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PayPal Acquires UK Crypto License

by Blockchain NewsNovember 2, 2023

PayPal, a notable player in the global payments realm, has secured approval from the Financial Conduct Authority (FCA) to offer cryptocurrency-related services in the United Kingdom. The authorization was disclosed on the FCA’s website, affirming that PayPal has been registered for “certain crypto asset activities” in the region since October 31, 2023. This development is part of PayPal’s broader scheme to establish a dedicated facility in the UK, aligning with the post-Brexit operational landscape.

The FCA mandates companies aspiring to delve into cryptocurrency offerings to exhibit robust measures preventing the misuse of cryptocurrencies for money laundering or terrorist financing. This regulatory scrutiny comes as the UK’s cryptocurrency sector anticipates its inaugural regulatory framework. The approval marks a significant stride for PayPal, which had temporarily suspended cryptocurrency purchases for its UK user base earlier in October. The action was a compliance measure in response to the evolving legislative milieu in the UK, as reported in August.

Following the approval, a noteworthy operational shift is set to occur. Effective November 1, UK clientele of PayPal will transition from PayPal Europe, which had hitherto serviced them, to a newly established entity within the UK. This maneuver is a direct consequence of the UK’s departure from the European Union, ensuring that PayPal continues to offer its array of products and services to the UK market seamlessly.

Although the registration permits PayPal to engage in specific crypto asset activities, it comes with a set of limitations. The FCA register underscores that PayPal’s crypto services will be confined, including a halt on on-boarding new customers and restricting existing ones to hold and sell functionalities. The firm is precluded from extending its crypto asset offerings, encompassing crypto exchange services, participation in initial coin offerings, staking, peer-to-peer exchange, and decentralized finance operations.

PayPal’s acquisition of the FCA crypto license places it as the fourth entity to attain such registration, following Interactive Brokers, Bitstamp, and Komainu. This could potentially fortify the UK’s stance in the burgeoning Bitcoin and broader cryptocurrency domain. The unfolding scenario reflects the UK’s and PayPal’s concerted efforts to adapt to the post-Brexit economic and regulatory tapestry, whilst fostering a conducive environment for cryptocurrency operations and compliance.

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Kraken Announces PayPal USD (PYUSD) Trading Starting August 21

by Blockchain NewsAugust 18, 2023

Kraken, a prominent cryptocurrency exchange, has announced the inclusion of a new financial instrument to its platform. Starting August 21, Kraken will support trading for PayPal USD (PYUSD), a significant move that encapsulates the melding of traditional and digital financial systems.

The decision by Kraken follows the unveiling of PYUSD by payment giant PayPal, marking another step in the adoption and integration of stablecoins in major exchanges.

PayPal’s Foray into the Stablecoin Realm

On August 7, 2023, in San Jose, California, PayPal (NASDAQ: PYPL) took a significant step in digital finance with the launch of its U.S. dollar-denominated stablecoin, PayPal USD (PYUSD). This digital currency is designed to reshape payments in web3 environments and other digitally native settings.

Features and Functionality

PayPal USD’s design prioritizes the benefits stablecoins bring to payments. Ensured by a 100% backing through U.S. dollar deposits, short-term U.S Treasuries, and similar cash equivalents, this stablecoin promises a 1:1 redemption rate for U.S. dollars. Issued by Paxos Trust Company, it provides the following functionalities:

Transfer PYUSD between their PayPal accounts and compatible external wallets.

Conduct person-to-person payments using PYUSD.

Fund purchases at checkout using PYUSD.

Convert between PayPal-supported cryptocurrencies and PYUSD.

Highlighting the importance of this new asset, PayPal CEO, Dan Schulman, stated, “Our commitment to responsible innovation and compliance, along with our history of pioneering unique experiences for our clientele, is the groundwork for digital payments growth via PayPal USD.”

Stablecoins’ Growing Profitability:

Stablecoins, as underscored by Tether’s impressive Q2 2023 operational profit of over $1 billion, continue to etch a significant and profitable place in the financial domain. PayPal’s entry indicates the vast potential this sector holds.

Blending the Worlds of Fiat and Web3

PayPal USD aims to be more than just another stablecoin. It aspires to be a conduit, connecting the traditional world of fiat to the dynamic realm of web3. Built as an ERC-20 token on the Ethereum blockchain, it is designed to be accessible to a diverse range of developers, web3 apps, wallets, and exchanges.

The coin’s design intends to diminish payment friction in virtual landscapes, expedite transfers, and establish direct financial conduits for developers and creators. Moreover, its integration with the web3 ecosystem ensures its compatibility with platforms like Venmo from day one.

