CoinDesk published this video item, entitled “PayPal Exploring Launching Its Own Stablecoin, Binance.US Building Virtual Office in the Metaverse” – below is their description.
“The Hash” team discusses today’s hot topics ranging from fintech giant PayPal exploring the opportunity to launch its own stablecoin, Binance.US building a new virtual office in the Solana metaverse, and bitcoin’s hashrate update after the Kazakhstan mining disruption to the latest development in the Pudgy Penguins NFT project.
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CoinDesk is a news site specializing in bitcoin and digital currencies. The site was founded by Shakil Khan and was subsequently acquired by Digital Currency Group.
Binance is a cryptocurrency exchange which is currently the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.
The company has launched various cryptocurrencies: Binance Coin (BNB), launched June 2017, and Binance Smart Chain (BSC), launched September 2020. Binance Smart Chain operates using “Proof of Staked Authority”, a combination of proof of stake and proof of authority.
Binance is currently under investigation by both the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses. The UK’s Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021.
Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software. Bitcoin was the first decentralized cryptocurrency.
Kazakhstan, officially the Republic of Kazakhstan, is a transcontinental country mainly located in Central Asia with a smaller portion west of the Ural River in Eastern Europe.
Kazakhstan is the world’s largest landlocked country. It has a population of 18.3 million residents, and has one of the lowest population densities in the world. Since 1997, the capital is Nur-Sultan, formerly known as Astana. It was moved from Almaty, the country’s largest city.
Kazakhstan was the last of the Soviet republics to declare independence during the dissolution of the Soviet Union in 1991.
Kazakhstan is the most dominant nation of Central Asia economically, generating 60% of the region’s GDP, primarily through its oil and gas industry. It also has vast mineral resources. Kazakhstan is a member of the United Nations (UN), WTO, CIS, the Shanghai Cooperation Organization (SCO), the Eurasian Economic Union, CSTO, OSCE, OIC, CCTS, and TURKSOY.
A metaverse is a network of 3D virtual worlds focused on social connection.
In futurism and science fiction, the term is often described as a hypothetical iteration of the Internet as a single, universal virtual world that is facilitated by the use of virtual and augmented reality headsets.
The metaverse is something which many in the early 2020s are actively engaged in developing: an entirely online, virtual and alternative reality, in which people will be able to conduct many forms of business and social interaction – virtually.
The movement towards a metaverse gathered significant pace and attention when Facebook’s parent company rebranded itself to “meta” in 2021.
PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers, and serves as an electronic alternative to traditional paper methods such as checks and money orders.
Solana is a public blockchain platform. It achieves consensus using proof of stake and proof of history. Its internal cryptocurrency is SOL. Bloomberg considers Solana to be “a potential long-term rival for Ethereum”. Like Ethereum, Solana can run smart contracts.
