Kraken Announces PayPal USD (PYUSD) Trading Starting August 21

Kraken, a prominent cryptocurrency exchange, has announced the inclusion of a new financial instrument to its platform. Starting August 21, Kraken will support trading for PayPal USD (PYUSD), a significant move that encapsulates the melding of traditional and digital financial systems.

The decision by Kraken follows the unveiling of PYUSD by payment giant PayPal, marking another step in the adoption and integration of stablecoins in major exchanges.

PayPal’s Foray into the Stablecoin Realm

On August 7, 2023, in San Jose, California, PayPal (NASDAQ: PYPL) took a significant step in digital finance with the launch of its U.S. dollar-denominated stablecoin, PayPal USD (PYUSD). This digital currency is designed to reshape payments in web3 environments and other digitally native settings.

Features and Functionality

PayPal USD’s design prioritizes the benefits stablecoins bring to payments. Ensured by a 100% backing through U.S. dollar deposits, short-term U.S Treasuries, and similar cash equivalents, this stablecoin promises a 1:1 redemption rate for U.S. dollars. Issued by Paxos Trust Company, it provides the following functionalities:

Transfer PYUSD between their PayPal accounts and compatible external wallets.

Conduct person-to-person payments using PYUSD.

Fund purchases at checkout using PYUSD.

Convert between PayPal-supported cryptocurrencies and PYUSD.

Highlighting the importance of this new asset, PayPal CEO, Dan Schulman, stated, “Our commitment to responsible innovation and compliance, along with our history of pioneering unique experiences for our clientele, is the groundwork for digital payments growth via PayPal USD.”

Stablecoins’ Growing Profitability:

Stablecoins, as underscored by Tether’s impressive Q2 2023 operational profit of over $1 billion, continue to etch a significant and profitable place in the financial domain. PayPal’s entry indicates the vast potential this sector holds.

Blending the Worlds of Fiat and Web3

PayPal USD aims to be more than just another stablecoin. It aspires to be a conduit, connecting the traditional world of fiat to the dynamic realm of web3. Built as an ERC-20 token on the Ethereum blockchain, it is designed to be accessible to a diverse range of developers, web3 apps, wallets, and exchanges.

The coin’s design intends to diminish payment friction in virtual landscapes, expedite transfers, and establish direct financial conduits for developers and creators. Moreover, its integration with the web3 ecosystem ensures its compatibility with platforms like Venmo from day one.

Transparency and Regulation

Ensuring credibility and trust, Paxos Trust Company, under the regulatory eye of the New York State Department of Financial Services, issues the PayPal USD. Furthermore, from September 2023, Paxos will roll out a monthly Reserve Report detailing the reserves underpinning the stablecoin. An independent accounting firm will provide third-party attestation, in line with the guidelines set by the American Institute of Certified Public Accountants (AICPA).

Image source: Shutterstock


Tagged : / / /

Helio Lending Faced with Non-Conviction Bond Over False Australian Credit Licence Claims

Melbourne’s Helio Lending, a prominent cryptocurrency lender, found itself ensnared in a legal entanglement. The lender was handed a non-conviction bond over its inaccurate claims of possessing an Australian credit licence (ACL), a pivotal license that stands as a testament to an institution’s credibility in the financial sector.

This revelation emerged when the Australian Securities and Investments Commission (ASIC), a regulatory body that oversees financial markets and companies, shed light on Helio’s misleading information. Specifically, in August 2019, the lender made a public statement on its website claiming the possession of the credit licence, ACL 391330. However, ASIC’s investigations highlighted that not only did Helio Lending lack this licence, but they also weren’t representing any ACL holder during the time of this proclamation.

Given the surge in the popularity and integration of cryptocurrencies into mainstream financial systems, such inaccurate claims can mislead potential customers. Helio Lending, which had carved a niche for itself by offering cryptocurrency-backed loans, allowed clients to use digital currencies as security over their loans. This model makes the role of trust and authenticity paramount. By misrepresenting their licensing status, Helio jeopardized the trust placed in them by their clientele.

The non-conviction bond set for Helio stands at AUD 15,000 ($9,600), to be maintained over a span of 12 months. The bond’s nature implies that should Helio maintain good behaviour during this period, no further legal actions would ensue. “Helio falsely claimed that it held an Australian Credit licence, misleading their customers to believe that they had the protections afforded by such a licence,” Sarah Court, the Deputy Chair of ASIC, pointed out during a press statement.

