PayPal to allow cryptocurrency buying, selling and shopping on its network

[fillippone]

As we had anticipated since the start of this thread, finally PayPal is scaling up the Bitcoin strategy:


PayPal to Let Users Send Bitcoin Off PayPal

Speaking at Consensus on Wednesday afternoon, PayPal's head of blockchain and crypto, Jose Fernandez da Ponte said the company will be adding support for third-party wallettransfers—meaning that PayPal and Venmo users will be able to send Bitcoin not only to others on those platforms, but to services like Coinbase and to outside crypto wallets as well.

Da Ponte added an interesting remark:

“We want to make it as open as possible," said Fernandez da Ponte, "and we want to give choice to our consumers."

This is what we asked for.

For them, it could be a potential source of headaches, but it's not or fault, but regulators.

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[Sithara007]

^^^ This has been one of the major complaints from the PayPal users. I had posted a few times in the past that PayPal has already stated that they will make more features available on their Bitcoin platform in the coming months, but many of the users here refused to believe that. Anyway, this move will be hopefully welcomed by a majority of the users. However, as fillippone mentioned, now the regulators can target PayPal claiming that they are aiding in money laundering. On top of that if some of the coins that were purchased using PayPal ends up in dark markets, then the authorities can blame PayPal. They need to be careful with this step.

[fillippone]

PayPal is revising operative limits for his clients. I guess this is a good sign:

Increased Purchase Limits for Crypto on PayPal
They write:

As part of our efforts to meet the ever-changing needs of our customers, we are pleased to announce that we have recently raised the purchase limits of cryptocurrency for eligible PayPal customers in the U.S. to $100,000 per week with no annual purchase limit. These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform.

Raising limits means taking additional risks for the service provider. I guess that PaYPal balanced their revenues with other compliance/fiscal/operational risks this choice involved.
 
We had other signs anyway that activity was starting to heat up at PP:

PayPal’s liquidity provider itBit trading volumes hit record high - $300m on May 19th.

An image is worth a thousands words.

[maisao1991]

This is really a new step for BTC, paypal is a pretty big and famous bank. now even they accept BTC as payment i think good news like this soon BTC will become more popular and known by more people.

[worldofcoins]

Well, I will never purchase bitcoin from PayPal, it's exceedingly terrible at communicating.
A little mistake can permanently block your account and you can lose your money.
I appreciate that PayPal permitted their customers to purchase bitcoin it will exceptionally effect on bitcoin market yet I have some doubts and can not have faith in PayPal services.
In case you do not have a place in the US your account will be exceptionally unsafe.

[The Sceptical Chymist]

Well, I will never purchase bitcoin from PayPal, it's exceedingly terrible at communicating.
A little mistake can permanently block your account and you can lose your money.

Actually, I've found that PayPal is much less likely to nuke you than, say, Coinbase.  I'm not sure what you mean by "mistake" either.

Glad you bumped this thread, because I haven't seen it in a while and it made me check out PayPal's news feed.  It looks like there's some sort of cashback-to-crypto feature on Venmo, which they announced in August.  I don't use Venmo, but I think a lot of members here do, because I've seen it mentioned a lot on the currency exchange section.  This is a snippet of their news article:

With seamless auto-purchasing, once customers receive their cash back into their Venmo balance each month, those funds are used to automatically purchase their selected crypto with no action required. Once complete, customers can choose to hold or sell the crypto within the Venmo app at any time. 

I don't know about anyone else, but that sounds pretty cool to me--as long as you can actually take possession of the crypto you buy, which seems to be the case.

[fillippone]

Well, apparently Paypal wasn't able to maintain his momentum.
Even if the market moved recently, a situation where it's easier for an exchange to grow their volumes, apparently itBit was quite lagging behind:



In addition to that, I noticed the most successful trading pair was EHT/BTC.




Being this pair a crypto/crypto it's difficult to see PayPal's exchange as a crypto gateway for fiat investors, as PP would like to sell us.
Of course, if the main trading pair is ETH/BTC this means the majority of itBit users are already Inside the crypto-market, while in reality, PP would like to expand the userbase.

[uneps]

It said PayPal Holdings Inc joined the cryptocurrency market, enabling customers to buy, sell, and store bitcoin and other virtual currencies using the online wallet of the US digital payments company.
PayPal customers will also be able to use cryptocurrency to shop at 26 million merchants in their network from early 202.

[Obito]

It said PayPal Holdings Inc joined the cryptocurrency market, enabling customers to buy, sell, and store bitcoin and other virtual currencies using the online wallet of the US digital payments company.
PayPal customers will also be able to use cryptocurrency to shop at 26 million merchants in their network from early 202.

This post literally has no sense at all, what the hell are you talking about, you somewhat copy the OP of this thread and made some revisions.

Well, apparently Paypal wasn't able to maintain his momentum.
Even if the market moved recently, a situation where it's easier for an exchange to grow their volumes, apparently itBit was quite lagging behind:

Well, it was fun while it lasted, what was the spike between May and June and what caused them? If I remember, it's not the pump in the market since it happened in March.

[Sithara007]

Volumes in the United States seems to have fallen after the initial excitement (will fall further due to the China-Evergrande issue). But at the same time, PayPal is now making cryptocurrency available in a number of additional countries such as the United Kingdom. So this will result in an overall increase. Anyway, I expect a big jump in volumes only when the exchange rates go up. Many of those who purchased BTC using PayPal are new users, and they may be doing panic selling at this point.

