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Blockchain Press Releases

Paxos International Introduces Lift Dollar (USDL) – the First Stablecoin to Offer Holders Daily Yield in Wallet Under Regulatory Oversight

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Paxos Encourages Broad Stablecoin Adoption & Industry Expansion with New Model where Holders Directly Benefit from Yield Earned on Reserves

Launch Follows Paxos’ Track Record of Leading Stablecoin Innovation for Financial Industry Leaders

NEW YORK and ABU DHABI, UAE, June 5, 2024 /PRNewswire/ — Paxos International, a UAE-based affiliate of Paxos, today announced the launch of a yield-bearing stablecoin – Lift Dollar (USDL). Issued by Paxos International, a regulated entity under the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), USDL will be available to consumers in eligible global markets. Paxos International will partner with global exchanges, wallets and platforms to distribute USDL to individuals and institutions.

USDL is unmatched in the market as holders earn overnight yield from short-term, high quality liquid US government securities and cash equivalent reserve assets held under the safe protection and custody requirements of the FSRA. This reserve structure is like other Paxos-issued US dollar stablecoins that are backed 1:1 in value. USDL is issued permissionlessly on Ethereum and pays yield programmatically on a daily basis to token holders, subject to the reserve assets fully backing the total value of USDL in circulation. USDL marks an important innovation in democratizing overnight yield by shifting interest earned on stablecoin reserve holdings directly to eligible end holders from the central issuer. This follows Paxos’s proven history of building blockchain solutions for financial institutions and industry leaders.

Using an Ethereum smart contract, USDL distributes the yield generated from its reserves to eligible wallet addresses daily without requiring any additional steps by the token holder. This results in a seamless experience for token holders as their USDL wallet holdings increase every day. Paxos will retain an issuer fee and pay out the remaining yield earned based on prevailing daily market conditions. Companies in permitted jurisdictions interested in enabling USDL on their platforms can onboard with Paxos International.

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Charles Cascarilla, Member of the Board of Directors of Paxos International, said: “Paxos is committed to revolutionizing the global financial markets through reliable, trusted and regulated blockchain offerings. The digital asset ecosystem has evolved to create mechanisms for token holders to earn yield on stablecoins, but these options are high-risk, opaque and have led to the failure of numerous firms. USDL is a first-of-its-kind—a regulated product, earning and paying safe yield on a daily basis. Until now, only centralized issuers have benefitted from the economics of stablecoin reserves. Paxos International has reimagined this dynamic so that all token holders can safely use and grow their regulated USD stablecoin holdings. Our vision is a more democratic, inclusive and accessible financial market. USDL is a pivotal step towards achieving that goal.”

The FSRA is recognized for its robust regulatory framework and commitment to fostering innovation in financial services. Under FSRA’s license, Paxos International is required to hold only high-quality liquid assets to back USDL – US dollar deposits, short duration US treasuries and cash equivalents. It is required to ensure that USDL will maintain 1:1 parity with the US dollar and consumers can redeem their tokens for fiat at all times.

Ronak Daya, Head of Product at Paxos, said: “Lift Dollar is the first stablecoin designed to benefit both end users and distributors in a safe manner. Through Paxos International, eligible users around the world can access USDL directly through secure channels managed by trusted partners and watch their holdings grow daily in their wallets. Paxos International leverages a technical mechanism called rebasing to seamlessly distribute yield to users’ wallets. We are excited for the opportunities this will create for businesses and individuals. We look forward to growing our partner network globally this year.”

Paxos has a strong track record of building blockchain technology to power offerings for financial industry leaders. Its digital assets include PayPal USD (PYUSD), Pax Dollar (USDP) and Pax Gold (PAXG) regulated by the New York Department of Financial Services, each of which provides partners and users a quality, 1:1 asset parity overseen by the highest levels of regulatory oversight. The company is the trusted partner for enterprises around the world to tokenize, custody, trade and settle assets.

Arvind Ramamurthy, Chief of Market Development at ADGM, said, “ADGM extends congratulations to Paxos International on receiving approval to issue its yield-bearing stablecoin, Lift Dollar (USDL) to select global markets. This achievement underscores the industry’s growth and innovation in the UAE and the wider region, made possible through FSRA’s progressive and credible regulatory oversight. We anticipate the continued growth of USDL and eagerly await the innovative products that Paxos International will introduce in this ever-evolving and dynamic digital asset market.”

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NOTE: This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America (including its territories and possessions, any state of the US and the District of Columbia). This announcement is not an offer of securities for sale in the US. The digital assets referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended and may not be offered or sold in the US, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the US. USDL is not available to residents of certain jurisdictions, including the United States, and the United Arab Emirates except ADGM, the United Kingdom, the European Union, Canada, Hong Kong, Japan or Singapore.

