Brazil-based digital payments app PicPay is set to launch a cryptocurrency trading platform for its 65 million users, as well as a stablecoin tied to the country’s fiat currency, the Brazilian real. The exchange is the fintech firm’s first cryptocurrency-related offering.

Cryptocurrency-focused venture capital firm Multicoin Capital has announced the launch of its third and largest fund to date, worth $430 million. The firm started raising for the fund in the fourth quarter of last year and closed it in January.

The California Department of Financial Protection and Innovation (DFPI) is investigating several U.S.-based cryptocurrency lenders after a series of prominent lending firms indefinitely halted withdrawals and transfers between user accounts.

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Top stories in the Crypto Roundup today:

• Brazilian Fintech Firm to Offer Crypto Trading to 65 Million Users
• Multicoin Capital Launches 430 Million Fund for Crypto Startups
• California Launches Investigation Into ‘Multiple’ Crypto Lending Firms
• Chart of the Week: BTC Futures Trading Volume by Expiration Date on July 4th
• Sponsored: Nexo - Unleash the Power of Your Crypto

Brazilian Firm to Offer Crypto Trading to 65 Million Users

Brazil-based digital payments app PicPay is set to launch a cryptocurrency trading platform for its 65 million users, as well as a stablecoin tied to the country’s fiat currency, the Brazilian real. The exchange is the fintech firm’s first cryptocurrency-related offering.

PicPay’s digital assets exchange will allow users to buy, sell, and hold Bitcoin (BTC), Ethereum (ETH), and Paxos’ $USDP stablecoin. In a statement Anderson Chamon, VP of technology and products at PicPay, said:

“The user who wants to know where to buy cryptocurrencies will be able to do everything through the app, with a very simple, practical and safe experience.”

PicPay’s users will have access to educational material in its app to further their cryptocurrency knowledge, and will have access to a stablecoin being developed by the firm called Brazilian Real Coin (BRC).

Multicoin Capital Launches 430 Million Fund for Crypto Startups

Cryptocurrency-focused venture capital firm Multicoin Capital has announced the launch of its third and largest fund to date, worth $430 million. The firm started raising for the fund in the fourth quarter of last year and closed it in January.

Tushar Jain, co-founder and managing partner at Multicoin Capital, was quoted saying:

“As evidenced by our first and second venture funds, some of the best opportunities arise in bear markets. Valuations are more reasonable; founders are more focused, long-term, and motivated; and real users explore projects they are genuinely passionate about.”

The fund plans to invest between $500,000 to $25 million in early-stage projects and up to $100 million in late-stage companies.

Multicoin Capital was founded in May 2017 and has invested in numerous digital assets and companies in the space. Its portfolio includes layer-1 blockchains like Ethereum and Solana, as well as crypto exchange FTX.

California Launches Investigation Into ‘Multiple’ Crypto Lending Firms

The California Department of Financial Protection and Innovation (DFPI) is investigating several U.S.-based cryptocurrency lenders after a series of prominent lending firms indefinitely halted withdrawals and transfers between user accounts.

The department didn’t name the companies under investigation, but it did say it’s eyeing multiple” companies offering customers “interest-bearing crypto asset accounts.” The DFPI is investigating service providers that “may not have adequately disclosed risks customers face when they deposit crypto assets onto [lenders’] platforms.”

The investigation comes after numerous lenders halted withdrawals. In mid-June, Celsius announced a withdrawal halt amid “extreme market conditions,” with fellow U.S.-based lender Voyager Digital announcing a temporary trading, deposit, and withdrawal halt in July, before filing for Chapter 11 bankruptcy.

The California DFPI has investigated and taken action against several crypto companies in the past, including BlockFi and Voyager Digital.

Chart of the Week: BTC Futures Trading Volume by Expiration Date

This week’s Chart of the Week focuses on perpetual trading volume remaining dominant over settled, with traders seemingly focusing on the mid- to long-term for BTC, with over $830 million of September contracts traded in a single day.

While offering more contract settlement dates, Deribit volumes remain far lower than competitors’ volumes. Perpetual contracts’ trading volumes are heavily focused on Binance, BitGet, and Bybit.

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Disclaimer:

Cryptocurrencies are unregulated. Cryptocurrency profits may be subject to Capital Gains Tax. The value of investments is variable and can go down as well as up;

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State of the Crypto by Top Tier Exchange Volume

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