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 cryptocurrency 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 enhance the utility of cryptocurrencies by expanding functionality for millions of merchants across the United States.
PayPal’s Continued Commitment to Cryptocurrency Innovation
PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, Jose Fernandez da Ponte, emphasized that feedback from users had been instrumental in shaping this new feature. “Since we introduced the ability for consumers to buy, sell, and hold cryptocurrency on PayPal and Venmo, we’ve gained valuable insights into how they prefer to use their cryptocurrency,” Fernandez da Ponte said. “Business owners have shown a 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 cryptocurrency within their PayPal accounts, PayPal is also enabling U.S. merchants to transfer cryptocurrency externally. Businesses can now send and receive supported cryptocurrencies on-chain, interacting with third-party wallets via their PayPal business accounts.
PayPal has steadily increased its involvement in the cryptocurrency space. Back in 2020, the company introduced the option for customers to buy, hold, and sell cryptocurrency using their PayPal and Venmo accounts. Then in 2023, PayPal launched its own U.S. dollar-pegged stablecoin, PayPal USD (PYUSD). More recently, in April 2024, PayPal made PYUSD usable as a funding option for its Xoom platform, enabling users to send money abroad without transaction fees when using PYUSD. Furthermore, PayPal has made PYUSD available on the Solana blockchain, offering users 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 chartered limited purpose trust company that is licensed by the New York State Department of Financial Services to conduct Virtual Currency Business Activity. The stablecoin is fully backed by U.S. dollar reserves, which include deposits, U.S. Treasuries, 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 enables business accounts to buy, hold and sell #Bitcoin and crypto. pic.twitter.com/mIujzhrtiF
— Bitcoin Magazine (@BitcoinMagazine) September 25, 2024
Pepe Unchained: A Promising Presale Project With Layer 2 Advancements
Pepe Unchained, launched in June 2024, leverages advanced Layer 2 technology, offering notable improvements over traditional Ethereum-based initiatives. With its strategic focus on Layer 2 scaling solutions, the project aims to resolve issues such as slow transaction speeds, high fees, and network congestion, delivering transaction processing speeds up to 100 times faster than Ethereum. The Pepe theme, which has recently gained significant attention and reached an all-time high, further adds to the project’s appeal.
A key feature of Pepe Unchained is its near-instant transaction finality, allowing traders to execute orders quickly without delays or the risk of failed transactions. This ensures that users can efficiently 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, enhancing the overall user experience.
In terms of its positioning, Pepe Unchained embraces its meme coin origins while also aiming to be forward-thinking. The project has gained momentum not only due to its technical innovations but also because of its presale, which offers a staking annual percentage yield (APY) that appeals to early investors. This staking feature provides participants with incentives to join early, demonstrating confidence in the long-term success of the project.
The community support behind Pepe Unchained is robust, with widespread endorsements from social media and the larger crypto community. At the time of this writing, the PEPU token is priced at $0.008, with plans for a price increase after each presale stage. The tiered presale structure encourages early involvement, while the project’s seamless bridging capabilities between Ethereum and the Pepe Chain highlight its cross-chain potential, possibly leading to more extensive liquidity and broader interaction between blockchain networks.
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