Tag: Cryptocurrency

While many consider PayPal a third-party payment tool, the payment provider is clearly not content to be merely a "money transfer intermediary." PayPal recently submitted applications to regulators in Utah and the Federal Deposit Insurance Corporation (FDIC) to establish a licensed "Industrial Bank." This means that PayPal will no longer simply provide a platform for transferring and managing funds, but hopes to truly possess the identity of a "bank," directly engaging in deposit and loan business. Aiming for "disintermediation," PayPal explicitly stated in its announcement that the purpose of this move is to "more efficiently provide business loan solutions for small and medium-sized enterprises in the United States, while reducing reliance on third parties." In the past, while PayPal also offered loan services (PayPal Working Capital), it often relied on partner banks for funding or compliance structures. This not only meant that profits were shared, but business development was also constrained by others. Therefore, if it successfully obtains a banking license, PayPal will be able to directly issue loans to customers, legally utilize user deposits, and more directly access the underlying payment infrastructure, reducing operating costs. PayPal CEO Alex Chriss stated, "Access to funding remains a significant challenge for small and medium-sized enterprises (SMEs) striving to grow." Clearly, PayPal has identified the pain point of traditional banks' overly conservative lending practices towards SMEs. Hidden Target: Cryptocurrency Besides lending, this license has another strategic significance: cryptocurrency. Reports indicate that if approved, PayPal will be able to more directly support its expanding cryptocurrency and stablecoin (such as its own PYUSD) business within a regulated banking framework. Having a banking license also means PayPal will have greater autonomy and efficiency in handling the conversion and settlement of fiat currency and cryptocurrency, without worrying about partner banks suddenly cutting off services due to risk considerations. Analysis: Will FinTech Ultimately Move Towards the Banking System? The author believes that PayPal taking this step is not surprising, and could even be considered the "ultimate form" of FinTech. Look at Block (formerly Square), which obtained a similar industrial banking license several years ago. For PayPal, the biggest advantage of having a banking license lies in data monetization. They have a clearer understanding of the daily cash flow of e-commerce sellers and small and medium-sized enterprises than traditional banks. Using this transaction data for credit rating and lending carries lower risk but higher profits compared to traditional banks. However, US regulators have always been cautious about tech companies holding banking licenses. PayPal's application for a more specialized "industrial bank" license, while only permitted in a few states like Utah, still requires approval from the Federal Deposit Insurance Corporation (FDIC). Whether it receives approval will be a crucial indicator of the direction of US financial regulation.

Microsoft announced earlier that it has signed a five-year, $97 billion contract with Australian infrastructure operator IREN to secure more AI cloud computing power to meet strong customer demand for AI services. This move follows Microsoft's agreement last month with cloud startup Nscale, marking another large-scale procurement to secure AI infrastructure. Securing GB300 computing power, IREN will purchase $58 billion worth of equipment from Dell. Under the agreement, Microsoft will acquire computing infrastructure built using NVIDIA GB300 GPUs. IREN plans to complete the phased deployment at its Childress, Texas facility by 2026, which is planned to support up to 750 MW (megawatt) of computing capacity. IREN also stated that it will invest an additional approximately $58 billion to purchase the necessary GPUs and related equipment from Dell. Microsoft is actively expanding its AI infrastructure. Microsoft has recently been making frequent moves to secure AI computing power. For example, in October, Microsoft launched its first production cluster using the NVIDIA GB300 NVL72 system for its Azure cloud service. This system is optimized for inference models, agency AI, and multimodal generative AI. In addition, Microsoft also signed an agreement with Nscale in October to purchase approximately 200,000 NVIDIA GB300 GPUs, which are expected to be deployed in four data centers in Europe and the United States. IREN: Profitably Transitioning from Bitcoin Mining to AI. It's worth noting that IREN's background is similar to that of emerging AI cloud providers like CoreWeave; it was initially a Bitcoin mining operator. After realizing that its large number of GPUs were better suited for AI workloads and that it could benefit from them, even more so, IREN transformed its original Bitcoin mining-focused business model into a provider of AI computing resources. According to a Bloomberg report, IREN CEO Daniel Roberts expects the deal with Microsoft to account for only about 10% of the company's total computing power throughput, but is projected to generate approximately $19.4 billion in annualized revenue, highlighting the current impressive returns on the AI ​​business. Similar to IREN, Nscale, a previous Microsoft partner, was formerly part of Bitcoin miner Arkon Energy. It was also spun off from Arkon Energy in 2022 to become an AI infrastructure provider due to the surge in demand for computing power from AI workloads.

