Two licences for Binance in El Salvador, PayPal launches stablecoin and bank holds $170 million in crypto

3 min read

Binance has received two licenses from relevant authorities, becoming the first fully-licensed crypto exchange in El Salvador. Licenses received by the venture pertain to Bitcoin Services Provider and non-provisional Digital Assets Services Provider. Both licenses will enable Binance to offer a tailor-made experience to the residents of El Salvador.

The Central Reserve Bank of El Salvador, also known as Banco Central de Reserva, has issued a Bitcoin Services Provider license. The National Commission of Digital Assets, also known as Comisión Nacional de Activos Digitales, has issued a non-provisional Digital Assets Services Provider license. This development was announced by Binance, stating that it reflects the commitment of the crypto venture to operate in a regulated region only after obtaining the license.

El Salvador joins the list of regions that have granted a license to Binance for its services. Other markets are Italy, France, and Spain, to mention a few. Approvals and registrations in these regions allow Binance to operate and serve the customers with its products & services. Also, the number of markets where it has received permission is much more than any other crypto exchange in the world, per the announcement.

Source: Cryptonewsz

SoFi Bank, a San Francisco-based full on bank with 6.2 million customers holds bitcoin, eth, litecoin, cardano, solana, and even dogecoin as well as ETC, the bank revealed in the second quarter earnings report.

They have $82 million in bitcoin and $55 million in ethereum with dogecoin being the third biggest at nearly $5 million while cardano is fourth at $4.5 million.

It allows you to “invest part of every direct deposit into digital assets with no fees,” and even gives you $100 for signing up as a US customer.

Source: TrustNodes

PayPal launches a stablecoin in latest crypto payments push

PayPal Holdings Inc. is rolling out a stablecoin, the first by a large financial company and a potentially significant boost to the sluggish adoption of digital tokens for payments.

PayPal USD (PYUSD) is issued by Paxos Trust Co. and fully backed by US dollar deposits, short-term Treasuries and similar cash equivalents, the San Jose, California-based payments company said on Monday. It’s pegged to the dollar and will be gradually available to PayPal’s customers in the US.

With PYUSD, Chief Executive Officer Dan Schulman is seeking to cement PayPal’s dominance in digital payments by leaning on technology that enables instant and lower-cost transfers without a central intermediary. PayPal shares have slumped more than 35% in the past 12 months, the sixth-worst performer on the Nasdaq 100 Index, as the pandemic-era surge in online payments abated.

Source: Bloomberg

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