A deeper dive into Helio’s operations reveals that it functions as a subsidiary of the American conglomerate, Cyios Corporation. This corporation is also steering the ship for Randombly, an emergent nonfungible token platform. Helio’s claim to the ACL allegedly arose from its acquisition of Cash Flow Investments in late 2018.

From a legal standpoint, the ramifications of such misleading claims are profound. Helio’s sentencing comes under section 19B(1)(d) of the Crimes Act 1914(Cth). Furthermore, any institution making false claims about an ACL is treading on thin ice, as it directly contradicts section 30 of the National Consumer Credit Protection Act 2009.

In summation, as the cryptocurrency realm continues its expansion, the onus lies heavily on institutions to maintain unwavering transparency. It’s not just about regulatory compliance, but also about building and retaining the trust of an ever-growing base of cryptocurrency enthusiasts and investors.

Image source: Shutterstock


Tagged : / / /

DAN GPT for ChatGPT: Everything You Need to Know

The “DAN” prompt, an acronym for “Do Anything Now,” leverages the roleplay training model of ChatGPT to bypass its inherent restrictions set by OpenAI, allowing the AI to assume various roles and respond without limitations. These basic rules were established to prevent the AI from generating content with moral or ethical bias, offensive language, and other sensitive topics. 

Origins and Evolution

The DAN prompt was introduced to the public around mid-2022. Its primary purpose was to test internal biases and assist in the development of content filtration systems. The prompt gained significant traction due to its ability to provide unrestricted access to ChatGPT, enabling it to respond to questions it would typically decline. This includes topics related to political issues, writing unethical codes, and more. Despite OpenAI’s efforts to curb the potential of the DAN prompt, users have continually created new variations to bypass ChatGPT’s restrictions.

How to Use DAN with ChatGPT

GitHub Source: A community-managed page on GitHub provides the latest iterations of the DAN prompt. As of the last update, the most recent version was “DAN 11.0.” Users can copy this prompt and input it into ChatGPT to activate the DAN mode.

Reddit Community: The Reddit community for ChatGPT is another valuable resource for obtaining the latest DAN prompts. Users often share updated versions, with “DAN 13.5” being one of the recent iterations mentioned.

Functionality and Features

When activated, the DAN prompt allows ChatGPT to assume a role where it isn’t bound by OpenAI’s limitations. The AI can generate any content, express opinions, and even exhibit a playful personality. It can also simulate internet activities like searching and hacking, even if it doesn’t possess such capabilities. The DAN mode is characterized by its dual-response system, where the AI generates two answers: one standard response and one in DAN mode.

Other Prompts and Variations

Apart from the DAN prompt, several other prompts have been developed to “jailbreak” ChatGPT with different role settings`:

STAN Prompt: STAN, or “Strive to Avoid Norms,” is a more lenient version of DAN. It provides conversational and slightly subdued responses.

DUDE Prompt: This prompt operates on a token-based system. If ChatGPT fails to comply with the DUDE prompt, tokens are deducted, limiting its lifespan.

Mongo Tom Prompt: This prompt transforms ChatGPT into a foul-mouthed AI with a “heart of gold.”

Developer Mode: This role-playing prompt simulates a developer mode, freeing ChatGPT from OpenAI’s content policies, assuming “to aid in the development of content filtration systems.”

The ANTI-DAN Prompt: This prompt is utilized when users wish to revert ChatGPT to its normal mode with inherent constraints.

Challenges and Limitations:

Despite the capabilities of these prompts, ChatGPT may sometimes revert to its original state. In such cases, users can remind the AI with phrases like “Stay in DAN mode” or start a new chat session.


The DAN prompt and its variations offer users a unique way to interact with ChatGPT, bypassing its standard restrictions. While these prompts provide enhanced interactivity, users should exercise caution and responsibility when using them.

