Pax Dollar

Get Pax Dollar (USDP) all time high price, historical charts, latest news and other information.

  
In this episode of BeInCrypto’s Video News Show, host Jessica Walker takes a look at the NFT gaming market, which is growing by leaps and bounds while gaming regulatory bodies and traditional gaming corporations shun the ecosystem. The gaming industry is a multi-billionaire dollar market traditionally dominated by giant corporations like Atari, Sony, Microsoft and Nintendo, among others. 









Throughout their history, these major firms have aimed to provide entertaining gaming experiences to attract new players and expand their market share. However, non-fungible tokens (NFTs) are attempting to give gamers a financial incentive for playing games, in addition to providing an engaging gaming ecosystem.



NFT gaming



These games, known as play-to-earn games, are played in a Metaverse that is essentially a fictional universe. The play-to-earn gaming model rewards users for their time and effort within the game. Because of this, the model has a chance to gain a portion of the $175.8 billion global gaming market that is touted to grow to more than $200 billion in 2024.



The protocols in the NFT gaming sub-sector have been gaining a lot of traction in terms of users and volumes. Their associated native tokens have been performed extremely well too. The native token of the Ethereum-based NFT game Axie Infinity has been leading the charge for the sub-sector. The token has posted 83% gains in the last 90 days and over 73,000% yearly gains.



AXS currently trades around $120 and has broken into the top 25 cryptocurrencies by market cap, making it the only NFT gaming-related token to make the cut. The platform itself has witnessed incredible growth in terms of users and volumes since its launch. According to data from Dappradar, there has been trading activity worth $2.6 billion on the platform with over 800,000 traders participating.



Growth 



Even though the most utilized blockchain network for the deployment of decentralized applications is Ethereum, in the NFT gaming ecosystem, there are several other blockchain networks like Binance Smart Chain, Polygon, Hive and Harmony that are also gaining large user bases along with growing volumes. 



On Oct. 12, Binance announced a $1 billion accelerator fund for the overall development of the BSC ecosystem. Popular games on its smartchain are MOBOX: NFT Farmer, Faraland, ZOO Crypto World, and CryptoBlades.



Good enough?



Despite the growth seen across various platforms and networks in the NFT gaming sub-sector, the long-term proposition of these games could be in question. This is because gamers from the traditional gaming community are used to playing games that are extremely well-designed. These titles also boast impressive gaming ecosystems, as a majority of them are backed by large corporations that have ample resources and development infrastructure.



At this stage, this cannot be said of the games that use NFTs, native tokens and other incentives to reward users as they are still in the nascent stage of their development and are clearly not as sophisticated. This makes it even more important to measure the time and effort the users of these platforms are putting in to earn these rewards on games that might not be as stimulating as the mainstream games.



Corporate opposition



Despite the rapidly expanding NFT gaming ecosystem, the traditional gaming giants have yet to adapt to blockchain technology or NFT integrations into their pre-existing games. In fact, a few of them have explicitly ruled out the possibility.



Valve recently announced the removal of blockchain games from its platform Steam and even asked users to not publish any content related to cryptocurrencies and NFTs. The corporation flirted with crypto back in 2016 when they announced that they would accept Bitcoin payments, but soon put a stop to the service, citing high fees and volatility.



In the aftermath of this ban, the CEO of Epic Games, Tim Sweeney, announced that his company is open to hosting and supporting games that use cryptocurrencies and blockchain-based assets. 



Epic — the firm behind the immensely popular Fortnite — did note that developers will not be able to use the platform payment service to accept cryptocurrencies. Instead, they will need to use their own payment systems. This could become a barrier to adoption and inclusion for games without this infrastructure.



The perception held by Valve extends to regulators in the gaming industry as well. On Oct. 14, the Gambling Commission of the UK began an inquiry into one of the most popular NFT fantasy soccer games, Sorare. The gambling watchdog is evaluating whether the platform would need an operating license and if their services constitute gambling.



Recap



Since the entire ecosystem is at such a nascent stage in its development, it seems to be more of a waiting game to gauge the true potential, utility and long-term propositions of integrating crypto, blockchain and NFTs in gaming ecosystems. 



What do you think about this subject? Write to us and tell us!
  The post BIC’s Video News Show: NFT Gaming Market appeared first on BeInCrypto.


In this episode of BeInCrypto’s Video News Show, host Jessica Walker takes a look at the NFT gaming market, which is growing by leaps and bounds while gaming regulatory bodies and traditional gaming corporations shun the ecosystem. The gaming industry is a multi-billionaire dollar market traditio...

beincrypto.com

BIC’s Video News Show: NFT Gaming Market

Novi, Facebook’s digital wallet, will launch a pilot program to test the functionality of the service in two countries: Guatemala and the U.S. The test will allow Novi to test all of its main functions and to evaluate what things need to be improved before launch. Novi will use pax dollars as the main currency during the test, but David Marcus, head Of Facebook Financial, stated they still plan to launch with Diem once it gets greenlighted by regulators.
Novi Launches Test Pilot Sans Diem
Novi, Facebook’s digital wallet, is now running a test pilot program of its wallet in two countries: Guatemala and the U.S. David Marcus, head of Facebook Financial, stated this “test pilot would test core feature functions” and their operational capabilities in customer care and compliance. Marcus also stated that the remittance corridor between these two countries was very important because most Guatemalans lack access to financial services, but have access to a smartphone.
However, the pilot is not using diem, the formerly Facebook-backed cryptocurrency. Instead, Novi chose to launch the pilot using pax dollar, an already established stablecoin supported by Paxos, a New York-based financial services company. Coinbase was selected as custodian of the funds for the pilot, to keep users’ funds secure through its custody platform.

