Connect with us

News

PayPal Crypto Bound! PayPal is betting on bitcoin and DeFi in a BIG way.

paypal
rss

PayPal is betting on bitcoin and DeFi in a big way. Here’s what you need to know.

PayPal shocked the financial world Monday, with rumors swirling of direct crypto sales to its 325 million customers along with its subsidiary Venmo. In a move that shook the crypto world, many pundits were taken back the news, as PayPal has a strong history of being a staunch opponent to crypto and DeFi.

PayPal’s core business is the facilitation of online payment service that allows both individuals and businesses to transfer funds with the help of electronic mode. It also is one of the first payment organizations to enable merchants to accept Bitcoin through Braintree with successful partnerships with payment processors like BitPay, GoCoin, and Coinbase. It also has integrated with Coinbase’s virtual currency wallet and exchange so that the users of Coinbase selling Bitcoin can withdraw the funds to their own PayPal accounts. Such alliances have helped PayPal build firm grounds and have provided it valuable market insights that will shape their future decisions. 

PayPal also strongly believes that Blockchain technology holds immense potential especially in the world of finance. Its engagement with the broader Blockchain ecosystem until now demonstrates its increasing bent towards it. 

paypal

PayPal & Crypto

In its list of firsts, PayPal is now looking at working with multiple cryptocurrency exchanges to source liquidity. Earlier PayPal was solely a means to withdraw funds from these exchanges but now it will for the first time proffer the direct sales of crypto. An industry source also opined that exchanges will not offer direct buy and sell of crypto from PayPal and Venmo with the likelihood that there will be in-built wallet functionality for storage. 

While the entire industry is positively headed with the news, it could take a close to 3 months before this service is outlined for mainstream use. PayPal and its team have denied commenting on anything on their plans as of now. As per the industry predictions, Coinbase and Bitstamp are speculated to by the partners of PayPal in this initiative. Yet, no official comment from Bitstamp or CoinBase has been forthcoming on this matter.

PayPal & Coinbase

The history of PayPal and Coinbase goes back to 2016. Coinbase made instantaneous fiat withdrawals to PayPal in 2018, it also allowed European Coinbase users to withdraw to their PayPal accounts. Crypto is interestingly and increasingly being viewed as the most obvious way to reinforce and strengthen the user base on fintech apps and also generate new avenues for revenue generation. 

More DeFi Competition

Square which was launched by Twitter CEO also launched bitcoin purchases in its own cash app in 2018. Its cash app reported an enormous Bitcoin revenue of $306 million as per the latest report. Revolut in partnership with Bitstamp also started offering crypto to users in 2017 and had raised a whopping $500 million in February. 

PayPal CEO Dan Schulman has also made it evident that it will aggressively push on monetizing Venmo already besotted with 52 million accounts. While the PayPal CTO refused to comment on explicit plans of PayPal, he went on the record to confirm that the organizations believe strongly in the strong perspectives of the blockchain technology and its foray into the digitization of currency is now not a question of IF but rather WHEN. 

PayPal’s Aggressive Recruitments

Earlier this year, PayPal also recruited a workforce to structure and strengthen its Blockchain research group. It also had eight open engineering positions in San Jose and Singapore. The different job openings with its descriptions are now live and public on the job board of the company. The opening for Technical Lead/ Crypto engineer will be responsible for all novel PayPal initiatives around the globe to lead the pack with innovation and agility. The technical lead will be required to design, develop, and maintain the crypto features so that it promises future availability, performance, and scalability. 

PayPal is also seeking a blockchain research engineer that will be a part of the Strategic Technology Enablement team. The expert has to establish their opinions on emerging blockchain technologies and their uses with PayPal. These job listings bear resemblance to the fact that PayPal is getting aggressive and is trying to move deeper into the cryptocurrency market. The job requirements it has listed require several skills that coincide with Bitcoin development. For instance, as per their website, they need people with experience in C++, cryptographic libraries, and asymmetric cryptography. 

