🔴 Tech Giants Undertake Crypto

PayPal launches its own stablecoin, Bankman-Fried is back behind bars, and does being scammed make you a better trader? These stories and more, this week in crypto.

PayPal Launches Dollar-backed Stablecoin

Payments giant PayPal has launched its own U.S. dollar-pegged stablecoin. Backed by U.S. dollar deposits and short-term U.S. treasuries, the stablecoin will be issued by Paxos with the ticker symbol PYUSD and will be available first for US users. PayPal is the first major fintech firm to embrace digital currencies for payments and transfers.

SEC Delays Decision on Spot Bitcoin ETF

The US SEC has postponed its decision on ARK Investments’ spot Bitcoin ETF application, by opening a 21-day comment period. The application was originally submitted in May, which gives the SEC until January to reach a final decision. The SEC gave its usual justification for pushing back the approval process, noting the commission can approve the proposal without the Bitcoin market being regulated.

SBF Enters Jail in Handcuffs

FTX founder Sam Bankman-Fried was taken to jail in handcuffs after his bail was revoked for his fraud trial in October. When presented with evidence from prosecutors, Judge Lewis Kaplan said there was probable cause to believe that Bankman-Fried had tried to tamper with witnesses at least twice. Prosecutors demanded that he be jailed for breaking the rules of his bail agreement, when he shared personal writings of ex-partner Caroline Ellison with a reporter, aiming to tarnish her credibility as a witness against him.

Coinbase Opens BASE Network for All Users

Coinbase’s Base network is now officially open for all users. Base’s beta launched in February, with the potential to bring more users into Web3. Now, users can use Base for token swapping, payments and NFT activities. Several Web3 teams are launching apps for Base, and the team has released a schedule of events to commemorate the launch.

Microsoft & Aptos: AI and Web3 Team-up

Microsoft has partnered with blockchain platform Aptos to bring AI and Web3 together. The collaboration aims to enable the training of Microsoft’s AI models with Aptos’ verified blockchain data. Validator nodes for Aptos’ blockchain will run on Microsoft’s Azure cloud, enhancing reliability and security for their services. Microsoft predicts that AI will be infused into Web3 solutions at greater scale in the future.

Solana Cuts Price of Saga Phone

The price of Solana’s Android-based phone, Saga, dropped 40%, from $1,000 to $599, in what Solana Mobile says is “the next step to get wider adoption of mobile web3 and continue to improve the experience for the Solana mobile community.” Based on the number of unique Saga Genesis NFTs, one of which is minted with each Solana app setup, it is estimated over 2000 of the devices have been sold since it was launched in April.

FC Barcelona’s NFT Secured $132M Investment

FC Barcelona secured $132M for its Barca Vision blockchain and NFT project, with investments from Libero Football Finance and Nipa Capital. Selling a 29.5% stake in Bridgeburg Invest, the initiative’s holding company, Barcelona aims to integrate Web3, blockchain, NFTs, and the metaverse as part of the club’s digital Espai Barca strategy.

Scam Victims Make Better Traders?

A new research paper reveals an unexpected trend, finding that Ethereum investors who have lost funds to cybercrime tend to see better gains after becoming victims. The results revealed that after the incidents; investors modified their risk-taking, diversified more, and became less willing to take risks that are harder to control, ultimately leading to better investment outcomes.

That’s what’s happened this week in crypto, see you next week.