PayPal Completes Crypto Offering in U.K. With New App
- PayPal’s new app will provide a personalized view of the customers’ account balance, wallet, payments, and finances.
- The improved mobile application will bring a slew of features to its users, including direct deposits, bill pay, a digital wallet, crypto capabilities, and more.
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In a press release published on 21 September, PayPal announced the launch of its new app for customers in the U.K. The new and improved mobile application will bring a slew of features to its users, including direct deposits, bill pay, a digital wallet, peer-to-peer payments, messages, shopping tools, and crypto capabilities.
The app’s new dashboard will provide a personalized view of the customers’ account balance, wallet, payments, and finances. The Finances Hub will include PayPal’s ability to buy, hold, and sell cryptocurrency products, while the Payments Hub will introduce the ability to pay with QR codes.
Users will also be able to access a two-way messaging feature to send notes of acknowledgment after completing peer-to-peer transactions, the company said.
“We’re excited to introduce the first version of the new PayPal app, a one-stop destination for our customers to take charge of their everyday financial lives,” said Dan Schulman, the President and CEO of PayPal. “Our new app offers customers a simplified, secure and personalized experience that builds on our platform of trust and security and offers PayPal customers in the UK new ways to support the causes close to their heart, send and receive money, buy, hold and sell crypto, manage Pay in 3, pay with QR Codes and much more in one app.”
The launch of the app completes PayPal’s cryptocurrency offering in the U.K. The company first enabled its U.K. customers to buy, sell, and hold cryptocurrencies earlier in August.
- PayPal USD (PYUSD) will be issued by Paxos and the Ethereum blockchain, and is backed by U.S. dollar deposits, short-term Treasuries, and similar cash equivalents.
- The company said the stablecoin can be redeemed for U.S. dollars at all times, and exchanged for any other crypto supported by the platform, including BTC, ETH, BCH, and LTC.
PayPal logo and sign in front of PayPal Holdings headquarters building in North San Jose Innovation District in Silicon Valley, San Jose, California, USA, 17 March, 2019. Michael Vi/Shutterstock
- The Algorand wallet provider has warned users to withdraw their assets from mnemonic wallets after an attacker targeted a group of “high-profile MyAlgo accounts”.
- The root cause of the attacks remains unknown, with MyAlgo still investigating the issue, but reports have indicated that close to $9M were stolen so far.
- The new funding will help Chaos Labs build out and expand its suit of risk and security products that can help DeFi protocols.
- The seed funding round was co-led by PayPal and Galaxy Digital, but also saw participation from including Coinbase Ventures, Polygon, Avalanche, OpenSea, Uniswap, and others.