🔴 Fintech Giants go crypto
PayPal allows crypto transfers to external wallets, Robinhood allows users to buy coins directly and what is the biggest motivation for new investors to buy Bitcoin? These stories and more, this week in crypto.
PayPal expands crypto services
PayPal is expanding its crypto services for Venmo users by introducing a new feature that allows customers to transfer crypto to each other. Venmo, the popular peer-to-peer mobile payment service owned by PayPal, now allows users to use QR codes to conduct crypto transactions with other Venmo accounts or with external wallets.
Users can buy crypto directly with Robinhood
Popular trading platform Robinhood has announced “Robinhood Connect”, which allows crypto investors to directly buy and withdraw crypto to self-custodial wallets using a credit card. The service is currently available for MyDoge and Slingshot wallets, with Phantom and Exodus coming in the future. Robinhood Connect will compete against MoonPay and Coinbase Pay.
CFTC’s Biggest Bitcoin Scam Ever
A federal judge has ordered a South African firm to pay $3.4 billion in what the US Commodity Futures Trading Commission says is the largest-ever case involving Bitcoin fraud. The judge ruled that Mirror Trading International committed retail foreign currency transaction fraud when the company solicited Bitcoin from people to participate in an unregistered commodity pool.
Binance.US drops Voyager Acquisition
Binance.US has decided to drop its $1.3 billion deal to buy the assets of bankrupt crypto lender Voyager Digital. The acquisition met stiff opposition from regulators, but was eventually approved by the court. Now Binance.US says that the hostile and uncertain regulatory climate in the US has led to their decision to pull out.
Mastercard launches Crypto Credential Service
Mastercard is launching a service designed to ensure that transactions between wallets are verifiable and compatible. Starting with transfers of crypto between countries, the Mastercard Crypto Credential service will use a common set of standards that allow wallets to be identified in compliant transactions. The aim is to prevent money laundering, terrorist financing and other fraudulent activity.
Hong Kong – A crypto hub
The Hong Kong Monetary Authority said in a letter that banks should support regulated digital asset companies with their legitimate needs for bank accounts. The regulator said lenders should avoid a “wholesale approach to mitigating risk” that would turn away potential entrants, and urged lenders to train staff and form dedicated teams to support the sector, efforts that would be in line with the government’s aim to become a crypto hub. .
Hacked AT&T accounts lead to crypto theft
A group of cybercriminals hacked into AT&T-issued email addresses and used that access to hack into victims’ crypto exchange accounts. The hackers gained access to part of AT&T’s internal network, which allowed them to create email keys for affected users, which in turn allowed them to reset passwords for more lucrative services, such as accounts on cryptocurrency exchanges.
New study reveals reasons to buy crypto
A new study reveals that for nearly a third of new crypto investors, their primary reason for buying was because of a friend’s suggestion. 31% of new crypto investors bought in on the advice of friends compared to just 8% of new investors in stocks and bonds. The disparity indicates that there is a social element to investing in cryptocurrency that is not seen in traditional markets.
That’s what happened this week in crypto, see you next week.
