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PayPal Sees $242 Million In Crypto Trading Volumes As Retail Interest Spikes

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Paypal’s cryptocurrency transaction trading volume just hit a new all-time high of a whopping $242 million. Interestingly, this coincided with Bitcoin’s short-lived but biggest dip of the year so far all the way to $30.5K in a weekend dump. As noted by many industry experts, the dip was crucial and healthy which strengthened the said level as a crucial support threshold for the crypto-asset’s price in the coming days.

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PayPal’s Record-breaking Numbers Imply Retail Adoption?

The payment giant’s surge to the record level essentially signaled the arrival of the retail players in the market who were left out in the bull run that was mainly led by the institutional investors.

The latest plunge thus gave the retail investors yet another chance to stack Bitcoins who rushed PayPal to join the bandwagon. According to the stats, Bitcoin continued to remain the leader, whereas Ethereum followed suit and was the second choice by retail.

A similar sentiment was noted by the popular crypto trader, Alex Saunders who tweeted,

“Retail has arrived. PayPal cleared $242M in crypto sales yesterday. That’s nearly double the previous record.”

The figure was accessed through Paxos’ itBit exchange which PayPal uses to source liquidity. PayPal selected the platform to handle its crypto transactions upon launching digital asset trading services back in October 2020.

Thanks to the ongoing bull run, the crypto business has been booming to levels not seen in a long time. Prior to the current volume, the previous high for the exchange was found to be at $128 million volume on the 6th of January.

PayPal announced the launch of crypto service last year after witnessing the demand for the sector heating up among the traditional finance circles. It is important to note that this development was seen as an important event for the ecosystem which woke Bitcoin, and the cryptocurrency market by extension, from a deep slumber of price inaction.

Several well-known proponent had gone on to remark that the phase potentially bolstered the first stage of the 2020 bull run. The American fintech player’s crypto business had recently noted that it would further plan to let customers leverage cryptocurrencies to pay for items from its network of a massive 26 million retailers.

PayPal’s Crypto Venture To Spruce Up The Utility Of Cryptocurrencies, Suggests CEO Schulman

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The crypto industry witnessed several mainstream companies like Facebook, PayPal, and many more veering into it. This trend will undoubtedly prolong following the market cap and the value of the crypto market. With its latest support for the crypto sphere, PayPal did turn a lot of heads and appearing in a recent interview, PayPal’s CEO, Dan Schulman went on to shed light on the company’s latest move.

Digital Currency Heading Towards Mainstream Adoption

Mid-September, rumors around the payments giant, PayPal incorporating crypto into the fold was out and about. This was shortly followed by an official announcement by the company itself. PayPal’s interest in crypto spruced by the price of Bitcoin and several other coins as it pushed the king coin’s price beyond its high in the last two years. Addressing their grand entry into the crypto universe, Dan Schulman, the chief executive officer of the payments giant opened up about the rising demand for digital currencies.

Schulman pointed out that the use of cash has witnessed a radical slump, especially during the pandemic. Diving into the data, he revealed that 40% to 70% of PayPal’s consumers have almost no interest in employing cash. While the crypto industry especially Bitcoin is often related to the dark web and is often questioned of its inherent value, Schulman said,

“All forms of money are based on trust and set values that come from that trust.”

With governments across the globe prepping to roll out their CBDCs, Schulman thinks that it’s only a matter of time before they do so. However, he also suggested that the world would witness increased utility taking place with cryptocurrency. Schulman also revealed that PayPal had sought advice from central banks as well as regulations from across the globe before steering into the crypto market.

With its most recent entry into the corridors of the US, the payments giant purchased almost 70% of all the newly mined Bitcoin that was in circulation. Revealing PayPal’s plans for the coming year, Schulman added,

“One of the things that we allowed is not just making it easy to buy, sell and hold cryptocurrencies, but very importantly, early next year, we’re going to allow cryptocurrencies to be a funding source for any transaction happening on all 28 million of our merchants. And that will significantly bolster the utility of cryptocurrencies.”

