Značka: PayPal

75% of retailers eyeing crypto payments within 24 months: Deloitte

Three quarters of United States retailers plan to accept crypto or stablecoin payments within the next two years according to a new survey. It also found that more than half of large retailers with revenues over $500 million are currently spending $1 million or more building the required infrastructure to make it happen.The information was revealed in Deloitte’s “Merchants Getting Ready For Crypto” report released in collaboration with PayPal on June 8.A large majority, around 85%, of the surveyed merchants said they anticipate that cryptocurrency payments will be ubiquitous in their respective industries in five years. The survey polled 2,000 senior executives at U.S. retail organizations between Dec 3 and Dec 16, 2021 when crypto prices were still riding high, but the results have only just been revealed. The executives were distributed equally among the cosmetics, digital goods, electronics, fashion, food and beverages, home and garden, hospitality and leisure, personal and household goods, services, and transportation sectors.Small to medium sized companies are also getting into the acts with 73% of retailers with revenues between $10 million and $100 million investing between $100,000 to $1 million to support the needed infrastructure.Source: Merchants Getting Ready for Crypto: Merchant Adoption of Digital Currency Payments SurveyAccording to Deloitte the spending won’t stop there and is only expected to increase over 2022. More than 60% of retailers said they expect budgets of more than $500,000 to enable crypto payments in the next 12 months to December.Consumers push for crypto paymentsConsumer interest is driving merchant adoption with 64% of merchants signalling their customers have expressed significant interest in using crypto for payments. Roughly 83% of retailers expect interest to increase or significantly increase over 2022.Source: Merchants Getting Ready for Crypto: Merchant Adoption of Digital Currency Payments SurveyNearly half expect their adoption of cryptocurrency will improve the customer experience, around the same amount believe it will increase their customer base and 40% hoped their brand woudl be perceived as “cutting edge”.Related: Corporate evolution: How adoption is changing crypto company structuresRetailers optimistic on digital currenciesOf the retailers already accepting cryptocurrency, 93% have reported a positive impact on their customer metrics.Source: Merchants Getting Ready for Crypto: Merchant Adoption of Digital Currency Payments SurveyCarriers and challenges to adoption cited by merchants include the security of the payments system (43%) changing regulations (37%), volatility (36%) and a lack of a budget (30%).The complexity of integrating cryptocurrencies with legacy systems and the complexity of integrating multiple cryptos was the greatest challenge according to 45%. Deloitte said it expects “continued education” would create further clarity for regulators, allowing wider adoption across a broader set of products and services.

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PayPal enables transfer of digital currencies to external wallets

After rolling out the ability to buy and sell crypto on its platform in October 2020, PayPal is finally allowing users the ability to natively transfer, send and receive digital assets between PayPal and other wallets and exchanges. As of Tuesday, the feature is available to select U.S. users, with the feature expanding to all eligible U.S. users in the coming weeks. The first batch of supported coins consists of Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). In addition, customers who transfer their crypto onto PayPal can spend it via Checkout at millions of merchant terminals. The company has been granted a full Bitlicense by the New York Department of Financial Services for the conduct.Users would simply need to log in to their accounts and enter the crypto section of the application to start transferring transfer coins. Users are generally required to complete a one-time ID verification before the procedure.Crypto transfers to recipients outside of PayPal would incur a network fee based on their respective blockchains, but transfers between PayPal users will not incur such fees. To protect users’ privacy, the firm generates a new recipient address for each transaction into one’s PayPal account. PayPal will also not charge fees for incoming transfers,The company is also working to integrate other forms of cryptocurrency services, such as central bank digital currencies, to boost its digital footprint. It is also exploring the possibility of launching its own stablecoin, dubbed “PayPal Coin.” The discovery came after a developer found evidence of such a stablecoin within the source code of the company’s iPhone app. 

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Bitcoin’s recent gains have traders calling a bottom, but various metrics remain bearish

