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PayPal Will Support Native Transfer of Crypto External Wallets and Exchanges

Daily Market Wrap

  • Crypto market cap: 1.24 trillion, down 2.29%

  • BTC price stands at USD 30,191, down 3.01%

  • ETH price stands at USD 1,792, down 1.88%

  • Top gainer: Helium (HNT), up 7.30%

  • Top loser: Elrond (EGLD), down 9.53%

News of the Day

Why it matters:

  • Online payment giant PayPal now allows US customers to transfer crypto assets from their accounts to external wallets and exchanges

  • “This feature has been consistently ranked by users as one of the most requested enhancements since we began offering the purchase of crypto on our platform.” Jose Fernandez da Ponte, the Senior Vice President and General Manager of Blockchain, Crypto & Digital Currencies at PayPal, said in a press release

  • In late 2020, PayPal first offered users the ability to purchase, sell, and hold crypto assets

Crypto daily spotlight

Brief introduction: Osmosis (OSMO) is an automated market-making protocol (AMM) built using CosmosSDK and IBC technologies, where users can create, construct, design, and deploy individual and highly-customized AMMs with various modules and the on-chain governance system.

Why it matters:

  • The Osmosis network was halted by core developers and validators at 02:57 UTC to prevent further damage from a $5 million exploit

  • “Liquidity pools were NOT ‘completely drained.’ Devs are fixing the bug, scoping the size of losses (likely in the range of ~$5M), and working on recovery. More info to come.” The Osmosis team clarified in a tweet

  • The Osmosis token (OSMO) was 6.96% down and its total value locked (TVL) on the Osmosis blockchain dropped 1% over the past 24 hours

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