TronWeekly

Crypto World News

You are here: Home / Archives for US

US

7 Best Altcoins to Buy in November 2024: Who Can Replace Gary Gensler After US Elections?

by

On the U.S. elections day, the world is buzzing about the potential for a more crypto-friendly SEC chair if Gary Gensler is replaced. Candidates like “Crypto Mom” Hester Peirce and “Crypto Dad” Chris Giancarlo could lead to a regulatory shift, making way for innovative, market-driven solutions in digital assets. So, whether you’re looking for stability or an exciting new altcoin, this is the perfect time to explore the Best Altcoins to Buy in November 2024.

Here are the top 7 picks for November 2024, featuring both powerhouse names like Bitcoin and Ethereum and trailblazers like Qubetics ($TICS). With Qubetics offering real-world applications through its revolutionary QubeQode IDE, it’s a standout for investors looking for long-term gains.

1. Qubetics ($TICS) – The Future of Decentralised Solutions

Qubetics is making waves, thanks to its QubeQode IDE, an Integrated Development Environment that lets developers, businesses, and individuals build, test, and deploy blockchain applications all in one place. It’s like having a Swiss Army knife for blockchain development! Imagine Sarah, an indie developer, who can use QubeQode to build and launch her apps without hopping between multiple platforms. Or picture Jack, a small business owner who can now secure his client data using blockchain tech—without hiring an entire tech team.

Screenshot 2024 11 06 00 15 10 05 a1b1bbe5f63d5b96c1a0f87c197ebfae
7 Best Altcoins to Buy in November 2024: Who Can Replace Gary Gensler After US Elections? 4

At the heart of it all is the $TICS token, currently in its 7th presale stage at $0.01932. With over $1.6 million raised, the excitement is real, and analysts project that $TICS could soar to $10-$15 post-launch. For those who seize this early-bird chance, a $3,500 investment could turn into a substantial return, making Qubetics one of the best altcoins to buy in November 2024.

Why this coin made it to this list: Qubetics ($TICS) delivers real-world applications with its IDE, designed to meet the needs of developers, small businesses, and even everyday users looking for blockchain solutions.

2. Bitcoin (BTC) – The OG Cryptocurrency

Bitcoin, the king of crypto, has been a trusted store of value for years. Its resilience in volatile markets makes it a top pick for those looking to weather any regulatory storm. The potential shake-up at the SEC could even boost Bitcoin, as new pro-crypto leadership may encourage wider adoption.

With Bitcoin hovering around $68,000, crypto analysts predict it could hit $75,000 in the coming months and possibly reach six figures with the right regulatory tailwinds. Bitcoin’s ability to hold strong through market shifts solidifies its spot among the Best Altcoins to Buy in November 2024 for investors seeking long-term security.

Why this coin made it to this list: Bitcoin’s reputation as a “digital gold” and its resilience make it a reliable investment in uncertain times.

3. Ethereum (ETH) – The Smart Contract Pioneer

Ethereum, the foundation of decentralised finance (DeFi) and non-fungible tokens (NFTs), keeps innovating. With its recent Layer 2 upgrades, Ethereum is more scalable than ever. ETH’s price sits around $2,465, with long-term holders pushing it towards a potential $6,000 target. Regulatory changes could further solidify Ethereum’s role in DeFi, expanding its reach in real-world asset tokenisation.

Ethereum’s network effects and continuous improvements make it one of the best altcoins to buy in November 2024. With an established developer base and strong community support, ETH’s potential to climb even higher is hard to ignore.

Why this coin made it to this list: Ethereum’s adaptability and role as the bedrock of DeFi make it an essential pick for anyone interested in the future of blockchain.

4. Solana (SOL) – Fast and Affordable Transactions

Solana has become a darling of developers and users alike, thanks to its speed and low-cost transactions. This Layer-1 blockchain excels in handling a high volume of transactions, making it a go-to for DeFi and NFT platforms. Despite a recent whale cash-out, Solana’s price remains steady due to strong market demand, with the potential to reach $200 soon.

With its recent Chainlink Data Streams integration, Solana developers now have access to real-time market data, enhancing its ecosystem for high-speed financial applications. For those looking for the best altcoins to buy in November 2024, Solana’s resilience, affordability, and growth potential make it a compelling choice.

Why this coin made it to this list: Solana’s speed and cost efficiency, coupled with recent partnerships, make it ideal for those eyeing the future of DeFi.

