PayPal Launches Its Own Cryptocurrency – PYUSD

PLUS, FTX founder – jailed!

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Let’s dive into today’s news!

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Here's what's happening today:

  • 🤑 PayPal joins the crypto party and launches a stablecoin

  • 🦹 Disgraced FTX founder, SBF, is jailed

  • 🪙 BTC price is struggling to break $30K

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PayPal Launches It’s Own Cryptocurrency

PayPal PYUSD logo blue

The big announcement…

PayPal recently launched its own stablecoin, PayPalUSD (PYUSD), backed by the US dollar and built on Ethereum.

This cryptocurrency token, fully backed by U.S. dollar deposits, can be used for person-to-person payments, purchases at checkouts, and transfers between PayPal and other wallets.

Why is this such a big deal?

1/ Mainstream Adoption: PayPal’s crypto cannonball shows they mean digital business. No longer the stuff of tech wizards, crypto's hitting Main Street.

2/ New Opportunities for Users: PYUSD extends a hand to PayPal’s users, opening up the world of crypto without the rollercoaster ride of value.

3/ Built on Ethereum: Constructed on Ethereum, a blockchain with street cred, PYUSD sets the stage for trust and integration with decentralized finance.

What Are Stablecoins?

Stablecoins are like the designated drivers of the cryptocurrency world – they keep things steady.

Unlike Bitcoin and other cryptocurrencies known for wild price fluctuations, stablecoins aim to maintain a consistent value, usually pegged to existing fiat currencies like the US dollar.

Here's how they stand out:

Stability (of course!): As the name suggests, stablecoins aim to provide a stable value. Think of them as the slow and steady tortoises in the crypto race.

Backed by Assets: Unlike many cryptocurrencies, stablecoins are often backed by reserves of fiat currencies or other assets, giving them a real-world anchor.

Useful for Transactions: Their stable nature makes them more suitable for everyday transactions, bridging the gap between digital and traditional finance.

🤔 Why you should care

1. Potential Ripple Effect: PayPal's entry may just ripple across the financial pond, influencing others to dive in.

2. Regulatory Implications: PayPal's move might shake the legislative tree, possibly dropping new crypto regulations.

3. Increased Accessibility: PYUSD's addition to PayPal and Venmo is like adding an express lane to the crypto highway.

Looking ahead…

I don’t think that PayPal's PYUSD is a one-hit-wonder.

I see it as a blend of tradition and innovation that could change how we see money. With a mix of stability and accessibility, it's extending an invitation to those who’ve been crypto-curious but cautious.

Keep an eye on this; it's not just a chapter in the financial book but could be the start of a whole new volume.

I’ll keep you posted on how this develops.

More Big News…

SBF Jailed: The Gavel Drops on FTX Founder

SFB FTX in courtroom looking nervous

The big update…

It seems like former FTX CEO Sam Bankman-Fried (SBF) was tackled not on a football field but in the courtroom.

While on house arrest in California, awaiting trial on charges of fraud and money laundering over FTX’s collapse, he was using a VPN to catch an NFL game.

An innocuous enough act, you'd think, but the judge thought otherwise. That, along with SBF's attempt to contact a witness over Signal, has led to the revocation of his $250 million bail. He now finds himself jailed, a sudden turn of events in the ongoing saga of FTX's implosion.

This development follows allegations of witness tampering, specifically sharing documents used in a New York Times article about his ex and former co-CEO of Alameda Research, who has pleaded guilty and is cooperating as a witness.

He also attempted to contact FTX's general counsel, actions that did not escape the watchful eye of Judge Lewis A. Kaplan.

The bail was revoked, the appeal was denied, and SBF's team exited the courthouse, followed by a crowd of reporters and a social media frenzy, leaving the once-celebrated crypto billionaire to contemplate his fate from behind bars.

🤔 Why you should care

This isn't just a story of a former billionaire and his missteps; it's a story that affects the whole crypto landscape.

SBF's journey from house arrest to jail is a narrative filled with lessons, cautions, and potential implications for the industry.

1/ A Warning to Others: The strict action against SBF shows that the law is watching the crypto space closely, and any transgressions won't be taken lightly. Compliance isn't just a buzzword; it's an absolute necessity.

2/ Impact on Trust and Perception: FTX's fall, accompanied by the legal drama around SBF, could shake public confidence in crypto exchanges and the industry. The eyes of regulators, investors, and the general public are fixed on this story, and the ripples are sure to affect how crypto is viewed and regulated.

3/ Potential Legal Precedents: How the court handles this high-profile case could set legal precedents that influence future regulation and enforcement in the crypto sector.

In a world where crypto moves fast and breaks things, the swift descent of SBF is a poignant reminder that sometimes, breaking the rules breaks you.

As the case unfolds, the crypto world watches, perhaps with a bit more caution and a lot more awareness of the legal boundaries that must not be crossed.

Stay tuned as this story develops; it's sure to continue making headlines and possibly even crypto history.


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DISCLAIMER: Nothing in this communication, or from Big Joe Crypto and associated domains is financial advice. It’s all educational and is not investment advice, a recommendation or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful, stay rational, and do your own research (DYOR).