From now on PayPal makes it possible to use Bitcoin (BTC), Ethereum (ETH) in his peer-to-peer payment system. With this step, the payment company is further expanding the use of digital assets within its own app, Venmo and a growing number of digital wallets worldwide.
Integration of crypto in PayPal and Venmo
According to a press release, users in the United States can now send the two largest crypto coins directly via the PayPal app. In addition to BTC and ETH, the own Stablecoin PayPal USD (PyusD) is now also supported. The functionality is also rolled out to Venmo and other digital wallets that support crypto and stablecoins. With this, PayPal builds on the earlier introduction of PayPal Links, a function with which users can create personalized payment requests.
In addition, PayPal has made it possible for traders to accept more than 100 different cryptocurrencies for the settlement of payments. Diego Scotti, General Manager of PayPal’s Consumer Group, indicates that PayPal wants to express his stamp in even more ways:
“We want to be present where people communicate with each other, whether through Messaging apps, e-mail or social media.”
Growth in use and role of Pyusd
The company emphasizes that transfers with crypto also remain personal and do not lead to unnecessary tax matters. The peer-to-peer services of PayPal are already showing strong growth this year, with an increase of ten percent in the total payment volume in the second quarter.
Venmo also recorded the fastest growth in three years. As mentioned, a central role in the new payment options is reserved for Pyusd, the Stablecoin of PayPal covered by Dollars. Pyusd is published by Paxos Trust Company and is completely covered by reserves in cash and American government bonds. The addition of the stablecoin next to BTC and ETH witnessed the use of PayPal to use digital currency as a practical payment method within daily payment transactions.
Source: https://newsbit.nl/paypal-integreert-bitcoin-en-ethereum-in-nieuw-betalingssysteem/
