TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. PayPal confirms its involvement with cryptocurrency. Binance launches its card for EU and UK markets. BitGo announces FATF Travel Rule compliance. The US Army is looking for a crypto tracing service provider. BlockFi doubled its revenue after BTC’s halving, and a report by Coin Metrics considers stablecoins a catalyst for adoption.
PayPal Confirms It Will Offer Crypto Services
PayPal, one of the most popular payments gateways, confirmed it will develop crypto-related services to its customers, according to a response letter sent to an EU public consultation. The letter states PayPal “has taken unilateral and tangible steps to further develop its capabilities in this area” (referring to cryptocurrency assets), and explains this was one of the reasons behind its withdrawal from the Libra project, allowing it to focus instead “on advancing our existing mission and business priorities to democratize access to financial services.”
Binance Launches Its Card for EU & UK Markets
#Binance Card is now launched for Europe and the United Kingdom (UK), enabling our users to convert and spend their #BTC, #BNB, $SXP, and #BUSD to fiat at over 60 million merchants across 200 regions and territories worldwide.
💳 #BNB cashback
Sign up now! ⬇️
— Binance (@binance) July 14, 2020
Binance launched its Binance card product to countries in all of the European Union and the UK. The card will let users to pay anywhere a normal credit card is accepted, handling the conversion of crypto assets to fiat currencies automatically. The card is likely the result of Binance buying majority stake in Swipe, a credit card enabled wallet company, and was being demoed by Binance CEO Changpeng Zhao on Twitter recentlty, showing some purchases made while beta testing his card.
BitGo Announces FATF Travel Rule Standard Implementation
BitGo, a cryptocurrency custody and services provider, announced it developed a set of tools to comply with the Travel Rule proposed by the Financial Action Task Force, that enforces both sender and receiver of a transaction to exchange identity information. BitGo stated they have developed an API to make it easy for customers to append the necessary data for every transaction. BitGo is clearly looking at exchanges as target for these solutions, as more and more of them will have to comply with such rules in the future
The US Army is Hunting for Crypto Analysis Tools
The interest in cryptocurrency of several agencies within the US government seems to have no end, as now the US Army is also looking for tracing solutions. A request for information from the U.S. Army Contracting Command-New Jersey explains they are looking for providers of a “one license for one user of a cloud, web based application capable of assisting law enforcement to identify and stop actors who are using cryptocurrencies for illicit activity.” Coinbase is already selling analysis software to the Secret Service.
BlockFi Doubled Its Revenue After Bitcoin Halving
BlockFi, a cryptocurrency-based lending and borrowing platform, experienced a surge of 100% in its revenue after the bitcoin halving, according to a blog post. BlockFi detailed that “during the week of the halving, BlockFi added more clients than any other week since the company’s founding. Approximately 7,000 new accounts were funded.” Zac Prince, BlockFi’s CEO, stressed now “the crypto financial services space is maturing and we can see a clear turning point today where traditional finance is being outpaced by digital.”
Stablecoins Could be a Catalyst for Adoption, Report States
“The rise of Stablecoins,” a report produced by Coin Metrics, a blockchain analysis firm, surveyed the stablecoin panorama and its growth during the first half of this year. The report states that “if crypto assets are eventually used at a large scale for purposes like
international payments and global remittances, stablecoins are a natural candidate for a true crypto medium of exchange.” Despite KYC compliance and centralized issuance problems, “stablecoins will undoubtedly be a large part of the picture,” the report stresses.
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