News

PayPal Introduces A Stablecoin That’s Pegged With US Dollar

PayPal USD can be used to make purchases or pay other users.

Published

1 year ago

August 8, 2023

paypal introduces a stablecoin that's pegged with us dollar

Almost three years after adding cryptocurrency support for all US accounts, PayPal has launched its own stablecoin pegged against the US dollar. The new coin, known as PayPal USD, is “100 percent backed by US dollar deposits, short-term US Treasuries and similar cash equivalents,” according to the company.

PayPal went on to explain that its coin is issued on the Ethereum blockchain by the Paxos Trust Company, which is overseen by the New York State Department of Financial Services. The company also obtained a BitLicense from the NYDFS in June 2022.

PayPal USD coins can be bought and sold for $1 each. The currency can be used to purchase goods and services by selecting the option during any checkout session with PayPal. Users can also transfer the new cryptocurrency to external wallets or convert them to other coins in their accounts.

Also Read: A Guide To Digital Payment Methods In The Middle East

In a recent interview with Reuters, Ian Katz, managing director of Capital Alpha Partners, noted that the stablecoin could soon be in the sights of the Federal Reserve and the Securities and Exchange Commission. Time will tell if the company’s crypto venture can become a success.

News

1,000 Drones Light The Dubai Sky For AC Milan Celebration

Cyberdrone’s groundbreaking display marked 125 years of AC Milan football club and the 1st-year anniversary of Casa Milan Dubai.

Published

10 hours ago

November 21, 2024

Nour Nasir

Cyberdrone, a leading UAV display company based in Dubai, put on a breathtaking drone light show on Monday to honor two significant football milestones: AC Milan’s 125th anniversary and the one-year anniversary of Casa Milan Dubai.

The spectacle involved 1,000 drones working in perfect harmony to project AC Milan’s iconic imagery against the city’s night sky. Highlights included the UAVs synchronizing to form the club’s iconic crest, the signature red and black jersey, and a special emblem marking its 125th year. The intricate performance demanded meticulous planning, not just in terms of choreography, but also in dealing with the necessary permits and logistics.

cyberdrone ac milan dubai

“Our goal was to spotlight AC Milan’s legacy through a stunning visual narrative,” explained Mohamed Munjed Abdulla, Director of Sales at Cyberdrone. “We celebrated the club’s history, its Dubai milestone, and the universal love for football. The show also enhanced AC Milan’s regional presence, growing its fanbase through a cutting-edge, memorable experience. Drone shows are unparalleled in leaving lasting impressions, making them perfect for driving partnerships and growth”.

Also Read: Joby Begins Construction Of Dubai’s First Vertiport For Air Taxis

Greta Nardeschi, AC Milan’s Regional Director for MENA, echoed the sentiment, adding: “Collaborating with Cyberdrone for this 1,000-drone performance allowed us to connect with our fans in innovative ways. It gave us a unique opportunity to surprise and inspire audiences while elevating our Club’s visibility and that of our partners. Cyberdrone truly helped us take AC Milan to new heights”.

This groundbreaking drone display sets a new benchmark for the Middle East’s sports sector, which already contributes around $2.4 billion annually to Dubai’s GDP alone. Sporting events also generate $1.76 billion in revenues across the region, while the MENA’s entertainment sector, valued at $41.13 billion, is growing at 9.41% annually, driven by rapid technological advancements.