Transparency and Regulation

Ensuring credibility and trust, Paxos Trust Company, under the regulatory eye of the New York State Department of Financial Services, issues the PayPal USD. Furthermore, from September 2023, Paxos will roll out a monthly Reserve Report detailing the reserves underpinning the stablecoin. An independent accounting firm will provide third-party attestation, in line with the guidelines set by the American Institute of Certified Public Accountants (AICPA).

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Tagged : Kraken / News / PayPal / PYUSD

Gemini’s Weekly Update: PayPal Launches PYUSD Stablecoin, Coinbase Unveils Base Layer-2, and Aptos Announces Microsoft Partnership

by Blockchain NewsAugust 12, 2023

In Gemini’s latest “Weekly Market Update” released on August 11, 2023, several significant developments were highlighted in the cryptocurrency industry, marking a week filled with innovation and collaboration.

As of Friday, August 11, 2023, PayPal has become the first significant US financial firm to introduce its own US dollar-backed stablecoin, PayPal USD (PYUSD). The extension of PayPal’s crypto services, which currently include trading in Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC), includes this latest addition.

Stablecoins are now the “killer application” for blockchain, according to PayPal Senior Vice President and General Manager of Blockchain, Crypto, and Digital Currencies Jose Fernandez da Ponte, and are “something we cannot just sit out.”

Other Notable Market Updates

Inflation for July 2023 Was Lower Than Expected: Inflation for July 2023 was lower than expected, with both the headline and core consumer price statistics recording a minor rise of 0.2%. This results in annual increases for the corresponding categories of 3.2% and 4.7%. Market experts predict that interest rates will likely stay steady for the rest of the year as a result of the lower inflation statistics.

Coinbase’s Base Layer-2 Network Goes Live: Coinbase launched its Ethereum layer-2 network, Base, to the general public, with data showing $175 million USD locked on the blockchain as of Friday. This follows Coinbase’s better-than-expected second quarter earnings of $708 million USD in revenues.

Aptos Surges on Microsoft Partnership: Aptos (APT), a layer-1 proof-of-stake blockchain, saw a ~15% surge in price on Wednesday after announcing a partnership with Microsoft to work on AI and web3 products and services. The collaboration will leverage Microsoft’s Azure OpenAI services.

Bitcoin and Ether Continue Range Bound: Bitcoin traded in the $29k to $30k USD range for the second week, possibly boosted by PayPal’s stablecoin launch. Ether has been struggling to move back above its 100-day moving average of $1,850 USD.

Crypto Custody Explained

The update also touched on the importance of crypto custody, outlining different options for investors, including self-custody via private keys, partial custody with third-party assistance, and third-party digital asset custody. The latter offers high levels of security and is suitable for individual and institutional investors.

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Tagged : Analysis / Bitcoin / Coinbase / Ethereum / Gemini / PayPal / PYUSD

Breaking: PayPal Launches Stablecoin PYUSD

by Blockchain NewsAugust 7, 2023

On August 7, 2023, PayPal (NASDAQ: PYPL) announced the launch of a U.S. dollar-denominated stablecoin, PayPal USD (PYUSD), aimed at transforming payments in web3 and digitally native environments. The announcement was made in San Jose, California, and marks a significant step in bridging the gap between fiat and digital currencies.

PayPal USD: Features and Functionality

PayPal USD is designed to contribute to the opportunities that stablecoins offer for payments. It is 100% backed by U.S. dollar deposits, short-term U.S Treasuries, and similar cash equivalents. The stablecoin is redeemable 1:1 for U.S. dollars and is issued by Paxos Trust Company.

Starting from the announcement date and rolling out in the coming weeks, eligible U.S. PayPal customers who purchase PayPal USD will be able to:

Transfer: PayPal USD between PayPal and compatible external wallets.

Send: person-to-person payments using PYUSD.

Fund purchases: with PayPal USD by selecting it at checkout.

Convert: any of PayPal’s supported cryptocurrencies to and from PayPal USD.

PayPal’s CEO, Dan Schulman, emphasized the need for a stable instrument that is digitally native and easily connected to fiat currency like the U.S. dollar, stating, “Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD.”

Profit of Stablecoin

Stablecoins have proven to be quite profitable, and PayPal’s entry into this market is indicative of its potential. According to Tether, the issuer of USDT, its operational profits for April to June 2023 are over $1 billion, marking a 30% increase quarter over quarter.

As a traditional payment giant, PayPal can hardly ignore the huge market of stablecoin, and its launch of PayPal USD reflects a strategic move to capitalize on this growing and lucrative sector.