On May 30, the total crypto market capitalization gained 4% and currently is within reach of a $1.3 trillion market capitalization. The move was enough to erase the losses from the previous seven days and was driven mainly by Bitcoin’s (BTC) 4.9% gain during that time frame.Total crypto market cap, USD billion. Source: TradingViewApart from Bitcoin, Cardano (ADA) was the only large-cap cryptocurrency that managed to close the week with a positive 4.5% performance. Meanwhile, Ether (ETH), BNB, Ripple (XRP) and Solana (SOL) failed to present weekly gains.Bitcoin’s turn-around happened after the United States stock market presented gains for the first time after seven consecutive negative weeks. The longest losing streak in over a decade for the S&P 500 was followed by a 6.6% positive performance at the closing bell on May 22.According to Yahoo! Finance, “a favorable batch of quarterly results from major retailers helped at least temporarily mitigate concerns over the toll [that …] inflationary headwinds could take on profit margins.” For instance, Macy’s (M) gained 29.1% in the week, followed by Nordstrom (JWN) 25.4% positive performance and Ross Stores (ROST) rallied by 21.5%.Curiously, JP Morgan sent out a research note to clients on May 25, claiming that $38,000 was the fair value for Bitcoin. The global investment bank also said that Terra’s (LUNA) collapse did not harm the crypto venture capital demand.On May 23, during the World Economic Forum (WEF) in Davos, Switzerland, PayPal vice president Richard Nash stated the company’s intention to embrace all possible crypto and blockchain services. After rolling out its Bitcoin trading across the United States in 2020, PayPal continues to expand its digital currency-related offering.Below are the winners and losers from the past seven days. While the leading cryptocurrencies presented modest movements, some mid-capitalization altcoins presented high volatility.Weekly winners and losers among the top 80 coins. Source: NomicsSynthetix (SNX) rallied 15.8% after Kwenta, a zero-slippage derivatives trading application powered by Synthetix, reached $325 million in volume.Helium (HNT) gained 15.2% after details regarding improvement proposal #51 were released on May 27. The change introduces a framework to enable subnets with their own token and governance.STEPN Governance (GMT) lost 14.6% after blocking users based in mainland China from its mobile app.Terra Luna Classic (LUNC), previously known as LUNA, moved down 12.2% after the South Korean authorities summoned all employees at Terraform Labs as part of a full-scale investigation.Due to the mixed performance of altcoin markets, it is worth investigating how traders are positioned according to trading and derivatives indicators.The Tether premium shows a lack of retail demandThe OKX Tether (USDT) premium is a good gauge of China-based retail trader crypto demand. It measures the difference between China-based peer-to-peer (P2P) trades and the United States dollar.Excessive buying demand tends to pressure the indicator above fair value. On the other hand, during bearish markets, Tether’s market offer is flooded, causing a 4% or higher discount.Tether (USDT) peer-to-peer vs. USD/CNY. Source: OKXBetween May 23 and 30, the Tether premium in CNY terms has averaged a 2% discount, signaling a lack of retail demand. More importantly, the 4% crypto market capitalization rally on May 30 did not change investors’ sentiment.Related: Crypto’s youngest investors hold firm against headwinds — and headlinesDerivatives indicators are slightly bearish for altcoinsPerpetual contracts, also known as inverse swaps, have an embedded rate that is usually charged every eight hours. Exchanges use this fee to avoid exchange risk imbalances.A positive funding rate indicates that longs (buyers) demand more leverage. However, the opposite situation occurs when shorts (sellers) require additional leverage, causing the funding rate to turn negative.Accumulated perpetual futures funding rate on May 30. Source: CoinglassPerpetual contracts reflect mixed sentiment as Bitcoin and Ether held a slightly positive (bullish) funding rate, but altcoins signaled the opposite. For example, Solana’s negative 0.20% weekly rate equals 0.8% per month, which is irrelevant for most derivatives traders.The data suggests that investors are not rushing in to confirm that the recent price recovery represents a trend change. While the total crypto market capitalization broke above the $1.3 trillion support, traders are pricing higher odds of a downturn. So far, there is no clear indication of a market bottom according to trading metrics.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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WEF 2022: PayPal looks to embrace all possible crypto and blockchain services

Global payment giant PayPal is doing its best to bring all possible blockchain and cryptocurrency integrations to its services, according to a senior executive at the firm.PayPal is working hard on supporting all possible digital services, including digital currencies and central bank digital currencies (CBDC), vice president Richard Nash said in an exclusive statement to Cointelegraph at the World Economic Forum on May 23.After rolling out its buy, hold and sell service for Bitcoin (BTC) across the United States 2020, PayPal continues to expand its digital currency-related offering, Nash noted:“Just walking slowly in the crypto shield with buys or holds in certain jurisdictions. […] Looking to work with others to embrace everything we can, whether it’d be the coins that we have today in PayPal digital wallets, private digital currencies or CBDCs in the future.”Nash also hinted that he is a cryptocurrency owner, which perfectly aligns with his position at PayPal. When asked whether he holds any crypto himself, the VP answered “I have a lot of things that I’m working on at PayPal and I like to experience services myself so I think that’s natural.”As previously reported by Cointelegraph, PayPal CEO Dan Schulman disclosed that Bitcoin is the only cryptocurrency he held as of November 2019.Related: WEF 2022: Ripple SVP says crypto winter provides an opportunity to buildPayPal is one of the world’s largest payment companies that moved into crypto and blockchain in recent years. Apart from introducing BTC buy and sell options in certain countries, PayPal also announced its own crypto check-out service in March 2021 to allow crypto payments for merchants. The firm is reportedly also considering launching its own stablecoin named PayPal Coin.

