Grayscale Investments, one of the world’s largest crypto-focused asset managers and a wholly-owned subsidiary of Digital Currency Group (DCG), has announced the launch of the Grayscale Aave Trust.  

PayPal recently completed its first business payment using its proprietary stablecoin, PYUSD, marking a significant step in demonstrating how digital currencies can streamline commercial transactions.

Visa has introduced a new product aimed at revolutionizing the way banks engage with blockchain technology. The Visa Tokenized Asset Platform (VTAP) will allow financial institutions to issue fiat-backed tokens on blockchain networks.

Top stories in the Crypto Roundup today:

• Grayscale Adds Aave Trust to Growing Lineup of Crypto Investment Funds
• PayPal Completes Its First Business Payment Using Stablecoin PYUSD
• Visa Launches New Blockchain Platform Enabling Banks to Issue Fiat-Backed Tokens
• Crypto Market Movers – SUI, TAO, FTM

Grayscale Adds Aave Trust to Growing Lineup of Crypto Investment Funds

Grayscale Investments, one of the world’s largest crypto-focused asset managers and a wholly-owned subsidiary of Digital Currency Group (DCG), has announced the launch of the Grayscale Aave Trust, which allows accredited investors to gain direct exposure to AAVE, the governance token of the Aave platform.

Aave is a decentralized finance (DeFi) platform that allows people to lend and borrow digital assets without the need for traditional financial institutions like banks. It operates on blockchain technology and uses smart contracts so that users can transact directly with each other.

Holders of AAVE have voting power and can participate in decisions about the platform’s future development and features. Additionally, AAVE can be used to get discounts on fees within the Aave ecosystem, and users can also stake AAVE to help secure the network, earning rewards in return.

The Grayscale Aave Trust, now available for daily subscription by accredited individual and institutional investors, operates like other Grayscale single-asset trusts and holds only AAVE tokens.

PayPal Completes Its First Business Payment Using Stablecoin PYUSD

PayPal recently completed its first business payment using its proprietary stablecoin, PYUSD, in an invoice sent to Ernst & Young LLP that was facilitated by SAP SE’s digital currency hub, a platform enabling instant, 24/7 digital payments. The amount of the transaction was not disclosed.

PYUSD, launched in 2023, is a stablecoin tied to the US dollar that has reached a market capitalization of nearly $700 million. While stablecoins are often discussed in the context of consumer benefits, this payment illustrates their potential use in business-to-business (B2B) transactions, according to Jose Fernandez da Ponte, PayPal’s senior vice president of blockchain, cryptocurrency, and digital currency.

In recent years, businesses, especially in countries with volatile currencies, have increasingly turned to stablecoins like Tether for cross-border payments. Stablecoins offer faster settlement times and allow companies to bypass the challenges of traditional financial systems.

PayPal’s stablecoin-enabled payments aim to provide similar advantages by reducing transaction costs and improving settlement speed, making the process more attractive to enterprises.

In August 2024, PayPal expanded its crypto services to allow merchants to buy, hold, and sell cryptocurrency from their business accounts.

Visa Launches New Blockchain Platform Enabling Banks to Issue Fiat-Backed Tokens

Visa has introduced a new product aimed at revolutionizing the way banks engage with blockchain technology, the Visa Tokenized Asset Platform (VTAP), which will allow financial institutions to issue fiat-backed tokens on blockchain networks.

According to Visa’s announcement, VTAP offers a secure and efficient way for banks to mint, burn, and transfer fiat-backed tokens, such as tokenized deposits and stablecoins. The platform is available on the Visa Developer Platform, allowing participating financial institutions to experiment with and test their own fiat-backed tokens in a sandbox environment and has a global reach with over 15,000 financial institutions in more than 200 countries and territories already benefiting from Visa’s payment technologies.

By launching VTAP, Visa is taking its expertise in digital payments to the blockchain, providing banks with tools to integrate blockchain technology into their existing financial systems while allowing for programmability that enables banks to use smart contracts and automate workflows for various financial applications.

One key feature Visa highlighted is VTAP’s interoperability across both permissioned and public blockchains. Visa’s platform is designed to allow banks to interact with multiple blockchain ecosystems through a single API connection, making it easier for them to manage tokenized assets.

Visa also confirmed that BBVA is actively testing VTAP functionalities in its sandbox. The banking giant has been using VTAP to issue, transfer, and redeem bank tokens on a testnet blockchain. The bank is planning a live pilot in 2025, focusing on Ethereum as its platform of choice for creating and managing fiat-backed tokens.

Crypto Market Movers – SUI, TAO, FTM

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Sui (SUI) - Sui is a layer-1 blockchain platform designed to cater to the needs of global adoption. It is built on an object-centric data model and utilizes the Move programming language. The platform is developed to address the inefficiencies existing within current blockchain frameworks, presenting itself as a solution for scalability, security, and developer accessibility.

Bittensor (TAO) - Bittensor (TAO) is an ERC-20 digital token that powers a decentralized, blockchain-based machine learning network. Machine learning models train collaboratively and are rewarded in TAO according to the informational value they offer the collective.

Fantom (FTM) - Fantom (FTM) is a blockchain platform based on the Directed Acyclic Graph (DAG) consensus system that is designed to solve the scalability and versatility issues of existing blockchain solutions. It uses the Lachesis Protocol to provide a more efficient solution to the scalability limitations of existing blockchains by allowing transactions to be verified and processed asynchronously. 

Zebu Live 2024: London’s Web3 Summit Returns to Woolwich Works

The fourth edition of Zebu Live is set to take place from 10-11 October 2024 at Woolwich Works in London, as part of London Web3 Week. The event will bring together 3,500 attendees and feature more than 200 speakers, including figures like Steven Bartlett, Raoul Pal, and Dr. Lisa Cameron MP. 

Zebu Live offers valuable insights, networking opportunities, and hands-on workshops with industry experts. This event is a great chance for innovators, investors, and thought leaders to come together and discuss the future of Web3.

The Return of London Web3 Week

This year’s London Web3 Week promises to be a dynamic celebration of Web3, with over 50 side events, including conferences, networking sessions, exclusive dinners, and after parties. As the Web3 and blockchain space grows, more businesses are exploring its potential. Zebu Live provides an opportunity to learn from and connect with the innovators shaping the future of digital innovation.

Zebu Live Highlights: 

This year's event will focus on consumer applications and user interfaces (UI), emphasising how crypto can seamlessly integrate into everyday life.

Coinbase: Stand With Crypto Initiative – Coinbase will highlight its "Stand With Crypto" movement, advocating for progressive digital asset policies in the UK and supporting innovation-driven regulations.

Mercuryo x Mastercard Partnership – Attendees will see how crypto spending can integrate into daily transactions through the Mercuryo and Mastercard collaboration.

Orbs On-Chain Trading – Orbs will present its Liquidity Hub technologies, including TWAP, to address challenges like fragmented liquidity and high slippage on top DEXs.

Press Release

State of the Crypto by Top Tier Exchange Volume

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