PayPal's Crypto Drive while X Aims to Overtake with Elon Musk's Crypto Holdings and ARK's $16 Million Bitcoin ETF

It’s been a little while since PayPal launched it’s crypto currency services which brought it under the U.S. Securities Exchange Commission radar. However, the SEC has been busy focusing on other crypto projects to go in hard on the worlds largest online payments provider. Not to mention, the SEC probably wouldn’t have the resources to challenge such a large institution.

PayPal though has once again made headlines with its latest move towards becoming crypto native. Today we are going to delve into PayPal's recent integration with the Decentralised Finance (De-Fi) space and we also explore how X Elon Musk's ambitious venture, aims to surpass PayPal's dominance in the payments industry.

Also we'll uncover ARK Investment's strategic shift of USD 16 million from ProShares to its own Bitcoin ETF marking a pivotal moment in the world of crypto currency investments and one of the first big investments in Bitcoin ETFs.

PayPal Goes Crypto Native

PayPal has been gradually embracing crypto currencies more so to ensure it remains relevant in the developing financial sector which is growing to include Decentralised Finance (De-Fi). In a recent development the financial giant partnered with Trident Digital which is a crypto solutions provider focusing on enhancing the liquidity and usage of its PYUSD stablecoin within the decentralised finance (DeFi) ecosystem.

Trident wasted no time setting up a liquidity pool on Curve Finance a popular De-Fi platform and offered over USD 132,000 in incentives to liquidity providers for PYUSD on Curve.

Trident proposed integrating PYUSD with Aave a prominent lending protocol allowing users to lend and borrow against PYUSD. The overwhelming support from Aave token holders in a preliminary vote suggests a growing acceptance of PYUSD within the De-Fi community.

As a result, PYUSD's circulating supply has surged by over 33% exceeding 294 million and its trading volumes are on the rise indicating a potential breakthrough for PayPal in the crypto space.

However, challenges remain as top stablecoins like Circle and Tether maintain a combined circulating supply of over 120 billion. PayPal's persistent efforts to boost PYUSD liquidity signal a long-term commitment to the crypto market and investors attracting attention from traditional payment providers.

X's Stealthy Move to Replace PayPal

Elon Musk who recently bought out Twitter and renamed it X, has been making waves not only in the electric vehicle and space industries but also in the crypto currency realm. Recently, Musk disclosed his personal crypto holdings including a substantial amount of dogecoin during an X Spaces broadcast.

Musk's social media platform, X has quietly obtained a money transmitter license from Utah, adding to its growing list of state approvals.
With plans to revolutionise payments in 2024 and compete with established players like PayPal, Visa and traditional banks as X aims to offer groundbreaking products and services.

The vision includes launching peer-to-peer payments, providing users with enhanced utility and new opportunities for commerce and all all within the X platform. Musk's revelation of holding a considerable amount of dogecoin along with SpaceX's ownership of bitcoin further adds to X's credibility in the crypto space.

ARK Investment's Strategic Move in the Bitcoin ETF Market

ARK Investment Management led by the visionary Cathie Wood, has recently made a significant move in the crypto currency investment landscape. The firm divested approximately USD 16 million from ProShares Bitcoin ETF (BITO) and reallocated these funds towards its own Bitcoin ETF, ARK 21 Shares Bitcoin ETF (ARKB). This strategic adjustment resulted in ARKB accounting for 1% of the ARK Next Generation Internet ETF (ARKW).

ARK had previously shifted investments from Grayscale Bitcoin Trust (GBTC) to BITO in anticipation of the approval of direct Bitcoin ETFs in the U.S. This latest portfolio reshuffling aligns with ARK's overarching strategy to optimise its position amid the evolving crypto currency investment landscape. ARK's 21Shares Bitcoin ETF boasts one of the lowest fees at 0.21%, with leading crypto exchange Coinbase serving as the custodian.

We Look To A Big Year To Come in 2024

As PayPal deepens its roots in the De-Fi space with the integration of PYUSD, X silently positions itself to challenge the payment industry's status quo. Elon Musk's revelation of significant crypto holdings and X's mission to revolutionise payments set the stage for intense competition with established players this year.

Meanwhile, ARK Investment's strategic move highlights the dynamic nature of the crypto currency investment landscape as it seeks to optimise its position with a strategic reallocation of funds.

The crypto industry continues to witness transformative shifts and 2024 promises to be a pivotal year for advancements, innovations and fierce competition among key players.

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Posted Using InLeo Alpha