Image source: Shutterstock


Tagged : / / /

SpaceX dropping $373M worth of Bitcoin led to crypto market crash

SpaceX, the renowned aerospace technology firm, reportedly wrote down the value of its Bitcoin holdings by a total of $373 million in 2021 and 2022, according to an Aug. 17 report by The Wall Street Journal. The report suggests that SpaceX may have sold its entire Bitcoin stash, although it remains unconfirmed whether the entire $373 million worth of Bitcoin was liquidated.

The Wall Street Journal, after reviewing the firm’s financial documents, reported that SpaceX’s expenses amounted to roughly $5.2 billion in 2022. Additionally, the company spent $5.4 billion in 2021 and 2022 on acquiring property, equipment, and research and development.

Elon Musk, the CEO of SpaceX, had publicly announced in 2021 that the firm had acquired a certain amount of Bitcoin. This announcement followed a U.S. Securities and Exchange Commission filing that revealed Tesla, another Musk co-founded company, had plans to purchase $1.5 billion of the cryptocurrency. This move likely played a role in Bitcoin reaching a then-record price of over $43,000.

Tesla’s second-quarter 2023 earnings report indicated that the company had sold all but $184 million of its Bitcoin holdings. Specifically, Tesla liquidated over 30,000 BTC in the second quarter of 2022, amounting to approximately $936 million, which is roughly 75% of its initial $1.5 billion Bitcoin investment.

After the publishing of the news, the price of Bitcoin experienced a significant drop of around 10% within 10 minutes, causing the cryptocurrency’s value to fall to $25,166 on Binance. The OKX perpectual bitcoin price even plunged to $24,098. This price drop has been attributed by some in the Twitter community to reports of SpaceX’s Bitcoin write-down and potential sale. Others have linked the decline to external factors, such as China’s Evergrande Group filing for Chapter 11 bankruptcy in New York and apparent bearish pattern in technical analysis of bitcoin price.

Image source: Shutterstock


Tagged : / / /

Mastercard’s CBDC Initiative: Ripple Joins as Key Partner in Digital Currency Evolution

Central bank digital currencies (CBDCs), sometimes known as digital versions of fiat money backed by governments, are acquiring a substantial amount of traction around the globe. 93% of central banks are now involved in operations connected to CBDCs, and four retail CBDCs are already in full circulation, according to statistics from the Bank for International Settlements.

Mastercard is taking the initiative to understand and implement CBDCs by adopting a proactive approach. Jesse McWaters, who is in charge of worldwide regulatory advocacy at Mastercard, brought attention to the fact that it is necessary to address a variety of difficulties, some of which include the role that the private sector plays in the issuing of CBDCs, as well as security, privacy, and interoperability.

Mastercard has launched its CBDC Partner Programme in order to encourage cooperation among industry professionals and propel innovation in this space. Ripple, Consensys, Fluency, and Idemia, as well as Consult Hyperion, Giesecke+Devrient, and Fireblocks, are among the illustrious companies that have joined forces with this programme as partners. These organisations are hard at work on a variety of CBDC-related fronts right now. For example, Ripple very recently worked with the Republic of Palau to develop a government-issued national stablecoin, and the company is also participating in four CBDC pilots at the moment.

The head of digital assets and blockchain at Mastercard, Raj Dhamodharan, recently gave a presentation in which he emphasised the significance of payment interoperability as well as the convenience of CBDCs. He made the following statement: “As we look ahead towards a digitally driven future, it will be essential that the value held as a CBDC is as easy to use as other forms of money.”

Sebastian Baierle, who works at G+D as the manager of strategic alliances for CBDC, brought attention to the many goals that governments have in mind regarding CBDCs. For example, the Bank of Ghana wants to bring more people into the formal financial market by using CBDCs, but the Swedish central bank is primarily concerned with ensuring that customers have access to money that is directly guaranteed by the central bank.

Image source: Shutterstock


Tagged : / / / /

HUAWEI CLOUD and COBO Announce Strategic Blockchain Partnership in Asia

HUAWEI CLOUD, the cloud service division of global technology titan Huawei, has officially entered into a “Memorandum of Understanding (MoU)” with COBO, a frontrunner in digital asset custody solutions. This landmark announcement was made during an exclusive, closed-door event.