Paypal & Technological Advancement

As of now, official comments and announcements are awaited, but the suggestions are strong enough to indicate that its foray will reverberate within the industry, sending shockwaves throughout the entire financial sector once officially announced. 

Even though Elon Musk left PayPal long ago, one could argue PayPal is taking some lessons from his genius. With Tesla, Musk used his talent to predict a future where cars running on oil would be a thing of the past, betting big on rechargeable automobiles and renewable energy.

PayPal is now looking at DeFi and crypto, in the same manner, looking to get ahead of an inevitable reality: money will increasingly become digital. Will cars running on oil or physical money cease to exist? Not for some time, but during the transition period, both Tesla and PayPal are looking to capitalize on a huge market share in a potential multi-trillion dollar industry.


Check back in at DeFiRev.com to find out the latest in DeFi News.

Thanks for reading this article!

Drop a comment below and share your thoughts!

Make sure to check out more DeFi Revolution articles and sign up for our exclusive newsletter here.

Facebooktwitterredditlinkedinmail
rss
Continue Reading
1 Comment

1 Comment

  1. Pingback: Coinbase IPO 2020 | DeFiRev.com | DeFi News | DeFi Crypto

Leave a Reply

Your email address will not be published. Required fields are marked *

News

BriFitDance: Up Close and Personal with DeFiRev.com

brifitdance
rss

BriFitDance took the world and Crypto Twitter by storm with her epic and what will surely be a time capsule in bitcoin’s history. Did it spark the bitcoin Golden bull run?

If you haven’t watced the video, watch it right now:

DeFiRev.com: Tell us about your origin story and how you got to where you are today. When and how did you first learn to dance?

BriFitDance: I am originally from Ecuador. My family and I immigrated to the United States in 2009, learning and exploring the USA journey. Since I was 3 years old, I’ve been staying active by dancing, swimming, riding a bike, and running. I’ve always loved to be in the fitness field, but my passion is dancing, especially belly dancing. I am also learning to hoop dance to incorporate more dancing activities in my videos. 

DeFiRev.com : Where did you grow up and what’s your favorite type of music?

BriFiDance: I grew up in the United States as in the state of Maryland, as a teenager and as an adult. My favorite type of music is pop music. I do like all kinds of music, I think it soothes the soul, relieves stress, and lifts up the mood a great amount. 

DeFiRev.com: Do you usually come up with the lyrics to the songs first or start with the music or dance moves?

BriFitDance: I work with a video producer from MidAtlanticTV.com We start with the lyrics, then work on a beat, record my vocals with a professional recorder, practice the choreography and then perform the music video with the dance moves. 

DeFiRev.com: How did you first get into bitcoin?

BriFitDance: I got into Bitcoin in the beginning of this year, buying and holding, also accepting donations. No altcoins however.  

DeFiRev.com: What has been the video you had the most fun making so far?

BriFitDance: I had a lot of fun making the Crypto_Bitlord Tongue song because it had a few acting moves and loved performing it. 

DeFiRev.com: What has been your favorite moment in crypto history?

BriFitDance: The Bull Run since my Saylor Bitcoin Bull song. 

DeFiRev.com: When you’re not working, what do you like to do for fun? Favorite hobbies? Anything that would surprise us?

BriFitDance: I like to walk with my family and help my parents edit their videos, because they aspire to be YouTube stars as well. 

DeFiRev.com What are a few of your favorite books?  What are some that have made a long-lasting impact on you?  (Can be fiction or nonfiction)

BriFitDance: Animal Farm by George Orwell and Human Development: A Cultural Approach by Jeffrey Jensen Arnett and Lene Jensen. Animal Farm has helped me realize that with teamwork and trust, dreams and goals can be accomplished and work in the future. The Human Development book has provided me with the knowledge and information, as well as understanding the foundation and statistics of human development in all countries. I have an interest in Psychology and love this subject. I would definitely recommend others to read these.

DeFiRev.com: What are you most excited about for the future of blockchain technology and where do you see the space in 5 years?

