Web3News

08/04/2024

BRICS member China made a huge financial announcement last week indicating that they are launching a new currency swap program with developing countries. The currency swap allows the Central Banks of developing countries to sign an agreement with China that would facilitate trade in local currencies. Central Banks can swap their local currencies for trade with China and save millions in exchange rates.

Also Read: BRICS: China Dumping US Dollars To Keep Yuan on Top

The US dollar will play no role in the Currency Swap agreement making local currencies the centerpiece of all transactions. The move comes in line with the BRICS alliance looking to push local currencies first for trade and commerce instead of the US dollar. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.

China is looking to sign currency swap agreements with 29 developing countries including that of BRICS nations. The currency swap agreement will be worth $553.49 billion in local currency exchange without the interference of the US dollar. The development makes transactions of local currencies in the ‘always trading’ mode on the foreign exchange market.

Also Read: India Ditches BRICS Again, Halts Russian Oil Tanker To Buy US Oil

The bilateral currency swap facilitates trade and investment options by adding a safety net for all local currencies. Each Central Bank can swap its local currencies for another and settle trade with lower exchange rates and fees. The move is a win-win situation for BRICS, China, and other developing countries as they can save costs for cross-border transactions while making use of their local currency.

Also Read: Analyst Calls BRICS a ‘Superpower’

Pan Gongsheng, Governor of the People’s Bank of China confirmed that the Currency Swap agreement will take place in 2024. “Bilateral Currency Swaps can provide emergency liquidity support in times of turmoil in international financial markets and banking crises in some countries,” he said to Reuters.

04/04/2024

5 Low-Priced Digital assets for Huge results to Watch in April

March 2024 was a truly roller-coaster month for crypto enthusiasts. Bitcoin hit an all-time high above $73,500, spurred by new ETFs and the coming halving, but then sharply dropped below $62,000 due to heavy profit-taking. Now, as Bitcoin wavers around $65,000, struggling to reclaim its previous gains, the community buzzes with uncertainty. Analysts are split in their opinions, so investors and traders keep guessing if the crypto king will rise or fall in this market cycle and how its next move will affect the broader crypto sector.

In such a vulnerable atmosphere, it can be a wise move to shift your focus to low-priced tokens. Although they can barely compete with Bitcoin in terms of market capitalization, they are equally exciting as entry points into the realm of crypto investment and can turn your modest allocation into solid capital within a relatively short period of time.

Some tokens have already excelled in a volatile March, not only ending the month in the green but also showing impressive growth and yielding significant profits for their holders. As April approaches, these five cheap but prospective cryptos are worth watching.

Full article:

March 2024 was a truly roller-coaster month for crypto enthusiasts Bitcoin hit an all-time high above 73 500 spurred by new ETFs and the coming halving but then sharply dropped below 62 000 due to heavy profit-taking Now as

04/04/2024

Paypal’s Xoom adds PYUSD as funding for cross-border money transfers

PayPal enables use of PYUSD in cross-border transfers for Xoom users
Xoom users in the US can convert PYUSD into USD and send money to 160 countries.
Xoom, the international money transfer platform of payments processing giant PayPal, has announced that it now supports the use of PayPal USD (PYUSD) as a funding option for users in the United States.

In an announcement today, the cross-border money transfer platform said eligible US users can now convert PYUSD into US dollars when looking to send money to friends and family.

PayPal expands PYUSD adoption
PayPal USD is a USD dollar-denominated Stablecoin that PayPal launched in August 2023 and its use on Xoom will now see US users able to send money across borders to 160 countries.

There’s no crypto sale fee when converting PYUSD to USD and no Xoom transaction fees, the platform announced.

“When we decided to bring PayPal USD to market, we had two objectives we wanted to achieve: create something that had a stable value to maximize user confidence and ensure it had utility for commerce and payments,” Jose Fernandez da Ponte, SVP of Blockchain, Cryptocurrency, and Digital Currency Group at PayPal noted in a statement.

By enabling Xoom users in the US to tap into the new funding option, PayPal is expanding on its mission to bolster mainstream adoption of crypto, the PayPal exec added.

PayPal’s move to expand usage of its PYUSD stablecoin comes as the ecosystem sees increased adoption. Top stablecoins USDT and USDC continue to expand, while Ripple has announced plans to launch its own stablecoin pegged to the US dollar later this year.

According to data from CoinGecko, the current Stablecoin market capitalization is $154 billion, with $106 billion for USDT and $33 billion for USDC.

PYUSD is the 12th largest stablecoin by market cap at $190 million.

04/12/2022

Abandoned Baby Candlestick Trading Pattern
We would discuss extensively how traders use the abandoned baby candlestick trading pattern with examples for you to increase your knowledge, make gains in the market and manage your risk accordingly

01/12/2022

🚨 Let's examinine a phenomenon
called a short squeeze & how to:
👉 spot a potential setup for it
👉 trade the explosive move that results