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Talos raises $105M to become the latest crypto unicorn valued at $1.3B

PayPal-backed cryptocurrency firm Talos is becoming the latest unicorn in the industry, reaching a $1.25 billion valuation following new funding.Talos has raised $105 million in Series B funding round led by a major global growth equity firm, General Atlantic, according to an announcement released on May 10.The funding will help Talos extend its institutional-grade digital asset platform as well as accelerate the firm’s expansion into the Asia-Pacific region and Europe.The raise featured major firms in both the traditional finance and the crypto industry, including Ken Fox’s private equity firm Stripes, BNY Mellon, Citi, Wells Fargo Strategic Capital, investment firms like DRW and SCB 10x, crypto trading platform Voyager and others.“This investment is the latest example of BNY Mellon’s commitment to the future of digital assets,” BNY Mellon’s global FX head Jason Vitale said. He added that BNY Mellon is among new advisors on Talos’ Strategic Investor Forum working on building institutional solutions for the crypto market.The funding round also involved existing investors from Talos’ $40 Series A round closed in May 2021, including Andreessen Horowitz, PayPal Ventures, Fidelity Investments, Castle Island Ventures, Illuminate, Notation Capital and Initialized Capital.The funding is a major indicator of the growing institutional adoption, Talos co-founder and CEO Anton Katz said:“This funding round represents a major inflection point for the industry. We’ve long heard that ‘the institutions are coming’. The institutions are now here, and we’re extremely proud to be the digital asset trading platform of choice for leading institutions around the world.”Founded in 2018, Talos is an institutional-grade infrastructure technology provider in the cryptocurrency industry, offering services for trading, settlement and others.Related: Philippines’ fintech achieves unicorn status after embracing crypto paymentsAccording to the company’s website, Talos’ partner base covers a wide number of firms in the crypto ecosystem, including multiple exchanges like Binance, Coinbase and FTX, as well as over-the-counter desks and FX platforms. Talos says its institutional trading volumes surged 20x times year-over-year by May 2022.

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PayPal is shuttering its San Francisco office: Report

Major United States-based payment processor PayPal will reportedly be closing its office in San Francisco, while the headquarters in nearby San Jose will remain available to employees.According to a Wednesday report from TechCrunch, the payments firm will be closing its offices in downtown San Francisco with its Xoom arm — the division responsible for international digital money transfer services. At the time of publication, PayPal has several job listings for San Francisco as well as 17 other locations across the United States, and 32 international locations. A PayPal spokesperson reportedly hinted the closure was aimed at the company evaluating its “global office footprint.” Another person at PayPal familiar with internal happenings at the firm said displaced San Francisco employees would also have the option of working remotely. PayPal shuttering its San Francisco office https://t.co/XEQvXwYVYH by @bayareawriter— TechCrunch (@TechCrunch) April 27, 2022PayPal released its earnings report for the first quarter of 2022 on Wednesday, reporting the firm had a total payment volume of $323 billion and transaction revenues totaling roughly $6.5 billion. The latter included fees from facilitating “the purchase and sale of cryptocurrencies.” Since announcing it would accept cryptocurrency payments in 2021, PayPal has made inroads into the digital asset space by exploring the development of a stablecoin. In addition, the payments firm established an advisory council in February aimed at supporting endeavors related to crypto, blockchain and digital currencies.Related: Demand for PayPal’s crypto offering exceeded all expectations, CEO saysThe San Francisco Bay Area is home to many major crypto and tech companies, but some firms have made an exodus in recent years, possibly due to staff willing to accept remote working conditions amid the pandemic. Major crypto exchange Coinbase announced in May 2021 that it would be closing its San Francisco headquarters in 2022 as part of its commitment to “being remote first.”Kraken CEO Jesse Powell also said in April that the firm had shut down its global headquarters in the city by the bay following reports several of its employees had been “attacked, harassed and robbed on their way to and from the office.”

