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Paxful Pay Is an “Invisible Bridge to Bitcoin,” Says Cofounder

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In brief

  • Paxful Pay launches today, letting users and businesses seamlessly buy and sell using cryptocurrencies.
  • The service opens many closed financial loops, re-integrating various communities that have been blocked from Western e-commerce sites.

Leading peer-to-peer (P2P) crypto exchange Paxful has launched an e-commerce payment tool for businesses. Paxful Pay allows people to access around 400 different payment methods when paying for goods and services, while the business provider gets paid in Bitcoin. 

“The customer won’t even know that he or she’s using Bitcoin,” Artur Schaback, Paxful’s chief operating officer and co-founder, told Decrypt. “We think it’s going to enable four billion more people to be part of e-commerce.”

The service is launched today worldwide and is no different than other payment processors for businesses, enabling them to accept Bitcoin. 

They can then convert the BTC to stablecoins and later will be able to have it sent directly to a bank account. However, on the customer side, the cryptocurrency aspect is invisible. 

How does Paxful Pay work?

Schaback gave the example of someone in Nigeria who wants to spend $500 on an iPad but has no bank account or any other internationally recognized way of paying online. 

Person in a red jacket looking at a smartphone screen.
Source: Paxful

But, if they are signed up for Paxful Pay, they have a huge choice of payment options such as online wallets, local payment cards, cash-based transactions, as well as bank transfers and credit cards. 

The platform connects them to a local Bitcoin seller through the Paxful P2P marketplace. But, instead of the cryptocurrency being sent to the customer, it’s sent to the merchant.  

“It’s like a three-person transaction: the customer in the e-commerce store, then a second person—the one who is selling Bitcoin—and then the merchant who is selling the goods,” explained Schaback.

Paxful Pay, he said, is like an “invisible bridge to Bitcoin.” He believes that Bitcoin will truly succeed once it’s been finally abstracted away for end users. 

Challenging chargebacks

For merchants, Paxful Pay’s attraction is that it’s an answer to chargebacks, which is when money is automatically returned to a customer, usually through their bank. 

So-called “friendly fraud,” when a customer tries to gain money back from a legitimate transaction by filing a chargeback, was cited as a concern for 94% of businesses, according to one survey. This activity has also been a source of some stringent regulations for certain communities.

Customers in places like Vietnam and Nigeria, for instance, are unable to buy from Western e-commerce sites, even if they have a bank account. 

But, because cryptocurrency transactions are irreversible, chargebacks disappear, and Schaback believes that’s a game-changer, allowing billions of people to access goods and services they were previously denied. 

Only an email and phone number are required to make a transaction, but Paxful requires anyone purchasing items valued over $1,000 to provide ID, said Schaback.

African solutions from Paxful

Paxful has already signed over a hundred merchants up to the service. The startup is focusing on African countries like Nigeria, Kenya, and South Africa, where it already has a P2P business. 

Person looking at a smartphone screen while sitting in the grass.
Image: Paxful

While the exchange had users in the U.S. and Asia, Nigeria is its biggest market and the largest P2P market in sub-Saharan Africa. 

Stringent capital controls on outflows, high transaction costs on international transfers, and a minimum transaction limit of $100 on card payments on international websites all contribute to the popularity of crypto in the west African nation. 

The enthusiasm with which the country’s youth have taken to crypto means that Nigeria is often called Africa’s Bitcoin Nation; the emergence of Bitcoin and other cryptocurrencies create life-changing value here, compared to other regions. 

But in February, Nigeria’s central bank introduced a ban on financial institutions trading with crypto companies. In the three months following the ban, P2P trading volumes increased by 27%. As individuals are not banned from using cryptocurrencies, P2P platforms like Paxful, which now has six million users, are not affected by the action.

Paxful’s CEO Ray Youssef recently visited the nation and underscored the exchange’s mission to help chart a course for the industry in Africa through education and engagement. 

To that end, Paxful has set up the Built with Bitcoin Foundation to build quality schools for African children. Four are now complete (two in Rwanda, one in Kenya, and one in Nigeria,) with 100 planned in total.

As Youssef told Decrypt last year: “Elon Musk can have Mars, I’m interested in the invisible planet of six billion humans right here.”

Source: https://decrypt.co/72602/paxful-pay-is-invisible-bridge-bitcoin-says-cofounder

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Crypto wallet Zumo adds support for Bitcoin SV (BSV) after BTC and ETH

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Zumo, a crypto wallet and payments app, has announced that it can now be used to store and receive the cryptocurrency Bitcoin SV (BSV).

BSV is the third cryptocurrency to be supported by the non-custodial Zumo wallet. Users can also hold or trade Ether and Bitcoin.

Bitcoin Satoshi Vision (BSV) emerged from a hard fork of Bitcoin Cash (BCH); which itself emerged after a hard fork of Bitcoin (BTC). It is an extension of the same original blockchain with some amendments that have targeted the dual benefits of cheaper transaction fees and increased transaction capacity.

The name comes from its supporters’ belief that BSV aligns with the original vision of Satoshi Nakamoto; who first published the white paper explaining Bitcoin.

