(Bloomberg) — As Bitcoin rallied to its highest level in almost three years, it was getting some unlikely support from advocates of its biggest rival.
Fans of decentralized finance, or DeFi applications, which strive to let people lend and borrow without intermediaries, are using Bitcoin as collateral on the Ethereum blockchain. In so-called Wrapped Bitcoin, or WBTC, transactions users are placing the coin into popular apps like Compound that are generating returns even greater than the almost 90% gains posted this year by Bitcoin.
To get WBTC, an investor deposits Bitcoin with custodian BitGo Inc., which keeps them in a central depository as they are used to invest in DeFi apps. About 0.6% of all minted Bitcoin is already “wrapped” this way, and in two years, the amount could reach 10%, according to Chen Fang, chief product officer at BitGo, which helped launch the product in early 2019
(Bloomberg) — One of Donald Trump’s campaign websites, donaldjtrump.com, was briefly made to look like it had been seized by law enforcement Tuesday, an effort that appeared to be part of a cryptocurrency scam.
The takeover, termed a defacement by cybersecurity experts, lasted for less than an hour. During that time, the web page was made to look like it had been take over by the government and included images of Federal Bureau of Investigation and Justice Department seals. It also included a message urging people to send digital currency to an account, a technique used by criminals.
It is unknown who caused the defacement, or if the Trump website was hacked. A website defacement doesn’t
Hot on the heels of Nigel Farage’s declaration of war against the financial system and inducement to freedom-lovers everywhere to stock up on gold and silver, we now have another call to arms. But this time, it’s different. This time, it’s crypto.
So who’s waging this war that decentralised bros around the world are so excited about? Some kind of super-decentralised entity that is super not into fiat, we imagine?
That’s right, PayPal — one of the biggest payments companies in the world, with a market cap of $240bn — will soon be allowing its US users to buy, HODL, and sell bitcoin, bitcoin cash, ether (the crypto that powers Ethereum) and litecoin.
It’s not available for UK users yet but here are some screenshots from the PayPal app in the US, from Mike Dudas, founder of crypto site
The Federal Reserve, along with the Financial Crimes Enforcement Agency (FinCEN), an agency of the U.S. Treasury, have invited comment on a proposed rule that lowers the threshold on reporting under the Bank Secrecy Act (BSA) from $3,000 to $250 for transactions outside of the United States in what is widely known as the ‘Travel Rule.’ Additionally, cryptocurrency transactions would also be required for both domestic and international reporting as the rule broadens the definition of money.
Bitcoin transactions have risen to $366 billion dollars in 2019 and $312 billion through in 2020 through August, according to the new rule. The Fed and FinCEN explains virtual assets will be defined as ‘money’ under the new proposed rule to include ‘convertible virtual currencies’ (CVC) and digital assets that are legal tender. FinCEN first addressed CVC with guidance issued in 2013 – notable in that it was the first U.S. agency to
Weeks before releasing its first new console in over 20 years, Atari is setting out to dominate the videogame industry’s crypto market with the sale of $1 million worth of Atari Tokens later this month, in it hopes that the tokens will become the standard currency throughout the sector.
The tokens will be available from October 29 on Bitcoin.com Exchange, costing retail investors outside of the U.S. 25 cents each.
Tokens can initially be used for in-game purchases and for partner games, with the Pong developer aspiring for use throughout the entire gaming ecosystem.
The long-anticipated Atari VCS, the company’s first new console in over 20 years slated to launch in November, will have internet connectivity allowing players to buy products using Atari Tokens.
Bloomberg reports that the company is also developing