Building Bridges: Fiat and Web3

PayPal USD will be available to consumers, merchants, and developers to seamlessly connect fiat and digital currencies. As an ERC-20 token issued on the Ethereum blockchain, PayPal USD will be accessible to a large and growing community of external developers, wallets, web3 applications, and exchanges.

The stablecoin is designed to reduce friction for payments in virtual environments, facilitate fast transfers of value, enable direct flows to developers and creators, and foster continued expansion into digital assets by major brands. It will be compatible with the web3-specific ecosystem from day one and will soon be available on Venmo.

Transparency and Regulation

PayPal USD is issued by Paxos Trust Company, a fully licensed entity subject to regulatory oversight by the New York State Department of Financial Services. In June 2022, PayPal was issued a BitLicense by NYDFS.

Reserves for PayPal USD are fully backed by U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents. Beginning in September 2023, Paxos will publish a public monthly Reserve Report for PayPal USD, outlining the instruments composing the reserves. A third-party attestation of the value of PayPal USD reserve assets will also be issued by an independent accounting firm, conducted in accordance with standards established by the American Institute of Certified Public Accountants (AICPA).

Conclusion

PayPal’s launch of its U.S. dollar stablecoin marks a significant milestone in the integration of traditional finance with the emerging digital economy. By providing a transparent, redeemable, and regulated stablecoin, PayPal is positioning itself at the forefront of the digital payment revolution, leveraging its decades-long experience in payments to bridge the gap between fiat and web3. The introduction of PayPal USD reflects the growing trend of financial institutions embracing blockchain technology and digital assets, offering new possibilities for consumers, merchants, and developers alike.

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Tagged : News / PayPal / PYUSD / Stablecoin / USDT

Payments giant PayPal and Galaxy raise $20 million

by Blockchain NewsFebruary 23, 2023

They are based in New York City and run their company from there. The cloud platform that is in charge of the upkeep of blockchains and protocols is managed by Chaos Labs, which also has the responsibility of monitoring the platform. Chaos Labs is in charge of the administration of this platform. The well-known online payment network PayPal and the investment management company Galaxy worked together in order to infuse an initial capital of twenty million dollars into the fledgling firm. This was made possible via their collaboration. We were able to do this through cooperating with one another.

In order to protect cryptographic protocols against threats that are derived from the outside world, Chaos Labs makes use of an automated risk management platform. Because of this, it will be easier to protect the protocols against threats that come from the outside world. The platform is capable of running agent-based simulations as well as scenario-based simulations; using any of these two types of simulations helps to the platform’s capacity to protect protocols against economic vulnerabilities and market manipulation events. Due to the aforementioned reason, the platform is in a position to accomplish the objective that was stated before.

The initial funding will be put toward the primary objective of the investment, which is to make it possible for Chaos Labs to increase the degree to which it is able to automate on-chain risk optimization. This will be accomplished by making it feasible for Chaos Labs to increase the degree to which it can automate on-chain risk optimization. This will be achieved by putting the money into working toward the achievement of this objective.

There were a total of 23 different companies that took part in the round of fundraising, in addition to the six angel investors who were involved. The members of this organization include a number of well-known companies and individuals, including Coinbase Ventures, Polygon, Avalanche, OpenSea UniSwap, and Balaji Srinivasan, to mention just a few examples. Balaji Srinivasan is also a part of this organization as a member of its membership.

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Tagged : Angel Investments / Blockchain / Business / Investments / News / PayPal / Security

PayPal Xoom Offers Debit Card Deposit Cross-Border Remittance

by Blockchain NewsJanuary 16, 2023

The international money transfer service Xoom, which is owned and operated by the financial technology company PayPal, has introduced a new offering that enables customers in the United States to send money straight to users of Visa debit cards.

A recent release made by PayPal indicated a partnership between Xoom and the financial services company Visa. This partnership makes it possible for debit card customers to receive payments straight from Xoom.

There are now 25 nations that support the functionality, some of which include the Philippines, Sri Lanka, Thailand, Ukraine, and Vietnam. Users no longer have to wait the standard amount of time for wire transfers, which is five business days, since a recently introduced feature now makes it possible for them to have access to their money in a matter of minutes.

According to Wei-Lin Lee, vice president of remittances at PayPal, the new service has the potential to assist individuals throughout the winter and during the holidays. Lee noted that during those times, many customers were transferring money to their friends and family located in other countries, and that this process needed to be completed as rapidly as possible.

Yanilsa Gonzalez-Ore, the CEO of Visa Direct North America, observed that there has been a rise in demand for “digital solutions that assist eliminate hurdles” among those who want to transfer money to other countries.

