TL;DR Breakdown The report affirms that PYUSD is fully collateralized with assets. In addition to Treasury-backed assets, Paxos disclosed that it held $1,500,146 in fiat currency within insured depository institutions as cash deposits. This transparency report comes on the heels of Paxos and PayPal’s joint launch of PYUSD. Description Paxos, the stablecoin issuer, has taken a significant step in enhancing transparency within the cryptocurrency industry by releasing the inaugural transparency report for its Ethereum-based stablecoin, PayPal USD (PYUSD). This report affirms that PYUSD is fully collateralized with assets, underlining its commitment to maintaining the stability and integrity of this digital currency. The transparency report, … Read more Paxos, the stablecoin issuer, has taken a significant step in enhancing transparency within the cryptocurrency industry by releasing the inaugural transparency report for its Ethereum-based stablecoin, PayPal USD (PYUSD). This report affirms that PYUSD is fully collateralized with assets, underlining its commitment to maintaining the stability and integrity of this digital currency. The transparency report, which covers data up to August 31, 2023, provides a comprehensive overview of the assets backing PYUSD and…

TL;DR Breakdown The UK’s economy contracted more than anticipated in July, with a 0.5% drop in gross domestic output. In response to the economic contraction, the pound saw a 0.4% decline against the dollar. The Bank of England is grappling with a UK economic slowdown due to a surge in borrowing costs, prompting policymakers to reconsider increasing interest rates. Description The UK’s economy shrank more than anticipated in July, indicating a slowdown in activity amid tightening measures by the Bank of England (BoE). In response, the pound saw a 0.4% decline against the dollar, reaching $1.2449. Additionally, the euro gained 0.2% against the pound, approaching its highest level in a month at 86.27 pence. The … Read more The UK’s economy shrank more than anticipated in July, indicating a slowdown in activity amid tightening measures by the Bank of England (BoE). In response, the pound saw a 0.4% decline against the dollar, reaching $1.2449. Additionally, the euro gained 0.2% against the pound, approaching its highest level in a month at 86.27 pence. The data suggests ongoing economic volatility and highlights…

TL;DR Breakdown Coinbase CEO Brian Armstrong confirmed the exchange’s plans to integrate the Lightning Network, aiming to offer faster and more cost-effective Bitcoin transactions. The decision follows a public consultation process and comes amid increasing adoption of the Lightning Network, which aims to solve Bitcoin’s scalability issues. Description Coinbase, one of the world’s leading cryptocurrency exchanges, has confirmed its decision to integrate the Lightning Network, a second-layer solution built atop the Bitcoin blockchain. Coinbase is set to join other major crypto exchanges, such as Binance, Kraken, and Bitfinex, that already offer Lightning Network services. Coinbase lightning network adoption  Brian Armstrong, the CEO of … Read more Coinbase, one of the world’s leading cryptocurrency exchanges, has confirmed its decision to integrate the Lightning Network, a second-layer solution built atop the Bitcoin blockchain. Coinbase is set to join other major crypto exchanges, such as Binance, Kraken, and Bitfinex, that already offer Lightning Network services. Coinbase lightning network adoption  Brian Armstrong, the CEO of Coinbase, announced the integration, emphasizing that Bitcoin remains the most crucial asset in the crypto space. The integration process…

TL;DR Breakdown Zilliqa Group has formed a strategic partnership with Google Cloud to enhance the Zilliqa Layer 1 blockchain protocol, focusing on scalability, resilience, and data availability. Google Cloud will act as a staked seed node (SSN) operator on the Zilliqa network, providing infrastructure hosting services and validating transactions, thereby contributing to the network’s decentralization and security. The collaboration aims to advance Web3 technologies by leveraging Google Cloud’s robust platform and Zilliqa’s pioneering sharding mechanism, potentially setting the stage for broader adoption and future partnerships in the blockchain ecosystem. Description Zilliqa Group has entered into a multi-year strategic partnership with Google Cloud to enhance the Zilliqa Layer 1 blockchain protocol. This collaboration aims to bolster the scalability, resilience, and data availability of the blockchain, thereby benefiting ventures within the Zilliqa ecosystem and the broader Web3 landscape. Google Cloud will serve as a staked seed node … Read more Zilliqa Group has entered into a multi-year strategic partnership with Google Cloud to enhance the Zilliqa Layer 1 blockchain protocol. This collaboration aims to bolster the scalability, resilience, and data availability of…

TL;DR Breakdown Klaytn Foundation has stepped up its efforts to promote financial accessibility through real-world asset tokenization. The Foundation has onboarded two new partners to kickstart its tokenization initiative. The Foundation intends to develop compliant solutions for creating, issuing and trading RWAs. Description Klaytn Foundation, the organisation behind Klaytn blockchain developments, has stepped up its efforts to drive financial accessibility across Asia and beyond.  Klaytn onboards new partners for its RWA tokenization program In a recent announcement, the Foundation revealed it has onboarded two companies – CREDER and Tokeny Solutions – to kickstart its real-world asset tokenisation program. … Read more Klaytn Foundation, the organisation behind Klaytn blockchain developments, has stepped up its efforts to drive financial accessibility across Asia and beyond.  Klaytn onboards new partners for its RWA tokenization program In a recent announcement, the Foundation revealed it has onboarded two companies – CREDER and Tokeny Solutions – to kickstart its real-world asset tokenisation program. The initiative is part of the Foundation’s broader plans to enable a public foundational layer of tomorrow’s on-chain world through the Klaytn blockchain.  “The…