Contact: [email protected]

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Blockchain Press Releases

Bitget Strengthens Partnership with Ethena by Supporting USDe in Earn Offerings and Futures Collateral

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VICTORIA, Seychelles, June 20, 2024 /PRNewswire/ — Bitget, the world’s leading cryptocurrency exchange and Web3 company, announced the expansion of the partnership with Ethena, a synthetic dollar protocol developed on the Ethereum blockchain, to introduce its synthetic USDe into services such as Bitget Savings and Coin-Margined (Coin-M) Contracts.

Created by Ethena Labs, USDe is a synthetic dollar that aims to provide a censorship-resistant, stable, and scalable digital asset. Since its inception, USDe has seen its supply skyrocket to over 3.5 billion, with more than 215,000 users. This surge in supply and user adoption signals a significant milestone for USDe in the digital currency realm.

With this new integration, Bitget users can now leverage USDe as a collateral asset to trade coin-margined perpetual futures or as a savings product, both offering an attractive 15% APR. Additionally, Earn product users will benefit from using USDe for both fixed and flexible savings subscriptions, each up to $200,000, creating opportunities for substantial interest gains.

This partnership also broadens the range of trading strategies available, catering to the diverse needs of every Bitget user. Using USDe as yielding margin collateral or through savings greatly enhances capital efficiency by enabling users to expect a different return profile for their assets. Bitget users are the first in the space to benefit by potentially receiving a yield from their stable derivatives margin collateral.

Bitget Savings is one of the Bitget Earn offerings and works similarly to savings in traditional finance. Bitget Savings acts as a backstop for uncertainties and volatilities found in crypto, offering a low-risk financial product similar to traditional savings, tailored for the crypto market with Fixed Savings and Flexible Savings.

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“Our decision to team up with Ethena was driven by their pioneering approach to creating scalable, censorship-resistant synthetic dollars, which aligns perfectly with our mission to provide our users with reliable and cutting-edge financial solutions. Bitget is set to enhance its multifaceted collaborations with Web3 innovative projects, further bolstering the Bitget ecosystem. This initiative underscores Bitget’s commitment to investing in and developing a robust ecosystem as part of its long-term strategic vision,” says Gracy Chen, CEO at  Bitget.

“Ethena’s integration with Bitget marks another significant step forward in expanding access to USDe and creating new use cases for the asset,” said Guy Young, CEO and Founder of Ethena Labs. “From saving to collateral, If traders are using stable assets instead of USDe for basically any function, they are missing out on substantial value – and in continuing to form partnerships with the world’s largest exchanges, our goal is to ensure that no trader has to forgo that value any longer.”

For more information about USDe trading at Bitget, please, visit the official website page.

About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 25 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and  Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

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About Ethena Labs
Founded in 2023, Ethena Labs is a research, development, and engineering firm building infrastructure supporting the first-ever scalable synthetic dollar alongside a value-accruing “Internet Bond”. The firm is backed by Dragonfly Capital, Arthur Hayes’ family office Maelstrom, and every major crypto futures exchange including incubation from Binance Labs, Bybit, OKX, Deribit, Kraken, Gemini, and other leading investment firms including Franklin Templeton, a venture fund of Fidelity Investments and Brevan Howard Digital. The Ethena Labs team brings deep experience from both traditional finance and crypto, including from firms such as Cerberus, Wintermute, Flow Traders, Paradigm, Deribit, Lido, and Goldman Sachs.

For more information, visit the official website.

Photo – https://mma.prnewswire.com/media/2443674/Bitget_Strengthens_Partnership_Ethena_Supporting_USDe_Earn_Offerings_Futures_Collateral.jpg

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Blockchain Press Releases

CoinGecko Ranks Bittime as Indonesia’s Top #3 Crypto Exchange

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Bittime announced a free airdrop campaign of Palapa tokens, with a total of 3,000,000 tokens.

JAKARTA, Indonesia, June 20, 2024 /PRNewswire/ — Registered Indonesian crypto exchange Bittime, launched only 15 months ago, recently cracked the Indonesian top 3 as per CoinGecko rankings. To celebrate this milestone, Bittime is giving away another round of free Palapa ($PLPA) tokens through a massive phase II airdrop campaign.

“CoinGecko’s recognition is a testament to the unwavering support of Bittime’s loyal users. At Bittime, we prioritize security, convenience, and a diverse range of crypto assets to empower our users, putting users first. These are the core values that have driven Bittime’s success,” explained Ryan Lymn, CEO of Bittime.

Underlining its commitment to be Indonesia’s safest, most trusted, and up-to-date Crypto exchange, Bittime offers a comprehensive selection of tokens, including the latest and popular meme tokens favored by young investors. This focus on variety has helped Bittime succeed in gaining over 1,000,000 users, with youngsters being the predominant crowd.

