PayPal eyes central bank digital currency wallet role
In its latest earnings call, PayPal CEO Dan Schulman talked at length about central bank digital currencies (CBDCs) and PayPal’s potential role in them.
Latest PayPal News
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Venmo, the mobile electronic payment platform owned by PayPal, has just launched a service that allows cryptocurrency trading.
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PayPal has launched a service that allows consumers to pay in digital currency at the 29 million merchants that take PayPal payments.
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PayPal announces plans to expand its digital currency services
During PayPal's earnings call on February 3rd, PayPal CEO Dan Schulman discussed PayPal's plans to expand its blockchain and digital currency services.
PayPal has launched its digital currency service
PayPal has launched it's long-anticipated digital currency service that allows users to buy, sell, and hold digital currency.
Schulman also announced that PayPal is increasing its weekly purchasing limit from $10,000 to $15,000, the waiting list to use the new service is 2-3 times larger than PayPal was expecting demand to be, and the individuals who already have access to the service typically check their PayPal digital currency wallet multiple times a day.
Will PayPal’s offering increase utility?
“I think that our platform with its digital wallets and the scale that we have right now can help shape the utility of those currencies that can range from interoperability between wallets, between the currencies themselves, and importantly into our network of merchants for commerce,” said Schulman during the earnings call.
“what I’m really excited about is what we’re going to introduce next year, which is, I think going to dramatically increase the utility of cryptocurrencies by enabling somebody who holds a cryptocurrency in a PayPal account to instantaneously transfer that crypto into fiat currency at a set rate.”
Many digital currencies have no utility, but PayPal believes that its service offering–especially the features they roll out in 2021 that allows merchants to accept digital currency but receive the payment in fiat–will give many digital currencies utility. This is undeniably true, but it will be interesting to see what percentage of PayPal wallet users will actually spend their digital currency with participating merchants.
When it comes to the digital currency industry, Schulman and PayPal have a positive outlook regarding the work they can do in the industry,
“ I see a lot of interesting things we can do with cryptocurrencies, with functionality, increasing functionality, and again, working hand in hand with regulators every step of the way, which is so important and what they expect from us in order to be a market leader in the digital currency space.”
" title="PayPal's digital currency service launching by November 23rd" />PayPal’s digital currency service launching by November 23rd
During PayPal's Q3 earnings call, PayPal CEO Daniel Schulman made several announces regarding PayPal's digital currency service launching within 3 weeks.
PayPal, the Bitcoin wallet that isn’t really
A closer look at the conditions and permissions of PayPal’s “Crypto Currencies Hub” makes some wonder if there’s any point. Is there?
The world’s first central bank digital currency (CBDC) has finally launched in The Bahamas—overtaking economic giants like the United States and China.
The small Caribbean nation officially deployed the historic Sand Dollar, a state-backed virtual currency circulating across financial institutions, businesses and consumers in the country. With its own CBDC, the country seeks to “advance more inclusive access to regulated payments and other financial services for under-serviced communities and socio-economic groups.”
The Central Bank of Bahamas (CBOB) also aims to reduce cost and increase service efficiency across the nation with Sand Dollar. CBOB implemented Sand Dollar after just over two years of pilot tests.
From one groundbreaking moment in history to the next, PayPal officially entered the digital currency market changing the game. But did it really?
Through its partnership with regulated financial institution Paxos, PayPal now allows customers to buy, hold and sell virtual currencies using their PayPal accounts. Its wallet, however, cannot accept external deposits. It also does not support withdrawals to external wallets or facilitate digital currency transfers.
Soon, users can convert their digital currencies to fiat currencies to spend at PayPal’s merchants. This will roll out in 2021.
PayPal announced that merchants would have no additional integrations or fees. This also means that PayPal transaction fees still apply.
Some Twitter users weren’t pleased by the news. User @007_xia commented that it’s just another “HODL scheme.” HODL is the term used to hold bitcoin until its value massively increases magically.
https://twitter.com/007_Xia/status/1320746352964415491?s=20
User @1Bitdaddy tweeted, “Paypal running on BitCoin aka BSV with fees reduced drastically to benefit all would've been BIG news.
https://twitter.com/1BitDaddy/status/1318925856669093889?s=20
Bitcoin SV allows microtransactions with a minimal fee. Its infrastructure is also on its way to handle nanotransactions in the future, which payments giant PayPal’s hundred millions of users can benefit from.
This week, the Bitcoin white paper turns 12. Titled, “Bitcoin: A Peer to Peer Electronic Cash System,” the white paper was first published on October 31, 2008, by Dr. Craig Wright using the pseudonym Satoshi Nakamoto.
Around this time last year, Wright’s infamous "Pumpkin Man Craig" meme was born.
He was speaking onstage at a forum in London when audience member Andrea Lazar became accidentally famous by yelling at Craig in rage and fury, "That's exactly what you want! You are a mole, trying to crash Bitcoin. Farmer Craig! Pumpkin man Craig! Go back to your farm, and your tomatoes, and grow a superfarm."
https://www.youtube.com/watch?v=-OekM65zPbc&feature=youtu.be
The video went viral and shortly after, the Bitcoin social media erupted with memes of Angry Lazar and Pumpkin Man Craig.
Bitcoin Association Founding President Jimmy Nguyen even joined the fun and created a competition for the Best Pumpkin Man meme. A Twitter search with the hashtag #PumpkinManCraig shows the entire collection.
Enjoy looking back at this fun and crazy time in the history of Bitcoin.
https://www.youtube.com/watch?v=gHo79k6rv3M&feature=youtu.be
" title="CoinGeek Pulse Episode 18: World’s first CBDC, PayPal’s HODL scheme and Pumpkin Man Craig" />CoinGeek Pulse Episode 18: World’s first CBDC, PayPal’s HODL scheme and Pumpkin Man Craig
This week in CoinGeek Pulse, we are running down the top stories that shake the Bitcoin and blockchain industry.
PayPal announces digital currency services
PayPal plans to expand its digital currency service offering to Venmo users as well as the 26 million merchants who use PayPal beginning in early 2021.
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PayPal reportedly inching closer to digital currency service launch
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