Title: PayPal Expands Crypto Offerings, Franklin Templeton Files for Bitcoin ETF
Without drawing attention through large-scale marketing campaigns, leading fintech company PayPal is steadily making significant advancements in the crypto space. Recently, the company introduced new features and forged key partnerships to enhance its digital assets strategy.
In a noteworthy move for the United States, PayPal has unveiled new on-ramps and off-ramps for cryptocurrencies, enabling its clients to easily convert their digital assets into fiat currency. This development is particularly significant as many crypto firms are grappling with supporting fiat-crypto conversions due to increased scrutiny from the United States Securities and Exchange Commission (SEC).
Another major player venturing deeper into the crypto ecosystem is traditional asset manager firm Franklin Templeton. The company has filed for a spot Bitcoin exchange-traded fund (ETF) in the U.S., joining a long list of investment giants seeking approval for a Bitcoin investment product.
As the number of participants in the digital assets world continues to grow, it is evident that crypto is becoming increasingly mainstream—even in the face of a long bearish market.
PayPal’s Crypto Gateway Integration with MetaMask Wallet
PayPal continues to expand its digital asset services by integrating new methods to sell cryptocurrencies such as Bitcoin. On September 11, the payments giant rolled out new on- and off-ramps for Web3 payments, allowing users in the U.S. to convert their crypto directly into U.S. dollars within their PayPal balance. This off-ramp feature is available on the MetaMask wallet, which serves wallets, decentralized applications, and nonfungible token (NFT) marketplaces.
Franklin Templeton’s Spot Bitcoin ETF Filing
Asset management firm Franklin Templeton has recently applied to launch a spot Bitcoin ETF with the U.S. SEC. This follows the SEC’s decision to delay its rulings on spot ETF applications from several other major investment firms. If approved, the fund would operate as a trust, with Bitcoin custody provided by Coinbase and cash custody and administration handled by the Bank of New York Mellon.
Meta’s AI Model to Compete with OpenAI’s Most Powerful System
Social media giant Meta is currently developing an AI model that is expected to surpass OpenAI’s advanced Llama 2 model. With significantly more power, Meta’s new AI model will have vast applications, including producing high-level text, analysis, and other outputs. The system will be open-source, allowing other companies to leverage its capabilities. Additionally, Meta has been acquiring Nvidia’s H100 semiconductor chips and investing in the necessary data centers to support this advanced AI model.
Coinbase’s Integration of Bitcoin Lightning Network
Crypto exchange Coinbase has confirmed its decision to integrate the layer-2 payment protocol, Lightning Network (LN), in response to users’ demand for faster and cheaper Bitcoin transactions. This move is a departure from the initial hesitation shown by major exchanges to adopt the LN solution, despite its potential to address Bitcoin’s scalability challenges. Coinbase CEO Brian Armstrong emphasized the importance of patience during the integration process and expressed support for the growth of Bitcoin payments.
With these developments, it is clear that PayPal, Franklin Templeton, Meta, and Coinbase are key players actively shaping the future of the crypto industry.
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