Australian exchange enlists PayPal as banks ‘close ranks’ against crypto

Australian crypto exchange Independent Reserve has partnered with PayPal to allow customers to fund their crypto accounts directly with fiat from their PayPal wallet and withdraw funds from the exchange, mitigating the risks posed by increasing bank restrictions on crypto exchange payments.

cointelegraph.com

Relevant topic timeline:

8/8/2023

PayPal introduces its own stablecoin that's pegged to the US dollar

Main topic: PayPal launches its own stablecoin, PayPal USD, pegged to the US dollar. Key points: 1. PayPal USD is backed by US dollar deposits, short-term US Treasuries, and similar cash equivalents. 2. The stablecoin is issued on the Ethereum blockchain by the Paxos Trust Company, regulated by the New York State Department of Financial Services. 3. Users can buy, sell, send, and use PayPal USD for payments, as well as transfer it to external wallets or convert other cryptocurrencies.

8/23/2023

Visa and PayPal Could Fall Behind Crypto Dollars. Why That Matters.

Cryptocurrencies pegged to the dollar are posing a potential threat to Visa and PayPal, highlighting the potential in digital payments, although this trend is not yet reflected in the stock market.

9/12/2023

PayPal Launches New Service Allowing Users to Convert Crypto to Dollars

PayPal has launched an "Off Ramp" service that allows US users to convert crypto tokens to USD directly from wallets into PayPal accounts, providing secure and convenient options for crypto users.

9/18/2023

PayPal's Stablecoin Aims to Cut Fees on Cross-Border Transactions, Says Tether Co-Founder

PayPal's stablecoin ambitions are driven by potential savings on multicurrency transactions, but Tether co-founder William Quigley believes it is unlikely to bring much innovation and may primarily serve as a cost-saving measure for PayPal. Quigley explains that stablecoins allow PayPal to bypass financial intermediaries, conduct transactions on its private blockchain, and eliminate fees associated with currency conversions. He also highlights the potential profits that stablecoin operators can earn from interest-rate increases.

9/20/2023

Venmo Rolls Out PayPal's New PYUSD Stablecoin, Lets Users Buy 5 Cryptos With No Fees

PayPal's stablecoin, PayPal USD (PYUSD), is now available for purchase on Venmo, allowing users to buy the cryptocurrency and marking the first instance of wallet interoperability with no costs between PayPal and Venmo.

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Posted 8/25/2023, 1:57:08 AM