1. BITBILIHome
  2. Article

Crypto.com to list PayPal USD

• 41 views

TL;DR Breakdown

  • PayPal introduced the PYUSD stablecoin, leading to listings on crypto exchanges like Crypto.com.
  • PYUSD, backed by U.S. dollars, aims to enable efficient transfers but faces concerns over backing and fees.
  • PayPal suspended UK customers’ crypto purchases to comply with new regulations while existing holdings remain accessible.

Description

PayPal payment company made waves by becoming the first major player in fintech to introduce the PYUSD stablecoin. As a result of the buzz surrounding it, many crypto exchanges are adding the stablecoin to their platform. The latest on the list is Crypto.com. The platform has decided to be part of the early listing of … Read more

PayPal payment company made waves by becoming the first major player in fintech to introduce the PYUSD stablecoin. As a result of the buzz surrounding it, many crypto exchanges are adding the stablecoin to their platform.

The latest on the list is Crypto.com. The platform has decided to be part of the early listing of the stablecoin. The crypto platform announced today that it will list PayPal USD (PYUSD) on its platform. According to the announcement, deposits of PYUSD have been enabled, with trading coming soon, thus, joining the list of 250+ supported cryptocurrencies and stablecoins on the crypto exchange. 

However, since the announcement, Crypto.com’s wallet shows interaction with the PYUSD contract. At the moment, the contract and the Paxos Treasury hold about 99 percent of the total supply, with the remainder used in test transactions. As of the time of writing, there are 42 holders and a total of 242 transfers. 

PayPal USD stablecoin, backed by U.S. dollar deposits, is an ERC-20 token issued by Paxos  Trust Company on the Ethereum blockchain network. The coin’s use cases include enabling fast and efficient money transfers. It is also programmable and created to link traditional finance and Web3. 

BitMart and ByBit are also part of the crypto exchanges that have recently listed PayPal’s USD.

PayPal faces challenges 

Despite the buzz around PYUSD, There has been a lot of discussion among industry experts about PayPal USD (PYUSD) and its potential technical and efficiency issues. Some have raised concerns about the true backing of the US dollar and the high transaction fees associated with PYUSD. These concerns have led to doubts about PayPal’s ability to issue a stablecoin effectively.

Recently, the Financial Conduct Authority (FCA) in the UK implemented stricter rules for the cryptocurrency market. Due to these strict rules, PayPal announced it would temporarily suspend UK customers’ ability to purchase cryptocurrencies through its platform starting in October. The decision is intended to ensure compliance with the new rules governing crypto promotions. 

PayPal has stated that it is committed to collaborating closely with regulators worldwide to adhere to the relevant rules and regulations in the markets where it operates. The company reassured its customers in the UK that they would still be able to hold and sell their cryptocurrency holdings at any time.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Crypto.com to list PayPal USD

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月20日 00:07
Next 2023年8月20日 01:02

Related articles

  • OpenAI’s GPTBot takes on the web – what you need to know

    TL;DR Breakdown The tool’s primary function revolves around web crawling, a process wherein a bot, often referred to as a web spider, indexes website content across the vast expanse of the internet. This new web crawling endeavor follows OpenAI’s recent filing for a trademark application for “GPT-5,” the projected successor to the existing GPT-4 model. OpenAI’s founder and CEO, Sam Altman, cautioned that the firm is still a considerable distance away from commencing GPT-5 training.  Description OpenAI, a renowned artificial intelligence company, has recently introduced its latest tool, the “GPTBot,” designed for web crawling purposes, potentially paving the way for improvements in future iterations of its ChatGPT models. In a recent blog post, OpenAI announced the launch of the GPTBot, highlighting its potential to enhance forthcoming versions of ChatGPT. The tool’s … Read more OpenAI, a renowned artificial intelligence company, has recently introduced its latest tool, the “GPTBot,” designed for web crawling purposes, potentially paving the way for improvements in future iterations of its ChatGPT models. In a recent blog post, OpenAI announced the launch of the GPTBot, highlighting its…

