A report by Bloomberg seems to indicate that PayPal’s intentions in the crypto world go far beyond what we thought.
Yesterday Bloomberg published a note that alarmed and perhaps impressed others where he notes that PayPal may be in talks to buy up crypto businesses.
They want the crypto domain
From our outsider’s perspective, it seems that PayPal became interested in crypto-currencies and the overnight market.
Yesterday the company announced the addition of Bitcoin and other crypts to the platform for buying and selling. Today it seems that PayPal’s intention is not naive, but it’s going for it all.
According to Bloomberg, PayPal is exploring acquiring some crypto companies, specifically BitGo, pointed out by people familiar with the issue.
In this way, the media is specifically targeting Bitcoin, a company that helps investors store BTC safely.
Anonymous sources pointed out that there could be an agreement between the parties soon. However, they also made the exception that PayPal could choose to buy other companies in the crypto market.
The most curious aspect of the news is that BitGo does not offer the type of crypto service that PayPal has announced it will be incorporating. Therefore, the acquisition of a crypto company points to other much deeper strategies in the market.
In fact, the service that PayPal announced is aimed at retail investors, while the service that BitGo offers is aimed at institutional investors.
Bitcoin Futures reaches new highs at CME
According to Skew’s data, the Chicago Mercantile Exchange, or CME, has removed BitMEX as a crypto derivatives exchange from second place in the ranking by the amount of Bitcoin Open Interest Futures.
For the time being, OKEx remains the leader in crypto derivatives. But CME managed to snatch the position from BitMEX; which, in fact, is now in fourth position.
As a result, there is $0.79 billion in open interest on Bitcoin futures contracts at CME. That means there is $0.79 billion in Bitcoin futures contracts that have not yet expired.
White Paper proposes how to comply with the Travel Rule
The US Travel Rule Working Group (USTRWG), a consortium of 25 companies operating with virtual assets, published a technical document offering a proposal on how its members will comply with the Travel Rule in the crypto market.
The Travel Rule, explained simply, involves financial institutions sharing certain information with other financial institutions with whom they are doing business. This is so that the authorities can track illegal activities.
The Travel Rule has existed for a long time but is relatively new to the crypto community.
98% of all unspent Bitcoin crypto transactions are profitable
A few days ago Glassnode wrote down a metric that describes the recent success Bitcoin is experiencing. This means that 98% of all Bitcoins in the Wallets if sold would be Golden Profit for investors.
According to the crypto signature, this is „a level not seen since December 2017, and typical of previous $BTC bull markets“.