The stablecoin market has experienced remarkable growth in 2024, driven by rising cryptocurrency adoption and a surge in institutional participation. All eyes are now on Ripple’s newly approved stablecoin, Ripple USD, a.k.a. RLUSD. But Ripple’s Chief Technology Officer, David Schwartz, addressed concerns over potential price anomalies for the asset as it prepares to launch. Speculative...Read More
Stablecoin giants like USDT and USDC continue to strengthen their hold on the market, expanding their dominance and market share. However, a new contender is making waves – PayPal’s PYUSD. While still relatively smaller, this emerging stablecoin is gaining momentum, signaling a potential shift, as per recent data. Stablecoin Power Shift? According to a report...Read More
PayPal Holdings, Inc. has announced a major new feature for U.S. merchants, enabling them to buy, hold, and sell cryptocurrency directly from their business accounts. This new feature aims to enhance crypto usage for businesses across the United States, except New York State, at launch. New Capabilities for Business Account Holders According to a September...Read More
Stablecoins have reached an all-time high market cap of $169.57 billion following nearly a year of uninterrupted growth. Leading assets such as Tether’s USDT and Circle’s USDC have seen a significant resurgence this year, in addition to a newcomer. Stablecoin Market Cap Surge Data compiled by DefiLlama revealed that this is the highest market cap...Read More
Nearly a year after launching on Ethereum, PayPal’s stablecoin PYUSD is being introduced on the Solana blockchain. This move will enable users to choose between multiple blockchain networks, providing greater flexibility and control over their transactions and holdings. PayPal Brings PYUSD to Solana According to the official announcement, PayPal highlighted Solana’s ability to handle a...Read More
Global payment giant PayPal has announced that all United States users will be able to facilitate money transfers to friends and family abroad using USD converted from the PayPal USD (PYUSD) stablecoin. PYUSD is, however, not available to residents of Hawaii. PYUSD to USD Conversions for Cross-Border Transfers PayPal said that US customers leveraging its...Read More
Alex Chriss, the CEO of payment company Paypal, announced to the staff on Tuesday that an additional 9% of the workforce, approximately 2,500 positions, will be cut. The development follows PayPal’s decision to reduce its headcount by around 2,000 in January of the previous year. Paypal Further Reduces Workforce In a letter, the newly appointed...Read More
Apple has been accused of non-competitive practices regarding payment methods used on their devices several times in the past. The most notable example of the Cupertino electronics manufacturer being taken to task for these practices would be the landmark case vs. Epic Games, who eventually won the right to inform users of their app of...Read More
PayPal Holdings, the financial giant that made headlines by adopting digital currencies for payments and transfers, is now facing a new development. The company revealed that it has received a subpoena from the U.S. Securities and Exchange Commission (SEC) regarding its PYUSD stablecoin. PayPal Faces SEC Subpoena Over PYUSD Stablecoin This revelation came to light...Read More
Leading digital asset exchange, Crypto.com, announced a partnership with global payments giant PayPal to become the preferred exchange for the recently launched PayPal USD (PYUSD). According to an official release, the collaboration builds on the firms’ existing integrations, including a top-up service between PayPal and the Crypto.com Visa Card. Crypto.com Becomes Preferred Exchange for PYUSD...Read More
After announcing its new payment stablecoin last month, PayPal revealed on Wednesday that Paypal USD (PYUSD) is now available to Venmo users for transacting with peers. Initially available to “select users,” access will expand to all Venmo users in the coming weeks, according to the company’s announcement. Venmo, a mobile payments app owned by PayPal,...Read More
Stablecoin issuer Paxos, in one of the latest developments, released the first transparency but unaudited report for the recently born Paypal USD, or PYUSD stablecoin, affirming the stability and reliability of the assets. This latest report also highlighted that, as the curtains fell in August, the lion’s share – over 90% – of PYUSD was...Read More
Bitcoin miner F2Pool has successfully reversed a recent erroneous bitcoin transaction that resulted in an excessively high transaction fee of $510,000, almost 480,000 times the average network fee of $2.176. The responsible party, Paxos, acknowledged its error and identified it as a bug in a single transfer. According to on-chain data from Mempool on X,...Read More
On Sept. 4, Fabio Panetta, ECB Executive Board member at the Committee on Economic and Monetary Affairs of the European Parliament, said the central bank was nearing the end of its research and investigation phase. It will soon decide whether to move to the next phase of potentially developing and issuing a digital Euro. The...Read More
Coinbase has announced that it will start trading in PayPal’s newly launched stablecoin, PYUSD, on Aug. 31, provided that liquidity conditions are met. Trading will begin on or after 9AM PT on 31 August 2023, if liquidity conditions are met. Once sufficient supply of this asset is established trading on our PYUSD-USD trading pairs will...Read More
