Welcome to our weekly roundup of the latest news in the world of cryptocurrency and blockchain. This week saw several positive developments from major players in the industry, including 21Shares, PayPal, Circle, Gnosis Pay, and The Graph. These companies have been making significant strides in their strategic initiatives and technological innovations. Here are the highlights of their achievements:
21Shares, the leading issuer of crypto exchange-traded products (ETPs), has expanded its presence in the UK market by listing four new physically backed crypto-asset exchange traded notes (ETNs) on the London Stock Exchange. These ETNs, available in GBP and USD formats, are designed for professional investors. This move comes 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 and already lists its products on major exchanges worldwide. The company offers a diverse range of cryptocurrency ETNs, including diversified index ETNs, staking ETNs, and inverse ETNs, with the goal of making cryptocurrency investment accessible through traditional financial systems.
PayPal has formally launched its stablecoin, PayPal USD ($PYUSD), on the Solana blockchain. After initially releasing it on Ethereum in August 2023, PayPal aims to enhance PYUSD’s utility and availability by leveraging Solana’s low costs. The company’s strategy for PYUSD adoption involves three key stages: awareness, utility, and ubiquity. Solana provides 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. With this strategic move, PayPal aims to make daily transactions faster and cheaper across a decentralized multi-chain architecture, positioning PYUSD as a significant player in the digital payment landscape.
Circle, the issuer of $USDC, has announced its expansion into Brazil, aiming to provide USD-backed digital dollars to the country. This move comes in response to the surge in demand for stablecoins following the success of Brazil’s instant payment platform, Pix, which has over 150 million users. Circle plans to enhance the financial landscape by partnering with local fintech companies to make USDC more accessible. The company has teamed up with BTG Pactual to facilitate USDC distribution in Brazil, providing BTG’s retail and institutional clients with easy access to the stablecoin. 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, 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 improve 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, enhancing efficiency and user experience. In February, Gnosis Pay launched its initial batch of Gnosis Cards in Europe, establishing a direct connection with Visa to accelerate the program’s growth. This collaboration provides conventional finance platforms with an opportunity to explore the blockchain sector.
The Graph, a leader in decentralized data indexing, has integrated artificial intelligence (AI) into its ecosystem. Semiotic Labs, in a white paper, introduces two AI services: Inference and Agent. Agentc, a ChatGPT-like tool developed by Semiotic Labs, uses The Graph’s Uniswap data for natural language interactions with blockchain data. Currently available for a two-week public trial, Agentc showcases The Graph’s potential as an AI infrastructure. After the 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, enabling dApps to integrate AI functionalities without relying on centralized solutions. The Agent Service empowers 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 witnessed significant advancements in the crypto and blockchain sectors. With 21Shares debuting new crypto ETNs on the London Stock Exchange, PayPal expanding its stablecoin to the Solana blockchain, Circle entering the Brazilian market, Gnosis Pay collaborating with Visa, and The Graph integrating 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 to BlockchainReporter for more updates as the industry progresses.