£10,000 worth of Bitcoin SV giveaway to celebrate

To celebrate the arrival of BSV to the wallet, Zumo is launching a giveaway of £10,000 worth of Bitcoin SV. Any UK resident who opens a new wallet with Zumo passes ID verification and makes a £1 deposit between June 25th, 2021 and July 26th, 2021 will be eligible to win the prize of £10,000 in BSV.

“We’re excited about offering BSV to our users. We’re hoping to introduce British crypto investors to BSV; as well as attracting new users who have never engaged with smart money before. To anyone who’s considering getting involved in crypto I’d say: we’re here to help.”
– Paul Roach, Zumo’s Chief Product Officer

Source: zumo.money

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Source: https://www.cryptoninjas.net/2021/06/25/crypto-wallet-zumo-adds-support-for-bitcoin-sv-bsv-after-btc-and-eth/

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TA: Bitcoin Breaks $35K, Why BTC Bulls Aim A Larger Rally

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Source: https://www.newsbtc.com/analysis/btc/bitcoin-breaks-35k-rally/

Bitcoin price regained strength for a fresh increase and it broke $35,000 against the US Dollar. BTC is likely to accelerate higher towards $36,500 or even $37,000.

  • Bitcoin started a fresh increase above the $34,000 and $35,000 resistance levels.
  • The price is now trading nicely above $34,000 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $33,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is showing positive signs and it could even rise towards the $37,000 level in the near term.

Bitcoin Price is Gaining Pace

Bitcoin formed a base above the $32,000 zone to start a fresh increase. BTC broke the $33,500 resistance the 100 hourly simple moving average to move into a positive zone.

The upward move gained strength above the 50% Fib retracement level of the downward move from the $36,200 swing high to $28,850 zone. There was also a break above a major bearish trend line with resistance near $33,500 on the hourly chart of the BTC/USD pair.

The pair is now trading nicely above $34,000 and the 100 hourly simple moving average. Bitcoin is now trading above the 76.4% Fib retracement level of the downward move from the $36,200 swing high to $28,850 zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

It is showing a lot of positive signs and it could continue to rise above $36,000. On the upside, an initial resistance is near the $36,200 level. The main resistance is now near the $37,000 zone. Any more gains could lead the price towards the $38,000 zone.

Dips Limited in BTC?

If bitcoin fails to clear the $36,200 resistance or the $37,000 resistance, it could start a downside correction. An immediate support on the downside is near the $34,500 level.

The next major support is near the $34,000 level. The main support is now forming near the $33,500 level and the 100 hourly SMA. A downside break below the 100 hourly SMA could open the doors for a fresh drop towards the $32,000 zone in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $34,400, followed by $33,500.

Major Resistance Levels – $36,200, $37,000 and $38,000.

Source: https://www.newsbtc.com/analysis/btc/bitcoin-breaks-35k-rally/

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DeFi protocol Oxygen to get series of audits from Kudelski Security

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Oxygen, a DeFi prime brokerage service built on Solana and powered by Serum’s on-chain infrastructure, announced today it has signed a strategic agreement under which Kudelski Security, a division of the Kudelski Group in Switzerland, will provide security assessment and architecture support for the platform.

Soon, Kudelski will conduct a series of reviews and audits of Oxygen’s functionality and interfaces. Meanwhile, Kudelski will have an ongoing collaboration with Oxygen to assess future enhancements, changes, or additions to Oxygen’s protocol.

“Institutions and individual investors have a right to expect that they can trust the quality, reliability, and stability of the Oxygen ecosystem. For Oxygen, this partnership provides transparency, promotes absolute confidence that the protocol does precisely what it promises and demonstrates its security; all based on a thorough assessment by a leading global expert in cybersecurity.”
– Viktor Mangazeev, Co-Founder of Oxygen

Audit Focus

Most importantly, the Kudelski Security team will perform a source code assessment, architecture review, and architecture verification of the Oxygen.org finance system.

Firstly, special attention will be focused on the contracts mechanism, finance logic, yields, borrowing, lending, and leverage mechanisms, as well as other related funds safety considerations

Moreover, verification analyses will confirm that formulas, cryptographic/mathematic, etc. in the software faithfully implement the specified intent of the protocol. Testing will also include a dynamic examination of key financial risk scenarios such as edge situations, liquidity events, and more.

“I’m very excited to be working with Oxygen on this series of engagements. It is important to show strategic leadership in promoting cybersecurity. Comparable traditional businesses have years of audits and tests; and the emerging ecosystems must put their best foot forward to build the trust of users and environmental partners.”
– Scott Carlson, Head of Blockchain Security for Kudelski Security

Oxygen is built on the growing and liquid Serum ecosystem; which leverages an on-chain orderbook to match borrowers and lenders to provide fair rates. Currently, Solana processes up to 50,000 transactions per second. Each transaction costs just $0.00001, and Solana plans to further scale these capabilities.

Source: Oxygen.org

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Source: https://www.cryptoninjas.net/2021/06/25/defi-protocol-oxygen-to-get-series-of-audits-from-kudelski-security/

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