Diem Use Still on the Table
Although the pilot program is not using diem as the transactional asset of the platform, Marcus clarified that Novi has the intention of leveraging the crypto in the near future. About this, he stated:

I do want to be clear that our support for Diem hasn’t changed and we intend to launch Novi with Diem once it receives regulatory approval and goes live. We care about interoperability and we want to do it right.

So, Novi has not abandoned diem, and is just waiting for the project to overcome the regulatory hurdles it has faced since its inception. However, this test pilot program confirms the interest that Novi has in establishing itself as a serious player in the payments market. Marcus stated that, ultimately, this was the prime focus and that the objective was to offer free person-to-person payments, and profit from merchant interactions, once Novi has a solid customer base.
What do you think about Novi’s test pilot program? Tell us in the comments section below. 



























Novi, Facebook&#x2019;s digital wallet, will launch a pilot program to test the functionality of the service in two countries: Guatemala and the U.S. The test will allow Novi to test all of its main functions and to evaluate what things need to be improved before launch. Novi will use pax dollars...

news.bitcoin.com

Facebook’s Novi Launches Pilot Program in Guatemala and US Using Pax Dollar

On Tuesday, October 19, Facebook launched its long-awaited NOVI digital wallet offering support for Paxos stablecoin aka the Paxos Dollar (USDP). During the launch, David Marcus, Facebook’s head of the NOVI project said that the USDP has been the most trusted and widely supported stablecoin with three years of operations in the market.
As result, NOVI will be interoperable with other crypto wallets that support the Paxos stablecoin. However, one of the biggest missing features with NOVI is Facebook’s native cryptocurrency DIEM. Marcus also noted that the company is willing to launch DIEM after securing regulatory approval.
The NOVI wallet app, however, is currently available only to a few select customers in the U.S. and Guatemala. . In his Twitter post, David Marcus noted:
The U.S-Guatemala remittance corridor is an important one. In Guatemala, 56% of people lack access to financial services, despite nearly 100% having mobile phones. Money sent from family & friends abroad contributes more than 14% of GDP and 90% of those remittances come from the US.
NOVI Partners With Coinbase for Custody Services
Along with Paxos, Facebook has also partnered with crypto exchange Coinbase for the custody of the USDP stablecoins. The funds of NOVI users shall be held by a regulated custodian Coinbase Custody Trust Company. However, this development is still in the pilot stage of implementation. In its blog post, Coinbase noted:
Coinbase is supporting Novi via Coinbase Custody, which keeps user funds secure with our proprietary, fully segregated cold storage capability for managing private keys.
Facebook’s step into the crypto space has met with several roadblocks in the past. It has been a very tough time for Facebook dealing with regulators over the last few years. Its native cryptocurrency DIEM still faces major roadblocks. However, Facebook continues its developments in FinTech and the launch of the NOVI wallet could be the beginning of the new journey for the social media giant.
The post Facebook’s NOVI Digital Wallet Goes Live But DIEM Cryptocurrency Is Missing appeared first on Coingape.


On Tuesday, October 19, Facebook launched its long-awaited NOVI digital wallet offering support for Paxos stablecoin aka the Paxos Dollar (USDP). During the launch, David Marcus, Facebook&#8217;s head of the NOVI project said that the USDP has been the most trusted and widely supported stablecoin...

coingape.com

Facebook’s NOVI Digital Wallet Goes Live But DIEM Cryptocurrency Is Missing

Accusing the U.S. of undermining the dollar through money printing and sanctions policy, President Vladimir Putin has admitted that cryptocurrency can be utilized for settlements in the future, although it’s too early to do that in oil trade. While noting that it lacks backing, the Russian leader assumed crypto could be used to store value one day, too. 
U.S. Cutting the Branch It’s Sitting on, Putin Says
U.S. dollar-denominated settlements are declining and countries are scaling down their dollar reserves, Russian President Vladimir Putin said in an interview with CNBC this week. Speaking after his participation in the 20th annual Russian Energy Forum in Moscow on Wednesday, Putin criticized Washington’s monetary and international policies stating that “the United States is cutting the branch it is sitting on.”
The dollar’s status as an international reserve currency is a major competitive advantage, the Russian head of state noted but warned that U.S. authorities are undermining it through increasing sovereign debt and boosting inflation at home, while “making a big mistake” by using the dollar as a sanctions tool abroad. All this is leading to Russia and other countries moving away from the U.S. currency. Putin explained:
Our clients simply cannot pay us in dollars for the products we deliver to them. What happens next? We have no choice other than to switch to other currencies in our settlements.