BriFitDance: Hopefully Bitcoin will be in the hands of one billion plus users. 

DeFiRev.com: What are your personal theories of who Satoshi was or were?

BriFitDance: I have no idea. All I know is he/she/they is/are very smart! 

DeFiRev.com: At what point did it hit you that bitcoin was history in the making? 

BriFitDance: The first time I heard Michael Saylor talk about Bitcoin. 

DeFiRev.com: What advice would you give our viewers regarding blockchain, business, motivation, or life in general?

BriFitDance: Buy and HOLD Bitcoin! 


It has been a historic week for bitcoin and we at DeFiRev.com wanted to thank BriFitDance and congratulate her for being the DeFiRev.com PERSON OF THE WEEK!

brifitdance

DeFiRev.com is #1 in DeFi News. Check back in soon to find out the latest in DeFi News.


Make sure to check out more DeFiRev articles and sign up for our exclusive newsletter + get access to VIP DeFi Networking here.


DeFiRev.com – HOME
DeFiRev.com – DeFi Market Watch

Facebooktwitterredditlinkedinmail
rss
Continue Reading

News

Huobi top official arrest – Are these rumors or a reality?

huobi arrest
rss

CryptoQuant, a crypto information provider, has indicated a significant increase in Bitcoin funds outflows from Huobi global. This is a development that comes when the firm has issued in public denial about rumors of an arrest of one of its executives. But as per the Chinese media, crypto exchange Huobi Chief Operating Officer (COO) Robin Zhu was under investigation by the Chinese people. 

In a tweet thread that was posted on November 2, Huobi quashed rumors about the supposed arrest of a Huobi senior executive. It came out with the clarification stating: 

“All of Huobi’s management team members have been accounted for and have not been detained or arrested,” the firm said. “We understand that the spread of false information can lead to concerns about the safety of user assets, but please rest assured your assets are safe.”

CryptoQuant mentions that the outflow increase peaked after midday on Monday. 

Source: CryptoQuant

Huobi is a global exchange with monthly trading volumes above $170 billion. It has assured its users and the media that nothing such as this has happened. It so happened that Huobi COO Zhu Jiawei was reportedly unreachable on Monday evening and immediately after that rumors were afloat in the circles that he was being arrested. All of the social media was swirling with the news with local news channels also reporting on the rumors. 

The exchange said that Zhu was on a flight returning from a conference in Guizhou and that he would be attending a meeting in Beijing on Tuesday morning.

But, the assurances of Huobi haven’t stopped users from withdrawing funds and now they are viewing themselves in the same boat as users of OKEx. In fact, many hours before it directly addressed the rumors of an arrest, Huobi tweeted that it uses a multi-signature process for withdrawals so that the users did not have to rely on a single key holder. As for the rumors, the exchange claimed that Zhu was on a business trip and would be here this week for an important meeting. Huobi said that its operations were unaffected by these unsubstantiated rumors as per an earlier statement on its Chinese website. 

Bitcoin removed from Huobi rapidly

A greater likelihood is that the rumors are false but users are not taking any chances. As said earlier, there is a mass exodus of Bitcoin with its outflows hitting 4,241 BTC which is growing rapidly. 

“Looking at Huobi Netflow, BTC outflow has soared in the last eight hours.”

In the month of June, there were rumors that Dong Zhao, the co-founder of the Chinese crypto lending platform Renrenbit apparently cooperating with the police for investigations which is now a new trend in the Chinese markets. OKEx announced in October that the founder Star Xu also has been under investigation for weeks, and following that OKEx had suspended withdrawals of crypto assets from the platform. The statement came out at least one week after he was detained by the police and users are still not able to withdraw their funds. 

Source: CoinGecko

Huobi Token price today is $3.58 with a 24-hour trading volume of $257,890,383. HT price is down -6.6% in the last 24 hours as per CoinGecko.

Rumor or reality?

Huobi is surely the largest target for Chinese authorities and watchdogs cracking down on crypto exchanges, and all this has added to the jitters of the crypto investors. As of now, there has been no evidence proving that the COO had been arrested and the company has plainly denied allegations. But nonetheless, the markets reacted.