In the meanwhile, PayPal has become more comprehensive in its coverage of all aspects of financial transactions. In improving its product offerings in international financial transactions, the firm has now begun accepting cryptocurrencies as payment.

In 2018, the company launched the pilot program for its cross-border payments, which resulted in considerable time and cost savings for participating institutions.

In the year 2022, the business began enabling native transfers of digital assets from PayPal to other wallets and exchanges that were hosted on third-party platforms. Cross-border payments for companies are often connected with Ripple within the crypto space. Ripple is the company that is behind the XRP coin, which is now at the center of an ongoing court case.

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Tagged : CROSS-BORDER / Debit Card / News / PayPal / REMITTANCE / XOOM

PayPal Joins Coinbase TRUST Network to Comply with Travel Rule

by Blockchain NewsAugust 24, 2022

PayPal announced on Tuesday that it has joined Coinbase’s Travel Rule Universal Solution Technology, aka the TRUST Network, in order to comply with the financial industry’s Travel Rule.

Early this year, Coinbase launched TRUST, a global industry-driven solution designed to increase compliance with a requirement known as ‘the Travel Rule’ while prioritizing the privacy and security of customers.

The Travel Rule is a US law under the Bank Secrecy Act, which requires financial institutions and firms to share information about customers if they are sending money above a threshold — the starting point for identifying fund transactions and the parties involved is $1,000.

Since its launch in February, TRUST has onboarded more members including several major crypto firms such as Binance.US, BitGo, BlockFi, Nexo, Crypto.com, Robinhood, and Circle, including Coinbase, among others. PayPal’s decision to join TRUST puts the Voyager group’s membership count at 38.

In a statement, Coinbase said: “The addition of PayPal marks another milestone in TRUST’s journey to become the global, industry-standard solution for Travel Rule compliance.”

The move by firms joining the TRUST comes as an increasing number of crypto-related firms want to expand their businesses while becoming compliant with regulations. These companies believe that being compliant opens more business opportunities while maintaining customer confidence, thus helping them to fulfil their goals.

TRUST was reportedly formed in response to crackdowns from the inter-governmental Financial Action Task Force (FATF) on Virtual Asset Service Providers (VASP) to comply with anti-money laundering (AML) and anti-terrorist financing (ATF) policies.

Brands Embracing the Potential of Crypto

The recent crypto market crash has sparked a wave of fear, uncertainty, and doubt in the entire industry. Despite the troubles triggered by the stablecoin crash, crypto adoption has remained at an all-time high, given the number of mainstream companies that are adopting cryptocurrencies for business transactions.

PayPal, a US multinational fintech firm operating an online payments system, gave its users the ability to purchase, sell and hold cryptocurrencies in October of 2020. Then, in March last year, PayPal launched Checkout with Crypto, a feature that allows consumers to check out millions of online businesses using cryptocurrency.

In response to customer demand, PayPal in June of this year started allowing its users to transfer crypto from their accounts to other wallets and exchanges.

Some of the other major firms taking crypto mainstream include the likes of Starbucks, Burger King, Microsoft, and AT&T, among others including online retailers such as Overstock and carpooling companies such as Ryde.

The above examples show that the mainstream adoption of cryptocurrencies is on the rise. Despite the ups and downs of the market, there is still a lot of interest in the use of cryptocurrency. This is likely to continue as more and more firms start to see the benefits of using crypto.

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Tagged : BANKING RULE / Coinbase / News / PayPal / THE TRAVEL RULE / TRUST NETWORK

Binance.US Hires Ex-Paypal CFO Jasmine Lee as CFO

by Blockchain NewsJuly 8, 2022

Jasmine Lee, a veteran financial expert has joined Binance.US as its new Chief Financial Officer (CFO).

The appointment of Lee by Binance.US is primarily centred on tapping her expertise as the former CFO and Chief Operating Officer (COO) of fintech firm, Acorns.

Prior to her joining Binance, Jasmine Lee had an 8-year stint with Paypal. At Paypal, she held various leadership positions, driving PayPal’s growth through strategic partnerships, pricing initiatives, and acquiring new businesses, and served as the Chief Financial Officer and Chief Operating Officer for the Consumer Product Group at PayPal.

Over the years, Jasmine Lee has gathered all the experience that will be suited for Binance.US as the trading platform works to go public over the next few years.

“Jasmine is a rare talent who possesses more than 20 years of deep knowledge in both fintech and high-growth startup environments. Her experience at Paypal, a public Fortune 500 company, in particular, will be invaluable as we chart our path to an IPO in the coming years,” said Brian Shroder, Chief Executive Officer of Binance.US. “Binance.US entered the current crypto market environment from a position of strength, with significant capital, active hiring plans, and a robust pipeline of new value-add products and services. We are pleased to continue to execute our growth strategy with Jasmine as a key part of the executive team.”