Bitcoin continues to rise even after PayPal’s recent purchase. The king coin was seen settling down at $18,638.96 with a 9.71% surge over the last seven days.

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Paypal Veers Into Crypto-Verse By Opening Its Doors For US Users

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Crypto has been gaining a lot of traction across the globe. With its value skyrocketing, platforms like Paypal have been venturing into the industry. The American online payments company created an uproar after it recently announced the launch of its latest service that allows users to engage in crypto. The latest news from the payments giant pointed out that it was making great progress in the US.

PayPal Ventures Into The United States

Back in October, Paypal made an announcement that stirred the entire crypto community. Following the surge in the demand for crypto during the pandemic, the payments giant decided to enable its support for digital assets. More recently, accountholders in the United States were given a thumbs up from the platform to buy, hold as well as trade crypto.

The payments giant said,

‘We are pleased to announce that all eligible PayPal accountholders in the U.S. can now buy, hold and sell cryptocurrency directly with PayPal.”

Paypal decided to pull the plug on the waitlist and allowed its customers in the US to buy, sell, and hold crypto with their Paypal accounts immediately without having to wait for an open spot. The payments platform affirmed that its users would be alerted of the latest update via mail as well as push notifications.

Paypal’s association with crypto goes a long way. It wasn’t long ago that a rumor with regard to the payments company’s partnership with BitGo surfed the crypto markets. While several portals revealed that Paypal intended to acquire BitGo as part of its latest inclination towards crypto, updates about the same remain uncertain. The President and CEO of Paypal, Dan Schulman had previously revealed why the platform was veering into the world of crypto. He said,

“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly.”

Paypal could definitely stimulate the mass adoption of crypto considering its 26 million merchants all around the globe. The platform’s latest venture could pose beneficial to the crypto community.

BitGo Bruited To Be Acquired By PayPal; Bitcoin Prolongs Its Uptrend

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The crypto industry has evolved in terms of both value as well as popularity. With several deeming the industry as a promising investment platform, prominent companies from across the globe have been building connections in the crypto world. While PayPal has already made multiple connections in the crypto-verse a rumor surfacing a new partnership has come to light.

PayPal Intends To Acquire Several Crypto Firms

Online payments giant, PayPal has revealed its plan of buying numerous cryptocurrency firms. A recent report highlighted that the American company is looking to embrace crypto assets and BitGo, a crypto custodian is reportedly one of the many platforms that PayPal aims to acquire. Both PayPal, as well as BitGo, have been in talks, the report read. The source that revealed the aforementioned information to Bloomberg also proposed that nothing was finalized and the “talks” could dismantle if PayPal decided to buy another platform.

While details pertaining to this uncertain deal is still under wraps, the crypto industry would get a boost with this latest partnership. The crypto community was still processing the entry of PayPal into the cryptocurrency market and the latest news acted as a cherry on top.

On 21 October 2020, PayPal revealed that its customers could be engaging in all trading activities like buying, selling, and holding several crypto assets including Bitcoin [BTC], Ether [ETH], Bitcoin Cash [BCH] as well as Litecoin [LTC]. Along with this, the online payments giant also pointed out that users could use the above-mentioned assets to purchase anything from the 26 million merchants that PayPal hoards.

This news undoubtedly steered attention to the crypto-verse and ignited a significant surge in the price of almost every crypto asset. While Bitcoin’s price was trying hard to move beyond $12K, the latest news came as a much-required stimulation for the king coin. Ever since July 2019, Bitcoin pushed past $12K as it hit a high of $13,151.90.

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At the time of writing, Bitcoin was trading at $12,953.76 and had witnessed a surge of about 14.35%. Even though several other altcoins garnered immense gains, Bitcoin prolonged its dominance by 60.8%.

Bitcoin’s Tryst Above $13,000 Reminiscent of 2017 Bull Frenzy; Not a Bubble Anymore

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After a long period of stagnancy and sluggish price action, Bitcoin finally climbed up to a price of $13,184 on the 22nd of October. This level was last seen on the 10th of July 2019.