Bittime further enhances its user experience with a popular staking feature, allowing users to earn passive income while holding their tokens. This feature supports a wide range of mainstream tokens, with popular meme tokens being continuously added as well. Bittime’s staking product is backed by its license issued by the Indonesia Commodity Futures Trading Regulatory Agency (Bappebti), making Bittime one of only two crypto exchanges in Indonesia with this regulatory approval.

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Bittime recently launched its platform token, Palapa ($PLPA), which offers a range of benefits within the Bittime ecosystem. As stated in its official white-paper, Palapa holders enjoy benefits like discounted transaction fees, increased custody service quotas, voting rights, enhanced staking APY, access to exclusive airdrops, and others.

Ryan Lymn, Bittime’s CEO, sees the Palapa token as a key driver for the ecosystem’s growth. He highlights that holding Palapa enhances the user experience through benefits like discounted fees and exclusive opportunities. Ryan further elaborated on Palapa’s role, emphasizing its function as a utility token that grants benefits to Bittime users who hold it.  The roadmap also outlines future plans for derivative products and staking features integrated with Palapa.

To celebrate the launch of their platform token-Palapa, and their last achievements of 1 Million users, Bittime hosted another massive airdrop to give away 3,000,000 PLPA Token ($PLPA). Interested parties can participate in the airdrop campaign through the official social media accounts and websites of Bittime and Palapa token.

About Bittime

Bittime, under PT Utama Aset Digital Indonesia, is a crypto trading platform based in Indonesia that is registered with the Indonesia Commodity Futures Trading Supervisory Agency (Bappebti) and the Ministry of Communication & Information of Indonesia (Kominfo). Bittime is also a member of the Indonesian Blockchain Association (ABI) and the Indonesian Crypto Asset Trading Association (ASPAKRINDO).

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As a crypto trading platform, Bittime leverages blockchain technology to provide fair access to financial independence for everyone, regardless of location or background.

Bittime application can be downloaded on Google Play and the App Store.

For further information, please contact:

Efma Rezki Pasangka
PR & Marketing Communications Manager, Bittime
Email: [email protected] 

View original content:https://www.prnewswire.co.uk/news-releases/coingecko-ranks-bittime-as-indonesias-top-3-crypto-exchange-302177828.html

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Blockchain Press Releases

Bybit Web3 Introduces IDO 2.0 – Redefining Decentralized Fundraising with Robust User Capital Protection and Innovative Gamified Rewards

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DUBAI, UAE, June 20, 2024 /PRNewswire/ — Bybit Web3, the Web3 division of Bybit —one of the top three global crypto exchanges by trading volume—is excited to announce the launch of IDO 2.0, a revolutionary new system designed to empower loyal Bybit Web3 users and democratize access to lucrative Initial DEX Offerings (IDOs).

Since its launch in January 2023, Bybit Web3 IDO has rapidly emerged as a premier platform for discovering and investing in promising blockchain projects.

Key IDO Milestones

Demonstrating remarkable success, the platform has facilitated the launch of over 30 projects, attracted 1.4 million participants, and achieved an average IDO ROI exceeding an astounding 2300%. This has resulted in over $30 million in profits delivered to Bybit Web3 users across diverse chains including Ethereum, Mantle, BNB, Solana, Arbitrum, Blast, and Polygon. Bybit Web3’s initial foray into the IDO space has set a high benchmark for innovation and profitability in the decentralized fundraising landscape.

Sneak Preview of the New IDO 2.0

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Sneak Preview of the New IDO 2.0

New Gamifications Rewarding Loyalty and Engagement

Building on this legacy of success, IDO 2.0 breaks new ground in the industry by prioritizing Bybit Web3 users who have actively participated in the platform’s ecosystem.

A unique IDO score system takes into account factors like Bybit Web3 wallet asset balance and referral program participation. Users with higher IDO scores will enjoy a significantly increased chance of winning allocations in Bybit Web3 IDOs. Additionally, the system rewards frequent IDO participants, ensuring fairer opportunities for everyone.

Enhanced User and Capital Protection with Refund Policy

Bybit Web3 prioritizes user safety and transparency. The recently introduced Refund Policy empowers participants to request full or partial refunds under specific conditions, providing flexibility and security for users.

Bybit Web3 IDO 2.0 represents a significant leap forward in the evolution of IDOs. With its focus on rewarding loyal users, fairer allocation systems, and robust user protection, Bybit Web3 is paving the way for a more inclusive and secure future for decentralized fundraising.

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#Bybit / #TheCryptoArk / #BybitWeb3

About Bybit Web3

Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 1 million wallet users, over 10 major ecosystem partners, and counting. 

Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as a top 3 global crypto exchange, trusted by 30 million users globally.

Join the revolution now and open the door to your Web3 future with Bybit.

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For more details about Bybit, please visit Bybit Web3.

About Bybit

Bybit is one of the world’s top three crypto exchanges by trading volume with 30 million users. Established in 2018, it offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

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