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Global Paytech Ventures (GPT) Invests in Paysend’s Unique Cross-Border Payment Solution for its Enormous Scale

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Global Paytech Ventures (GPT) announced their follow-on investment in Paysend, the card-to-card pioneer and international payments platform renowned for its worldwide scale and its plans for further global expansion.

“Paysend offers a truly global, cross-border solution that integrates the entire payment ecosystem. I am hugely excited by Paysend’s potential to become the number one payments platform of choice for customers around the world,” said Javier Perez, GPT’s Founder and Managing Partner.

Paysend is a next generation integrated global payment ecosystem that enables consumers and businesses to pay and send money online anywhere, anyhow and in any currency. Created in April 2017 with the clear mission to change how money is moved around the world, Paysend currently supports a cross-network operability globally across Mastercard, Visa, China UnionPay and local ACH and payment schemes, providing over 40 payment methods for online SMEs. Paysend can send money to 135 countries worldwide and has attracted more than five million consumers to its platform.

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“No one in the cross border payment market has a solution with this level of scale,” said Kristofer (Kriffy) Perez, a Co-Founder and Managing Partner at GPT along with his brother Daniel Perez. “Paysend has solved for a very real problem and their solution is more comprehensive than anything else available.”

Paysend’s recent milestones:

  • Earlier this year, Paysend had a successful Series B funding round that raised $125 million at a valuation of $700+ million.
  • Paysend reached more than 5 million users after less than five years in operation — with one and a half million joining in the last six months alone. Paysend is one of the few incumbent fintech companies to have reached a user base of this size in that timeframe.
  • With a growth rate of 14,498%, Paysend has been ranked the third fastest growing technology company in the UK by Deloitte.

Blockchain

PayPal receives New York crypto trust charter

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The New York State Department of Financial Services (NYDFS) has granted PayPal Digital a limited purpose trust charter, a designation typically held by digital asset custodians and some stablecoin issuers.

Last August, PayPal launched its PYUSD stablecoin, marking the first stablecoin from a BigTech company. Paxos Trust Company, which also holds an NYDFS limited trust charter, currently issues the PYUSD stablecoin. Paxos has been PayPal’s partner for its cryptocurrency services since inception. Consequently, the new trust charter may signal PayPal’s intention to take over the custody of its clients’ crypto-assets and potentially move the issuance of PYUSD in-house.

Despite reaching out to PayPal for clarification on the purpose of the trust charter, no response was received before publication.

The PYUSD stablecoin is still in its early stages, with its recent integration for cross-border payments via PayPal’s Xoom app. The stablecoin’s market capitalization has grown to nearly $400 million, up from $190 million in early April. Notably, wallets associated with the issuer Paxos hold over $125 million, possibly on behalf of PayPal. The top five wallets constitute 71% of the stablecoin balance, with 17 wallets holding $1 million or more, accounting for 97% of the total holdings.

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The largest holders include Paxos, Crypto.com, Curve (DeFi), Defiance Capital, and Frax (DeFi). Among these, Crypto.com holds a balance of $103 million and Bullish holds $23 million.

Additionally, in November, the SEC’s enforcement division issued a subpoena requesting documents related to the issuance of the PYUSD stablecoin.

Source: ledgerinsights.com

The post PayPal receives New York crypto trust charter appeared first on HIPTHER Alerts.

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Hong Kong SFC to conduct compliance checks on crypto firms

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The Hong Kong Securities and Futures Commission (SFC) has announced that it will conduct on-site compliance checks on local virtual asset trading platforms (VATPs) that are still completing their regulatory applications following the June 1 licensing deadline.

In a notice issued on May 28, the SFC emphasized that all local crypto trading platforms must be either licensed or “deemed-to-be-licensed” by the regulatory body before the June 1 deadline. Operating an unlicensed VATP in Hong Kong after this date will be considered a criminal offense, and the SFC will actively pursue non-compliant companies.

In the coming months, the SFC will perform on-site inspections of deemed-to-be-licensed VATP applicants to evaluate their compliance with regulatory requirements. These inspections will focus on how firms safeguard client assets and implement Know Your Customer (KYC) processes.

The SFC urged investors to trade cryptocurrencies only on SFC-licensed platforms to ensure their protection. It also cautioned companies seeking licenses against actively marketing their services or onboarding new retail clients until they are formally licensed. Additionally, firms must prevent mainland Chinese residents from accessing their services, adhering to China’s ban on cryptocurrency trading.

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Earlier this month, it was reported that the number of crypto exchanges seeking operational licenses in Hong Kong had been decreasing. Eleven crypto companies and exchanges, including well-known platforms like OKX and Huobi’s local arm, withdrew their applications ahead of the deadline. Currently, only 18 applications remain pending approval.

In response to the upcoming licensing requirements, some crypto firms have proactively taken steps to ensure compliance. For example, Gate.HK, a crypto exchange, halted all activities related to acquiring new users and marketing, prevented existing users from making deposits, and began delisting tokens on May 23. The exchange plans to relaunch its services after restructuring its platform to comply with Hong Kong’s regulatory requirements.

According to the SFC, only two companies, OSL Digital Securities Limited and Hash Blockchain Limited, have been granted licenses to operate in Hong Kong so far.

Source: tradingview.com

The post Hong Kong SFC to conduct compliance checks on crypto firms appeared first on HIPTHER Alerts.

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Argentina crypto group plans to set up a blockchain valley in Buenos Aires

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The crypto community in Argentina is planning to establish a “blockchain valley” in Buenos Aires as part of the Crecimiento movement, which has a following of 500 individuals.

This group includes prominent figures in the country’s crypto ecosystem, such as Diego Guitérrez, co-founder of Bitcoin Layer 2 Rootstock; Marcelo Cavazzoli, CEO and co-founder of Lemon Cash, a leading crypto purchasing app in Latin America; and Elian Alvarez, a general partner at Ripio Ventures.

Significantly, Crecimiento’s core team has the support of advisors to Argentina’s new libertarian president, Javier Milei.

Crecimiento aims to create a hub for crypto and technology-oriented business founders in the capital, offering a comprehensive three-dimensional plan. This includes bringing 5 to 10 million people on-chain by offering exclusive items, boosting the number of tech-related startups, and providing necessary support.

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The group’s mission is to work with Argentina’s newly crypto-friendly government to bolster the cryptocurrency sector through initiatives like tax rebates, industry investment, and simplified regulations.

During his campaign, President Milei highlighted the benefits of Bitcoin, associating it with a sense of freedom, though no formal statements have been made on the subject. Nonetheless, the group has been actively collaborating with officials to establish their crypto center in Buenos Aires.

Maria Milagros Santamaria, a Web3 lawyer, noted that regulators are showing a high level of positivity toward their proposals and are requesting specific plans regarding the crypto sector to move forward. She mentioned that there are only a few individuals opposed to the initiative, and fortunately, their numbers are minimal.

Source: cryptonewsz.com

The post Argentina crypto group plans to set up a blockchain valley in Buenos Aires appeared first on HIPTHER Alerts.

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