy in November, leading to the launch of numerous non-meme projects on the network in subsequent months. Similarly, Bitcoin witnessed increased network and development activity after the influx of BRC-20 tokens and Ordinals around the same period.

Pal believes meme coins could become increasingly popular among younger crypto investors, tapping into the gaming mentality prevalent among Gen Z and millennials. It is just gaming with money, remarked Pal.

Both Pal and Hayes anticipate continued attention toward meme coins in the future, with Solana-based meme coin WIF scheduled to be projected on the Las Vegas Sphere in the coming months. WIF recently surpassed Ethereum layer-2 network Arbitrum (ARB) in total market capitalization.


The Issues

However, industry executives warn of numerous risks associated with meme coins. Franklin Templeton, a US investment firm, highlighted the lack of fundamental value or utility in meme coins despite the potential for quick profits.

Similarly, Ethereum co-founder Vitalik Buterin expressed disinterest in meme coins but encouraged finding ways to make them useful or charitable instead of simply condemning them. He stressed the importance of embracing the desire for fun within the crypto space.

Despite the risks, meme coins have outperformed other asset classes within the crypto sector in the last month. In the past week, meme coins listed on CoinGecko have seen a collective gain of 20%, surpassing the gains of layer-1 network tokens and decentralized finance (DeFi) tokens.


March 31,2024

Bitcoin Floats Around $70K As Investors Look To Take Their Profits

Bitcoin (BTC) has once again reached the $70,000 mark after dropping below it yesterday, struggling to decisively surpass it during its recovery phase. Various altcoins, including ETH and BNB, have displayed negative performance on a daily basis, while SOL has shown resilience, hovering near $200. Meanwhile, the two most prominent meme coins, DOGE and SHIB, experienced a decrease of approximately 2-3% within a day.


BTC Returns To $70K

Following a relatively calm weekend, the performance of BTC at the start of the business week was optimistic as it surged to $66,000 before skyrocketing to $70,000 on Tuesday. Bulls exerted pressure, propelling the flagship cryptocurrency to a new peak of just under $72,000 on Wednesday. However, it faced strong rejection and quickly retreated to $68,400 shortly after.

Bitcoin then initiated another recovery, approaching $72,000 once more but failed to sustain. Subsequently, it experienced another decline, slipping to $69,200 yesterday. Nonetheless, it has mostly recovered losses and currently sits slightly above $70,000. Market capitalization remains approximately $20 billion short of $1.4 trillion, with its dominance over alternative coins holding steady at 49.7% on CoinGecko.

SOL experienced an overnight gain of nearly 6% and is close to $200 again. TON witnessed a similar increase, rising well above $5. Ripple, Cardano, Avalanche, Polkadot, Chainlink, and Tron also saw gains, albeit more modest. BCH continued its upward trend ahead of its second halving, trading above $600. The total cryptocurrency market capitalization remained relatively stagnant on a daily basis, now standing below $2.8 trillion.


Other Markets

During February, Fidelity decreased the value of its stake in X (formerly Twitter) by 5.7%, while hedge funds turned their attention to Europe in pursuit of the next phase of the stock rally. Projections indicate that US payrolls will maintain a minimum of 200,000 for the fourth consecutive month. Meanwhile, concerns among CLO managers are rising due to the potential selloff of the riskiest bonds following an Altice downgrade.

Elsewhere, Colombian cacao production is on the rise amidst the historic surge in cocoa prices. Cocoa prices have surged recently, prompting discussions about its implications for chocolate lovers. Chinese factory activity also expanded for the first time in six months, with efforts now focused on removing the massive structure at the site of a collapsed bridge.

A recent study highlighted how the spring clock change might influence the response by investors to company earnings. Additionally, Oklahoma troopers had to divert traffic after a barge collided with a bridge, while DC Transit faced service cuts and thousands of layoffs due to a deficit.