But as far as evidence and other events surrounding it happened, the rumors have been baseless. The Bitcoin and crypto trading platform also confronted these claims in a tweet thread stating that they could share it with strong confidence that they are false. The exchange further stated that they have accounted for all of their executive team members and reassured users that all their assets are safe. 

“All of Huobi’s management team members have been accounted for and have not been detained or arrested. We understand that the spread of false information can lead to concerns about the safety of user assets, but please rest assured your assets are safe.”

DeFiRev.com is #1 in DeFi News. Check back in soon to find out the latest in DeFi News.


Make sure to check out more DeFiRev articles and sign up for our exclusive newsletter + get access to VIP DeFi Networking here.


DeFiRev.com – HOME
DeFiRev.com – DeFi Market Watch

Facebooktwitterredditlinkedinmail
rss
Continue Reading

News

Harvest Finance Hack Explained. Here’s how it happened.

harvest finance hack
rss

Unscrambling the Harvest Finance hack and its aftermath

Harvest Finance, the Decentralized finance protocol was hacked for a staggering $24 million. The attack was a reminder to the crypto community that DeFi has sure risen to prominence but it has its own share of loopholes, and it is this that the attackers take advantage of. 

Harvest Finance attack details

The attacker directly attacks the protocol’s liquidity pools leading the arbitrage attack using a large flash loan – a type of uncollateralized loan. The attacker later returned $2.5 million but in a mere seven-minute act, the entire hack was complete, leaving the protocol stakeholders bewildered. 

In further addition to the details of the hack, the protocol revealed that the hacker manipulated prices on one money lego which is the Curve Y pool. This was done to drain another money lego farm USDT (fUSDT), farm USDC(fUSDC) multiple times.

The attacker then converted the funds to renBTC and later excited to Bitcoin. renBTC is not synthetic because it does not rely on any liquidation mechanism and it is certainly not the price of Bitcoin on Ethereum. It is a one-to-one representation of Bitcoin on Ethereum which can be redeemed for BTC at any time and in any amount. 

harvest finance hack

The native token of Harvest Finance, FARM fell 54% to $101.79 when the news of the hack came forward. Following the attack, the amount of money that was locked in the protocol plummeted from $1 billion to $575 Million On October 25th. The investors were so fretful that they pulled their deposits back. 

Harvest Finance acted accordingly and withdrew all the funds from the shared pools almost immediately after it had completed a fine evaluation of the attack. It began with reconstructing the processes which included DAI, USDC, USDT, TUSD as well as WBTC and renBTC. The funds are currently present in the vaults safely so that they are not exposed to further market manipulation. The hack did not involve DAI, TUSD, WBTC, and renBTC, and the depositors in these vaults were not affected.

How was the hack carried out?

The mechanics of the protocol has allowed for the execution of such an attack. Let us see how:

The investment strategies used by Harvest involves calculating the real-time value of assets that are invested in the base real-time protocols. The value of the assets is then used by the vaults to calculate the number of shares to be used to the user depositing the funds. The same value of the assets is also used when the users take out funds from the vaults.

Payout is then calculated upon the user exit. What also needs to be noticed here is that the assets inside some of the vaults are deposited into shared pools of underlying DeFi protocols. These are subject to market effects such as impermanent loss, arbitrage, and slippage. This means that its value can be manipulated through larger volumes of market trades. 

The attacker knew this well and had exploited the impact of the impermanent loss of USDC and USDT inside the Y Pool of Curve.fi by manipulating the asset value to deposit funds into the vaults and obtain the shares for a beneficial price. 

The aftermath of the Harvest Finance Hack

Harvest Finance’s Twitter account has been buzzing with messages and activity. The protocol has taken full responsibility for the engineering attack and has ensured that in the future such attacks will be countered and mitigated. The protocol has made it clear that formatting a disaster management plan to assist those who are affected will be the top priority for the protocol. 