It said PayPal Holdings Inc joined the cryptocurrency market, enabling customers to buy, sell, and store bitcoin and other virtual currencies using the online wallet of the US digital payments company.
PayPal customers will also be able to use cryptocurrency to shop at 26 million merchants in their network from early 202.

This post literally has no sense at all, what the hell are you talking about, you somewhat copy the OP of this thread and made some revisions.

Typical spammer. Copy paste post intended just to increase the post count.

[fillippone]

Huge news in the Paypal ecosystem:

PayPal Lets Users Transfer Bitcoin and Ethereum to External Wallets

"Starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges," the financial giant said in a statement.

This means that you aren't buying centralised, CFD-like tokens, but actual bitcoins (or shitcoins) that can be self-stored.

[Zlantann]

Paypal is one of the few firms that believe in the future of Bitcoin and I have so much respect for its CEO Dan Schulman. This firm is a great Bitcoin supporter that it doesn’t charge for transactions in Bitcoin . This feature that can aid the transfer of Bitcoin to non-custodial wallets has been expected by Paypal users since the firm launched its cryptocurrency services in 2020. This feature would no doubt increase the client of Paypal and promote the use of its Bitcoin service this is because this feature makes privacy and freedom easy to access.

[fillippone]

you can’t say the same about PayPal in general, because this company was not always loyal to bitcoin, and even more so did not always believe in its future .

Also, PayPal as a company is a merchant.
Like every other exchange on Earth, they don't need Bitcoin to be successful to profit out of it: they are buying and selling Bitcoins for you. As long as you keep trading with them, they are profiting from riskless fees.

[raidarksword]

Paypal is one of the biggest payment system in the world and having the adoption of bitcoin is a big achievement of bitcoin in past few years now. It means adoption is just the beginning for bitcoin's continues success in the crypto space. Even bearish market we have right now, the future of bitcoin is still exceptional.

[m2017]

Paypal is one of the few firms that believe in the future of Bitcoin and I have so much respect for its CEO Dan Schulman. This firm is a great Bitcoin supporter that it doesn’t charge for transactions in Bitcoin . This feature that can aid the transfer of Bitcoin to non-custodial wallets has been expected by Paypal users since the firm launched its cryptocurrency services in 2020. This feature would no doubt increase the client of Paypal and promote the use of its Bitcoin service this is because this feature makes privacy and freedom easy to access.

Like any commercial company, Paypal associates itself with Bitcoin for one reason only - it's profit. Otherwise, they wouldn't even come close to bitcoin. I wouldn't blindly believe words like "Paypal is one of the few firms that believe in the future of Bitcoin" as any company's belief in something immediately stops as soon as it stops making a profit. Nothing personal, mate, it's business. Idealism is a good thing, but sometimes it would not hurt to take a sober look at situations.

[Semar Mesem]

PayPal certainly sees great potential when it comes to accepting bitcoin and cryptocurrencies, especially at this time the volume of PayPal transactions continues to decline because many users choose cryptocurrencies for transactions, and the thing to watch out for from PayPal is verification which is still difficult for those who don't have a credit card.

[fillippone]

Of course I can’t see how this move would benefit anyone but PayPal.
I don’t see it as a big change in the possibility of having more people in the on-ramp given by PayPal.

The only change, actually I think is a big one, is on the corporate side of this.
PayPal allowing users to transact real digital tokens means their procedures on KYC/AML, accounting, regulatory are mature enough to allow them (PayPal) to deal with those topics with a relatively low risk.
This is yet another example of institutional adoption of Bitcoin.

[doomloop]

PayPal certainly sees great potential when it comes to accepting bitcoin and cryptocurrencies, especially at this time the volume of PayPal transactions continues to decline because many users choose cryptocurrencies for transactions, and the thing to watch out for from PayPal is verification which is still difficult for those who don't have a credit card.

They are aware that cryptos are starting to get popular so they will collaborate with it to get a piece of this popularity. What a smart move there by paypal. They will do everything just to keep their dying company alive. The reason why many people can go crypto over paypal is because it wasn't strict and less hassle to use.

For verifying paypal. This was difficult on the past where the only way to get a credit card is by applying it the traditional way but nowadays anyone can get a credit card online and there is no need to wait for a long time or fill up many forms but still its too late to use paypal since we already have cryptos that works much better.

[oHnK]

PayPal allowing users to transact real digital tokens means their procedures on KYC/AML, accounting, regulatory are mature enough to allow them (PayPal) to deal with those topics with a relatively low risk.
This is yet another example of institutional adoption of Bitcoin.

Their business is one of a sunset industry if they can't improve their business strategy, why I say its sunset industry because there are many e-wallet or payment gateway which provide an easiness for their users. Crypto is a new invention in financial industry which give us freedom for our trancations without any country limitation or anything else, as long as user enter the market, wherever we are, wa can get the access. This is one of my view, the main reason why they have to upgrade. Although their new strategy can't give much effect for the market at least their company keep exist with new transformation.

[Wong Gendheng]

A good step to increase the number of users is to receive cryptocurrencies, moreover Paypal is a strong payment platform and has a lot of relationships with banks around the world, they see the rapid development of users Leaving Paypal.