So why the investors abruptly saw fresh reasons for the world’s largest cryptocurrency’s price movement? It was the announcement by PayPal of the launch of a new service enabling its customers to buy, hold, and sell Bitcoin, Ethereum, Bitcoin Cash, and Litecoin directly within the PayPal digital wallet.

Apart from the Black Thursday debacle, Bitcoin has remained unfazed by most of the negative news that has emerged in recent times, be it, the Kucoin hack, or the Bitfinex fiasco. It has even managed to recapture the market after a rather short stint of altcoin decoupling.

The latest PayPal development, on the other hand, is the biggest news of the year in the crypto industry. The online payments company’s announcement adding crypto was a huge milestone on the path to the mainstream adoption of cryptocurrencies.

Additionally, according to the crypto-analytic platform, Santiment, Bitcoin’s 15-month price high came immediately after the largest total exchange outflow of Bitcoin occurred on October 18th since April 29th, nearly a 6-month high for a very reliable bullish indicator, the tweet read.

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The massive outflow of demonstrated a strong bullish trend among the investors in the coin market. Its clear that the bullish momentum has been picking up as capital from large corporations flowed into the market. Several companies such as Square, MicroStrategy, and Stone Ridge had recently revealed Bitcoin treasury investments, further legitimizing Bitcoin’s appeal as a store-of-value asset.

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Taking a closer look at the derivatives sector as well, calls, or bullish bets, appeared to be extracting higher values than puts, which are bearish bets. This was a potential sign of market participants positioning for a price rally. This also coincided with yet another development. According to the latest charts, the one-month skew declined significantly on the same day to levels not seen since the first week of August, thus projecting a major bullish mood after more than two months.

Payments Giant PayPal Probes Incorporation Of Crypto Into The Fold

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Several mainstream companies have been looking at the prospects of cryptocurrencies and have been venturing into the industry. While the social media giant, Facebook’s Libra project has been a great example of the same, several other platforms have been making use of the existing currencies. PayPal is reportedly the latest company to delve into the acceptance of crypto.

PayPal Steers Towards Crypto

Appearing on CNBC’s Squawk Box, Sandi Bragar, the Managing Director at Aspiriant hinted that online payments company, PayPal was working on incorporating crypto into their platform. The COVID-19 pandemic has put the entire globe in shackles, however, the virus hasn’t restrained individuals from engaging in activities pertaining to e-commerce. Bragar pointed out that this cycle would prolong even after the pandemic and PayPal has been evidently been at the forefront of e-commerce and digital payments.

Revealing details regarding PayPal and its interest in crypto, Bragar further added,

“We also like that PayPal is working with merchants to bring crypto into the fold, and we think that’s gonna be really important as cryptocurrencies become more mainstream in the years ahead.”

While Bragar did not provide any further details about PayPal working with its merchants to incorporate crypto, the payments platform isn’t a new name to the crypto-verse. PayPal made news back in June, as rumors pertaining to the platform launching a crypto-centric trading service surfaced the internet. However, a recent letter that the company presented before the European Commission highlighted that PayPal intends to carry forward its presence in the crypto-verse by aiding regulations. The letter further read,

“Of particular interest for us is how these technologies and crypto-assets can be utilized to
achieve greater financial inclusion and help reduce/eliminate some of the pain points that exist today in financial services.”

PayPal has already established its support for the crypto-verse as it provides payment services to cryptocurrency exchanges like Local Bitcoins, Coinbase as well as Paxful.

Additionally, PayPal’s latest move could prove beneficial to the crypto industry as the company hoards a user base of 325 million.

PayPal Seeking Crypto Engineers Amid Alleged BTC Consolidation 

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PayPal is looking to hire experts in blockchain and cryptography, as the word in the streets is that the international payment system seeks to integrate direct crypto purchases into its more than 300 million users. The roles of the open positions can be accessed publicly through the job board of the firm.