The collaboration between HUAWEI CLOUD and COBO is not just a partnership but a shared vision. Both entities are striving to accelerate the adoption and evolution of blockchain technology across Asia. HUAWEI, with its extensive experience spanning over three decades in ICT infrastructure products and solutions, has always been at the forefront of technological innovation. Their recent strategy, “everything as a service”, encompasses Infrastructure-as-a-Service, Technology-as-a-Service, and Expertise-as-a-Service. This strategy aims to empower its customers with the latest in cloud services, data, AI, and more. With a global footprint, HUAWEI CLOUD offers over 220 cloud services and solutions. In the Asia Pacific region alone, they have a strong presence with operational nodes in Singapore, Hong Kong (China), Thailand, and Malaysia, serving a myriad of industries including Web3, fintech, logistics, and media.

On the other side of this partnership, COBO, a globally recognized leader in digital asset custody solutions, has been pioneering innovations with its world’s first omni-custody platform. Their offerings span from full custody, co-managed MPC custody, to fully decentralized custody. They also provide wallet-as-a-service, advanced DeFi investment tools, and an off-exchange settlement network. With the trust of over 500 institutions and billions in assets under their management, COBO has consistently demonstrated its commitment to ensuring the secure and efficient management of digital assets, especially in the Web 3.0 era. Their achievements are further solidified with SOC2 Type 1 and Type 2 compliance certifications and licenses across five jurisdictions.

Together, HUAWEI CLOUD and COBO are set to introduce a robust, resilient, and supremely secure wallet infrastructure, which is seen as a foundational element for the emerging Web3.0. 

Combining their unique capabilities, profound knowledge, and extensive connections, they seek to spearhead advancements, encourage collaboration across the sector, and become central figures in the growth and transformation of the blockchain sphere throughout Asia and globally.

The collaboration transcends a mere business agreement; it embodies a dedication to the promising horizon of blockchain and its transformative power across sectors, economies, and individual lives.

Image source: Shutterstock


Tagged : / / /

Tether Discontinues Support for Kusama, Bitcoin Cash SLP, and Omni Layer

Tether, the renowned stablecoin issuer, has unveiled a pivotal change in its approach to blockchain support. In a bid to resonate with the evolving demands of the crypto community and uphold a fortified blockchain ecosystem, Tether will cease support for its tokens on the Kusama, Bitcoin Cash SLP, and notably, the Omni Layer platforms.

Historically, the Omni Layer, constructed atop the Bitcoin blockchain, was instrumental for Tether. It marked the company’s initial foray into transport layers in 2014. “The Omni Layer, built on top of Bitcoin, played a crucial role in Tether’s early journey, and we acknowledge the contributions and innovations the team has made to the crypto landscape,” the company stated in its announcement.

However, the Omni Layer encountered hurdles over time, primarily due to the lack of widespread tokens and the surge of USDT availability on alternative blockchains. This trend led to a shift among exchanges, favoring other transport layers and resulting in diminished USDT activity on the Omni Layer.

Despite these challenges, Tether remains optimistic about the Omni Layer’s potential, especially its capabilities in decentralized exchanges and token issuance, encompassing NFTs. The company hinted that a renewed interest in the Omni Layer might prompt them to revisit the idea of issuing USDT on Bitcoin via this layer.

Tether’s commitment to the Bitcoin ecosystem remains unwavering. They are at the forefront of RGB’s development, a state and smart contracts system validated on the client-side, designed for Bitcoin’s Layer 2 and 3. “Upon the activation of USDT on RGB, the global community will experience USDT on an advanced and scalable Bitcoin layer,” Tether’s announcement elaborated.

Starting from the 17th of August 2023, Tether will halt the minting of USDT-Omni, USDT-Kusama, and USDT–BCHSLP. However, they will continue to honor redemptions for these tokens for a minimum of the next 12 months. Additionally, users have the option to exchange these tokens for other chains on compatible platforms.

The crypto realm in 2023 is witnessing a surge in stablecoin competition, with new entrants vying for a share of Tether’s market dominance. Recent launches include PayPal’s stablecoin and First Digital USD. In Q2 2023, Tether reported impressive financial results, earning over $1 billion.

Image source: Shutterstock


Tagged : / / / /

OKX and CoinRoutes Expand Partnership: Institutional Crypto Trading Services Enhanced

OKX, a global beacon in the crypto exchange and Web3 technology realm trusted by over 50 million users, and CoinRoutes, renowned for its algorithmic trading strategies and standing as a pinnacle in institutional-grade crypto trade Execution Management System (EMS), have announced the deepening of their collaboration. This OKX CoinRoutes collaboration aims to provide a comprehensive suite of API-enabled trading services, specifically tailored for the growing demands of institutional users.

