Bitcoin mining machine manufacturers and international payment giants have entered the digital currency market

 Bitcoin mining machine manufacturers and international payment giants have entered the digital currency market

The worlds third largest producer of bitcoin mining machines, NASDAQ (Ebon), has expanded its overseas territory to another country.

On October 23, Yibang International announced that it had established a wholly-owned subsidiary in Australia and was ready to establish a digital asset financial service platform.

Prior to that, in just over two months, the overseas business of Yibang international expanded rapidly. Since August, it has successively announced the establishment of wholly-owned subsidiaries in Singapore and Canada, and announced on October 14 that it will acquire a licensed financial company in New Zealand.

From the perspective of licensing, the Canadian subsidiary has obtained the monetary services business license issued by the financial transaction and Reporting Analysis Center (fintrac), New Zealand obtained the license by acquiring the licensed financial company, and the Singapore subsidiary is still applying for the license. Hu Dong also disclosed in yesterdays announcement that Yibang international is currently applying for an Australian financial services license to prepare for its global expansion.

PayPal is also entering the cryptocurrency market

In fact, not only mining machine manufacturers, but also payment platforms are entering the cryptocurrency market.

On October 21, PayPal (NASDAQ: pypl) announced the launch of a new service - customers can purchase, hold and sell cryptocurrency directly from their PayPal account. The New York State Department of financial services has granted BTC permission to PayPal.

PayPal said that traditionally, cryptocurrency has limited practicability as an exchange tool, and volatility, cost and transaction speed have hindered its mainstream use, but advanced technology platform provides the possibility for the mainstream of digital currency. The shift to digital money is inevitable. Digital currency has obvious advantages in terms of financial inclusion and payment efficiency, speed and flexibility, as well as the governments ability to rapidly pay funds to citizens. Said PayPal president and CEO Dan Schulman.

Starting from the beginning of 2021, PayPal customers can use their cryptocurrency to pay PayPals 26 million merchants worldwide. Consumers can immediately convert their selected cryptocurrency balance into fiat currency. The cryptocurrency in the account is valuable and there is no charge for conversion. PayPal merchants do not have to pay additional fees. The announcement said that cryptocurrency is just another source of funds in PayPals digital wallet, adding utility to cryptocurrency holders, and addressing users concerns about the volatility, cost and speed of cryptocurrency transactions.

In addition, PayPal said it would explore the potential of digital currencies in partnership with licensed and regulated cryptocurrency platforms and central banks around the world. PayPal intends to work with regulators, governments and central banks.

As a result, bitcoin prices soared on the night of October 21, 2020. According to coin price website coinmarketcap, bitcoin broke through the $13000 mark for a time, reaching a maximum of $13184.39, and then fell slightly. This morning, bitcoin again stood at $13000. As of press, bitcoin costs about $12960.

William, chief researcher at okex research, said PayPal is one of the most widely used online payment tools in the world. PayPal is global, supporting 25 international mainstream currencies such as US dollar, euro and Japanese yen, and occupies a large market share in the third-party settlement and payment platform of global cross-border e-commerce. This will not only bring bitcoin an application scenario of shopping and payment at 26 million PayPal merchants, but more importantly, it means that the crypto digital currency represented by bitcoin is being recognized by the mainstream business community, so it is an absolute advantage for bitcoin, so bitcoin has reached a new high.

Official data show that PayPal has been providing payment tools for international trade for more than 20 years, and has access to more than 200 markets, 300 million consumers and merchants. After the announcement, the share price of PayPal rose sharply. The closing price on October 21 was 5.50% higher than that of the previous day. However, the price fell on October 22, and the closing price dropped by 4.29% compared with the previous day.

Source: surging news editor: Wang Fengzhi_ NT2541