PayPal joins hands with Paxos to enter digital assets, to add 300 million users to the market

According to the market of Huobi Global, there was no trending market after falling below US$9,150 last week. The price of BTC rebounded quickly in a short period of time, and once again stood at US$9,150 this morning.

Digital asset market 

BTC: $ 9151.12 (+0.30);

ETH: $237.39 (+1.54);

HT: $ 4.1980 (+0.83);

Huobi Data Group Market Overview

Coin World-PayPal joins hands with Paxos to enter digital assets, to add 300 million users to the market?

BTC stands firm at $9,150

After falling below US$9,150 last week, there was no trending market. The price of BTC rebounded quickly in a short period of time, and again stood at US$9,150 this morning. The price rebound stopped near US$9,250, and a trend of lower rebound highs appeared in the short-term k-line view. After two months of sideways trading, the main force of the market has never been able to break the existing long-short pattern, and most of the funds on the market choose the strategy of holding the currency unchanged.

ETH briefly fell to around $233 on the weekend and then rebounded quickly today. After a short period of time, the price was blocked at $240 and entered a contraction consolidation. If it can stand above 235, it has a chance to break through $240 again. It is worth noting that the Defi project has once again entered a state of very active trading. Both on-chain transactions and various sub-proposed Defi projects have very eye-catching price performance.

The delivery contract of Huobi Contract has seen a significant increase in the rate. The premium of the week’s contract has exceeded 20% after annualization, and the premium relative to the quarterly contract has increased again. The premium of the delivery contract showed a slight upward trend. Contract holdings are also at a relatively high level recently.

USDT’s quotation on the OTC market of Huobi Global is 6.95 yuan, which has not changed much from last week.

Huobi Watch

On July 20th, according to Coindesk, the financial technology giant PayPal is planning to introduce encrypted transactions and has chosen Paxos to handle the supply of digital assets for the new service. It is reported that Paxos launched a cryptocurrency economic service last week. The company is a qualified custodian with a New York State Trust License, which means that it can hold BTC, ETH, gold and Digital assets, and API-based brokerage services provided by them, allow fintech companies to integrate cryptocurrency trading, custody, and sending functions into their applications. The source said that the official announcement of the partnership with PayPal may be announced this week.

Last month, PayPal’s cryptocurrency plan was revealed. In March of this year, PayPal stated in a letter to the European Commission (EuropeanCommission) that it is “monitoring the evolution of the crypto asset space” and has “taken unilateral and practical steps to further develop its Ability”, especially after the Libra stablecoin project was announced in June 2019. PayPal has been a member of the Libra project for the next 4 months. However, in October 2019, it cooperated with other payment giants such as MasterCard ( Mastercard) and Visa withdrew from the project.

Huobi Research Institute believes that if the cooperation between PayPal and Paxos is successful, it will be of positive significance to the development of the digital asset industry. And its impact on the current digital asset trading market may be greater than the birth of Libar. Because Libar is a strictly compliant stable currency, it is mainly used in the field of trade payment, and there is still a certain distance from the digital asset trading market, but the cooperation between PayPal and Paxos means that ordinary users have a smoother channel for the connection of mainstream digital assets. .

However, even if institutions can enter the market to realize the application of encryption technology, it will take a process for the market to mature. Especially after traditional institutions open blockchain business, the original users do not mean that they become users of the digital asset world. For example, last year Samsung built an Ethereum wallet in its new mobile phone, which is expected to have 40 million users, but this did not have a significant effect on the adoption and user growth of Ethereum.

Therefore, it cannot be directly expected that the more than 300 million users owned by PayPal will form a huge conversion of digital asset holders.

Huobi News

[Huobi University Yu Jianing: DeFi distributed financial outlets have come to the latest blockchain innovation logic must be known] In 2020, the rapid rise of DeFi (Decentralized Finance, distributed finance) will become the most cutting-edge new outlet in the blockchain industry. As a representative application and the fastest growing field in the blockchain field, DeFi has received extensive attention from the financial industry and is also considered to be the forefront of innovative models in the financial technology field. “The essence of DeFi is a new smart business, which indicates that a new wave of blockchain applications is coming.” Yu Jianing, President of Huobi University, PhD in Finance, and an authoritative expert on blockchain, said that DeFi is a digital finance The new model is becoming the “main track” for various public chains to find practical applications, and it will also become the “base” of open finance. It is expected that a batch of epoch-making great projects will be born, which contains huge wealth opportunities.

[Data: 24-hour contract trading volume Huobi ranks first among global exchanges] According to data from CryptoRank, an encrypted asset data company, as of 10:00 on July 20 (GTM+8), the 24-hour trading volume of Huobi contracts reached 2.19 billion US dollars , Leading the derivatives market. The world’s well-known and established contract trading platform BitMEX has a 24-hour contract trading volume of US$910 million, ranking fourth.

[Nearly 45 million USDT transferred from Bitfinex to Huobi] Whale Alert data shows that at 15:34 on July 20th, Beijing time, 44,998,850 USDT was transferred from Bitfinex to Huobi Exchange. At current prices, the value is approximately US$45.55 million. .

Blockchain industry information

[Bitcoin’s market value has dropped to 62%, the lowest point in 5 months] Bitcoin has not walked out of the narrow trading range for more than a week, while altcoins with low market value have risen sharply. Data shows that altcoins continue to rise, while Bitcoin remains calm. This brought Bitcoin’s dominance in the cryptocurrency market to 62%, the lowest point in 5 months.

