Mark Cuban sees $1 written in DOGE’s tea leaves

“If we sell another 6,556,000,000 DOGE worth of Mavs merch, Dogecoin will definitely hit $1,” said the Dallas Mavericks owner.

After only three days accepting Dogecoin (DOGE) as a form of payment, Dallas Mavericks owner Mark Cuban is predicting the price of the token will eventually hit $1. 

In a Saturday tweet, Cuban said customers had used more than 20,000 Dogecoin — roughly $1,018 at the time of publication — in transactions for the Dallas Mavericks, claiming the franchise was now “the largest Dogecoin merchant in the world.” The billionaire predicted that if basketball fans were to purchase 6,556,000,000 DOGE worth of Mavericks merchandise, the price of the token would “definitely hit $1.”

The Mavericks were one of the first NBA franchises to recognize crypto as a form of payment for tickets and merchandise, having started accepting Bitcoin (BTC) through wallet company BitPay two years ago. Mavericks fans can also pay for gear and souvenirs with Bitcoin Cash (BCH), USD Coin (USDC), Gemini dollar (GUSD), Paxos Standard (PAX) and Binance USD (BUSD).

Despite being created as a joke, DOGE has surged in the last few months as billionaires including Cuban and Tesla CEO Elon Musk have mentioned the token on social media. Musk’s tweets have likely contributed to the price of the token rising from $0.01 in January to an all-time high of $0.078. At the time of publication, the DOGE price is $0.0509, meaning the token would need to surge 1,864% to reach $1.

The Dallas Mavericks owner previously described DOGE as an “economics teaching tool,” saying the token was the “best entertainment bang for your buck available” on the crypto market. Even with the surge in DOGE payments for the basketball franchise, Cuban said he was still “having fun” and hasn’t changed his opinions about the token.

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Circle enables seamless USDC-USD transfers, providing a bridge from banks to DeFi

The result of developments in both crypto technology and regulation, Circle’s new USDC API provides a bridge between crypto and traditional finance.

Circle, the company behind the second most popular stablecoin USD Coin, has rolled out a new API that will allow for the seamless transfer of USDC to USD via automated clearinghouse (ACH) systems. 

The first exchange to adopt the new API will be derivatives and futures specialist FTX, looking to speed up USD settlement processes on behalf of their customers.

In a blog entry, project manager Gee Chuang described how Circle’s ACH API improves connections between the fiat world and the digital world by introducing interoperability among payment rails, such as card, wire and blockchain transfers. Using the API, USD funds can be transferred easily between banks and blockchains with processing traditionally done manually, now automatic.

Circle has partnered with Plaid, a company that specializes in online account security and verification, to provide a process for streamlining USD/USDC transfer through Circle. Chaung said:

“This process prevents common errors like mistyping bank accounts or routing numbers and ensures greater user security, while reducing fraud reversal risks. No digging around for numbers, no clunky codes, no switching between applications during the process.”

More than 50 countries use some version of ACH payment processing, including the EU, United States, United Kingdom, China, Japan and South Korea. Circle has also partnered with Visa to process crypto-related payouts across 30 countries covered by their network.

USD Coin is primarily an Ethereum-based token that can be exchanged for US dollars on a 1:1 basis and is backed by a reserve of regularly-audited assets. Launched in Oct. 2018 as an alternative to Tether, there are currently about 5.4 billion USDC in circulation, making it the second biggest stablecoin by market cap, after USDT.

Demand for USDC has been at an all-time high, setting weekly volume records during the first three weeks of the new year. In addition to being used heavily at Binance and Coinbase, USDC is also a stablecoin favorite among DeFi traders, with platforms like Uniswap, Curve and Compound accounting for hundreds of millions in daily trading volume.

Circle CEO Jeremy Allaire has long been a proponent of integration between the digital currency space and traditional finance, appealing to the U.S. Treasury Department in Dec. 2020 to allow crypto industry collaboration in the regulation development process.

Speaking at a fintech festival earlier that month, Allaire predicted that upcoming breakthroughs in blockchain technology will encourage massive adoption, putting its potential benefits “in the hands of hundreds of millions, if not billions of users.”

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PayPal suspends user for crypto trading using PayPal’s own service

The user’s funds are reportedly under a 180-day hold.

A PayPal user reports their account has been restricted after they traded crypto too frequently using the platform.

According to U.S.-based Reddit user TheCoolDoc, PayPal sent them a message stating that it had permanently limited their account “due to potential risk.” The user said they had made at least 10 crypto transactions within a week, purchasing during dips and selling when the price was high, and PayPal had asked for an explanation for each transaction.

“The system flagged my account thinking I was selling items worth $10,000 in one week when I hadn’t done so in the last 6 years I’ve held a PayPal account,” the user said. “I submitted the stuff for review with my photo ID and wrote ‘PayPal Crypto’ for each crypto transaction because what else could I say?”

In a matter of hours, PayPal reportedly sent a message stating that the user would “not be able to conduct any further business” using the platform. The user stated that the remaining funds in the account — $462 — were placed on a 180-day hold, but they have since used other means to withdraw them.

The platform imposed a $10,000 limit — recently changed to $20,000 — for crypto purchases made within a week for U.S. customers, a limit the Reddit user denies exceeding.

“I genuinely 100% know I did nothing wrong and it’s a misunderstanding because they think I made 50+ buy/sell transactions in a span of 1 week of items, when it’s just crypto,” said TheCoolDoc.

PayPal announced on Nov. 12 that it would begin allowing eligible users in the United States to use cryptocurrencies for trading and payments. Reddit user Cryptix001 also reported problems with the platform handling crypto transactions:

“I told them I was using PayPal to transfer money from one of my online accounts to my main checking account (Coinbase to checking) to bypass the longer withdrawal time. I had never had an issue doing this until it was a larger sum of money that I needed to pay some bills. It took them a nerve-wracking week before they finally agreed to release my funds. I’ll never use PayPal again.”

The platform’s policy states that it charges no transaction fees for users buying or selling crypto until 2021, and there are no fees for holding crypto. Reddit user bittabet suggested a partial explanation for PayPal’s actions could be that it loses money with users conducting high-volume trades.

“PayPal isn’t a crypto exchange, their service is meant for people to hold Bitcoin with and then spend it at their merchants when they turn on that ability,” the Reddit user stated. “If you go and trade constantly they lose a ton of money covering those fees since they’re not charging any fees right now. Their service is supposed to be more like a Bitcoin bank account, not a trading account.”

Even if the platform removed the restrictions from their account, TheCoolDoc said they would “never buy a Satoshi of crypto” from PayPal again.

Cointelegraph reached out to PayPal for comment, but had not received a response at the time of publication.

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