Paypal, the global giant payment with over 400 million active accounts, adds cryptocurrency payments to peer-to-peer (P2P) payments, allowing users to send and receive digital properties-a step that can accelerate mainstream adoption beyond investing and trading.
On Monday, the company Unveiled PayPal links, a personalized one -time link generated in the PayPal app that can be shared throughout the text, email or chat. This feature will be launched in the US before expanding to the United Kingdom, Italy and other international markets next year.
In the near term, users can send cryptocurrencies and stablecoins directly through the P2P feature of PayPal, both to Paypal and Venmo users, as well as compatible digital assets. Supported cryptocurrencies will include bitcoin (Btc), Ether (Eth), Pyusd (PIUSD) and so on, the announcement said.
Paypal emphasized that personal transfers made by Venmo or Paypal will not trigger tax reporting to 1099-K, as friend-and-family payments are usually exempt.
Both PayPal links and Crypto P2P’s ability are introduced under the Paypal world, the new interoperability outline of the company designed to connect purses and payment systems to the boundaries.
The company continues to expand its existence in digital ownership. Earlier this year, it rolls “Pay in crypto,” A Blockchain-based settlement service that allows us businesses to receive payments to more than 100 cryptocurrencies. In April, Paypal Extended Venmo and Paypal Crypto offerings To include chainlink (Link) and Solana (Sol).
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Peer-to-peer payments have long been viewed as one of the most compelling cases of cryptocurrency use, a theme emphasized in The original paper Bitcoin White of Satoshi Nakamoto.
In its pure form, P2P refers to the direct transfer of the wallet-to-wallet to a blockchain, no mediators or guardians. While PayPal remains a centralized payment processor, the new P2P platform enables users to send cryptocurrencies to external purse-a feature closer to the original ethos of peer-to-peer transactions.
Paypal is not the only centralized player that moves in this direction. In June, Crypto Exchange Kraken introduced KrakA payment app that gives users to send and receive digital assets on boundaries.
Meanwhile, the increase of stablecoins continues to reshaping remittances and P2P payments. The World Bank noted that Stablecoin -based metals can reduce transaction costs by almost 92%.
However, not everyone is convinced. The Bank for International Settlement has kept That the stablecoins fall into the basic financial principles, focusing that they act like financial ownership than real money.
Magazine: Bitcoin payments are weakened by centralized stablecoins