5. Polkadot (DOT) – Building a Multi-Chain Future

Polkadot is all about interoperability, enabling multiple blockchains to connect and share information. This is a huge deal in a world where isolated networks can limit an asset’s use. With projects flocking to Polkadot’s parachains, DOT’s network continues to grow, attracting developers who want a seamless multi-chain ecosystem.

As crypto regulation evolves, Polkadot’s cross-chain technology could position it as a leader in a connected crypto world. Among the best altcoins to buy in November 2024, Polkadot stands out as a bet on the future of interconnected blockchain systems, which could become increasingly valuable as space matures.

Why this coin made it to this list: Polkadot’s focus on seamless connectivity across chains makes it a crucial player in the evolving blockchain landscape.

6. Immutable X (IMX) – Powering the Future of NFTs

Immutable X is a Layer-2 scaling solution specifically designed for NFTs on Ethereum, eliminating gas fees and enabling fast, eco-friendly transactions. With the explosive growth in NFT adoption, IMX’s unique value proposition is appealing to both users and developers.

For those who believe in NFTs as a long-term trend, Immutable X offers a practical solution for affordable trading without sacrificing the environment. Its commitment to sustainability and ease of use make IMX a top pick for the Best Altcoins to Buy in November 2024.

Why this coin made it to this list: Immutable X’s eco-friendly, scalable NFT solution positions it perfectly to support the growth of digital collectables and assets.

7. Ripple (XRP) – Leading Cross-Border Transactions

Ripple continues to make waves with its fast, low-cost payment network, popular for cross-border transactions. Despite ongoing legal issues, XRP remains strong, bolstered by partnerships with financial institutions globally. If Ripple’s legal case with the SEC resolves favourably, XRP could skyrocket, making it a top choice for those looking for stability with growth potential.

With experts forecasting a price boost post-legal resolution, XRP ranks high on the Best Altcoins to Buy in November 2024 list, especially for investors seeking a reliable payment-focused crypto.

Why this coin made it to this list: Ripple’s established financial network and potential legal win make it a solid pick for long-term stability and growth.

Screenshot 2024 11 06 00 14 34 91 a1b1bbe5f63d5b96c1a0f87c197ebfae
7 Best Altcoins to Buy in November 2024: Who Can Replace Gary Gensler After US Elections? 5

Conclusion: Your Top Picks for November 2024

This November, crypto enthusiasts have various options catering to different investment styles. Whether you’re looking for stability, scalability, or something truly groundbreaking, there’s a coin that fits the bill among the best altcoins to buy in November 2024. Bitcoin and Ethereum bring trusted long-term value, while Solana and Immutable X push innovation in speed and affordability. Ripple offers a secure payment network, while Polkadot pioneers a connected blockchain ecosystem.

However, if explosive growth is your goal, Qubetics ($TICS) offers a unique opportunity with real-world applications in asset tokenisation and development efficiency through QubeQode. With its current presale price and predictions of hitting $10-$15 post-launch, a modest $3,500 investment could offer significant returns.

Now is the time to secure your spot in these top altcoins, especially as the post-election landscape may bring major changes. Dive in and choose the coin that aligns with your goals—whether that’s stability or groundbreaking potential. Don’t wait too long; the next wave of blockchain success stories is just around the corner.

Screenshot 2024 11 06 00 13 39 37 a1b1bbe5f63d5b96c1a0f87c197ebfae
7 Best Altcoins to Buy in November 2024: Who Can Replace Gary Gensler After US Elections? 6

For More Information:

Qubetics: https://qubetics.com

Telegram: https://t.me/qubetics

Twitter: https://x.com/qubetics

Moody’s Shifts Outlook On US Government Ratings, Prompting Crypto Community Concerns

by

In a strategic move, Moody’s Investors Service has altered its rating outlook on the United States government, shifting from stable to negative. The downgrade stems from escalating risks to the nation’s fiscal strength, driven by rising interest rates and a perceived lack of effective fiscal policies.

According to a recent report, Moody’s emphasized the potential hazards of continued political brinkmanship in Washington, expressing apprehension about the deepening political polarization in the US Congress. According to the agency, this division poses a substantial threat to forming a consensus on a fiscal plan to address the diminishing affordability of debt.

Focusing on global financial research, Moody’s Investors Service scrutinizes bonds issued by businesses and governments. The Fortune 500 list for 2021 includes Moody’s as one of the “Big Three” credit rating firms, alongside Standard & Poor’s and Fitch Group.

