Introduction
In the latest news from the cryptocurrency world, PayPal’s stablecoin has finally gone live. The digital payment platform had announced its plans to launch a stablecoin in October 2020, and after receiving approval from the New York State Department of Financial Services, the stablecoin is now available to users in the United States.
PayPal’s Stablecoin
PayPal’s stablecoin is pegged to the US dollar and is called the “USD Coin.” The stablecoin allows users to hold and transfer USD on the Ethereum blockchain. PayPal is not the first company to launch a stablecoin, as other companies like Tether, Circle, and Coinbase have already launched their own stablecoins.
Bitstamp Seeks Capital
In other news, Bitstamp, a European cryptocurrency exchange, is reportedly seeking to raise capital. The exchange is said to be in talks with investors to raise between $150 million and $200 million. The funds will reportedly be used to expand the exchange’s operations and to increase its presence in the US market.
Coinbase L2
Finally, Coinbase, a leading US-based cryptocurrency exchange, has announced the launch of its Layer 2 (L2) scaling solution. The solution is designed to improve the speed and efficiency of transactions on the Ethereum blockchain. Coinbase’s L2 solution is called “Coinbase Optimism” and is based on the Optimism network.
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Conclusion
In conclusion, the cryptocurrency world is constantly evolving, with new developments and innovations being announced regularly. PayPal’s stablecoin going live, Bitstamp seeking capital, and Coinbase launching its L2 scaling solution are just a few examples of the latest developments in the cryptocurrency industry.
