Tag - Paypal

PayPal US customers can transfer Bitcoin

When PayPal announced in 2020 that it would expand its offering to include Bitcoin, the sensation was perfect. So far, however, only customers in the USA and Great Britain can trade Bitcoin, Ethereum, Litecoin and Bitcoin Cash and store them in a wallet.

The biggest drawback so far was that no transfers to and from external wallets were possible. However, this is to change in the coming weeks, at least for US customers, as the company announced yesterday.

This means that the wallets will become fully-fledged solutions, apart from the fact that the owners do not control the private keys to their cryptos. Users will have the ability to send and receive bitcoin freely. In addition, they will be able to transfer cryptocurrencies internally to other PayPal accounts free of charge.

The new feature has been available to selected customers and is expected to reach all US customers in the coming weeks, provided they have gone through a KYC process and identified themselves.

While the group’s offering certainly doesn’t match the ethos of many Bitcoiners, it does go a long way towards bringing Bitcoin to the centre of society. PayPal is still limited to the US market and the UK, but it should be clear that sooner or later the group will take it to the global market. At the end of 2020, PayPal counted 377 million people worldwide among its customers.

The fact that PayPal is now opening up its wallets is a thoroughly positive step that should be welcomed. Those who cannot identify with the fact that KYC is now part of the good standard and that all parties are increasingly identifiable will probably have a hard time in the future anyway. After all, the rigorous regulation of the market in the course of anti-money laundering laws has recently been decided.

Coinbase: direct salary payment in cryptocurrency possible in the U.S.

Coinbase is launching a program for direct deposit of paychecks into cryptocurrencies. PayPal and Robinhood already offer this service in the US.

Coinbase will soon allow U.S. companies to deposit their employees’ paychecks directly into accounts at the crypto exchange. In a blog post Monday, Coinbase Senior Director of Product Prakash Hariramani announced the option. This will allow employees to use their paychecks to purchase cryptocurrencies without transaction fees. For their part, companies can set up direct deposits through a supported payroll company in the Coinbase app or through a company’s human resources department.

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Cryptocurrency on PayPal

What did PayPal announce around Crypto?
We announced that PayPal users in the U.S. can buy, sell and hold select Cryptocurrencies directly through PayPal using their Cash or Cash Plus account. Users will be able to learn about Crypto, track crypto prices, all without leaving the PayPal app. We plan to introduce this service to Venmo in 2021.
PayPal also announced that it will enable Cryptocurrency as a funding source for purchases in 2021, allowing users to use their Cryptocurrency holdings to make purchases at its network of more than 26 million merchants. Once launched in 2021, when a consumer selects Cryptocurrency as the funding source, the Cryptocurrency will be instantly converted to fiat currency and the transaction will be settled with the PayPal merchants in fiat currency.
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