    Article 2023年8月9日

  • Cryptocurrency lender Celsius’s bankruptcy plan faces creditor pushback

    TL;DR Breakdown   Celsius has made progress in relaunching operations by submitting an amended bankruptcy plan. The Fahrenheit consortium has won the bidding for Celsius’ assets. Creditor pushback is expected, with concerns raised over potential violations of consumer lending laws. Unexpectedly, cryptocurrency lender Celsius has made a significant stride forward in its efforts to relaunch operations by submitting an amended bankruptcy plan. Several high-profile investors, including Arrington Capital and US Bitcoin Corp., formed the Fahrenheit consortium and ultimately won the bidding for Celsius’ assets, reflected in the proposed strategy. With this result, NovaWulf could not take control of the corporation and its $2 billion in assets. The bankruptcy plan, submitted to the New York bankruptcy court in the early hours of Thursday, now awaits approval. However, creditor pushback seems inevitable, as some are already raising concerns. David Adler, a representative of borrowers from the McCarter & English law firm, took to Twitter to express his opposition to the proposed treatment outlined in the plan. Under the Plan, the Debtors have elected to treat the Retail Borrow Claims through the Set…

    Article 2023年6月18日

  • Christine Lagarde issues warning on enduring inflation risks owing to falling global economy

    TL;DR Breakdown Christine Lagarde, the leader of the European Central Bank, has cautioned about the potential enduring consequences of the recent global economic upheaval. Lagarde’s views align with Jay Powell’s, the chairman of the US central bank, who cautioned that the Fed still grapples with uncontrolled inflation. She further countered concerns about the German economy by stating that it was not in a state of disrepair, affirming that efforts were being made to address its issues. Description Christine Lagarde, the leader of the European Central Bank, has cautioned about the potential enduring consequences of the recent global economic upheaval, addressing the US Federal Reserve annual conference in Jackson Hole, Wyoming. She emphasized that this turbulence could result in a prolonged elevation of inflationary pressures beyond the typical levels, thus intricately complicating the … Read more Christine Lagarde, the leader of the European Central Bank, has cautioned about the potential enduring consequences of the recent global economic upheaval, addressing the US Federal Reserve annual conference in Jackson Hole, Wyoming. She emphasized that this turbulence could result in a prolonged elevation of…

    Article 2023年8月26日

  • Crypto-AI industry faces downturn with $1B lost in 90 days

    TL;DR Breakdown 74 crypto-AI digital currencies had a market worth of more than $4 billion three months ago. Since then, the AI-centric crypto market has lost more than $1 billion in value. In 3 months, the largest AI crypto by market cap, graph (GRT), lost 12.27%, while Singularitynet (AGIX) lost 8.25% against the U.S. dollar. Unlike traditional cryptocurrencies, AI crypto coins use machine learning algorithms and natural language processing to analyze market trends and run profits. Declining interest in crypto-AI indicates an industry decline as valuations fall. The steep fall in global search interest in crypto-AI reflects the sector’s shifting patterns. Leading AI-focused cryptocurrencies like Graph (GRT) and SingularityNET (AGIX) have recently seen major value declines. The crypto-AI market faces difficulties as market confidence and transaction volume decline. Contents hide 1 Crypto-AI global market interest drops sharply, reflecting changing trends 2 AI crypto coins: What are they? 3 Risks associated with crypto-AI 4 Are AI cryptocurrencies Safe? Crypto-AI global market interest drops sharply, reflecting changing trends Data from several sources suggest that interest in and valuation of crypto-AI initiatives are…

    Article 2023年6月1日

  • SWIFT’s CBDC test: Central banks join the fray

    TL;DR Breakdown Three more central banks have joined SWIFT’s digital currency (CBDC) project. Initial testing began in March with 18 financial giants, and over 5,000 transactions were conducted in 12 weeks. SWIFT’s engagement with CBDCs showcases its attempt to innovate amidst potential competition. Description The ever-evolving world of banking has been stirred once more. Three more central banks, in a move symbolizing adaptation to our digital age, have jumped aboard SWIFT’s digital currency project. Notably, this interbank messaging platform, which has long been the spine of the global banking network, is now steering into the uncharted waters of Central … Read more The ever-evolving world of banking has been stirred once more. Three more central banks, in a move symbolizing adaptation to our digital age, have jumped aboard SWIFT’s digital currency project. Notably, this interbank messaging platform, which has long been the spine of the global banking network, is now steering into the uncharted waters of Central Bank Digital Currencies (CBDCs). Central Banks Dive into the Sandbox The Hong Kong Monetary Authority, Kazakhstan’s apex bank, and another secretive central entity…

    Article 2023年9月14日
TOP