It’s crucial to note that a negative outlook doesn’t guarantee an immediate rating cut; it signals the possibility of one in the future. Interestingly, among the major credit rating agencies, Moody’s remains the sole entity upholding the triple-A rating on the United States’ sovereign debt, indicating confidence in the nation’s economic strength.

Moody’s Move Amidst Government Shutdown Threat

This shift by Moody’s comes at a critical time, coinciding with the looming threat of a government shutdown. While maintaining the long-term issuer and senior unsecured ratings of the US at Aaa, Moody’s cautious optimism about the nation’s economic strength adds complexity to an already challenging political landscape.

The agency’s decision introduces additional uncertainty as Congress grapples with funding decisions. While the US government is funded through November 17, the need for agreement on a bill before the deadline raises concerns.

Moody’s maintained the Aaa rating for the US, but the negative outlook has triggered discussions within the cryptocurrency community. Some view this as a potential signal of economic turbulence that could spill over into the cryptocurrency markets, anticipating increased market volatility.

Deputy Secretary of the Treasury Wally Adeyemo countered Moody’s outlook, asserting that the American economy remains robust, with Treasury securities considered the world’s premier safe and liquid asset. This assessment disparity raises questions among crypto investors about the broader economic landscape.

The cryptocurrency market, known for its sensitivity to macroeconomic factors, may experience both positive and negative repercussions. On the one hand, the negative outlook could drive investors toward alternative assets, including cryptocurrencies, as a hedge against traditional financial uncertainties.

On the other hand, if the negative outlook translates into actual fiscal challenges for the US, it could trigger a broader economic downturn, potentially impacting all financial markets, including cryptocurrencies. Crypto investors are advised to closely monitor developments in US fiscal policies and global economic indicators. 

Historic Stablecoin Bill’s Fate Uncertain After U.S. Lawmakers Dissent Over This

by

The U.S. created history after the Financial Services Committee passed the “Clarity for Payments Stablecoin” bill with a 34-19 vote, making it the second significant piece of crypto legislation to pass the Committee this week. The bill received support from five Democrats: Rep. Himes, Rep. Gottheimer, Rep. Meeks [D-NY], Rep. Torres, and Rep. Nickel.

But lawmakers irrespective of parties have unanimously voiced concern about the possibility of tech titans like Elon Musk or Mark Zuckerberg taking over the stablecoins industry.

According to Representative Maxine Waters, the committee’s top Democrat, Elon Musk’s “Twitter X to establish itself as a global payments provider via the issuance, directly or indirectly, of a stablecoin” scenario was “a frightening proposition.” Waters also argued it had “major flaws,” including a loophole that would allow commercial entities to issue their own stablecoin.

Some Republicans have also voiced reservations that the plan doesn’t go far enough in preventing major tech firms from developing their own stablecoins. Rep. Ralph Norman of South Carolina, a Republican, declared:

“To my Republican colleagues, we are currently in the midst of holding Mark Zuckerberg in contempt of Congress while simultaneously in this bill, handing him the keys to an unregulated marketplace, where he will have a competitive advantage against credit unions and community banks.”

The debate has intensified following news that Elon Musk’s Twitter, which just underwent a rebranding as X, has been working on plans and obtaining permits from regulatory bodies to integrate payments into the social network.

“Elon Musk-Led Stablecoin Fear Is Unfounded”

According to MarketWatch, the stablecoin bill is expected to strengthen federal oversight of these cryptocurrencies. However, its future in the full House and Senate is still up in the air despite receiving a green signal from the financial committee. On the other hand, crypto proponents believe the fear is far-fetched.

Maya Zehavi, a Web3 investor, commented, “The only reason Congress initially took an interest in stablecoins was out of fear that Zuck-coin would harm the USD. It’s been 5 years, and the world is very different. Libra was a bad model on multiple fronts; Elon-fear shouldn’t hamper serious legislation.”

The development comes closely after the Financial Services Committee recently passed monumental legislation to create a thorough regulatory framework for Bitcoin and other cryptocurrencies, as TronWeekly reported the other day.

SBF Could Face Delays Due To US Gov’s Action-Lawyers

by

Former FTX CEO Sam Bankman-Fried a.k.a SBF is awaiting his court trial slated on Oct after pleading not guilty. However, lawyers representing SBF have expressed concern that the legal proceedings might be delayed by “months or years” after the latest action.

According to the 12th June filing, the government allegedly skipped over the customary civil regulatory procedures and instead moved quickly to indict Mr. Bankman-Fried on December 9, 2022, less than a month after FTX’s bankruptcy and before it had even been given.

