PayPal and Mastercard Continue Taking New Steps Towards Adopting Cryptocurrency

Things seem to be moving along quite fast in the fintech world as giants like PayPal and Mastercard continue to move forward towards adopting cryptocurrency to their platforms. PayPal and Mastercard are both giants in the field of finance and their move towards crypto has provided a huge boost to the cryptocurrency realm. It has been considered as one of the key steps towards the development of cryptocurrency as a global currency solution in recent times. Each of the two companies is making moves towards adapting crypto every day and for PayPal, the announcement may come sooner than a lot of people might expect.

PayPal Continues Taking New Steps Towards Adapting Cryptocurrency

It is worth noting that PayPal chose Paxos as the partner responsible for handling all crypto-related affairs for PayPal. Paxos is a New York-based firm that specializes in handling digital assets and is also the owner of Paxos Crypto Brokerage whose services it has recently initiated. The first customers that the brokerage signed up is Revolut US, the United States based arm of the UK’s fintech firm with the same name providing bitcoin trading services.

When we said it could happen soon, we were not kidding at all, considering that PayPal may end up making an announcement regarding the partnership within this week! Partnering with Paxos to enter the cryptocurrency market would automatically make PayPal as the largest service provider for cryptocurrency purchasing. It would be sitting alongside two major names in the crypto industry, Square, which provides publicly traded payments, and Robinhood, a unicorn brokerage firm.

The news regarding PayPal’s partnership with Paxos came out about a month ago. However, nothing new has come out since then regarding the partnership details. The details are pretty much absent as no comment on the matter could be obtained from either Paxos or PayPal.

Coinsquare Wash Trading

A recent accusation came out about Coinsquare, a well-known crypto trading platform based in Canada. The accusation was from the Ontario Securities Commission (OSC) that said Coinsquare was guilty of performing wash trading, an illegal practice used to inflate trading volumes. The OCS filed a Statement of Allegations against Coinsquare on Thursday. It said that the executives at Coinsquare were guilty of wash trading 90% of their actual trading volume. The statement said that this has been going on from July 2018, all the way to December 2019. The report said that this incident happened during the time when Coinsquare was in the process of registering a subsidy of the firm called Coinsquare Capital Markets. There are no further developments in the case at this point.

Cryptocurrency Cards

While everyone is anxious about how Mastercard will be contributing to the cryptocurrency market, their first major move has come forward in the form of a deal with Wirex. Mastercard’s biggest step yet towards adopting cryptocurrency, this agreement will allow Wirex to issue payment cards to its customers backed with cryptocurrency and supported by Mastercard. Wirex is natively a cryptocurrency firm that will become the first firm ever to issue crypto-based cards to its customers. The purpose of this service is to allow cryptocurrency holders to easily convert their crypto assets to fiat ones. Wirex is a highly trusted crypto firm that is also regulated by the Financial Conduct Authority (FCA).

Hackers Wanted Crypto Ransom in Argentina

Argentina’s telecom network, Telecom SA was recently under attack from hackers that held the company hostage for 3 days! The attack prevented employees from using the company’s Virtual Private Network (VPN) and also blocked some databases belonging to the company.

The news about the attack first came out in the La Nacion newspaper of Argentina that is published daily. The report suggested that the attack had managed to take control of systems that the company was using to provide remote customer support to its customers. The hackers had locked those systems out of the company’s network and held the key to these systems that would finally allow them to get back online with the company’s network.

Reports coming out said that the hackers demanded a massive ransom amount of $7.5 million from the company. The key thing about this demand was that it was not in fiat currencies but in cryptocurrency monero that could keep their identities hidden.

Furthermore, the hackers also said that if the company did not pay the ransom amount within 48 hours, the price would be doubled, i.e. $15 million. In the meanwhile, the company asked its employees to not connect to the company network and avoid using it for any reason. It also asked all the employees to not use the service’s VPN network and refrain from opening any emails that contained attachments in it of any kind.

Further updates were then provided by the company that said that the firm’s critical services were still safe and usable. The cyber defence team was constantly working on containing the situation. It eventually announced that they were able to curb the attack without paying any ransom amount.

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