ALBAWABA- This week in crypto news, PayPal enables U.S. users to sell cryptocurrencies via MetaMask wallet, while SWIFT's CBDC interoperability project gains momentum with three central banks joining. Ethereum celebrates its "Merge" anniversary with the launch of the Holesky test network, aiming to boost scalability testing and enhance performance. All that and more so let's dive in!
PayPal Broadens Crypto Services for US Users with MetaMask Wallet Integration
PayPal continues its expansion into the world of digital assets by offering new ways for users in the United States to sell cryptocurrencies such as Bitcoin. On September 11, the payment giant unveiled fresh options for Web3 payments, enabling users to convert their crypto holdings directly into U.S. dollars within their PayPal accounts.
This feature, known as an off-ramp, is accessible through wallets, decentralized applications, and nonfungible token marketplaces, and it is now live on MetaMask. This development follows closely on the heels of PayPal's partnership with hardware wallet company Ledger in August 2023, which allowed verified U.S. users to purchase Bitcoin, Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) directly on Ledger hardware wallets.
Three Central Banks Join SWIFT's CBDC Interoperability Project
SWIFT's central bank digital currency (CBDC) interoperability project has welcomed three central banks, including the Hong Kong Monetary Authority and the Central Bank of Kazakhstan, for direct testing. In addition, the project has entered a new phase of sandbox testing with over 30 participants.
SWIFT, which connects over 11,500 global financial institutions, aims to foster innovation in the face of potential CBDC competition. This comes as SWIFT recently reported processing 89% of its transactions within an hour, exceeding G20 goals.
Ethereum Developers Launch Holesky Test Network to Supercharge Scaling Tests
Ethereum celebrates the first anniversary of its transition to a "proof-of-stake" model with the introduction of the Holesky test network. This test network, twice the size of the main Ethereum network, provides developers with a platform for extensive scaling simulations. Holesky aims to become Ethereum's largest testnet, featuring 1.4 million validators, double the number on the Ethereum mainnet. By testing infrastructure and upgrades under more demanding conditions, Ethereum aims to enhance performance and stability, proactively addressing scaling challenges and preparing for mass adoption.