Jasmine Lee will be answering to Brian and she will lead the trading platform’s finance department and oversee all aspects of financial operations, accounting, investor relations, treasury, and tax.

Binance.US is valued at $4.5 billion after it raised $200 million back in April this year. While the trading platform has not fixed an exact timeline for its Initial Public Offering (IPO), efforts are currently underway to achieve this feat, as it looks to trail the paths of Coinbase Global Inc which went public on the Nasdaq Exchange back in April 2021.

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Tagged : ACORN / Binance / Binance.Us. / Exchange / Industry Expert / JASMINE LEE / PayPal

Paypal Crypto Owners Can Now Transfer Tokens to Wallets

by Blockchain NewsJune 8, 2022

Fintech giant Paypal Holdings has upgraded its crypto wallet capabilities. Users of the app can now send supported digital assets to other wallets.

With this upgrade, users can now send Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) to other Paypal users as well as external wallets, which may also include those from trading platforms.

The move has now effectively opened Paypal’s crypto-economy, which at best was closed up before. The move is also being seen as a way to integrate users’ interests and demands while eliminating the monopoly tag from Paypal as a platform.

“Adding the ability to transfer, send, and receive cryptocurrencies is another step in our journey to building a more inclusive and effective financial system,” said Jose Fernandez da Ponte, SVP and GM of blockchain, crypto, and digital currencies at PayPal, in a statement. “We’re excited to connect PayPal’s customers to other wallets, exchanges, and applications, and we will continue to roll out additional crypto features, products, and services in the months ahead.”

The newly added functionality, in accordance with Fernandez da Ponte, will permit crypto holders within the Paypal app to do more with their digital assets. The move was made at a time when the digital currency ecosystem was experiencing a massive correction. Despite the current outlook, Paypal remains committed to the ecosystem in which it has started expanding beyond the shore of the United States.

“This move shows we’re in this for the long term,” Fernandez da Ponte added. “I think it’s important to stay the course and continue to invest in the space.”

Besides Paypal, other Fintech companies are also taking the initiative to support crypto transfer from one wallet to the other. Revolut is one of the platforms that has also made this move, as it looks to diversify its options to foster a broader financial inclusion.

Besides the new wallet functionality, Paypal also announced it has received a full BitLicense from the New York Department of Financial Services (NYDFS).

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Tagged : Bitlicense / Cryptocurrencies / Enterprise / Payments / PayPal

CashApp Accepts Users to Invest their Earnings in Bitcoin

by Blockchain NewsApril 8, 2022

CashApp, one of the world’s most popular payment applications, has announced integrating a new feature that will allow its users to convert their paycheck to Bitcoin (BTC) automatically.

While it is a traditional fintech outfit operated by Jack Dorsey’s Block Inc, CashApp comes off as one of the first mainstream payment apps to support Bitcoin since 2018.

The ‘Paycheck-to-Bitcoin’ feature integration comes as the platform’s way of re-energizing its support for BTC across the board.

“We believe that bitcoin is the world’s best digital, sound money period,” said Miles Suter, Crypto Product Lead at CashApp. “We believe that Bitcoin is for the people and that in America, Cash App is the financial app for the people.”

While this new feature is billed to come in handy to every of the app’s users, Suter also confirmed that the platform has also launched an integration with the Lightning Network, a provision that will easily let its users receive Lightning Network transactions, a provision that compliments earlier allowance CashApp introduced back in January that lets its users receive payments via the Lightning Network.

“To make Bitcoin even more universally accessible, we’re announcing Lightning receives,” said Suter. “In the coming months, you’ll be able to receive bitcoin over the Lightning Network with no block confirmations needed.”

Cryptocurrencies, particularly Bitcoin, are going mainstream, and top payment firms are actively exploring avenues to offer their users more value in this regard. Beyond CashApp, PayPal is also broadening its support for Bitcoin and has provided a way for its users to buy a limited range of digital currencies, including Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) respectively.

While PayPal launched its crypto trading services relatively later than CashApp, it has since extended the service to the United Kingdom in an aggressive push under CEO Dan Schulman.

Beyond these top fintech outfits, other notable payment companies, including PayPal-owned Venmo, also extend their capabilities to bring Bitcoin payments to their users. With the traction recorded in the fintech space thus far, Bitcoin payment integration will be a trend that will span into the foreseeable future.

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Tagged : Bitcoin / Cashapp / PayPal