[The first anniversary of the issuance of the compliant stable currency HUSD, the cumulative issuance exceeded 1.6 billion] According to official sources, HUSD was officially issued on July 20, 2019. So far, the cumulative issuance of HUSD has exceeded 1.6 billion. One year after its issuance, HUSD has continued to expand its ecosystem. At present, more and more mainstream wallets, exchanges, DeFi and OTC platforms have announced their support for HUSD. The HUSD team also stated that it will continue to provide users with more secure, stable and convenient services. HUSD is a compliant stable currency issued by Stable Universal based on Ethereum, which is anchored 1:1 with the US dollar. At present, it has been implemented in digital asset transactions, payment, DeFi and other scenarios, and has become a popular emerging stable currency due to its excellent performance and services.

[Ant Group plans to simultaneously list on the Science and Technology Innovation Board and the Hong Kong Stock Exchange] On July 20, Alipay’s parent company Ant Group announced that it has launched a plan to seek simultaneous issuance and listing on the Shanghai Stock Exchange Science and Technology Innovation Board and the main board of the Hong Kong Stock Exchange. , In order to further support the digital upgrade of the service industry to expand domestic demand, strengthen global cooperation to help global sustainable development, and support the company to increase technological research and development and innovation. Jing Xiandong said: “Listing allows us to face the world more transparently, to the public, to gather more like-minded fellow travelers, and to better share our achievements and future with the whole society. We will always do our best to Go, innovate for customers, create for society, solve problems for the future, and be a good company that can live for 102 years. 

[The Bank of Japan CBDC team was reorganized from the previous research team and has dedicated staff responsible for it] This morning, Reuters reported that the Bank of Japan established a new Central Bank Digital Currency (CBDC) working group, but the Nikkei News previously reported that As early as February this year, the Bank of Japan has established a central bank digital currency research team. Cointelegraph Japan further reported on the incident that the digital currency team established this time reorganized the digital currency research team established by the Bank of Japan in February this year. The size of the team is 10 people. Although it is the same as the previous research team, the team has full-time personnel. The team leader is Satoshi Okuno, the review officer of the payment and settlement system department. The new group aims to promote the digitization of the entire payment system and research on central bank digital currency (CBDC).

[Filecoin is expected to launch a new network Calibration on July 21] Filecoin’s official Slack announced that a new development network called “Calibration” will be launched, and the original test network will continue to operate. The new network is expected to be launched at 1:00 on July 21. In addition, Filecoin will enter a two-week (July 20 to August 2) calibration period (Calibration Period) starting today. During the two-week calibration period, miners can perform debugging and calibration in a real competition environment and see how their results affect the competition ranking. These will run on a new development network with all the latest features and optimizations.

[PayPal may launch an encrypted transaction service with the help of Paxos] Fintech giant PayPal has chosen to provide cryptocurrency transaction services through cooperation with Paxos. Paxos launched PaxosCryptoBrokerage last week and has helped Revolut, a British fintech unicorn, to launch a cryptocurrency trading business in the United States. According to sources, the cooperation between PayPal and Paxos may be officially announced this week. As of posting, PayPal did not respond to a request for comment. Note: After Revolut has reached a cooperation with Paxos, it can access all jurisdictions that Paxos can serve through Paxos’s trust license. In terms of the specific division of labor, Revolut only needs to be responsible for the front-end client experience, while the back-end technical complexity and basic compliance matters are handled by PaxosCryptoBrokerage. The cooperation between PayPal and Paxos may adopt a similar model. (CoinDesk)

Financial Information

[Shenzhen Stock Exchange: will start the online issuance of GEM registered stocks and depository receipts on July 27] The Shenzhen Stock Exchange announced on July 20 that to ensure the smooth development of the GEM reform and the pilot registration system, the Shenzhen Stock Exchange and China Clearing and China Securities Finance are scheduled to organize the technical on-line customs clearance and online issuance business clearance test on July 25. This test mainly simulates the reform of the GEM and pilots the registration registration related technology system. Scenes. After the completion of the test, the GEM reform and pilot registration system related technical systems were officially launched. According to the announcement, from July 27th, the online issuance of GEM registered stocks and depositary receipts can be started, and the individual stock of GEM approved stock online issuance and listing transactions continue to be supported. The specific date of business start is The relevant announcement shall prevail. Businesses related to GEM reform and pilot registration system transactions and refinancing optimization (including after-market pricing transactions) business will not be started for now, and the business start date will be notified separately.

[A shares closed, the three major indexes strengthened collectively] The three major A-share indexes strengthened collectively today. The Shanghai Stock Exchange Index closed up by more than 3%, regaining an integer mark of 3,300 points. The total turnover of the two cities was 1.19 trillion yuan, the industry sector rose across the board, and the military industry and brokerage sectors surged. The net outflow of northbound funds today is 3.42 billion yuan.

[The EU’s response to the epidemic summit is heating up, Macron scolds the table and threatens to “retire”] The EU’s new crown virus summit lasted from Sunday to Monday. During this period, French President Macron condemned the leaders of the Netherlands and Austria and threatened to withdraw from the summit. For three days, the leaders of the 27 EU countries have been arguing about the size and form of the 750 billion euro (860 billion US dollars) epidemic relief package of loans and grants. The so-called “thrifty” coalition led by Dutch Prime Minister Mark Rutte and Austrian Prime Minister Sebastian Kurz has been opposed to calls for distributing most of the funds as non-repayable grants. Agence France-Presse quoted insiders as saying that Macron slammed the table, attacked Kurtz to leave the room to make a phone call, and accused Rutte of behaving like former British Prime Minister David Cameron — the latter’s strategy “with bad results end”.

Source: Huobi Global

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