PayPal finally allows digital currency transfers to an external wallet

PayPal Logo

PayPal is finally allowing users to transfer digital currencies to an external wallet or exchange, nearly two years after the payments giant first opened up to cryptocurrency.

The feature is currently available to select users in the United States with plans to expand to the entire country in the coming weeks. It will initially support Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

It comes at a time when other large fintechs have been making similar shifts in strategy...

8 June 2022 | Cryptocurrency

PayPal forms advisory council of leading experts on blockchain and crypto

PayPal Logo

Payments giant PayPal has formed a cross-disciplinary team of industry experts as part of its new advisory council on blockchain, crypto, and digital currencies.

The move comes as part of the company’s ambitions to lead the way towards a more affordable and efficient digital financial system through blockchain technologies.

Made up of six experts from across the cryptocurrency, technology, and economics industries, the Blockchain, Crypto, and Digital Currencies (BCDC)...

9 February 2022 | Cryptocurrency

PayPal is exploring its own stablecoin

PayPal Office, Dublin

PayPal has confirmed it is exploring its own stablecoin after code and logos relating to a “PayPal Coin” were discovered in the company’s iPhone app.

Jose Fernandez da Ponte, senior vice president of crypto and digital currencies at PayPal, told Bloomberg, “We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators.”

Hidden code and images of a possible currency symbol show work is underway on...

10 January 2022 | Cryptocurrency

Bitcoin processes $187bn more in transactions per quarter than PayPal

Canary Wharf, London

The Bitcoin (BTC) network is now processing more volume in terms of transactions than payments platform PayPal, according to blockchain analysis firm Blockdata.

Looking at average transaction volumes, Blockdata says that the Bitcoin network outshone PayPal by $187 billion (£140.4bn) per quarter this year. An impressive overtake for a payments system twelve years younger than PayPal.

Blockdata reported that: “The Bitcoin network processed an estimated average of $489...

1 December 2021 | Banking

MoonPay: the ‘PayPal for crypto’ raises $555m in first ever funding round

To the Moon

MoonPay, a start-up that lets users buy cryptocurrency through conventional payment methods like credit cards, has raised just over half a billion dollars in its first ever funding round.

The whopping $555 million (£414.7m) comes off the back of record funding for blockchain start-ups this year. Just last week, the Winklevoss twins’ crypto exchange Gemini raised $400 million whilst Ethereum co-founder Joseph Lubin’s ConsenSys landed $200 million.

Led by Tiger Global...

23 November 2021 | Decentralised Finance (DeFi)

PayPal scraps annual purchase limit of cryptocurrency

PayPal Office, Dublin

PayPal has announced its annual purchase limit of $50,000 (£36,500) for Bitcoin and other digital assets is being removed.

Similarly, the platform’s weekly purchase limit is being raised fivefold from $20,000 (£14,500) to $100,000 (£73,000).

Jose Fernandez da Ponte, PayPal’s vice president of blockchain, crypto and digital currencies said: “These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our...

19 July 2021 | Bitcoin