Crypto On LYO: The Blend — LYOTRADE Grid Trading Goes Live, PayPal Launches U.S. Dollar Stablecoin, Singapore Red Cross Starts Accepting Crypto Donations

What happened in the crypto world in the last week? Let’s see some interesting news together!

LYOTRADE Grid Trading Goes Live

LYOTRADE has now enabled Grid Trading in its Margin Trading area to enable more advanced and sophisticated trading strategies. In the Grid Trading view, traders can place multiple buy orders simultaneously, each below a predetermined reference price, based on observed market highs and lows. Concurrently, with Grid Trading enabled, traders can also place sell orders positioned at amounts exceeding the buy prices, forming a structured grid of trades.

The underlying concept of this tactic involves cyclically purchasing at the predetermined price threshold and subsequently selling when the price surpasses that value. Conversely, one can initiate a sale at a predefined price point, patiently awaiting the price to descend to a designated level before making repeated buying decisions.

To get started, visit lyotrade.com and explore your trading options and much more.

PayPal Launches U.S. Dollar Stablecoin

PayPal, a prominent player in the payments industry, announced earlier this week the introduction of the PYUSD, a stablecoin tied to the U.S. dollar. This marks a significant milestone as the first major financial technology company to embrace digital currencies for facilitating payments and transfers.

The declaration from PayPal, which resulted in a 2.66% surge in its shares on the same day, can be taken as a notable display of confidence in the cryptocurrency sector. Over the past year, the crypto industry in the United States has grappled with regulatory challenges, exacerbated by a series of high-profile collapses.

Despite existing for several years, stablecoins have struggled to gain traction within mainstream consumer payment systems.

Typically, stablecoins have predominantly been used by consumers as a medium to trade other cryptocurrencies, such as Bitcoin and Ether. The most sizable stablecoin, Tether, is followed by USD Coin, issued by crypto provider Circle.

Notably, previous endeavors by major mainstream corporations to launch stablecoins have encountered strong opposition from financial regulators and policymakers. Meta’s (formerly Facebook) 2019 initiative to introduce the stablecoin Libra was thwarted due to concerns raised by regulators about potential disruptions to global financial stability.

Various significant economies, including the United Kingdom and the European Union, have since established regulations to govern stablecoins. These EU policies are set to take effect in June 2024.

Singapore Red Cross Starts Accepting Crypto Donations

Singapore Red Cross, a charitable organization dedicated to humanitarian aid and community services, has expanded its scope of accepted donations by incorporating cryptocurrency. The charity has now embraced digital currencies like Bitcoin (BTC), Ether (ETH), Tether (USDT), and USD Coin (USDC) as forms of contribution.

The announcement, made on August 7th, revealed the partnership between Singapore Red Cross and Triple-A, the first crypto payment gateway authorized by the Monetary Authority of Singapore. This collaboration enables the option for anonymous crypto donations. Donations received in cryptocurrency will be converted into traditional fiat currency and settled via bank transfer within a single business day.

Benjamin William, Secretary General and CEO of the Singapore Red Cross, expressed his enthusiasm for this innovative step:

“By accepting digital currencies, we open our doors to a new segment of donors who are tech-savvy and wish to make a difference through their digital assets.”

William further emphasized that enabling cryptocurrency donations not only appeals to tech-savvy donors but also taps into a new generation’s interest in philanthropy and assisting vulnerable populations.

The crypto donation feature is readily available on the Singapore Red Cross website. Alongside the prominent digital currencies, the payment gateway offers a dedicated solution for donations made from Binance digital wallets.

Stay tuned for next week’s crypto news! Follow LYOPAY social media pages: