Cryptocurrency trading activity via Telegram bots has surged in recent weeks, according to new research from Binance. PayPal launched a new US dollar-backed stablecoin called PayPal USD (PYUSD) — issued by Paxos Trust Co. Meanwhile, MakerDAO's new crypto lending platform Spark Protocol has garnered the ire of crypto privacy adv after blocking VPN users from accessing its website. 

Telegram crypto bots see a surge in activity 

Telegram bots are leaving a dent on the cryptocurrency market, with daily trade volumes from these software applications hitting a record high in recent weeks.

The cumulative trade volumes of crypto trading bots has reached $190 million as of early August, according to new research from Binance. The single-day record for crypto trading volumes emanaging from chatbots was $10 million on July 23. According to Binance, user activity also reched a record in July, with more than 6,000 daily unique users. Total chatbot revenues on Telegram have reached 15,500 Ether (ETH), or roughly $28 million, according to report author Jie Xuan Chua.

Year-to-date trading volume on Telegram bots has surged. Source: Binance Research

“By offering users a relatively seamless way to execute transactions, bots have the potential to carve out their own niche in the crypto ecosystem,” Chua wrote, adding that Telegram bots already offer a range of services to crypto users, including trading, airdrop farming and automated token operations.

Breaking: Paypal launches PYUSD stablecoin for payment

American financial technology company PayPal launched a new crypto stablecoin called PayPal USD (PYUSD) — issued by Paxos Trust Co. and fully backed by United States dollar deposits, short-term Treasuries and similar cash equivalents.

PayPal USD compatibility with crypto exchanges, WEb3 apps and crypto wallets. Source: PayPal

The payment processor claimed that the new stablecoin will soon be availble as a mode of payment for avrious purchases and will be transferable between PayPal and Venmo.

The firm claimed that the regulatory environment around stablecoin in the U.S. is gradually “progressing toward more clarity” and thus there is a demand for an alternate stablecoin from what is currently available in the market.

Controversy as MakerDAO’s Spark Protocol blocks users with VPNs

MakerDAO’s recently launched lending platform, Spark Protocol, has sparked criticism after blocking users from using VPNs to access the website.

Cointelegraph found that attempts to access the Spark Protocol website while a VPN is in use will be met with an error: “Accessing this website via VPN is not allowed.”

In an Aug. 6 tweet, DeFi analyst Chris Blec was among those saying he was “disgusted” with the decision, highlighting it effectively acts as a blanket ban on VPNs across the globe, not just in the U.S.

The measure appears to be linked to Maker’s attempt to restrict United States users from accessing the crypto lending platform, discussed in a May 9 update to Spark Protocol’s terms of service that warns against the use of VPNs to circumvent the block.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.