Explore Coinbase's support for PayPal's stablecoin, understand why BTC holdings on exchanges are at a 5-year low, and get insights into Grayscale's ETF future.
PayPal Stablecoin Gets Listed on Coinbase

PayPal Stablecoin Gets Listed on Coinbase

Explore Coinbase's support for PayPal's stablecoin, understand why BTC holdings on exchanges are at a 5-year low, and get insights into Grayscale's ETF future.

Sep 1, 2023
| Issue

Welcome to the latest edition of Datawallet Daily, your home for the latest trends and breaking news in crypto markets. As always, let's dive in:

PayPal Stablecoin being listed on Coinbase

Coinbase has announced that it will be incorporating the newly launched stablecoin PYUSD from PayPal. According to a tweet by Coinbase on Wednesday, trading for PYUSD will commence after 9 AM PT on August 31, 2023 if liquidity requirements are met. The tweet also mentioned that once there is an adequate supply of PYUSD established, trading pairs with USD will be gradually introduced. However, it should be noted that support for PYUSD may have some limitations in certain jurisdictions.

This announcement comes after Coinbase first hinted at the potential listing of PYUSD last week. Now with this confirmation, Coinbase will provide support for PYUSD while labeling it as "experimental". This label is typically assigned to assets that are new to the platform or have relatively low trading volume compared to other cryptocurrencies available on Coinbase's marketplace.

BTC holdings on exchanges dwindle to lowest since January 2018

The amount of bitcoin (BTC) held in addresses associated with centralized exchanges has reached its lowest point in over five years, indicating a maturing market. According to CryptoQuant, an on-chain data analytics service, the exchange reserve has dropped by 4% to 2 million BTC ($54.5 billion) this month. 

This is the lowest it has been since early January 2018. The decrease reflects both positive and negative trends within the industry. On one hand, it demonstrates the increasing popularity of services like Copper's ClearLoop, a crypto custodian that enables users to trade without transferring their funds to centralized exchanges. On the other hand, it also suggests a potential decline in trading on these platforms.

Grayscale CEO skeptical of BTC ETF future

Michael Sonnenshein, the CEO of Grayscale Investments, expressed uncertainty about whether his company would need to resubmit its application to the United States Securities and Exchange Commission (SEC) in order to convert its GBTC product into a spot bitcoin ETF. 

This comes after a recent victory for Grayscale against the SEC, as a US appeals court overturned the agency's decision to block their proposed spot bitcoin ETF. The court ruled that the SEC's denial was deemed "arbitrary and capricious." Despite this positive outcome, Sonnenshein remains unsure if further action is necessary for moving forward with their plans.

Swift and Chainlink successfully complete tokenization experiment

According to a press release on Thursday, Swift, an interbank messaging system, and Chainlink, a Web3 services platform, have conducted successful experiments in transferring tokenized value across various private and public blockchains. The press release highlights that these findings could potentially eliminate obstacles that hinder the growth of tokenized asset markets and allow them to expand globally as they develop further.

DeForm raises $4.6 million in seed funding

DeForm, a marketing firm specializing in Web3 technology, has successfully raised $4.6 million in initial funding. This San Francisco-based startup emerged from its parent company, Contribution Labs, with the aim of revolutionizing digital marketing through blockchain-powered solutions. The DeForm platform offers marketers a comprehensive set of tools to better understand their target audience by analyzing their wallet transaction history and token ownership. With this valuable insight, marketers can then create personalized and targeted marketing campaigns.

What sets DeForm apart is its blockchain-agnostic approach while leveraging the Layer 1 Alchemy infrastructure to build its platform. By combining cutting-edge technology with deep industry knowledge, DeForm is poised to make a significant impact on the digital marketing landscape.

Other breaking news

Wrapping up

Today's Datawallet Daily covered critical topics, from Coinbase's support for PayPal's PYUSD to dwindling BTC holdings on centralized exchanges. All curated to help you make well-informed decisions in the crypto landscape. For real-time updates, follow us on X.com at @Datawalletcom.