On September 25, 2024, PayPal Holdings, Inc. (NASDAQ: PYPL) announced that it will now allow U.S. business account holders to buy, hold and sell cryptocurrencies directly from their PayPal accounts. However, this feature will not initially be available to businesses located in New York State. This development is part of PayPal’s ongoing efforts to improve the utility of cryptocurrencies by expanding functionality for millions of merchants across the United States.
PayPal’s continued commitment to cryptocurrency innovation
Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrencies and Digital Currencies at PayPal, noted that user feedback was instrumental in developing this new feature. “Since we introduced the ability for consumers to buy, sell and hold cryptocurrencies on PayPal and Venmo, we have gained valuable insights into how they prefer to use their cryptocurrency,” Fernandez da Ponte said. “Business owners have shown growing interest in the same cryptocurrency options available to consumers, and we are pleased to offer this service to meet that demand, making it easier for them to interact with digital currencies .”
In addition to offering businesses the ability to manage cryptocurrencies within their PayPal accounts, PayPal also allows U.S. merchants to transfer cryptocurrencies externally. Businesses can now send and receive supported cryptocurrencies on-chain, interacting with third-party wallets through their PayPal business accounts.
PayPal has gradually increased its involvement in the cryptocurrency space. In 2020, the company introduced the ability for customers to buy, hold and sell cryptocurrencies using their PayPal and Venmo accounts. Then, in 2023, PayPal launched its own US dollar-pegged stablecoin, PayPal USD (PYUSD). Most recently, in April 2024, PayPal made PYUSD usable as a funding option for its Xoom platform, allowing users to send money abroad with no transaction fees when using PYUSD. Additionally, PayPal made PYUSD available on the Solana blockchain, providing users with flexibility by allowing them to choose between multiple blockchains for their transactions.
Understanding PayPal USD (PYUSD)
PayPal USD is a stablecoin issued by Paxos Trust Company, a limited purpose trust company licensed by the New York State Department of Financial Services to conduct business in virtual currency. The stablecoin is entirely backed by US dollar reserves, which include deposits, US Treasury bills and similar cash equivalents. PayPal USD maintains a fixed value of $1.00 per unit and is available for purchase and sale through PayPal and Venmo.
JUST IN: PayPal now allows business accounts to buy, hold and sell #Bitcoin and crypto. pic.twitter.com/mIujzhrtiF
– Bitcoin Magazine (@BitcoinMagazine) September 25, 2024
Pepe Unchained: a promising pre-sale project with layer 2 advances
Pepe Unchained, launching in June 2024, leverages advanced Layer 2 technology, offering notable improvements over traditional Ethereum-based initiatives. With a strategic focus on Layer 2 scaling solutions, the project aims to address issues such as slow transactions, high fees, and network congestion, delivering transaction processing speeds of up to 100 times faster than Ethereum. Further adding to the project’s appeal is the Pepe theme, which has recently attracted considerable attention and reached an all-time high.
A key feature of Pepe Unchained is near-instant trade finality, allowing traders to execute orders quickly without delays or risk of trade failure. This ensures that users can effectively seize market opportunities. In addition to its transaction speed, the project also introduces a dedicated block explorer to improve transparency. This tool allows users to track their transactions effortlessly, thereby improving the overall user experience.
In terms of positioning, Pepe Unchained embraces its coin-op origins while also aiming to be fashion-forward. The project has gained momentum not only thanks to its technical innovations, but also thanks to its pre-sale, which offers an annual percentage yield (APY) that attracts early investors. This staking feature incentivizes participants to join quickly, demonstrating their confidence in the long-term success of the project.
The community support behind Pepe Unchained is strong, with widespread support from social media and the crypto community as a whole. At the time of writing, the PEPU token price is $0.008, with an expected price increase after each presale stage. The tiered pre-sale structure encourages early involvement, while the project’s seamless transition capabilities between Ethereum and the Pepe Chain highlight its cross-chain potential, eventually leading to wider liquidity and broader interaction between blockchain networks.
Visit the Pepe Unchained presale
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