Značka: PayPal

Google Pay hires PayPal exec to head up crypto payments push

Google has hired a former PayPal executive to help bolster Google Pay, with plans to expand into the crypto space. Arnold Goldberg has been given the task of running Google’s payments division as part of a company-wide push into financial services, including crypto. Google’s president of commerce Bill Ready told Bloomberg that:“Crypto is something we pay a lot of attention to […] As user demand and merchant demand evolves, we’ll evolve with it.”Google Pay is an online payment system developed by Google to allow in-app, online and contactless purchases on mobile devices including Android phones, tablets and watches. As part of the overhaul, Google will focus more on being a “comprehensive digital wallet” that includes digital tickets, airline passes and vaccine passports, Ready said. Following the news, the price of Bitcoin (BTC) spiked to a high of $42,478 (from a 24-hour low of $41,254) before falling back down to $41,887 at the time of writing according to Coinmarketcap. Google has been dipping its toes in the crypto space for quite some time, partnering with several crypto companies through 2021. Ready said that the company plans to pursue more partnerships with more crypto companies. In April 2021, Google Pay announced a new partnership with global crypto exchange Gemini. The update allowed Gemini users to purchase Bitcoin through Google Pay using fiat currency on a debit or credit card.The tech giant also partnered with Coinbase in June, allowing customers of the exchange to pay for goods and services through Google Pay using their Coinbase Card. Users also were able to gain crypto rebates of up to 4% for their shopping. In Oct, a partnership between crypto exchange Bakkt and Google allowed customers of the exchange to purchase goods and services using some select cryptocurrencies through their Google Pay wallet. As for Paypal, it appears that the fintech company will be one man down as it explores the creation of its own stablecoin. Earlier this month, Paypal confirmed plans to launch “PayPal Coin,” which developer Steve Moser first found in the source code of the platform’s iPhone app. Related: Bakkt crypto exchange partners with Google for paymentsThis comes only three months after the tech giant axed its plans for a service called “Plex” that would allow users to create checking and savings accounts. “We’re not a bank — we have no intention of being a bank,” Ready said about the decision to cut Plex. “Some past efforts, at times, would unwittingly wade into those spaces.”Google Pay debuted in 2015, with a revamp in 2020 which transformed the platform into a hub where customers could track their expenses and hunt for discounts.

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Crypto Biz: Here’s what you need to know about CZ’s $96B net worth, Jan. 6-13

Binance CEO Changpeng Zhao, also known as “CZ,” is now the world’s 11th richest person, according to Bloomberg. The crypto entrepreneur has amassed a $96 billion fortune on the back of his booming exchange business and the rapidly appreciating value of Binance Coin (BNB).CZ’s wealth offers a startling reminder of just how lucrative crypto has become for early adopters. It’s also a sign of things to come as digital assets become more mainstream over the next decade. (If you’re reading this, there’s a good chance you’ll also be counted as one of crypto’s early adopters.)This week’s “Crypto Biz” delves into CZ’s net worth, the latest developments concerning Binance Labs, the growth of another Bitcoin (BTC) treasury and PayPal’s stablecoin plans. For a comprehensive breakdown of business developments over the last week, register for the full newsletter below.Binance Labs invests in Oasis ecosystem fundOasis Network’s $200 million development fund received another contributor this week in Binance Labs, the venture capital arm of CZ’s crypto exchange. Although Binance Labs didn’t disclose how much it invested in the Oasis Ecosystem Fund, head of investment Bill Chin touted the network’s Web3 capabilities and “privacy-preserving features” as reasons for backing the initiative. On the same day that Binance Labs made its announcement, Oasis Network saw the launch of its first decentralized exchange in YuzuSwap. The DEX’s total value locked exceeded $100 million in its first 24 hours of operations.CZ’s net worth surprises everyoneAccording to Bloomberg, Binance CEO Changpeng Zhao is crypto’s biggest billionaire and Asia’s richest person with a reported net worth of $96 billion. He’s “only” $11 billion shy of 10th ranked Larry Ellison, who’s worth $107 billion. CZ’s net worth is largely attributed to the overwhelming success of Binance, which is the world’s largest crypto exchange by volume. Despite a massive regulatory shake-up in 2021, the firm is ramping up efforts to obtain operational licenses to maintain its global presence. Bitfarms adds BTC to its treasuryCanadian crypto mining firm Bitfarms has made it abundantly clear that it’s trying to hoard as much Bitcoin as possible. Earlier this week, the firm said it had already acquired 1,000 BTC this year, bringing the total value of its holdings to $177 million. “Our guiding company strategy at Bitfarms is to accumulate the most Bitcoin for the lowest cost and in the fastest amount of time for the benefit of our shareholders,” said Bitfarms CEO Emiliano Grodzki. “With the dip in BTC while mining hardware prices remain high, we seized the opportunity to move cash into BTC.” Increased our #Bitcoin holdings 30%More Info: https://t.co/xCcIUHkWsU$BITF #BTC #BitcoinMining #Blockchain #NasdaqListed pic.twitter.com/zNz54ps5HK— Bitfarms (@Bitfarms_io) January 10, 2022Related: Top 5 bullish Bitcoin stories of 2021PayPal readies stablecoin projectPayPal’s embrace of digital assets appears to be broadening after a senior executive at the company confirmed the presence of an in-house stablecoin project. Dubbed “PayPal Coin,” the new stablecoin will reportedly be backed by U.S. dollars and bring more transactional functionality to the crypto space. No timeline was provided for the rollout of such a project, although PayPal’s vice president of crypto Jose Fernandez da Ponte has previously stated that further regulatory clarity would be needed before any stablecoin is given the green light.

