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In this article, we have curated a list of the top crypto stories from this week that will help you stay in sync with the crypto ecosystem.
Popular cryptocurrency Ethereum has successfully completed its first dress rehearsal for a long-awaited redesign.
Cryptocurrencies like Ethereum and Bitcoin are frequently criticized for their mining process called proof of work, which entails solving complex arithmetic equations with a large number of devices.
Ethereum has been attempting to transition from the energy-intensive proof of work method of network security to a proof of stake model, which requires users to validate transactions and mint new tokens using their existing ether cache. This requires far less power than mining and will translate to faster transactions.
Ropsten testnet, Ethereum's longest-running test network, implemented a method that is identical to what the main network will do eventually. Developers can use testnets to try out new features before they are released on the main blockchain, giving them time to make any necessary adjustments.
Ropsten has successfully combined its proof of work execution layer with the proof of stake beacon chain. Beacon resolves issues that have arisen from prior efforts to make the switch.
Ethereum is expected to undergo an official transition from the energy-intensive proof-of-work method of securing the network to proof-of-stake, later this year.
PayPal is now allowing customers to directly transfer, send, and receive digital assets between PayPal and other wallets and exchanges, after introducing the option to purchase and sell crypto on its platform in October 2020.
The feature will be available to select users in the United States for now and will be rolled out to all eligible customers in the coming months. The first batch of supported coins consists of Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
For transferring coins, users would just need to log in to their accounts and go to the crypto section of the app. Transfers to receivers outside of PayPal will be charged a network fee depending on their blockchains, but transfers between PayPal customers will be free.
To expand its digital presence, the company is also seeking to integrate other types of cryptocurrency services, such as central bank digital currencies. It is also looking at the potential of launching a stablecoin of its own.
Checkout.com, a London-based online payments provider, has announced that it will use stablecoins to settle payments for its merchants around the clock. Checkout.com, which was recently valued at $40 billion, is the latest major financial institution to make a big bet on crypto.
The startup, which competes with PayPal and Stripe has announced that it will debut a feature that will allow businesses to accept and make payments in USD Coin (USDC), a popular stablecoin pegged to the US dollar. USDC is the world's second largest stablecoin, with a circulating supply of more than $50 billion.
Edge, a self-custody exchange based in the US, has introduced Edge Mastercard allowing crypto holders to spend digital currencies such as Bitcoin, Bitcoin Cash, Dogecoin, Litecoin, and Dash directly from its app.
Edge Mastercard users sell their Bitcoin to the card when adding funds in the app, while merchants receive funds in dollars.
Users can begin spending immediately after registering their cards in the Edge app, without having to provide any personal information or pay any fees. The card works with Apple Pay, Samsung Pay, and Google Pay, and is powered by Ionia, a fintech and savings platform.
Meanwhile, a report published by Deloitte this week in partnership with PayPal has indicated that 75% of retailers in the US are preparing to accept crypto payments by 2024.
Chainlink (LINK), one of the oldest cryptocurrencies globally like the rest of the market has seen a considerable price drop in recent months. However, given recent market developments, LINK may be poised for a major recovery. The pump in price comes after the network reported the launch of staking opportunities.
Chainlink has consistently been the largest oracle project in the whole cryptocurrency ecosystem, and the ability to stake LINK has been a sought-after skill for several years.
Chainlink is currently ranked 20th among cryptocurrencies with a market capitalization of over $4.1 billion.
Australian crypto exchange Swyftx is preparing to offer seamless trading between traditional and crypto-asset classes post its $1.5 billion merger deal with online investing platform Superhero. The merged entity is set to become the first platform in Australia to offer both crypto and traditional assets.
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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.