PayPal launches "Pay with Crypto" service, opening a new chapter in virtual currency commercial payment

US President Trump officially signed the new financial regulatory bill, the GENIUS Act, into law. This bill establishes a clear regulatory framework for the stablecoin market, aiming to solidify the dollar's global dominance in the digital financial market. It is also considered a key turning point in US cryptocurrency regulatory policy. At the signing ceremony, Trump stated that the GENIUS Act "may be the greatest revolution in fintech since the birth of the internet," highlighting its profound impact on future financial infrastructure. The bill not only received bipartisan support in Congress but also attracted executives from major US cryptocurrency companies such as Coinbase and Tether to witness the signing. ✅ GENIUS ACT SIGNED INTO LAW: "The GENIUS Act creates a clear and simple regulatory framework to establish & unleash the immense promise of dollar-backed stablecoins. This ...

Uber CEO Dara Khosrowshahi stated at a Bloomberg technology conference that Uber is currently exploring the use of stablecoins for global fund transfers, aiming to reduce costs associated with exchange rates and other factors during cross-border capital flows. Khosrowshahi noted that this is a very interesting research project and believes that stablecoins could offer significant growth potential for multinational companies like Uber. Stablecoins are a type of cryptocurrency, typically pegged to stable assets such as the US dollar, serving as intermediary currencies in crypto transactions and attracting considerable attention from banks and other businesses. Uber's plan to use stablecoins for global fund transfers suggests that more services will be developed in conjunction with cryptocurrencies and stablecoins. While it's currently unclear how Uber will integrate stablecoins into its services, this is not the first time Uber has indicated its involvement in cryptocurrency applications. For example, Uber was an early partner in Meta's Libra cryptocurrency project, but with the failure of Libra and its subsequent rebranding as Diem, there has been no further news.

World, a startup founded by OpenAI CEO Sam Altman, officially launched its decentralized identity verification method, World ID, in Taiwan today (May 28th), addressing the demand from 91% of users for "verifying human identity." ▲World ID, the decentralized identity verification method promoted by the startup World, officially launched in Taiwan. World comprises three main components: World ID, which allows users to prove they are real people, not robots or artificial intelligence, online; Orb, a hardware device that creates a personal World ID by scanning iris information; and the World App, which manages personal World IDs and the Worldcoin cryptocurrency. ▲The World App manages personal World IDs and the Worldcoin cryptocurrency. Starting today, Taiwanese citizens can visit Taipei's first World Space to obtain a private and anonymous digitally verified World ID, allowing them to prove their authenticity and uniqueness online, completely protecting their privacy without revealing their identity. ▲Visit Taipei's first World Space to obtain a private and anonymous digitally verified World ID. Adrian Ludwig, CISO of Tools for Humanity, the global technology company that created World, stated, "World's core value lies in trust and security, helping Taiwanese people feel confident and secure online. We understand the frustration and anxiety caused by online fraud and identity theft. As Taiwan's digital maturity increases, we are committed to providing privacy-first innovation, ensuring that AI applications improve lives, not harm people's daily lives." ▲Toos...