PayPal announced that it will temporarily suspend crypto purchases on its platform for its U.K. based users beginning in October. The move comes in response to evolving regulatory guidelines provided by the Financial Conduct Authority (FCA) – Britain’s chief market regulator. PayPal Pauses Crypto Buys Per an email received by certain U.K. users on Wednesday,...Read More
Global payments giant PayPal has deepened its footsteps into the crypto industry by launching a dollar-backed stablecoin dubbed PayPal USD (PYUSD). The move makes PayPal one of the first large U.S. financial companies to launch its own stablecoin despite regulatory uncertainty around crypto assets in the country. As a USD-pegged stablecoin, PayPal USD maintains a...Read More
San Francisco-based wallet-as-a-service (WaaS) provider Magic has raised $52 million in a strategic funding round led by PayPal Ventures bringing the firm’s valuation to just under $500 million. Other participants of the fund round include Cherubic, Synchrony, KX, Northzone, and Volt Capital. The latest capital infusion will be deployed to expand Magic’s functionality and enable...Read More
On May 11, MetaMask revealed that it had added PayPal as a payment option for Ethereum purchases. However, the new payment channel is only available to U.S. users. “MetaMask is the first web3 wallet to enable users to buy ETH using PayPal, a leader in the digital payment space,” it said. The integration also supports...Read More
Online payments giant PayPal held nearly $1 billion worth of cryptocurrency on its balance sheet by the end of Q1 2023, according to a 10-Q filing with the Securities and Exchange Commission (SEC). Customers Crypto in the Green The filing, dated for the quarterly period ending March 31 2023, showed that PayPal held $943 million...Read More
On April 28, Venmo, a popular mobile payment platform owned by PayPal, announced that in the coming weeks, it will enable a new feature allowing users to transfer cryptocurrencies on and off the platform. This move is seen as part of Venmo’s continuous efforts to cater to the growing demand for crypto-based services among its...Read More
By the end of 2022, PayPal held over $600 million in digital assets in crypto on behalf of its users. That included $291 million in Bitcoin (BTC) and $250 million in ETH. According to PayPal’s annual report to the Securities and Exchange Commission, the remainder of its $63 million in crypto was spread between Bitcoin...Read More
The Ethereum non-custodial wallet – MetaMask – joined forces with the payment provider PayPal to enable customers to purchase and transfer Ethereum (ETH). The service will initially be available only to US users. MetaMask announced on Twitter that its clients will be able to purchase and transfer Ethereum (ETH) via PayPal. The offering will reach...Read More
Financial service behemoth PayPal has announced expanding its crypto service to Luxembourg soon in its first foray into the European Union (EU). According to an update shared by the company, the service will be made available in the “coming days,” following which eligible customers will be able to buy, sell and hold crypto-assets in their...Read More
The authorities of Colorado announced that state residents can now pay their taxes in cryptocurrencies instead of fiat. Among the supported digital assets are the two biggest by market capitalization – Bitcoin (BTC) and Ether (ETH). Still, Colorado’s Revenue Department is not allowed to accept direct crypto payments, which is why it partnered with PayPal,...Read More
PayPal users with Bitcoin and Ethereum held on the platform can now withdraw their holdings to external wallets. This means that PayPal buyers can finally self-custody their coins – a paramount feature for cryptocurrencies. “Starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges,” said the online payment provider...Read More
American asset management company Ark Invest has sold its holdings of fintech giant PayPal and backed Bitcoin-friendly Cash App. This comes after Cathie Wood, CEO of Ark Invest, revealed her preference for Block’s (formerly Square) Cash App over PayPal’s Venmo at the 2022 North American Bitcoin Conference in Miami. Backing Cash App Wood believes Cash...Read More
The Bitcoin 2022 conference, which takes place in Miami, has been giving a lot to talk about. On this occasion, Peter Thiel voiced his opinion on Bitcoin’s enemies and talked about where he thinks Bitcoin is going in the future. This April 7, Peter Andreas Thiel, an entrepreneur, investment fund manager, and venture capitalist, best...Read More
Visa, Mastercard, and PayPal joined the massive number of companies leaving Russia following Putin’s “special military operation” against Ukraine. As such, the question remains if Russians will turn to cryptocurrencies. Visa, Mastercard, and PayPal Leave Russia Ever since the war started between the two former Soviet states, the Western world has taken a different approach...Read More
American multinational company, PayPal, has revised its Seller Protection program to exclude non-fungible token (NFT) transactions that surpass $10,000. Limiting NFT Transactions According to PayPal’s Policy Updates page, NFT transactions valued at more than $10,000 are ineligible. The changes will come into effect from March 21 this year. A document further elaborating stated that items...Read More