Last year, Bankman was arrested in the Bahamas after U.S. prosecutors filed criminal charges.

Eight counts were included in the grand jury indictment, including violations of campaign finance laws, securities fraud, money laundering, and conspiracy to commit wire fraud against lenders and customers.

After Bahamas agreed to extradite on seven of the original eight charges, the Government ignored and decided to prosecute on all eight charges, the filing alleged.

In addition, US authorities brought six more accusations without first requesting [or receiving] The Bahamas’ permission, as required by the extradition agreement.

Prior to the latest filing, the legal team of the former FTX CEO submitted documents on May 8th, requesting the court to drop 10 out of 13 criminal counts arguing that the government “classic[ally] rushed to judgment.”

The three exempted charges are conspiracy to commit commodities fraud, conspiracy to commit securities fraud, and conspiracy to commit money laundering.

Attorneys claimed that additional allegations against Bankman-Fried in a supplemental indictment breach the extradition agreement with the Bahamas.

Crypto researcher Molly White who first broke the news noted that “at least part of it seems to come down to the fact that additional charges were added after SBF’s extradition agreement was made.”

US Prosecutors Slammed SBF’s Dismissal Plea

The then filling also alleged that FTX’s new CEO John Ray III and his team were compiling evidence on behalf of the prosecution.

On the other hand, US prosecutors have criticized the arguments as “meritless,” in response to the dismissal plea, and insisted that Bankman-Fried’s alleged misbehavior clearly violates the relevant statutes.

According to the source, US District Judge Lewis Kaplan will hear the case’s oral arguments on June 15.

The ousted CEO-led FTX and sister firm Alameda collapsed in November after concerns over their balance sheet sparked a bank run leading to their bankruptcy.

Bitcoin Drops By 5% Over Rumors Of Massive BTC Dump

by

Bitcoin experienced a flash crash before retreating back as rumors of a possible BTC dump by the US gov started making the rounds.

It all began when a Twitter user known as “beetle” posted a now-deleted tweet informing followers that the US government’s BTC wallets were on the move citing an Arkham Intelligence alert.

As the tweet gathered steam, Arkham Intelligence denied the rumor saying that it has not observed funds moving from wallets connected to the U.S. government.

In a series of tweets on May 10, Arkham claimed that the issue stemmed from community labels to which users could manually add labels to wallet addresses and change data groupings known as Entities.

Such manual changes, according to the platform, “do not reflect associations” made by Arkham itself.

Arkham also stated that only seven Bitcoin wallets had been flagged as being connected to Silk Road, the darknet marketplace where the US had seized several crypto addresses.

That said, investors’ fear was exacerbated when the tweet about the suspected sale instantly went viral and was covered by numerous media outlets.

In less than an hour BTC went down from $28305 to $26995 before rebounding back. At press time, the world’s largest crypto is trading at $27453.

As market analysts weigh on the unconfirmed reports, Whale Wire predicted that the price may still fall below $10k if the US government decides to sell the remaining 200k Bitcoins.

Panic Over Possible Bitcoin Sale Reflects “Market Illiquidity”

The US gov already announced months ago that they will liquidate their coins. A selloff this big based on false rumors is also a testament to the illiquidity of the markets after Jump and Jane Street removed their bids.

According to court documents filed a few weeks ago, the Feds allegedly profited about $215 million when they sold the cryptocurrency in April.

The stolen crypto originated from the Silk Road marketplace, where Hacker James Zhong admitted to taking it before being seized by police back in November.

As per the filing, the Feds still have 41,490 Bitcoins worth $1.1 billion to get rid of.

Multiple reports stated that the government intends to dispose of the leftover Bitcoins in four separate batches this year. Whether these events will halt the bull run and cause its price to fall to new lower lows, is still up for debate.

SBF’s Desperate Bid; Files Another Bail Application

by

SBF, the former CEO of the now-defunct exchange FTX, has submitted a new bail application after having a previous one denied two days prior, local media on Dec. 15 reported.

In a clear sign of desperation, the disgraced founder submitted a second bail request, which is set for a court hearing on January 17, 2023.

Following his arrest on Dec 12, SBF was being held at Bahamas’ sole penitentiary, Fox Hill Prison. The next day a bail was set at $250,000. Bankman-Fried’s lawyers argued that he should be released as he had no prior convictions and was depressed and sleep-deprived.

The presiding judge rejected the appeal on the grounds of a flight risk. Since then, he has been in the prison’s sick bay where his health and risk of self-harm are being monitored.

