Top 5 News of the Week! (May 27 — June 2)

PointPay
3 min readJun 2, 2024

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Dear PointPay Family,

The past week has been full of various news from the cryptocurrency world. How can you keep up with it all? It’s simple! Just read our Top 5 most relevant and interesting news stories of the week.

Crypto Credentials by Mastercard

Mastercard has introduced a new system called Crypto Credentials, designed to simplify cryptocurrency transactions in the EU and Latin America. This service allows users to exchange cryptocurrencies using simplified aliases, which helps increase trust and clarity in transactions.

The system also verifies interactions between consumers and businesses on blockchain networks and supports information sharing about travel rules for cross-border operations. Crypto Credentials is already available on three major exchanges and is expected to reach over 7 million users in the coming months.

IBIT Becomes the World’s Largest Bitcoin ETF

BlackRock’s iShares Bitcoin Trust (IBIT) has become the world’s largest Bitcoin ETF, surpassing Grayscale’s Bitcoin Trust (GBTC). As of May 28, IBIT manages assets worth over $20 billion, including 288,670 bitcoins, while GBTC holds 287,450 bitcoins worth $19.7 billion.

Launched simultaneously in January, both ETFs quickly gained popularity. However, GBTC lost significant funds due to high fees, whereas IBIT consistently attracted investments. This also makes IBIT one of the fastest-growing ETFs in history. IBIT’s inclusion in BlackRock’s strategic income and global bond funds underscores the growing institutional interest in Bitcoin. With SEC approval, Bitcoin ETFs are now available to banks, hedge funds, and other major players, further integrating Bitcoin into the traditional financial world.

PayPal USD on Solana

PayPal USD is now available on the Solana blockchain, enabling consumers to make faster and cheaper transactions. PayPal USD was created to simplify commercial payments, offering a quick and cost-effective payment method. Integration with Solana supports the creation of a stable digital currency, enhancing the speed and scalability of new payment solutions.

More traditional financial giants are incorporating blockchain into their systems, accelerating the expansion of cryptocurrencies and digital assets!

NOT, Telegram, and Accessible Web3

The NOT token from the Notcoin project saw a significant increase in value, rising over 40% in one day. Experts attribute this to active coin buybacks and the project’s successful strategy aimed at supporting young projects.

The total value locked (TVL) in The Open Network (TON) network reached $320.87 million. This is due to the growing popularity of ecosystem projects and the promotion of Toncoin. The development of mini-apps plays a crucial role in integrating Telegram users into the Web3 world. This makes web3 easily acceptable for web2 users of Telegram!

Ethereum ETFs Approved

The U.S. Securities and Exchange Commission (SEC) has approved eight applications for spot Ethereum ETFs from major financial companies like BlackRock, Fidelity, and Grayscale. This decision, which came as a surprise to many, is seen by analysts as politically motivated and could lead to an inflow of $5–8 billion in the coming years.

Although SEC approval is a significant step, ETF issuers still need to complete the registration process before trading begins. The SEC’s decision is expected to accelerate Ethereum’s growth, which temporarily reached $3,950 amid the news. Currently its price has lowered a little, but everything is just ahead!

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PointPay

Cryptocurrency Ecosystem: pointpay.io Crypto Bank, Exchange, Wallet, Payment System. Buy Bitcoin → https://payments.pointpay.io/ Earn up to 7% yearly with PXP.