September Crypto News Recap: Twitter Enables Crypto Tipping, PayPal Launches an App for Digital Payments and More
September was an exciting month for the crypto community. Earlier in the month, Bitcoin surpassed the $50,000 mark after months of bearish returns but is now trading at a range of $40,000. Ethereum, on the other hand, looks to have experienced consistent price swings throughout the month.
Apart from the constant price fluctuations, September welcomes a slew of new launches and events worth noting too. From PayPal’s newest mobile app for crypto transactions to Twitter enabling crypto tipping on its platform, institutional adoption is looking to be on the rise. So ICYMI, here’s our September round-up of the biggest crypto news of the month.
1. El Salvador Becomes the First Country to Adopt Bitcoin as Legal Tender
Earlier in the month, El Salvador announced that its Legislative Assembly has passed legislation to create a $150 million Bitcoin Trust and will be supporting the development of crypto services and infrastructure. This means that Bitcoin will be recognized as legal tender across the country as part of its plans to support the widespread adoption of digital currencies. Out of the $150 million funds, $23.3 million is said to support the inclusion of government-backed crypto ATMs, which will allow local citizens to conveniently exchange between Bitcoin and USD.
2. Paypal Launched a Mobile App for Crypto Transactions
On 21st September, PayPal revealed its new all-in-one mobile application, which allows users to engage in digital transactions and access all of the company's financial products conveniently. The launch of the app is also in partnership with online bank Synchrony Bank to offer high yield savings accounts through the mobile application. Together, the mobile app is positioned to cover crypto and non-crypto use cases to enable users to manage their crypto payments and high yield savings. Other features include cashback, rebates, and direct payments.
3. Ripple Labs is Set to Launch an NFT Fund
The payment giant is reportedly launching a $250 million fund that is aimed at exploring new use cases for non-fungible tokens (NFTs) on its XRP Ledger (XRPL). The fund is catered to brands, creators, and marketplaces to speed up the adoption of the digital asset by accelerating innovation with NFTs. This will also help to address common concerns around NFTs from high transaction costs to possible effects on the environment.
4. Twitter Enables Crypto Tipping
Just last week, the social media giant announced that it will be allowing crypto tipping for users to pay through the platform. This will enable users to link external applications such as Patreon, GoFundMe, and Bandcamp to any of their tweets or bio profiles to receive payments and funds. On top of that, Twitter tips will also be available for use through the Bitcoin Lightning Network. This will allow transactions via the Strike app, or by adding a BTC address to a user’s Twitter bio. The new function will be available for iOS users globally with options for Android planned out for the coming months.
5. Morgan Stanley Deploys a Cryptocurrency Research Team
Morgan Stanley revealed on 15 September that it was in the process of setting up an all-new crypto-focused research division. This is in line with the Wall Street financial giant’s efforts to steadily increase its exposure to Bitcoin as part of the increase in institutional adoption for digital currencies. Moreover, the bank was even said to introduce a Bitcoin investment tool for its high net worth clients, further cementing its commitment to adopting the digital asset.
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