TL;DR Breakdown Ripple CEO Brad Garlinghouse claims that the US is currently one of the most challenging places for cryptocurrency startups. He argued that the SEC’s approach, which involves suing companies like Ripple and Grayscale, was ineffective and counterproductive. He recommended that entrepreneurs looking to enter the crypto space should consider other countries. Description Ripple CEO Brad Garlinghouse recently expressed his concerns about the regulatory environment for cryptocurrency startups in the United States, asserting that it is currently one of the most challenging places to launch such ventures. Garlinghouse made these remarks during a panel discussion at Token 2049 in Singapore on September 12. In his comments, Garlinghouse recommended … Read more Ripple CEO Brad Garlinghouse recently expressed his concerns about the regulatory environment for cryptocurrency startups in the United States, asserting that it is currently one of the most challenging places to launch such ventures. Garlinghouse made these remarks during a panel discussion at Token 2049 in Singapore on September 12. In his comments, Garlinghouse recommended that entrepreneurs looking to enter the cryptocurrency space should consider other countries like…

TL;DR Breakdown Rep. Tom Emmer reintroduces anti-CBDC bill to Congress. The primary goal of this legislation, as stated by its proponents, is to safeguard Americans’ right to financial privacy. The legislation prohibits the central bank from using any CBDC to implement monetary policy. Description Representative Tom Emmer has reintroduced legislation in the United States House of Representatives aimed at preventing what he describes as “unelected bureaucrats in Washington” from issuing a central bank digital currency (CBDC). This move, undertaken on September 12, sees Emmer and 49 original co-sponsors revive the “CBDC Anti-Surveillance State Act.” The primary goal of this … Read more Representative Tom Emmer has reintroduced legislation in the United States House of Representatives aimed at preventing what he describes as “unelected bureaucrats in Washington” from issuing a central bank digital currency (CBDC). This move, undertaken on September 12, sees Emmer and 49 original co-sponsors revive the “CBDC Anti-Surveillance State Act.” The primary goal of this legislation, as stated by its proponents, is to safeguard Americans’ right to financial privacy. In a statement, Emmer, a Republican, emphasized the concerns…

TL;DR Breakdown BitMEX has launched a new prediction market, allowing traders to bet on real-world events, as it returns to its core focus on derivatives. The initial contracts in the prediction market include options to bet on the recovery rate of FTX’s bankruptcy claims and the approval of a Bitcoin ETF by the U.S. SEC before October 17. Description BitMEX, a name once synonymous with crypto derivatives, has unveiled a prediction market, marking its return to its core business. The new product allows traders to capitalize on real-world events including cryptocurrency price movements. However, this move comes after a period of restructuring and a shift in leadership, with Stephan Lutz taking the reins as … Read more BitMEX, a name once synonymous with crypto derivatives, has unveiled a prediction market, marking its return to its core business. The new product allows traders to capitalize on real-world events including cryptocurrency price movements. However, this move comes after a period of restructuring and a shift in leadership, with Stephan Lutz taking the reins as CEO and group CFO. Lutz, in a release,…

TL;DR Breakdown Ripple Labs announces that 80% of its new hires will be from outside the U.S., highlighting the appeal of crypto-friendly regions like Hong Kong, Singapore, the UK, and Dubai. The ongoing legal dispute with the SEC, which views most tokens as securities, has influenced XRP’s decision, reflecting broader regulatory challenges for crypto firms in the U.S. Description In the ever-evolving landscape of the cryptocurrency world, Ripple Labs, a prominent player, has made a significant shift in its hiring strategy. Amidst its ongoing legal tussle with the U.S. Securities and Exchange Commission (SEC), the company has announced that a staggering 80% of its new hires will be sourced from outside the United States. … Read more In the ever-evolving landscape of the cryptocurrency world, Ripple Labs, a prominent player, has made a significant shift in its hiring strategy. Amidst its ongoing legal tussle with the U.S. Securities and Exchange Commission (SEC), the company has announced that a staggering 80% of its new hires will be sourced from outside the United States. This decision has sparked discussions about the regulatory…

TL;DR Breakdown Telegram has integrated TON Space, a self-custodial crypto wallet, into its platform, making it accessible to its 800 million monthly active users. The integration marks a significant milestone for both Telegram and The Open Network (TON), especially considering Telegram’s previous legal challenges related to TON. Description Telegram, the popular messaging app, has integrated TON Space, a self-custodial crypto wallet, into its platform, making it accessible to its 800 million monthly active users. The announcement is a significant stride for both Telegram and The Open Network (TON), as it brings TON one step closer to its original vision: enabling users to have … Read more Telegram, the popular messaging app, has integrated TON Space, a self-custodial crypto wallet, into its platform, making it accessible to its 800 million monthly active users. The announcement is a significant stride for both Telegram and The Open Network (TON), as it brings TON one step closer to its original vision: enabling users to have their own identities and assets. The integration allows Telegram users to access the wallet through the app’s settings, according…