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Ramp expands presence in US with FinCEN regulation

On Tuesday, crypto-fiat gateway payments platform Ramp announced that its U.S. subsidiary Ramp Swaps LLC had received its registration as a Money Service Business with the Department of Treasury’s Financial Crimes Enforcement Network. The regulatory greenlight enables Ramp to do business in 38 states across the United States. Besides the development, Ramp also has regulatory clearance with the United Kingdom’s Financial Conduct Authority and Poland’s Financial Supervision Authority.Ramp allows users to buy crypto directly in their wallets and decentralized applications, or DApps. Last year, the company grew its transaction volume by approximately 30x. It has partnerships with over 400 blockchain entities worldwide, including Axie Infinity, Mozilla, Opera Browser, Aave, Trust Wallet and is the exclusive on-ramping partner for fantasy nonfungible tokens football (soccer) game Sorare.The year prior, Ramp raised $52.7 million in a Series A funding round led by Balderton Capital, NFX, Galaxy Digital, Seedcamp, Firstminute Capital and angel investors. The firm claims that it takes mere hours for developers to integrate their DApps with Ramp software, allowing users to convert their fiat money into crypto and begin their virtual experience.Szymon Sypniewicz, CEO and co-founder at Ramp Group, issued the following statement regarding the development: Our view has always been that, to lead in this market, on-ramp providers must earn the trust of their partners and users. So we have taken every measure to meet, if not exceed, the relevant legal and financial standards that apply to us, no matter how stringent.

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PayPal reportedly confirms plans to explore the launch of a stablecoin

American fintech giant PayPal Holdings has reportedly confirmed its intent to launch its own stablecoin named PayPal Coin. The development of an in-house stablecoin was first discovered in the source code of Paypal’s iPhone app by developer Steve Moser.Confirming the evidence found on the PayPal app, Jose Fernandez da Ponte, PayPal’s SVP of crypto and digital currencies, told Bloomberg News:“We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators.”PayPal Coin logo found inside of PayPal app. Source: PayPal iPhone appMoser’s finding uncovered that PayPal is in the works of building PayPal Coin, which will be backed by the United States dollar. However, a PayPal spokesperson clarified that the source codes of the iPhone application were developed in a recent hackathon. While PayPal’s digital asset is in the making, the name, logo and features of the in-house token are subject to change prior to launch. Supporting the ongoing development, PayPal has previously launched new features that allow users to buy, hold and pay with digital coins.da Ponte had also pointed out in an interview from November 2021 that PayPal has “not yet seen a stablecoin out there that is purpose-built for payments.” According to him, a stablecoin should support payments at scale while ensuring the security of the network, adding:“There would have to be clarity on the regulation, the regulatory frameworks, and the type of licenses that are needed in this space.”Related: PayPal completes crypto trading rollout for UK customersIn addition to launching its own stablecoin, PayPal has also taken proactive measures to spread crypto-related services in jurisdictions out of the U.S. In September 2021, the company announced a rollout of new Bitcoin trading services for the UK market. As Cointelegraph reported, customers can trade major cryptocurrencies including Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).

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Visa announces new crypto consulting service for merchants and banks

Payments giants Visa is launching new consulting and advisory services in a move to help its clients navigate the world of cryptocurrencies. The firm said on Dec. 8 that its crypto advisory practice, housed within its consulting and analytics division, will offer advice to financial institutions, retailers and other firms on everything from rolling out crypto features and exploring nonfungible tokens, to developing wallets for central bank digital currencies.According to Visa, part of banks’ interest in cryptocurrencies is in remaining competitive. Citing a recent in-house study, Visa said that “40% of crypto owners surveyed report they would be likely or very likely to switch their primary bank to one that offers crypto-related products in the next 12 months.”Per Reuters, American financial services company UMB is a client of Visa’s crypto advisory services. “We came to Visa to learn more about crypto and stablecoins and the use cases that are most relevant for our retail and commercial business lines,” said Uma Wilson, executive vice president at UMB Bank.Related: Mastercard is preparing its infrastructure for the deployment of CBDCsThe move marks Visa’s latest attempt to push deeper into the cryptocurrency industry, with the firm having filed for numerous blockchain-related patents in the past. Visa’s research team is also working on a “Universal Payment Channel” project, which is a blockchain interoperability hub connecting multiple blockchain networks and allowing digital assets to move from various protocols and wallets.Visa is one of the many payment processors that has entered the cryptocurrency business in recent years. Its rival Mastercard recently rolled-out crypto-linked payment cards throughout the Asia-Pacific region, while online payment giants PayPal launched a new consumer app for crypto, savings and direct deposits earlier this year.

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