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MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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Bullish or bearish? PayPal hosts $242M in crypto trading over 24 hours

Daily crypto volume on payments giant PayPal have surged to record highs above $240 million.

Global payments provider PayPal has doubled its previous crypto volume record, with $242 million worth of digital assets changing hands on the platform during Jan. 11.

According to crypto market data aggregator Nomics, yesterday’s trading dwarfed PayPal’s previous volume record of $129 million recorded on Jan. 6. Since Jan. 1, daily volume has increased by 950% from $22.8.

With the spike in PayPal’s volume coming amid Bitcoin’s rally into new all-time highs, the U.S.-based payments firm appears to be gathering popularity among retail traders. Nuggets News’ Alex Saunders asserted the spike in PayPal’s volume is a likely sign of increasing adoption among retail traders, tweeting: “retail has arrived.”

Despite many within the crypto community praising PayPal’s entrance into crypto for driving new users toward digital assets, others have criticized PayPal for creating a “gated” crypto community that does not support withdrawal functionality — with Twitter user Toomas Zobel speculating that the surge in volume maybe have resulted from retail capitulation:

“Is there a way to view whether this was buy or sell volume? In this huge dump, it may just be retail sellers capitulating rather than creating buying pressure.”

The discussions regarding whether PayPal's volume milestone is bullish or bearish come shortly after Nexo CEO Antoni Trenchev speculated Bitcoin's recent crash from levels exceeding $40,000 was driven by retail investors rushing to realize profits.

PayPal’s crypto services are accessed via Paxos’ ItBit exchange. PayPal selected ItBit handle its crypto transactions upon launching digital asset trading services during October 2020.

PayPal is expected to offer cryptocurrency services to its 26 million merchants in the coming months, likely driving further demand for the company’s crypto services.

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