The most exciting opening is a job titled Technical Lead – Crypto Engineer.” The job listing outlines that the candidate will oversee “new initiatives for PayPal global with a focus on agility, time-to-market, and innovation. The role includes designing, developing, and maintaining key crypto products/features targeted towards availability, performance, and scalability of PayPal services.”

The next opening will be for a blockchain research engineer who will perform his duties with PayPal’s research team. These job openings are live on the job boards of the platform. At the same time, the cryptocurrency community is thrilled by the rumors that PayPal is finally set to give in and join the cryptocurrency industry.

The requirements for the position outlines several skills that converge with the development of Bitcoin. Some of the outlined skills include experience with C++, asymmetric cryptography, and cryptographic libraries. Bitcoin consolidation with PayPal might be imminent. 

PayPal crypto integration rumors

According to a report by Coindesk, PayPal is planning to launch direct crypto sales to its over 300 million users. In the meantime, PayPal can only be used as a means to withdraw funds from crypto platforms such as Coinbase. Launching direct cryptocurrency sales will be the first of its kind for the global fintech company.

Although PayPal refused to disclose further information on the plan. Moreover, one of the well-placed sources noted that it is not clear how many digital currencies the platform will support. Another source claimed that the buying and selling of cryptos could be launched on the payment platform within the next three months.

Celo Begins its Ramp Up as Support Pours in from Paypal, a16z and Winklevoss Capital for ‘Blockchain Startup Camp’

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Blockchain technology has gone from being part of a niche industry to being used by many large corporations around the globe. The increase in use and acceptance was a direct result of several awareness programs as well as the support from the industry’s major players.

On April 22, it was revealed that multiple organizations including PayPal, Winklevoss Capital, and Andreesen Horowitz were pitching in to support Celo to conduct an 8-week blockchain camp. The aim of the camp is to discover blockchain startups that can make a mark in the industry with the winners set to receive $30,000 in prize money.

The Celo Foundation first came into the limelight when it announced itself as the competitor to Facebook’s now troubled Libra. Celo is set to team up with Upright, a virtual events platform to host 18 blockchain startups that will vie for the coveted winner position. Companies like Andreesen Horowitz and Polychain will act as mentors to the selected startups to help them achieve their goals in a sustainable manner.

Alon Shavit, the co-founder of Upright had stated recently:

“Mentors will provide guidance to the teams. In some cases, that guidance will be technical, while in others it will be focused on go-to market strategy. A mentor-matching process is used to understand a mentor’s areas of interest, including specific use cases or geographies and a team’s needs.”

The Celo Camp is an independent initiative run by entrepreneurs with a passion for seeing the world adopt digital currencies. The camp commenced on April 20 and will run till June 15. All the selected teams will receive custom guidance on their technology and business strategy to help and grow their product.

Sources from Celo revealed that Ben Perszyk from Polychain, Alex Pruden from Andreesen Horowitz, Efrat Katz from Paypal, and Jane Lippencott from Winklevoss Capital will act as the guidance support for the competitors. The startup coming out on top will receive $10,000 and a chance to meet with Celo in either Brazil, San Fransisco, or Argentina.

One of the biggest takeaways from the camp was that there was a massive innovation sector brewing in Latin America, according to Shavit. These startups were tapping into blockchain and decentralized technology to provide real-world solutions. The camp has gained massive popularity because the participant list includes companies from all across the globe.

The ongoing camp is set to boost Celo’s reputation in the blockchain and cryptocurrency space. This will be especially helpful in its bid to outdo Facebook’s Libra and Calibra. Celo can probably take heart from the fact that many former members of the Libra Association were now part of its own Celo Alliance.

 

The US Federal Government has Approved Fitechs PayPal, Intuit QuickBooks, to Hand out Funds to Small Businesses Under the Covid 19 Program.

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Fintech companies PayPal and Intuit QuickBooks on Friday announced that the Small Business Administration approved their participation in the Paycheck Protection Program, as reported by CNBC. PayPal and Intuit are among the first non-bank, fintech companies to be certified for the emergency lending program for the Small Business Association.

