PayPal is exploring launching its own stablecoin as part of its cryptocurrency push. PayPal confirmed the move after evidence of it was discovered within its iPhone app by developer Steve Moser, who found hidden code and images showing work on a “PayPal Coin.” The code indicates the coin would be backed by U.S. dollars.

Liechtenstein-based cryptocurrency exchange LCX has confirmed that one of its hot wallets was compromised and temporarily suspended all deposits and withdrawals on its platform.

Cryptocurrency exchange Binance.US is building up an office in Portals, a metaverse platform built on top of the Solana blockchain. Portals recreate a dense urban environment that users can explore.

Top stories in the Crypto Roundup today:

• PayPal Explores Launching Its Own Stablecoin
• Crypto Exchange LCX Loses $6.8 Million in Hot Wallet Exploit
• Binance.US Sets Up Office in Solana Metaverse
• Chart of the Week: 2021’s Top 10 NFT Projects by Sale Volumes

PayPal Explores Launching Its Own Stablecoin

PayPal is exploring launching its own stablecoin as part of its cryptocurrency push. PayPal confirmed the move after evidence of it was discovered within its iPhone app by developer Steve Moser, who found hidden code and images showing work on a “PayPal Coin.” The code indicates the coin would be backed by U.S. dollars.

In a statement, Jose Fernandez da Ponte, senior vice president of crypto and digital currencies at PayPal, said the firm is “exploring a stablecoin,” and that “if and when” it seeks to move forward it will “work closely with relevant regulators.”

The images and code referring to a PayPal Coin stem from an internal hackathon, according to a spokesperson. A hackathon is an event in which engineers team up to explore and build new products, which may never be released.

PayPal has launched numerous cryptocurrency features over the last few months, after it started letting users buy, sell, and hold BTC, BCH, ETH, and LTC on its platform in October 2020. It now lets users pay for purchases using crypto.

Crypto Exchange LCX Loses $6.8 Million in Hot Wallet Exploit

Liechtenstein-based cryptocurrency exchange LCX has confirmed that one of its hot wallets was compromised and temporarily suspended all deposits and withdrawals on its platform.

The security breach was first identified by blockchain security firm PeckSheld based on suspicious transactions of ERC-20 tokens from LCX’s Ethereum wallet, and later confirmed by the exchange as it announced the loss of numerous tokens.

Based on PeckShield’s investigation, LCX lost a total of $6.8 million after the hacker moved eight different ERC-20 tokens from its wallet. These tokens include USDC, its own LCX tokens, Ether, Sand, and LINK.

LCX has confirmed it will take security measures to further protect its other wallets and assets, but hasn’t yet shared any plans on reimbursing users for the stolen finds.

Binance.US Sets Up Office in Solana Metaverse

Cryptocurrency exchange Binance.US is building up an office in Portals, a metaverse platform built on top of the Solana blockchain. Portals recreate a dense urban environment that users can explore.

Portals head of community and partnerships Chris Lund was quoted saying the exchange is building a space in “Portals Downtown with a focus on delivering the latest news, charts, and events virtually.”

The executive added that the U.S. arm of crypto exchange FTX, FTX.US, is also building its own office in the Portals metaverse. Companies have been moving into open metaverses on top of Ethereum such as The Sandbox and Decentraland, while Portals appears to be an early favorite on Solana.

Solana-based projects including Raydium, Magic Eden, Audius, and Bonfide are also set to have a presence in Portals.

Chart of the Week: 2021’s Top 10 NFT Projects by Sales Volume

This week we’re looking at 2021’s top 10 non-fungible token (NFT) projects by sales volume. The CryptoPunks and Bored Ape Yacht Club collections were the largest ones in terms of sales volume, totaling $1.6 billion and $897 million respectively.

These collections were acquired by several celebrities including Jimmy Fallon, Serena Williams, and Eminem. Next came the Mutant Ape Yacht Club and Loot collections with $469 million and $264 million in sales.

Interestingly, the price of each NFT seems to have played an integral role in their volume. The Pudgy Penguins collection, which isn’t in the chart, recorded 27,000 sales in 2021, but its total volume totaled $139 million. MekaVerse, on the other hand, recorded $159 million in volume with just over 9,900 sales.

See more of CryptoCompare’s research using the link below.

State of the Crypto by Top Tier Exchange Volume

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