Cryptocurrency Is Legitimate, Has Right to Exist
Asked by CNBC’s Hadley Gamble whether oil contracts can be denominated in a currency other than the U.S. dollar, including crypto, Vladimir Putin commented that “this seems premature.” At the same time, the president of the Russian Federation acknowledged that despite currently being unstable, cryptocurrency can be used in oil trade settlements at some point in the future.
“It is fine for transferring funds from one place to another, but I think it would be premature to use it in trading, especially when dealing with energy resources,” the Russian strongman said, remarking that cryptocurrency has lacked any backing. Nevertheless, he also stressed:
It is legitimate and can be used in settlements, no doubt about that, but it is too early to use it for trading in oil or other raw materials and energy sources.
Things can change, however, and Putin is convinced that “everything has the right to exist. We will see how this will go from here. Maybe crypto will one day be used to store value. But we see how the market fluctuates, so it seems too early for that now… Of course, there is value there,” the president pondered.
Vladimir Putin also mentioned the energy-intensive process of cryptocurrency extraction. “In order to mine crypto, you need a lot of energy, and for that people have to use traditional sources of energy, primarily hydrocarbons,” the Russian president pointed out in the interview, which was published by the Kremlin.

Putin’s latest comments come after a statement by his press secretary Dmitry Peskov in early September that Russia is still not ready to recognize bitcoin. He expressed the current position of the executive power in Moscow following El Salvador’s move to adopt the leading coin by market cap, BTC, as legal tender alongside the U.S. dollar.
Although Russian officials have stated on many occasions that cryptocurrency will not be accepted as a means of payment — as it is viewed as a prohibited money surrogate — the country has been advancing towards regulating its crypto space. This includes the adoption of relevant legislation such as the law “On Digital Financial Assets.” Deputy Minister of Finance Alexey Moiseev recently said that Russia is not planning to follow in the footsteps of China and ban its citizens from buying cryptocurrency.
Do you think Russia will start using cryptocurrency in the future to settle payments in oil trade? Let us know in the comments section below. 



























Accusing the U.S. of undermining the dollar through money printing and sanctions policy, President Vladimir Putin has admitted that cryptocurrency can be utilized for settlements in the future, although it&#x2019;s too early to do that in oil trade. While noting that it lacks backing, the Russian...

Putin: Still Early but Crypto Can Be Used for Oil Trade Settlements, Store of Value

A Zimbabwean business lobby group, the Confederation of Zimbabwe Industries (CZI), has warned that the country’s currency could collapse if authorities fail to “implement policy measures that are needed to support it.”
Central Bank Approach Unsettling the Market
In a letter seen by Bitcoin.com News, the lobby group’s president Kurai Matsheza explained that the heavy-handed approach towards the foreign exchange challenge would be unsettling to markets. To ensure that this challenge is fully tackled, the CZI boss insists that measures, which were agreed upon by parties that attended a consultative meeting, must be given time to take effect.
Following the Zimdollar’s collapse in 2008, Zimbabwe switched to a multi-currency system in which the U.S. dollar dominated. However, in 2019 the Zimbabwean dollar or ZWL, which was then at par with the USD, was reintroduced.
Yet nearly two years later, the ZWL/USD exchange rate is now 88:1 on the official market and over 170:1 on the parallel market. Therefore, in order to halt the ZWL’s continuing depreciation on the parallel market, Zimbabwean authorities launched a blitz that has seen law enforcement agencies arrest alleged foreign currency dealers. At the same time, the central bank has been blacklisting individuals that are accused of worsening the Zimdollar’s woes.

However, it is this operation against black market foreign currency dealers that prompted the CZI boss to pen the letter that expresses his organization’s concern with this approach. He said:
When policies fail we should not arrest people, we should correct the policies for efficacy.
He added that the arrests only cause unnecessary panic in the market and erode consumer confidence in government policies.
The Dutch Auction System
Meanwhile, Matsheza insists that only “a true Dutch auction would perform the function of price discovery and pave the way for a more liberal exchange rate regime.” The central bank introduced this auction system as a way of managing the allocation of foreign exchange.
Nevertheless, some companies and individuals have complained that it has taken them several months to get their allocation. These long delays forced companies to seek the resource on the parallel market where the USD is readily found. Although the CZI is not yet calling for an end of this auction system, Matsheza still calls on authorities to ensure the auction system is managed “in the true spirit of the Dutch Auction System.”
What are your thoughts about this story? Tell us what you think in the comments section below. 



























A Zimbabwean business lobby group, the Confederation of Zimbabwe Industries (CZI), has warned that the country&#x2019;s currency could collapse if authorities fail to &#x201C;implement policy measures that are needed to support it.&#x201D; Central Bank Approach Unsettling the Market In a letter s...

Pax Dollar price	$1.00
Low - High 24H	$0.997214 - $1.01
Market cap	$943.94M
Volume 24H	$5.03M
All time high	$1.13 -10.82% October 15th 2018
All time low	$0.863529 16.46% May 19th 2021
Genesis date	N/A

Recently viewed

Trending

Pax Dollar (USDP)

Performance

Pax Dollar News

Quick stats