Cryptocurrency
Paypal to offer Cryptos by early 2021
This offering was made possible through a partnership with Paxos Trust Company
PayPal Holdings, Inc. on Tuesday announced it will be providing its users the opportunity to buy, hold and sell cryptos directly from their PayPal account by early next year.
It also hinted at a strategy to significantly boost its crypto’s utility capability by making it readily available as a funding source for purchases at its 28 million clients globally.
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In a press statement seen by Nairametrics, Dan Schulman, president, and CEO, PayPal, gave key insights on why the global payment company was going crypto; “The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of ;
- financial inclusion and access,
- efficiency
- speed
- resilience of the payments system
- and the ability for governments to disburse funds to citizens quickly.”
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“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption, and inter-operability of these new instruments of exchange,” he said.
Furthermore, he said, “We are eager to work with central banks and regulators around the world to offer our support and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.”
This offering was made possible through a partnership with Paxos Trust Company, a regulated provider of crypto services and products.
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PayPal was also granted a conditional Bitlicense by the New York State Department of Financial Services (NYDFS), In a statement credited to Linda A. Lacewell, superintendent, NYDFS, she said; “NYDFS’ approval today follows our June 2020 announcement for a new framework for a conditional Bitlicense to encourage, promote, and assist interested institutions to have a well-regulated way to access the New York virtual currency marketplace in a way that is both timely and protective of New York consumers, through partnerships with New York authorized virtual currency firms.”
She continued, “NYDFS will continue to encourage and support financial service providers to operate, grow, remain and expand in New York and work with innovators to enable them to germinate and test their ideas, for a dynamic and forward-looking financial services sector, especially as we work to build New York back better in the midst of this pandemic.”
Cryptocurrency
XRP surges by 150% in 7 days as Ripple posts early victories against SEC
This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.
Cryptocurrency
Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500
The global crypto market value at press time stood at $2.05 trillion, a 3.85% increase over the last day.
The flagship crypto is recording a significant buying spree as Bitcoin bounced above the $60,500 price level once again.
The global crypto market value at press time stood at $2.05 trillion, a 3.85% increase over the last day, with Bitcoin having a market value of $1.123 trillion and a circulating supply of 18,678,481 BTCs
Bitcoin’s price is currently $60,638.55.
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Bitcoin’s dominance is currently 55.36%, an increase of 0.21% over the day.
Investors are moving their funds to Bitcoin after an avalanche of COVID-19 stimulus shocked the crypto market since last year amid fears of rising fiat inflated currencies coupled with leading business brands adding more buying pressures on Bitcoin with BNY Mellon, America’s oldest bank giving its approval on the new digital gold as it makes a debut into mainstream investment assets.
Consequently, MicroStrategy now has 91,579 BTCs worth about $5.54 billion while Tesla holds 32,608 BTCs, hinting that more global business brands may take such route to hold the most popular crypto as a treasury tool amid concerns that just 21 million BTCs will ever exist with about 4 million BTCs already lost forever.
READ: Less than 4 million Bitcoins available for buying
Recent price action suggests that bitcoin bulls are holding on tight as they built strong support around the $58K area.
Strong #Bitcoin support building around this $58K area. pic.twitter.com/dFp1E7aOOT
— Yann & Jan (@Negentropic_) April 8, 2021
READ: XRP posts a big bang, as legal tussle with SEC lingers
That being said, crypto pundits argue that bitcoin still faces strong headwinds in the coming months amid growing regulatory concerns. There is also the bias that its high volatility is making it challenging for some traditional investors to come on board and its massive electrical consumption via the blockchain has also put it at odds with many environmentalists.