“This is a race to save jobs in the present and for the future,” PayPal CEO Dan Schulman said in a press release. “We are eager to deploy our capital and expertise to do our part in helping small businesses survive this challenging period.”

In addition to acting as a direct lender, Intuit QuickBooks said:” it would process payroll information, which small businesses need to provide to lenders in order to get approved.”

As reported by CNBC, PayPal has provided access to more than 900,000 loans and cash advances and access to more than $15 billion in funding to more than 305,000 small businesses

The closures and safety steps mandated to control the spread of coronavirus (COVID-19) have affected small businesses severely. Many Small Businesses are forced to close down, and now owners are struggling to get the cash to survive the crisis.

With the Paycheck Protection Program, which was included in the Coronavirus Aid, Relief and Economic Security (CARES) Act passed on 27 March, the US federal government is helping small businesses.

The government’s $349 billion Paycheck Protection Program is forgivable loans aimed at keeping businesses paying employees and covering other company expenses during the COVID-19 crisis.

The U.S. Small Business Administration (SBA) will offer loans to qualifying businesses of up to $10 million, and lenders including banks and credit unions will provide loans. All businesses can apply with 500 or less workers – including non-profits, veteran organisations, tribal business concerns, sole proprietorships, self-employed individuals and independent contractors. Businesses in some industries may hire more than 500 workers if they follow the applicable SBA workforce size requirements for those industries

The aim of these loans is to keep workers employed during the pandemic, and you can check here for more details of the program.

PayPal CTO Admits Use Cases Will Pave The Way For Cryptocurrency Adoption

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The adoption of cryptocurrency has been a major topic of discussion in the financial market and the factors that affect it have repeatedly been analyzed. The industry was also conducive to the point made by officials, and that was exactly what happened on Monday.

Just recently, Sri Shivanada, the Chief Technology Officer of Paypal talked about how crypto use cases need to be developed so that there is widespread adoption across the globe.

PayPal CTO Shivananda spoke at the latest Economic Times Global Business Summit 2020 where he said that the cryptocurrency industry is truly at the forefront of cutting-edge technology. According to him, the future was bright in terms of financial developments, but for cryptocurrencies to be considered fully legitimate, some tests had to be carried out.

He believed that cryptocurrencies need to overcome their name tag of ‘speculative’ and instead prove to everyone that it can compete on level playing fields. The PayPal official was one of many who sided with the rise of cryptos and even said the positive turn will occur soon. Shivananda continued:

“The developments will urge crypto-related businesses to become more user-centric and develop products that benefit the users. I believe that digitization of currencies is, in fact, not a matter or not it will take place but when it will take place. And that’s when it will necessitate participation from all industry players, regulatory authorities, and the government.”

Shivananda even talked about how cryptocurrency companies can take inspiration from India’s Unified Payment Interface [UPI]. The UPI is a unique real-time payment system that facilitates interbank as well as person-to-person payment transactions.

He said that the National Payment Corp of India was an “inspiration-worthy” model for cryptocurrency to grow in developing regions like India. Many proponents have admitted that the concept of UPI was extraordinary and that its teachings could be applied across the globe.

PayPal has been an active player in the cryptocurrency industry for a long time and had made a splash when it pulled out of Facebook’s Libra Association. This decision came after regulators pointed out anomalies within the Libra framework. The Elon Musk co-founded company stopped all participation in the project and reaffirmed that they will not contribute anything to the Libra project.

PayPal was part of a roster that included MasterCard and Visa, both of which pulled out at later stages. The European Union was quoted as saying that Libra’s plans would have massive ramifications on the financial world. During the latest summit, Shivananda explained that the initial partnership with Libra was done on the basis of serving underserved regions of the world.

The comments made by the PayPal CTO Shivananda came a few days after the Supreme Court of India shot down the crypto ban established in 2018. The ban was raised by the Reserve Bank of India [RBI] initially because the central bank was fearful of the scams that originated from the digital asset industry. Now that the ban has been lifted, officials such as Shivananda can openly cite plans for organizations to adopt cryptocurrencies.