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Singaporean fintech adds Bitcoin payments for merchants with BitPay partnership

Nium, a cross-border payments firm based in Singapore, has announced the launch of a new API-based solution that will allow businesses to start accepting cryptocurrency payments.As per the announcement, the newly launched product is called Crypto Accept. It allows online sellers to accept Bitcoin (BTC) and Ethereum (ETH) before expanding to other digital assets in 2023. Payments are sent to internet merchants’ accounts in U.S. dollars or other fiat currencies the next business day, allowing vendors to expand their market and enhance their online payment experiences while avoiding price volatility.Nium partnered with crypto payments processor BitPay to launch the Crypto Accept feature. Consumers will choose their preferred cryptocurrency wallet and scan a QR code to complete the transaction. The service will verify that digital currency is available and settle the transaction in the merchant’s chosen currency.According to Joaquin Ayuso de Paul, the senior vice president and head of Nium Crypto, “Consumers hold more than $3 trillion in cryptocurrency and are looking for more places to spend this money online.”Nium was founded in 2014 as Instarem and is located in Singapore. The payments company claims a global network of 130 million consumers. The company is licensed as a Money Services Business (MSB) in Singapore, Australia, Hong Kong, Malaysia, India, Canada, Europe and the United States.Related: Stripe announces fiat payment support for cryptocurrencies and NFTsNium’s latest move follows in the footsteps of other popular payments providers to accept cryptocurrency payments. As reported by Cointelegraph, PayMaya, a Philippines-based major fintech firm, recently launched a new cryptocurrency feature on its app that allows users to trade, purchase, and spend digital assets using their accounts.PayPal-owned Venmo has a similar feature that allows users to purchase, store, and trade cryptocurrencies right on the app through a partnership with Paxos Trust Company. PayPal also began to accept Bitcoin as a means of payment for its millions of worldwide merchants last year in March.

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Portsmouth embraces Bitcoin payments for city bills

In an effort to embrace virtual money, the city of Portsmouth, New Hampshire, will allow residents to pay their bills in Bitcoin (BTC) and other cryptocurrencies. Deaglan McEachern, the city’s mayor, proposed the idea to city officials, who feel it will provide residents with more payment choices.As per a local news report from Seacoastonline on March 23, Mayor McEachern said that “there are waves of new things that will affect us in terms of our future that use the type of technology used in cryptocurrency.” He went on to say:”I want to make sure Portsmouth is not waiting around to see how this is going to affect us in the future because it’s already affecting us.”McEachern said the City Hall has learned a lot more about cryptocurrencies and blockchains, as well as how to utilize them for improved city services. He also mentioned that any cryptocurrency payments would be immediately converted into U.S. dollars so that the change would have no impact on the city’s monetary practices.Governments’ interest in cryptocurrencies is on the rise, as evidenced by this project. Miami and New York, for example, have been friendly to cryptocurrency adoption. As reported by Cointelegraph in mid-February, Colorado governor Jared Polis said the state government will allow residents to pay taxes in crypto as early as summer 2022.Related: US lawmaker pushes for state-level regulations on stablecoins at hearing on digital assetsUnited States lawmakers have proposed handling any potential regulatory uncertainty around digital assets on a state level rather than waiting for a congress framework. Back in February, a Tennessee House of Representatives member proposed allowing the state to invest in cryptocurrency and nonfungible tokens.

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Mobile banking app Dave scores $100M investment from FTX US

On March 21, mobile banking application Dave announced a partnership with FTX US to provide cryptocurrency payments on the platform. It also announced a $100 million investment from FTX Ventures.In the statement, Dave said the investment would aid its strategy for future crypto-related initiatives, with FTX US serving as its partner for cryptocurrencies. Both companies said they’re currently exploring ways to introduce crypto payments into Dave’s platform.FTX US President Brett Harrison commented that it looks to align with companies that can help drive widespread adoption of digital assets, believing Dave was a fit in that regard. Jason Wilk, Chief Executive Officer of Dave, expressed his views on the technology.“We believe blockchain technology has the potential to level the financial playing field across the globe. By aligning with a world-class leader such as FTX US, we are in position to enter the digital asset arena, explore new growth opportunities, and improve the member experience.”Launched in January, FTX Ventures is the investment arm of FTX. It has a $2 billion fund to provide funding and support to companies in or interested in the crypto space, and states its mission is to “advance global blockchain and web3 adoption”.Dave is a fintech app based in the U.S. with over 6 million members, it provides users with a budgeting and credit building product, and a cash advance service.Dave is the latest in a series of payments apps looking to move into offering crypto services. Last March, PayPal rolled out support for crypto, and as recently as January, it intended to launch its own stablecoin. Venmo, owned by PayPal, also expanded support for crypto last August, allowing its credit cardholders to receive “cash back” rewards in cryptocurrencies.Recently, PayPal changed its fee structure for crypto transactions across Venmo, and its own app, moving away from percentage based fees, and introducing a flat-fee structure for crypto transactions under $200.Related: PayPal establishes advisory council for crypto and blockchainIn February, Cash App, a mobile payment service founded by Bitcoin maxi and Twitter Co-founder, Jack Dorsey, revealed that the Lightning Network could be used to transfer Bitcoin through its app to anyone with a BTC address.

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