OKEx

Jun 26, 2020

4 min read

PayPal Rumors Spread as Grayscale Ethereum Trust Tanks — Crypto News of the Week

OKEx Insights presents the top five crypto news stories of the past week

PayPal and Venmo rumored to offer direct crypto sales soon

  • PayPal has more than 300 million accounts. Should the company offer direct cryptocurrency sales, the proverbial floodgates would be opened for retail investors.
  • Support for Bitcoin purchases from PayPal would provide more competition to Square Inc.’s Cash App — which has found BTC purchases to be a popular offering — and give retail investors more options.

Grayscale Ethereum Trust tanks as shares ready to flood market

  • Both the ETHE price and premium may struggle to regain such high levels with a massive inundation of shares becoming available for trade on the secondary market.
  • The dramatic decrease in ETHE prices may actually bolster the spot price of ether, as sell pressure from the former may create prolonged bid support for the latter.

FC Barcelona fan tokens sell out in two hours

  • The success of FC Barcelona’s fan token sale is a further example of cryptocurrencies becoming more accepted in the mainstream. The football club is one of the wealthiest in the world and maintains one of the largest global bases of supporters.
  • Blockchain and cryptocurrency projects are continuing to see successful penetration into the world of sports.

New York regulator issues new three-strikes BitLicense rule

  • The new three-strikes rule should further simplify and streamline the process of obtaining a BitLicense by allowing applicants to more easily check that their applications are sufficient.
  • The update also shows a certain willingness by the financial regulator to make the application process friendlier for companies wishing to deal with digital currencies in New York.

Crypto cards stop working following Wirecard debacle

  • The collapse of Wirecard has sent shockwaves through the fintech world, as we are seeing with the shutdown of crypto cards issued by WCS.
  • As noted by The Block, TenX and Cryptopay debit cards have also been issued by the Wirecard subsidiary — meaning they too will have to find new vendors.