Spotify competitor Audius airdrops $8M of tokens to users and artists

The crypto-powered Spotify competitor Audius has retroactively distributed 50 million of its native AUDIO tokens to artists and listeners using the platform. The distribution came alongside the launch of the AUDIO governance token on the Audius mainnet, with 5% of the token’s initial one billion supply distributed to its “top 10,000 artists & fans.” Audius seeks to reward content creators and listeners using its governance token, affording them voting rights over how the protocol will evolve in future. The project plans to use blockchain technology to increase transparency and reduce…

PayPal Enables Its U.S. Users to Buy, Sell and Hold Bitcoin

Key Takeaways PayPal will enable buying, selling, and holding crypto for U.S. customers in the following weeks. The new offering marks a significant milestone in cryptocurrency adoption for global trade. In 2021, PayPal plans to expand its crypto service to Venmo and other jurisdictions. Share this article PayPal announced a new service devoted to cryptocurrencies. It will enable users of one of the world’s largest payment systems to buy, sell, and hold crypto. Paxos will custody the assets as well as provide PayPal with liquidity.  PayPal Integrates Bitcoin Among the…

Dash Joins Ethereum’s DeFi, Letting Users Earn Both Node Rewards and Yield

Key Takeaways Dash has partnered with StakeHound to create Ethereum-compatible DASH coins, also called StakedDASH tokens. The new tokens are ERC20 variants of DASH which will be used in DeFi applications. StakedDASH token holders will be able to earn both Masternode staking rewards as well as DeFi yield. Share this article The Dash team has recently announced their token’s entrance into Ethereum’s DeFi ecosystem. DeFi development company StakeHound will lead the initiative by creating Ethereum-wrapped tokens called StakedDASH. Dash Team Launches DeFi Token The Dash team has indicated that the…

OKEx users express frustration over suspended withdrawals

Major exchange OKEx suspended crypto withdrawals on Oct. 16. With little information coming from the firm or its CEO Jay Hao in the time since, users have begun demanding answers via Twitter. In an Oct. 20 tweet from Hao, the CEO stated that there had been “no on-chain out-flow” since the exchange announced it had “temporarily suspended” withdrawals on Friday. “Your assets are safe,” said Hao. “We’ll do our best to resume withdrawals ASAP.” The exchange reported on Oct. 16 that it had suspended cryptocurrency withdrawals because one of its…

Crypto.com Integrates PayID Offering 5M+ Users an Easy and Unique Way to Send & Receive Crypto

Share this article Crypto.com today announced PayID, a universal payment identity developed by the Open Payments Coalition, is now available on the Crypto.com App. Crypto.com’s 5M+ users can register for a PayID from the Crypto.com app, consolidating complex wallet addresses and accounts into a simple ID that works across any payment network and currency. Users who register for their unique PayID will get an exclusive Crypto.com-branded, easy-to-read ID — such as “yourname$payid.crypto.com — that enables users to send/receive crypto payments from other compatible wallets with just a single ID, easing…

Bitstamp says its users are now covered against a broad web of crime

Digital asset exchange Bitstamp has beefed up its insurance measures to combat the inherent uncertainties associated with the crypto space. “The policy covers an array of crime-related cases, such as employee theft, loss while the assets are stored at any premises, loss in transit, loss caused by computer fraud or funds transfer fraud, and loss related to legal fees and expenses,” an Oct. 15 statement from Bitstamp detailed with regard to the firm’s updated insurance measures.  Cryptocurrency offers added freedom when compared to traditional finance, allowing users to transfer the assets they…

Crypto.com Grows to More Than 5 Million Users in Three Months

Crypto.com, a cryptocurrency payments platform, reached five million total users. In three months, the company attracted two million users to reach this point, signaling a more vital retail interest in cryptocurrency.  Crypto.com Takes Aim at 15M Users by 2021 Source: Glassnode According to market data provider, Glassnode, there is a clear growth pattern in the third quarter of 2020, as the number of new Bitcoin users grew by 21.7 million. Based on this data and Crypto.com’s steady growth, it would appear the payments firm has been a direct benefactor of…

Following OECD Report, Member Country Spain Clamps Down on Crypto Users

According to a recent report, the Organization for Economic Co-operation and Development (OECD) says that all member countries should be open to sharing information on citizens’ crypto holdings.  OECD Places Cryptocurrencies at Center of Digital Economy The OECD, an intergovernmental organization made up of 37 member nations, is working to establish a common reporting standard for taxing crypto-assets. The reporting standard will make it easier for various members to share information on cryptocurrency holders. “The OECD will continue to work on the detailed technical proposals for the new tax reporting…

DeFi Pulse unveils safety ratings to allow users to compare risk

Decentralized finance (DeFi) analytics platform DeFi Pulse has launched new safety ratings in alpha to enable users to compare the risks of on-chain protocols. However, the ratings system is still in development and does not factor in all risks, such as smart contract risks.  In partnership with digital asset modeling platform Gauntlet, the grading tool looks at key factors including user behaviour, collateral volatility, relative collateral liquidity, protocol parameters, and smart contract risk. Each project is then given a risk profile ranking them between 1-100. DeFi Pulse and Gauntlet’s new…

800K BitBay users face 2nd unscheduled outage this year

Estonia-based cryptocurrency exchange BitBay went offline for almost two hours on Monday without explanation. According to a tweet posted by BitBay on Oct. 12, the exchange went down at approximately 4:28 PM (UTC) today before resuming trading at 6:10 PM. BitBay posted an update before it had resolved the unnamed issue, announcing its plan to launch the platform with “the blocked possibility of transaction processing.” Users had 30 minutes to cancel offers posted on the exchange shortly before it went offline. This incident is BitBay’s second unscheduled outage in 2020.…