PayPal & Stablecoin | Singapore & Web3 investment | Microsoft & Aptos | Base Blockchain & Open to Public | Binance & Curve | &more
01.08.-15.08.2023
Welcome to the redefined DeFi vs. CeFi weekly newsletter. If you want to join our community, visit us at the links below.
1 | PayPal launches PYUSD stablecoin for payments and transfers
PayPal is rolling out a stablecoin for payments and transfers, the company announced on Monday. PayPal USD (PYUSD) is issued by Paxos Trust Company and is backed by U.S. dollar deposits, short-term U.S Treasuries and similar cash equivalents. PayPal says the stablecoin is rolling out to U.S. customers gradually. Today’s announcement marks the first such move from a major U.S. financial institution. Eligible U.S. PayPal customers who purchase PYUSD will be able to transfer PYUSD between PayPal and compatible external wallets, send person-to-person payments using PYUSD, fund purchases with PYUSD by selecting it at checkout and convert any of PayPal’s supported cryptocurrencies to and from PYUSD. PayPal says that when you buy or sell cryptocurrency, including when you check out with crypto, it will disclose an exchange rate and any fees you will be charged for that transaction.
2 | Singapore pledges $112M to foster fintech and web3 innovation
The Monetary Authority of Singapore (MAS) said it would commit 150 million Singapore Dollars, around $112 million, during the course of three years under the renewed Financial Sector Technology and Innovation (FSTI 3.0) Scheme to support FinTech solutions, including Web3 projects. According to an Aug. 7 statement, the MAS stated that the fund seeks to accelerate innovation by supporting cutting-edge technology projects under different tracks, which include the Enhanced Centre of Excellence track, the Environmental, Social, and Governance fintech track, and the Innovation Acceleration track. The innovation acceleration track covers Web3 projects. Per the statement, individual web3 projects would get grant funding to support actual trial and commercialization.
3 | Microsoft, Aptos Labs Team Up on New Blockchain AI Tools
According to a press release Wednesday, Aptos is leveraging Microsoft's infrastructure to deploy new offerings that combine AI and blockchain technology, including a new chatbot called Aptos Assistant, which will answer user questions about the Aptos ecosystem and provide resources to developers who are building smart contracts and decentralized apps. The chatbot is powered by Microsoft's Azure OpenAI Service. "Artificial intelligence and blockchain technologies are quickly converging for one important reason: They are both generational breakthroughs that profoundly impact the evolution of the internet and shape society,” Aptos Labs CEO Mo Shaikh said in the release.
4 | Coinbase-Backed Base Network Now Open to the Public
A blockchain network, Base Mainnet, developed by Coinbase cryptocurrency exchange, has officially been launched and is now open to the general public. This brings many new features and a community of over 100 decentralized apps and service providers. Jesse Pollak said, “We’re thrilled to announce that Base mainnet is now live and available for everyone. At launch, there are 100+ dapps and service providers available in the Base ecosystem, as well as deep integrations across the Coinbase product ecosystem.” The mainnet launch is accompanied by an “on-chain summer” event, which likely involves various decentralized applications (dApps) and service providers to the network’s ecosystem. This network aims to provide a better user experience compared to Ethereum, with lower transaction fees and faster transaction speeds. Jesse Pollak, who leads protocols at Coinbase, mentioned these improvements.
https://www.cryptotimes.io/coinbase-backed-base-mainnets-public-launch/
5 | Binance Backs Curve with $5M as DeFi Protocol Eyes BNB Chain Integration
Currently, Curve solidifies its stance as the preeminent stable swap and claims the title of the second-largest decentralized exchange globally. Its credentials are further reinforced by an enviable $2.4B total value locked and a robust $215M daily trade volume: Offering more than just low fees and reduced slippage, Curve’s platform enables seamless ERC-20 token exchanges. Moreover, its utility token, CRV, plays a pivotal role in streamlining the exchange of stablecoins and facilitating staking, boosting and governance processes. Yi He, Binance’s co-founder and head of Binance Labs, illuminated the rationale behind the investment, stating, “Curve is the largest stableswap, and as a key protocol in DeFi it has contributed to the steady growth of the space in 2023. Given the recent events that have impacted the protocol, Binance Labs has offered our full support to Curve through our investment and strategic collaboration.”
https://cryptobriefing.com/binance-backs-curve-with-5m-as-defi-protocol-eyes-bnb-chain-integration/
6 | Despite Name Brand NFT Deals, Nifty's Shuts Down
A social network turned Web3 creators portal that managed to work with some of the biggest names in entertainment announced that it was shutting down today. Nifty's was backed by preeminent businessmen Mark Cuban and Joe Lubin in 2021 with a $10 million raise that included investors like Coinbase Ventures and Dapper Labs. Thanks to a deal with entertainment giant Warner Bros., Nifty's came out of the gate offering NFTs based on the 1996 film "Space Jam," featuring sports stars like LeBron James and various Looney Tunes characters, to promote a 2021 sequel.
https://decrypt.co/151078/niftys-nft-web3-shut-down/
Visit our Website: https://redefined.org/
Join us on Discord: https://discord.gg/hcpWsw2Kfb
Follow us on Twitter: https://twitter.com/redefined__org
Join our Telegram Update Channel: https://t.me/redefined_org
Follow us on LinkedIn: https://www.linkedin.com/company/redefined-org