David Sacks, Trump's appointed head of artificial intelligence and cryptocurrency, stated on his personal "X" page that Trump has signed an executive order establishing a strategic Bitcoin reserve, as well as a US Digital Asset Stockpile for holding cryptocurrencies other than Bitcoin. However, the White House has not issued any official press release. President Trump recently announced that he would include five major cryptocurrencies—Ripple (XRP), Solana (SOL), Cardano (ADA), Bitcoin (BTC), and Ethereum (ETH)—in the US strategic cryptocurrency reserve, a move that appears to echo Senator Charles Schwertner's earlier proposal for a Bitcoin reserve. Prior to this, Schwertner proposed that Texas, under the jurisdiction of the Texas Comptroller, become the first state in the US to create a Bitcoin reserve, holding Bitcoin and other cryptocurrencies with a total market capitalization of at least $5000 billion, to address various emergencies, economic crises, or national security needs, covering energy, metals, agricultural products, finance, and defense. David Sacks' explanation indicates that the Bitcoin in this reserve system primarily comes from criminal or civil asset forfeiture proceedings, as well as Bitcoin acquired through strategies devised by the Treasury and Commerce Secretaries to avoid impacting the budget, emphasizing that it will not impose an additional financial burden on taxpayers. Informal statistics suggest the U.S. government currently holds approximately 20 Bitcoins, and the Bitcoins placed in the reserve system will not be sold but used as a value-preserving reserve, with policies designed to maximize their value. The digital asset reserve, on the other hand, will be used to store digital assets other than Bitcoin, sourced entirely from forfeiture proceedings, without expansion through additional acquisitions. Just a few minutes ago, President Trump signed an Executive...

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Ubisoft recently quietly announced its first strategy RPG game operating in the form of NFTs, *Champions Tactics: Grimoria Chronicles*. Players must have a supported crypto wallet and be linked to a Ubisoft Connect account to play. While Ubisoft has previously emphasized that its games will not follow the trend of NFT content applications to avoid unnecessary disputes, the later integration of the Ubisoft Quartz NFT platform into *Fireline: Wildlands*, allowing players to purchase NFT items called "Digits," sparked considerable player dissatisfaction. However, Ubisoft clearly still believes that combining games with NFTs can create greater development opportunities. Therefore, *Champions Tactics: Grimoria Chronicles*, developed by the Ubisoft Paris studio team, Ubisoft Strategic Innovation Lab, and Oasys, while not explicitly stating that it is a Web 3 game, still requires players to have a supported crypto wallet and be linked to a Ubisoft Connect account to play. In the early stages of the game, the system will provide some temporary statues for free, but players must still purchase their own NFT statues using in-game currency or cryptocurrency to compete with other players. Currently, Ubisoft offers thousands of statues in the game, with the most expensive being "Swift Zealot," priced at $63000. The game's success is currently uncertain, but many players believe that given the current trends in Web 3 technology, the application scenarios of cryptocurrency, and market sentiment towards NFTs, it is clearly not worthwhile to invest heavily in this game at present.

World, a startup founded in 2020 by OpenAI CEO Sam Altman, is issuing a cryptocurrency called Worldcoin and also aims to create the world's largest, most equitable digital community integrating cryptocurrency applications by promoting a decentralized identity verification method called World ID. Their device, Orb, which can be used to create personal iris recognition data, has recently launched a new version. After scanning the iris features with Orb, a Deep Face identity marker is created and linked to the individual's decentralized World ID. This allows for verification of identity or trustworthiness without sharing personal information such as names or email addresses. The new version of Orb is built on NVIDIA's Jetson robotics platform, providing five times the AI ​​computing power. World Devices' head, Rich Heley, emphasized that Orb will be provided based on actual needs, and that they will make the device more accessible, allowing more people to create personal identification and prove their identity through the decentralized World ID method without compromising personal privacy. World revealed that it has already scanned the irises of nearly 7 million people using the Orb device, with a goal of building a database of over 1 billion people. This also means creating a large amount of decentralized World ID data, which it believes can be used to build a massive digital community combined with its cryptocurrency. Earlier this year, World began its global tour in Tokyo, Japan, and subsequently introduced the Orb device and offered iris scanning services in cities such as Berlin, Dubai, London, Mexico City, Miami, New York, San Francisco, and Seoul. Further tours are planned for Costa Rica, Brazil, Indonesia, Panama, the United Arab Emirates, Morocco, Taiwan, Australia, Hungary, and Romania.