PayPal discusses own stablecoin, Taproot being signaled and DCG buy limit increased by $500 million
PayPal Reportedly Discussing Its Own Stablecoin
Online payment operator PayPal is reportedly discussing the creation of their own fiat-backed stablecoin.
Initially reported by The Block, several unnamed individuals quoted to be familiar with the situation state that PayPal is engaging with a number of different developers, including Ava Labs, around the potential launch of their own stablecoin. With PayPal reportedly engaging with a number of different stablecoin developers, it’s rumored that PayPal could likely lean on a third-party company to develop the firm’s coin.
This isn’t the first sign of PayPal looking to dig into the crypto landscape, of course. The payments behemoth has previously acquired crypto custodian Curv, and in just the past month teamed up with Coinbase and helped raise Series D funding for crypto and blockchain startup Paxos.
Grayscale parent firm DCG to expand GBTC buy limit by $500M
Digital Currency Group, the parent company of digital asset manager Grayscale Investments, is now authorized to purchase up to $750 million worth of shares of Grayscale Bitcoin Trust.
The company announced Monday that DCG increased its prior authorization to buy up to $250 million worth of GBTC shares by an extra $500 million.
The share purchase authorization does not obligate DCG to acquire any certain amount of shares in any period, and it may be expanded, modified or discontinued at any time, DCG noted. Actual purchases will depend on many factors like the levels of available cash as well as price and market conditions, the firm said.
Nearly half of the hashrate is signaling for Bitcoin Taproot update
The path to activation for Bitcoin’s Taproot protocol upgrade is underway after the recent Bitcoin Core version 0.21.1 release included its activation code, and the largest mining pools are already signaling support.
Bitcoiners can follow the upgrade signaling status via Taproot.watch, a website created by Bitcoin developer Hampus Sjöberg.
According to data from the site, more than 50% of the total Bitcoin network hashing power is signaling support for the protocol upgrade at the time of writing, led by AntPool and F2Pool, which combined account for over 36% of the network’s total hash rate.
Taproot brings better privacy to the protocol, and improves the programmability of smart contracts on top of Bitcoin. It consists of several components, amongst which Schnorr Contracts and the MAST-structure are the most important.
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