Past Week in Review: PayPal launches ‘Checkout with Crypto’
PayPal continues its invasion into the crypto space with its Checkout with Crypto feature. The Weekend joins a growing list of artists auctioning work as NFTs, and Goldman Sachs formally announces plans to offer crypto exposure to certain clients in Q2 this year. It’s all happening, catch up on last week’s main headlines below.
PayPal launches ‘Checkout with Crypto’ for US customers
Payments giant Paypal has officially launched Checkout with Crypto, allowing its US customers to pay merchants in cryptocurrency.
PayPal CEO Dan Schulman told Reuters: “This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet.”
Checkout with Crypto will allow those holding crypto on PayPal to spend it with all 29 million of the platform’s merchants. The supported cryptocurrencies include Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
Shulman explained that the company would be converting the crypto to fiat for the actual payment: “We think it is a transitional point where cryptocurrencies move from being predominantly an asset class that you buy, hold and or sell to now becoming a legitimate funding source to make transactions in the real world at millions of merchants.”
PayPal won’t be charging their customers for swapping crypto to make the payment. But there will be a conversion spread that could see it swapping the crypto at a lower-than-market rate and pocketing the difference.
NFT mania continues: Ashton Kutsher, Snoop Dogg, The Weekend, and more
The mania around NFTs continues and more recently, everyone from The Weeknd to Ashton Kutsher has been getting involved.
The sector is booming and shows no signs of slowing anytime soon – in February alone, the top three NFT marketplaces registered $342 million in trading volume. That’s more than the whole of 2020. Here’s the low-down.
Ashton Kutsher, Mark Cuban and Snoop Dogg want to hear your NFT pitches
Sound Ventures, a tech-focused venture capital firm founded in 2015 by actor Ashton Kutsher and talent manager Guy Oseary, is moving into the NFT realm by way of a reality competition evaluating potential NFT businesses.
The LA-based startup is putting $1 million behind “NFTs: The Pitch”, a behind-closed-doors virtual competition currently taking applications for a pitch session to be held on 21 April. Billionaire and Dallas Mavericks investor Mark Cuban and rapper Snoop Dogg, who also recently created his own NFT, will serve as judges alongside Kushter and Oseary, as well as a few others.
Sound Venture’s NFT page says the competition is open to “anyone around the world who is innovating with NFTs whether it’s just an idea or a product in the market.” The FAQs reveal that applicants should consider themselves in for the long-haul, too: “Those applying should be interested in building a company over the long-term.”
CryptoPunks Pixelated exhibition in Miami
Can’t afford to buy your own NFT? Well if you’re in Miami, you’re in luck as you’ll be able to see a whole bunch around the city as part of a month-long exhibition titled Pixelated.
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