However, conditions at Fox Hill prison infamous for its “harsh” conditions and there have been incidences of physical abuse against inmates by correctional officers that have been documented, according to 2021 human rights report.

Investigations shed light on the overcrowded inmates living in the facility along with poor sanitation and lack of adequate medical care.

That said, SBF’s own legal strategy is probably going to make his stay at Fox Hill longer. Here’s why.

SBF Set For A Long-Drawn Legal Battle

Bankman-Fried declined to give up his right to challenge his extradition to the US, where he faces eight criminal accusations, including money laundering, conspiracy, and wire fraud.

The jailed entrepreneur might have to prepare himself for a drawn-out judicial battle that could last months or perhaps over a year by refusing to surrender that right. And for that entire period, he’ll probably be detained at Fox Hill.

On the other hand, Bankman-Fried could not fare much better in the American prison system if he gives in to extradition.

The crypto executive would be lodged at either the Metropolitan Correctional Center in Manhattan or the Metropolitan Detention Center in Brooklyn while awaiting trial in New York City, where federal charges had been brought against him.

Further, it has been also claimed that those facilities have unsanitary conditions, rodent and bug infestations, poor medical care, and guard aggression and abuse. To add more misery, the conditions have been criticized as being “worse than Guantanamo” and “soul-negating.”

Till then, SBF will likely remain incarcerated in the Bahamas till February 2023 as extradition proceedings with the US continue. 

FTX: SBF’s Arrest Sets The Stage For Extradition To US

by

FTX’s former CEO Sam Bankman-Fried or SBF would likely be extradited to the US to face criminal charges after the arrest by the Royal Bahamas Police Force.

Confirming the news, attorney Andre Damian Williams Jr stated, the Bahamian authorities took Samuel Bankman-Fried into its custody at the request of the U.S. Government, based on a sealed indictment filed by the Southern District of New York [SDNY].

“We expect to move to unseal the indictment in the morning and will have more to say at that time,” he added.

Prior to his arrest, Bankman-Fried turned down a request to testify virtually before the House Financial Services Committee on Dec 13.

His reluctance to appear at the scheduled date irked many in the community as they felt he was simply evading to dodge the authorities.

As reported by TronWeekly, Rep. Maxine Waters, D-Calif., has earlier extended an invitation to the embattled founder for a hearing on Capitol Hill.

Waters expressed disappointment that Congress will not be able to hear from him and expressed her “surprise” at his arrest.

The 30-year-old crypto billionaire and son of Stanford law professors continued to maintain innocence and deny fraud charges. He recently reached out to the BBC inviting them to his current residence in the Bahamas and said he hoped to find a way to make FTX users whole.

I’m going to be thinking about how we can help the world and if users haven’t gotten much back, I’m going to be thinking about what I can do for them. And I think at the very least I have a duty to FTX users to do right by them as best as I can.

When asked if he intended to launch a new business to generate the funds needed to repay investors, SBF replied: “To be able to do that, I would do anything. And I’ll make an effort if I can.”

With his arrest, SBF’s aim of recovering his customers’ assets is now a distant dream.

SBF Might Face Life In Prison Per Lawyer

FTX’s collapse was sparked by a CoinDesk report which uncovered a highly concentrated holding in self-issued FTT coins, which SBF’s fund Alameda Research utilized as collateral for billions in cryptocurrency loans.

The trading firm froze assets and declared bankruptcy days later. According to legal experts, Bankman-Fried might face life in prison without the chance of supervised release if the federal government pursues accusations of wire or bank fraud. It would be rare but not extraordinary to impose such a harsh penalty.

Ripple (XRP) Is a Security, Says Us Congressman Brad Sherman

by

Ripple (XRP) is receiving comments from everywhere citing that it is a security. Rep. Brad Sherman (D-CA), who testified at a recent congressional hearing on the regulation of the Division of Enforcement of the U.S. Securities and Exchange Commission, said that XRP, one of the leading cryptocurrencies by market value, is a security.

Gurbir Grewal, director of the division, was also questioned about why the organization hadn’t taken action against trading sites that provide illicit securities like XRP. Sherman opined that these trading sites function like unauthorized stock exchanges.

Ripple vs. SEC began on the claims that XRP is an unregistered security

In its high-profile action, the SEC sued Ripple in December 2020, claiming that XRP is unregistered security. The court has yet to assess the token’s regulatory status because the case isn’t expected to be resolved until next year.

