PayPal partners with hardware wallet maker Ledger
Online payment system PayPal has partnered with digital asset hardware wallet manufacturer Ledger to provide its US users with a fiat currency gateway. This collaboration allows PayPal customers to easily buy and sell cryptocurrencies directly from their PayPal accounts and securely store their digital assets using Ledger's hardware wallet solution.
PayPal Will Suspend Cryptocurrency Purchases in the UK From October and Is Expected To Resume Early Next Year
August 16th, according to Cryptoslate, PayPal stated in an email sent to some users on August 14th that due to new rules introduced by the UK Financial Conduct Authority (FCA), PayPal will temporarily suspend its cryptocurrency purchase services in the UK from October 1st, 2023, and will resume in early 2024, with no specific date yet.
PayPal's cryptocurrency center function needs to pass KYC and have a good balance sheet
According to CoinsPaid Media, only users who have undergone comprehensive KYC checks through the PayPal platform and have a good reputation for their balance sheet accounts can use the cryptocurrency center function. Previously, PayPal added a cryptocurrency center function to user accounts to directly interact with digital assets.
PayPal Launches 'Cryptocurrencies Hub' for Select Users
PayPal has launched a new feature called the 'Cryptocurrencies Hub' which will allow certain users to hold, transfer, or trade crypto assets within the application. PayPal users must have a personal account in good standing, go through a KYC process, and will not directly hold the crypto assets themselves. <br>
Vice President of PayPal: PYUSD Is Planned To Be Adopted on CEX, and There Is No International Expansion Plan
On August 14th, Jose Fernandez da Ponte, Senior Vice President of PayPal Blockchain, Cryptocurrency, and Digital Currencies, stated that although PayPal's stablecoin PYUSD, which is currently launched on Ethereum, can only be obtained through the PayPal wallet, their goal is to make PYUSD also available on major trading platforms. PayPal believes that stablecoins are the killer application of the current blockchain, especially in remittances, B2B payments, and digital goods. PayPal's vision is to become the channel between fiat currency and Web3, enabling stablecoin payment systems to become mainstream.
PayPal's New PYUSD Stablecoin Raises Centralization Concerns
The recent launch of PYUSD stablecoin by PayPal has raised concerns in the cryptocurrency community about centralization. Cryptocurrency experts who have studied the underlying smart contracts of PYUSD have found that the new stablecoin is actually written in a "very old" version of Solidity. Solidity is the most commonly used programming language for Ethereum, the world's second-largest blockchain.
U.S. Democratic Leader Maxine Waters Concerned About PayPal Stablecoin
Maxine Waters, the leader of the Democratic Party in the US House of Representatives, expressed concerns about PayPal's launch of stablecoins without a federal regulatory framework this week.In a statement on Wednesday, Waters said, "PayPal has 435 million customers worldwide, more than the total number of online accounts of all major banks. Given PayPal's scale and scope of influence, federal government oversight and enforcement of its stablecoin business is crucial to ensuring consumer protection and mitigating financial stability concerns."
Tether CTO welcomes PayPal's entrance into stablecoin industry, emphasizes need for competition and regulatory oversight
Paolo Ardoino, the CTO of Tether, has welcomed PayPal's entry into the stablecoin industry, stating that it will encourage competition and drive innovation. He also addressed concerns about Tether's onboarding process, explaining that it requires strict anti-money laundering and know-your-customer procedures to avoid putting users at risk. Despite these measures, Tether has still processed redemptions, redeeming around $325 million worth of assets on August 7th.
Huobi to List PayPal's PYUSD Stablecoin with Zero Trading Fee
Huobi has announced that it will list PYUSD, PayPal's newly launched stablecoin, and will offer PYUSD/USDT trading pairs with zero trading fees permanently. However, the exchange did not specify when it will list the stablecoin, stating that it will do so when market circulation and liquidity conditions are favorable. This announcement follows Huobi advisor Justin Sun's tweet expressing his hope to invite PayPal to issue PYUSD on Tron.
Scammers and Opportunists Create Fake PYUSD Tokens After PayPal Launches Stablecoin
Within 16 hours of PayPal's launch of their new stablecoin (PYUSD), numerous copycat tokens with the same ticker have appeared on various chains, including Binance Smart Chain, Ethereum, and Coinbase's Base. However, it is important to note that the real PayPal USD token was created in November last year and can only be sent between verified PayPal and compatible wallets.