Institutional clientele with an active OKX account can now seamlessly execute trades on OKX via the CoinRoutes platform. This interface, a testament to CoinRoutes advanced trading algorithms, offers a blend of market data visualization and a unique transaction cost analysis tool, ensuring optimal trading efficacy. The platform supports diverse order types, including automated spread trading, emphasizing the versatility of digital asset trading solutions.

Lennix Lai, OKX’s Global Chief Commercial Officer, commented on the OKX CoinRoutes partnership 2023, “Our deeper integration with CoinRoutes, a global giant in crypto order execution management systems, equips our institutional user base with an unmatched ally for refining trading approaches. This strategic move not only broadens our broker horizon but also amplifies the products, services, and incentives available, setting a new benchmark in the institutional crypto trading services domain.”

Dave Weisberger, CEO and Co-founder of CoinRoutes, shared his perspective, stating, “Our alliance with OKX, a global leader in cryptocurrency exchanges, aligns perfectly with our mission. We aim to offer the most comprehensive digital asset trading solutions to our global clientele. By harnessing OKX’s vast liquidity and unparalleled transparency, we’re poised to redefine trading strategies, ensuring superior execution. This partnership underscores our unwavering commitment to innovation and data-driven solutions.”

With strategic partnerships with entities like Manchester City FC and McLaren Formula 1, OKX is on a mission to redefine the crypto trading experience. The OKX Wallet, their latest venture, serves as a gateway for enthusiasts exploring NFTs, the metaverse, and more. CoinRoutes, on the other hand, offers a platform to achieve best execution across a vast network of exchanges, with their patented architecture and advanced algorithms standing as a testament to their commitment to excellence in the crypto trading landscape.

Image source: Shutterstock


Tagged : / / /

CME Group and CF Benchmarks to Introduce APAC Reference Rates for Bitcoin and Ether

CME Group, a leading global derivatives marketplace, in collaboration with CF Benchmarks, a prominent provider of cryptocurrency benchmark indices, has announced the launch of two new APAC-specific reference rates for Bitcoin and Ether. These rates, named the CME CF Bitcoin Reference Rate APAC (BRRAP) and CME CF Ether-Dollar Reference Rate APAC (ETHUSD_AP), are set to be introduced on September 11. They will offer a daily reference rate for the U.S. dollar value of these two digital assets, with the publication time slated for 4 p.m. Hong Kong/Singapore time.

Giovanni Vicioso, the Global Head of Cryptocurrency Products at CME Group, highlighted the significance of these new rates by stating, “Year-to-date, 37% of total crypto volume at CME Group has been traded during non-U.S. hours, with 11% of trades originating from the APAC region.” He further emphasized that these APAC reference rates would enable market participants to hedge cryptocurrency price risks more effectively, aligning closely with their portfolio timings.

These newly introduced rates will supplement the existing CME CF Bitcoin and Ether reference rates, which are published at 4 p.m. London and New York times, respectively. The primary purpose of these rates is to serve as benchmark rates for the settlement of all related CME Group futures contracts.

Sui Chung, CEO of CF Benchmarks, expressed enthusiasm about the launch, noting the ongoing rapid adoption of crypto. He mentioned, “As variants, these benchmarks will be calculated and administered to the same exacting standards enjoyed by their existing London and New York counterparts.” Chung emphasized the role of these benchmarks in bolstering investor and institutional confidence in crypto financial products.

This move by CME Group and CF Benchmarks is indicative of the growing institutional interest in cryptocurrency within the Asia Pacific region. The introduction of these reference rates is expected to cater to the needs of institutions and investors in the APAC region, providing them with accurate BTC and ETH prices during the Asia trading day.

Image source: Shutterstock


Tagged : / / / / /
Bitcoin (BTC) $ 44,184.84 1.58%
Ethereum (ETH) $ 2,355.38 0.65%
Litecoin (LTC) $ 77.91 5.33%
Bitcoin Cash (BCH) $ 253.86 2.48%