Welcome to another edition of Crypto NFT Today! This past week has been full of events that are sure to shape the future of blockchain, cryptocurrency, and NFTs. We have had a new stablecoin release from a popular financial technology company, NFT trademarks made in Hollywood from a successful film series, and more. So, let’s dive in and see what’s happening now!
PayPal Releases the US Dollar Stablecoin
On Aug. 7, the well-known financial technology company, Paypal, released its first U.S. dollar stablecoin, known as the PYUSD. This new development enables company users to create smooth transitions from fiat to digital. After this release, users can transfer funds at record speed in a virtual environment, make international payments, and promote the further development of digital assets. President and CEO David Shulman of Paypal explained that switching to digital currencies had to be done with a “stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar.”
The stablecoin has been quite successful so far. Tether recently released its latest reports which stated that the reserves increased by $850 million in the last quarter alone and are estimated to reach $3.3 billion soon. Paypal users have the immediate ability to transfer the cryptocurrency to external wallets and even convert it to other digital currencies such as Ethereum and Bitcoin.
Trademarks for NFTs Made by Star Trek
On Aug. 8, the United States Patent and Trademark Office officially approved the request made by CBS Studios in April. The renowned Hollywood programmer supplier required the trademark to have the Star Trek name on crypto collectibles and NFTs related to the Continuum series.
According to Mike Kondoudis, an NFT trademark attorney, the interest in NFTs increases the number of trademark applications at remarkable rates since it adequately protects the brand and ensures that no other can utilize similar logos and names within their work. It is also possible to trademark services such as financial assistance, digital token supply, and more.
Reports Show New Yorkers Are Embracing Cryptocurrency at Fast Rates
The cryptocurrency exchange Coinbase released its fourth report on Aug. 8 which has unveiled news about the progression of crypto acceptance by location. The report revealed that New Yorkers own 19% of cryptocurrency in the U.S. This increase in cryptocurrency usage is a result of the bustling city’s powerhouse of technology, fashion, and art.
According to the report, 1 in 3 city residents agree cryptocurrency is a notable investment that “makes the financial system more fair.” With over 800 founders of blockchain organizations located in New York City, the report predicts that this rise in interest is only the start. Thus, the region is likely to be the hotspot for blockchain-driven projects and pivotal endeavors that facilitate widespread adoption.
Husband and Wife Plead Guilty in Attempted Laundering of Bitcoin
In February 2022, Ilya Lichtenstein and Heather Morgan were arrested in New York City after law enforcement uncovered their crime in attempted bitcoin laundering in 2016. As of Aug. 3, the duo, now being called the modern-day Bonnie and Clyde, pleaded guilty to the attempt of laundering $4.5 billion in Bitcoin.
The United States Department of Justice press release states, “Lichtenstein, at times with Morgan’s assistance, employed numerous sophisticated laundering techniques.” These techniques included splitting up the Bitcoin into small increments, transferring it to fake crypto wallets, mixing funds with criminal currency, purchasing gold coins, and creating shell companies.
The press release also noted that Lichtenstein will carry out a possible 20-year maximum sentence for the conspiracy to commit money laundering while his wife is estimated to serve 10 years behind bars for money laundering conspiracy and the conspiracy to defraud the U.S. Both criminals await the final determination from the federal district court judge.