Welcome to this week’s crypto and blockchain news review. In this review, we will delve into the latest developments in the cryptocurrency and blockchain space which were positive this week. This week, significant strides have been made by major players such as 21Shares, PayPal, Circle, Gnosis Pay, and The Graph, each advancing their strategic initiatives and technological innovations. From 21Shares launching new crypto ETNs on the London Stock Exchange to PayPal expanding its stablecoin to the Solana blockchain. From Circle’s strategic entry into the Brazilian market to Gnosis Pay’s collaboration with Visa, all these stories highlight the dynamic and evolving landscape of digital finance and blockchain technology. Keep reading to know more about these news.
21Shares Debutes Crypto ETNs on London Stock Exchange
21Shares, the largest issuer of crypto exchange-traded products (ETPs), has expanded into the UK market by listing four new physically backed crypto-asset exchange traded notes (ETNs) on the London Stock Exchange. These ETNs are available in both GBP and USD formats. Moreover, these are designed for professional investors and come as the Financial Conduct Authority (FCA) updates its regulatory framework to allow access to Bitcoin and Ethereum-backed ETNs.
Founded in 2018, 21Shares was the first to introduce a physically-backed crypto ETN. The firm already lists its products on several major exchanges worldwide. 21Shares offers a diverse array of cryptocurrency ETNs, including diversified index ETNs, staking ETNs, and inverse ETNs. This broad product suite aims to make cryptocurrency investment accessible through traditional financial systems.
PayPal Formally Launches $PYUSD Stablecoin on Solana Blockchain
This week, PayPal announced the launch of its stablecoin, PayPal USD ($PYUSD), on the Solana blockchain. Following its initial release on Ethereum in August 2023, this move aims to enhance PYUSD’s utility and availability by leveraging Solana’s low costs. PayPal’s strategy for PYUSD adoption involves three key stages: awareness, utility, and ubiquity.
Solana supports essential features for PYUSD’s growth, such as confidential transfers, transfer hooks, and memo fields for added transaction details. These capabilities are crucial for PYUSD to become a mainstream payment method. PayPal aims for PYUSD to make daily life easier with with faster and cheaper transactions across a decentralized multi-chain architecture. This strategic move positions PYUSD as a significant player in the digital payment landscape.
USDC Enters Brazil as Circle Partners with Top Banks
Circle, the issuer of $USDC, has announced its expansion into Brazil. This announcement was made at the Circle Forum in São Paulo, highlighting Circle’s aim to provide USD-backed digital dollars to Brazil. Following the success of Pix, Brazil’s instant payment platform with over 150M users, the demand for stablecoins has surged. Circle’s entry will enhance the financial landscape by partnering with local fintech companies to make USDC more accessible.
Circle has teamed up with BTG Pactual to facilitate USDC distribution in Brazil. This partnership will provide BTG’s retail and institutional clients with easy access to USDC. Nubank, the world’s largest digital banking platform outside Asia, has already integrated USDC. Circle’s expansion into Brazil through partnerships with top financial institutions aims to revolutionize access to digital dollars, enhancing financial security, transparency, and diversity for Brazilian users.
Gnosis Pay Collaborates with Visa to Integrate Digital Currencies
Gnosis Pay, the first self-custodial on-chain checking account, has announced a strategic partnership with Visa to integrate digital currencies into traditional finance. This collaboration aims to enhance transaction efficiency and accessibility for digital assets. Gnosis Pay leverages its decentralized network to enable companies to offer an account for on-chain spending, connected to a Visa debit card. This partnership allows users to use digital currencies for everyday transactions, improving efficiency and user experience.
In February, Gnosis Pay launched its initial batch of Gnosis Cards in Europe, establishing a direct connection with Visa to expedite the program’s growth. This collaboration offers conventional finance platforms an opportunity to explore the blockchain sector.
The Graph Integrates AI with Blockchain through New Developer Tools
The Graph, a leader in decentralized data indexing, has integrated artificial intelligence into its ecosystem. A white paper from Semiotic Labs introduces two AI services: Inference and Agent. Semiotic Labs has launched Agentc, a ChatGPT-like tool that uses The Graph’s Uniswap data for natural language interactions with blockchain data. Available for a two-week public trial, Agentc demonstrates The Graph’s potential as an AI infrastructure. Post-trial, Semiotic plans to open-source Agentc’s codebase to encourage developer innovation.
The new Inference Service allows developers to host AI models within The Graph’s ecosystem. This service is crucial for dApps integrating AI functionalities, such as conversational AI agents, without relying on centralized solutions. The Agent Service enables developers to create autonomous, AI-driven dApps capable of executing complex interactions within blockchain environments. These services enhance dApps with responsive and intelligent functionalities based on user interactions and on-chain activities.
In conclusion, this week has showcased significant advancements in the crypto and blockchain sectors. With 21Shares’ debut of new crypto ETNs on the London Stock Exchange, PayPal’s expansion of its stablecoin to the Solana blockchain, Circle’s strategic entry into Brazil, Gnosis Pay’s partnership with Visa, and The Graph’s integration of AI with blockchain, the landscape of digital finance and technology continues to evolve dynamically. These developments underscore the growing importance and potential of blockchain technology in revolutionizing financial systems and enhancing accessibility for users worldwide. Stay tuned with BlockchainReporter for more updates as the industry progresses.