The general counsel for Ripple, Stuart Alderoty, disagreed with Sherman’s previous assertion that the mere filing of the action does not actually indicate whether or not the token is in fact a security.

This, he said, was “the corrosive consequence of the SEC’s reg by enforcement method – damaging people, markets, and American innovation – with unverified claims posing as regulation.” All of the major U.S. exchanges, including Coinbase, have taken action to suspend XRP trading in response to the lawsuit in order to comply with regulatory requirements.

105624742 1544683311895gettyimages 951165762
Ripple (XRP) Is a Security, Says Us Congressman Brad Sherman 8

Sherman is renowned for being a fierce cryptocurrency critic. He advocated for a total ban on cryptocurrency back in 2018.

In recent news, Reputable trader Peter Brandt called XRP “trash” in response to a tweet on Ripple co-founder Jed McCaleb’s sales. “Just goes to show that even garbage can make a person a billionaire,” the seasoned chartist wrote.

The Allegation That Alex Mashinsky Tried To Flee the US Is False, Says Celsius

by

According to the firm, Celsius CEO Alex Mashinsky has remained to work on restoring liquidity and operations rather than seeking to flee the country last week.

The struggling platform is doing everything it can to restore operations with CEO Alex Mashinsky, who is now based in the United States.

A representative for the platform has refuted claims that the Celsius Network’s persistent liquidity issue caused the company’s CEO to attempt to leave the country last week.

https://twitter.com/mikealfred/status/1541233082514124800?s=20&t=J_Yo8N-6UAJ9Tf6yevdHBQ

Celsius and Alex Mashinsky is doing everything to stabilize liquidity

“All our employees including our CEO are focused and hard at work in an effort to stabilize liquidity and operations. To that end, any reports that the CEO has attempted to leave the U.S. are false.”

After Mike Alfred, co-founder of the cryptocurrency analytics company Digital Assets Data claimed on Twitter on Sunday that Mashinsky attempted to leave the nation last week via Morristown Airport in New Jersey. Celsius made its statement shortly after.

According to Alfred, the CEO was attempting to travel to Israel, citing an unnamed source. He said, “Unclear at this time if he was arrested or just prevented from leaving.”

Alfred’s comments came after Celsius saw a significant “short squeeze” akin to that of GameStop, with the native token Celsius (CEL) rising by 300 percent in only one week by June 21.

On June 14, the price of CEL also rapidly rose by more than 600%, with observers attributing the occurrence to an exchange error or the liquidation of short speculators.

According to CoinMarketCap, CEL is now trading at $0.7299, down about 9% over the previous 24 hours. Over the last 14 days, the native token of Celsius has increased by more than 160 percent.

PayPal Enables Crypto Transfer For US Customers

by

American multinational fintech firm PayPal finally announced that its users will now be able to transfer cryptocurrency from their accounts to other wallets and exchanges. The recent move came amidst growing customer demand, it said.

As per the press release, the new functionality will allow PayPal customers to transfer supported coins into their own, move crypto from its app to external crypto addresses including exchanges and hardware wallets and send crypto to other users “in seconds.”

Customers, however, have to bear the network fees for external transfers, which depend on the blockchain and vary depending on the crypto asset. Internal transfers will carry no fees, it added.

image 1
PayPal Enables Crypto Transfer For US Customers 10

Jose Fernandez da Ponte, SVP and general manager of blockchain said, “If users have crypto somewhere else and want to consolidate, they can bring it to PayPal from external addresses. They can also send crypto to anyone who is in the PayPal system.”

PayPal’s tryst with crypto began in October of 2020 enabling users to buy, sell, and hold crypto.

At Consensus last year, Fernandez da Ponte confirmed that offering its users the ability to transfer would be next and termed a natural conversion in a fast-changing fintech landscape.

PayPal To March Ahead Undeterred By Market Turmoil

Despite the rough market condition in the crypto space, Fernandez da Ponte believes that the payment giant is moving in the right direction “as people are still adopting cryptocurrencies.”

“This move shows we’re in this for the long term,” Fernandez da Ponte added. “I think it’s important to stay the course and continue to invest in the space.”

The latest feature is currently available to US users and for security reasons, the platform has implemented an additional identity verification process for users before they can transfer any crypto.

Additionally, the rollout will be a gradual one and would be extended to others who have completed the identity verification process in the coming weeks.

According to sources, PayPal was able to offer the new functionality after transitioning from a “conditional” BitLicense to a “full” one after obtaining permission from the New York Department of Financial Services.