June 16, 2024

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Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency, & NFTs – August 1-9

Welcome to another edition of Crypto NFT Today! This past week has been full of must-know
events that are sure to be defining points for the future of blockchain, cryptocurrency, and NFTs.

With a new stablecoin release from a popular financial technology company, NFT trademarks
made in Hollywood from a successful film series, and more, there are lots to catch up on. So,
let’s dive in and see what’s happening now!

PayPal Releases the US Dollar Stablecoin

On Aug. 7, the financial technology company, Paypal, released its first U.S. dollar stablecoin,
known as the PYUSD. This new development is essential for the company’s users to create
smooth currency transitions from fiat to digital.

After this release, Paypal users can transfer funds at record speed in a virtual environment, make payments internationally, and encourage the further development of digital assets in the future. With this stated, users will have a clear idea of what cryptocurrency has to offer and promote additional growth.

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.”

Generally speaking, the stablecoin has had its fair share of success. For example, Tether
recently released its latest reports which stated that the reserves have increased by $850 million
in the last quarter alone and are estimated to reach $3.3 billion soon.

Moving forward with the U.S. dollar stablecoin released by Paypal, users have the immediate
ability to transfer the cryptocurrency to external wallets and even convert it to other digital
currencies that are well known, such as Ethereum and Bitcoin.

Photo by Brett Jordan via Pexels

Trademarks for NFTs Made by Star Trek

After receiving the initial application in April, the United States Patent and Trademark Office
officially approved the request made by CBS Studios on Aug. 8. The renowned Hollywood
programmer supplier required the trademark to have the Star Trek name on crypto collectibles
and NFTs related to the Continuum series.

The requests for this stellar trademark for NFTs are becoming more common. According to Mike
, 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.

In addition to trademarking the name of an NFT for promotion, it’s also possible for individuals or companies to trademark services such as financial assistance, digital token supply, and more.

Photo by Alesia Kozik via Pexels

Reports Show New Yorkers Are Embracing Cryptocurrency at Fast Rates

The cryptocurrency exchange known as Coinbase released its fourth report to the public, which
has unveiled intriguing news about the progression of crypto acceptance by location.

This fourth report, published on Aug. 8, revealed that New Yorkers own 19% of cryptocurrency in the U.S.
The report emphasizes that this increase in cryptocurrency usage is because the bustling city is
a powerhouse of technology, fashion, and art.

In addition to those state-by-state findings of cryptocurrency usage, the Coinbase report has
emphasized New York’s acceptance of all things web3 adoption, blockchain, and crypto.
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 alone, the report
predicts that this rise in interest is only the start. In light of this, the region will likely be the
hotspot for blockchain-driven projects and pivotal endeavors that facilitate widespread adoption.

Photo by David McBee via Pexels

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, which now are 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
press release states, “Lichtenstein, at times with Morgan’s assistance, employed
numerous sophisticated laundering techniques.”

In addition to splitting up the Bitcoin into small increments and transferring it to fake crypto
wallets, Lichtenstein and Morgan also mixed funds with criminal currency, purchased gold coins
and created shell companies to ensure the process appeared lawful.

The press release also noted 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.

Picture of By Lindsey Feth

By Lindsey Feth

Managing Editor, Innovation & Tech Today

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