The protocol is investing its resources to catch hold of the scammers and has already provided a list of Bitcoin addresses of the hacker where it believes that the stolen funds may have moved. It also had taken immediate action by asking prominent exchanges like Binance, Coinbase, and Huobi to block the attacker’s addresses. It further said that there is:

“A significant amount of personally identifiable information on the attacker, who is well-known in the crypto community.” Not willing to dox the cyber-thief, Harvest Finance is now offering a $100,000 bounty “for the first person or team to reach out to the attacker”.

Harvest further tweeted that the $2.5 million returned by the hacker will be distributed to the affected depositors on a pro-rata basis using a snapshot. The attack on Harvest comes only six weeks after the attacker escaped with $8.1 million in Bitcoin from another DeFi protocol BZX, however, BZX managed to recover the funds. 

harvest finance hack

DeFiRev.com is #1 in DeFi News. Check back in soon to find out the latest in DeFi News.


Make sure to check out more DeFiRev articles and sign up for our exclusive newsletter + get access to VIP DeFi Networking here.


DeFiRev.com – HOME
DeFiRev.com – DeFi Market Watch

Facebooktwitterredditlinkedinmail
rss
Continue Reading
bitcoin
Bitcoin (BTC) $ 37,089.00
ethereum
Ethereum (ETH) $ 1,414.39
tether
Tether (USDT) $ 0.999563
polkadot
Polkadot (DOT) $ 17.02
ripple
XRP (XRP) $ 0.307181
cardano
Cardano (ADA) $ 0.372712
litecoin
Litecoin (LTC) $ 161.95
bitcoin-cash
Bitcoin Cash (BCH) $ 531.30
chainlink
Chainlink (LINK) $ 21.63
binancecoin
Binance Coin (BNB) $ 47.05
stellar
Stellar (XLM) $ 0.308989
usd-coin
USD Coin (USDC) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 37,355.00
bitcoin-cash-sv
Bitcoin SV (BSV) $ 212.92
monero
Monero (XMR) $ 156.57
eos
EOS (EOS) $ 2.90
aave
Aave (AAVE) $ 205.39
tezos
Tezos (XTZ) $ 3.11
havven
Synthetix Network Token (SNX) $ 16.72
tron
TRON (TRX) $ 0.031774
cosmos
Cosmos (ATOM) $ 9.42
nem
NEM (XEM) $ 0.244006
theta-token
Theta Network (THETA) $ 2.09
uniswap
Uniswap (UNI) $ 9.11
vechain
VeChain (VET) $ 0.030084
neo
NEO (NEO) $ 27.63
crypto-com-chain
Crypto.com Coin (CRO) $ 0.083961
celsius-degree-token
Celsius Network (CEL) $ 4.73
okb
OKB (OKB) $ 6.26
compound-ether
cETH (CETH) $ 28.38
dai
Dai (DAI) $ 0.999728
iota
IOTA (MIOTA) $ 0.495463
compound-usd-coin
cUSDC (CUSDC) $ 0.021435
maker
Maker (MKR) $ 1,502.22
leo-token
LEO Token (LEO) $ 1.38
dash
Dash (DASH) $ 132.59
dogecoin
Dogecoin (DOGE) $ 0.009344
binance-usd
Binance USD (BUSD) $ 0.998565
huobi-token
Huobi Token (HT) $ 6.01
zcash
Zcash (ZEC) $ 107.88
yearn-finance
yearn.finance (YFI) $ 36,914.00
filecoin
Filecoin (FIL) $ 23.43
solana
Solana (SOL) $ 3.84
ftx-token
FTX Token (FTT) $ 11.26
avalanche-2
Avalanche (AVAX) $ 12.88
ethereum-classic
Ethereum Classic (ETC) $ 8.38
kusama
Kusama (KSM) $ 106.42
compound-governance-token
Compound (COMP) $ 228.58
sushi
Sushi (SUSHI) $ 7.25
zilliqa
Zilliqa (ZIL) $ 0.078180