Daily Crypto Update

07/16/2021

Good morning! For many of us, it is the last day of the working week. But we can’t say the same for the crypto space so let’s go through the latest news.

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☕PayPal ups limits on crypto purchases to $100,000 per week

During this year the payment giant allowed its users to buy and sell cryptocurrencies through its platform. Just a few months later PayPal announced that the users could make payments with crypto. Now PayPal increased the amount of cryptocurrency U.S. users can buy via its platform to $100,000 per week. Purchases were previously limited to $20,000 per week. Among the crypto tokens that could be swapped are Bitcoin, Bitcoin Cash, Ethereum, or Litecoin.

☕Revolut raised $800M investment from SoftBank’s Vision Fund and Tiger Global

One of the most popular digital banks received an $800M capital injection from SoftBank’s Vision Fund and Tiger Global. Revolut also became the UK’s biggest fintech company. Bloomberg evaluated the bank at $20B. For comparison, another digital bank — Transferwise — was valued at $12B on the London Stock Exchange and Monzo has an even lower valuation of $1.7B.

☕Italian security regulator: Binance “not authorized” to provide investment services

Italian’s regulator Consob announced that the world’s largest crypto exchange is not authorized to provide investment services in the country. Consob also warned the crypto investors about the high volatility of the crypto assets and that they could lose all of their money.

Recently Binance is in the epicenter of regulatory attention around the world. Last month the UK regulator FCA announced that a Binance-owned company is not authorized to operate in Britain. On top of that two of the leading UK banks -Barclays and Santander — stopped transfers to and from the exchange.

☕FCA warns young investors about the crypto risks with a campaign for $15M

Back to the UK. Due to the increased investments during the last year, the regulator decided to start a campaign to warn the young investors about the high-risk investments. And yes, you get it — on the top of the list are the crypto assets.

☕A derivatives crypto exchange Bybit launches spot trading

Singapore-based exchange expands its crypto services and allows users to make spot trades — to buy and sell assets like Bitcoin directly. Till now the exchange offered just derivative trades — the users could trade contracts on crypto assets rather than the assets themselves. Bybit is among the largest derivative crypto exchanges according to Nomics. The move is part of its “long term strategy to serve all crypto lovers and users”.