COINOTAG reported on September 17 that the Bank for International Settlements (BIS) has embarked on an initiative involving over 40 participating financial firms. These firms are set to examine the
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Source: CoinOtag
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Former Coinbase Execs to Launch Crypto Exchange Using PayPal Stablecoin
A cohort of former Coinbase executives is set to launch TrueX, a new digital asset exchange that will utilize PayPal’s stablecoin, PYUSD, as its primary settlement currency. On Sept. 18, True Markets introduced TrueX, branding it as a “non-custodial, stablecoin-native exchange.” This venture garnered $9 million in seed funding from notable backers including Paxos, Solana Foundation, and Aptos. According to a press release, TrueX has partnered with Paxos, the issuer of the PayPal USD stablecoin, to adopt PYUSD as the default settlement currency on its platform. PYUSD boasts a significant presence in the crypto world, with a market capitalization exceeding CoinOtag
Bitcoin Pumps To $61,000, Then Retraces After Fed Aggressively Cuts Interest Rates For First Time In Four Years
Bitcoin rallied above the $61,000 price point on Wednesday following the United States Federal Reserve’s decision to lower its benchmark interest rates by 50 basis points, marking the first rate cut since 2020 after the world’s most important central bank’s most aggressive hiking cycle. Most analysts believe the Fed’s policy reversal could bode well for CoinOtag