Paypal's Crypto Ambitions: Bringing Cryptocurrency to the Global Market

PayPal Holdings Inc will announce later on Tuesday that it will allow U.S. consumers to use their cryptocurrency holdings to pay at its millions of online merchants around the world.

President and CEO Dan Schulman said, "This is the first time you can seamlessly use cryptocurrencies in your PayPal wallet in the same way as a credit or debit card. Bitcoin’s transformation from an asset to a legitimate currency for millions of merchants transacting in the real world.” Continued volatility has been a major reason why Bitcoin has failed to become a widespread form of payment, and PayPal hopes its new business will change that. In this case, because by settling transactions in fiat currency, merchants will not bear the risk of volatility. Customers who hold Bitcoin, Ethereum, Bitcoin Cash and Litecoin in their PayPal digital wallets can now convert their holdings to fiat currency at checkout to make purchases. The business will be available to its 29 million merchants within the next few months.

Encrypted payment company MoonPay raised $87 million, Justin Bieber, Snoop Dogg and others participated in the investment: On April 13, encrypted payment company MoonPay announced that it raised $87 million. Singer Justin Bieber, rapper Snoop Dogg, tennis player Maria Sharapova and actor Bruce More than 60 well-known investors including Willis participated in the investment. It is reported that this financing is part of MoonPay’s A round of financing.

MoonPay CEO Ivan Soto-Wright said that the company provides payment infrastructure for cryptocurrency and NFT transactions, and content-zce creators are expected to increasingly use NFT to promote their works and interact with fans. In November last year, MoonPay announced the completion of US$555 million in Series A equity financing, led by Coatue and Tiger Global, with a post-money valuation of US$3.4 billion. (Reuters) [2022/4/13 14:21:34]

BitPay Adds DAI and WBTC as Payment Options for Businesses: Crypto payment service provider BitPay has announced the addition of DAI and WBTC as a payment option for businesses. Other cryptocurrencies supported by BitPay include BTC, BCH, ETH, DOGE, USDC, GUSD, PAX, and BUSD. (The Paypers)[2021/5/7 21:34:33]

Paypal, which has 29 million online merchants around the world and nearly 300 million users, has shown its ambition to occupy the encrypted payment market since the Libra era. However, due to regulatory issues, Libra was killed and Paypal also announced its withdrawal from its supervision alliance. Although the project is yellow, Paypal's strategic plan has never been shelved. It always believes that it can eventually pull more than one billion "unbanked" people into the financial system.

Shakepay launches p2p payment function to support the purchase of BTC: On October 13, the Canadian encryption trading platform Shakepay announced that it has launched a p2p payment function in its application to allow Canadian users to purchase Bitcoin and Ethereum. (Decrypt)[2020/10/13]

In late 2020, Paypal opened its newly launched cryptocurrency service to all eligible US users. At that time, the market value of Bitcoin was close to 300 billion U.S. dollars, becoming the 20th largest asset by market value, followed by the famous American home improvement retailer Home Depot and telecommunications giant Verizon, and PayPal only ranked 29th. PayPal President and Chief Executive Officer Dan Schulman said in an interview that the company hopes the service will encourage global use of virtual currencies and prepare its network to support new digital currencies that may be developed by central banks and corporations.

Once the business was launched, it was highly sought after. According to a report by cryptocurrency investment firm Pantera Capital at the time, Bitcoin experienced a prolonged supply shortage in November 2020, causing prices to soar, while most of the newly minted Bitcoins Both were bought by PayPal users. PayPal's new business had already had a huge impact at the time. Citing BitBit data, Pantera said: "When PayPal launched the new encrypted service, the transaction volume began to explode. Within four weeks of the launch, PayPal had purchased nearly 70% of the new bitcoin."

Recently, Paypal has also made frequent moves. According to Bitui, Paypal confirmed the acquisition of cryptocurrency custody company Curv in early March. This acquisition is considered part of its initiative to support cryptocurrencies and digital assets.

As an industry giant, it has also experienced the tragedy of Libra’s death. Paypal’s positioning for itself is also very clear. Its CEO Dan Schulman expressed in an investor meeting that he hopes that PayPal’s digital wallet will become the central bank’s consumer payment platform for different income levels. A way for investors to distribute CBDC.

In the long run, if the encryption market wants to truly "get out of the circle", hot news may bring a short-term upsurge, but it will not last after all. Only a wide range of applications, bound to everyone's life, can complete its real transformation from assets to currencies.

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