PayPal is a popular American financial service company that operates globally in sending and receiving money online. The firm’s platform is a usual choice for most online payment due to its fast and secured transactions. Just days after PayPal’s incoming plans of offering crypto-related services, the financial giant invests in Paxos.
Following the earlier collaboration between the two through a new service and PayPal as a payment method to buy and sell cryptocurrencies. The creation got a lot of support from the crypto community because PayPal has a reputation for handling online payments safely.
PayPal increases Paxo’s new funding to $240 million
The regulated blockchain platform got hefty funding from PayPal to adequately expand the platform. The new investment could help the company develop innovative new features to enjoy the benefits of the blockchain tech fully. Several other investors also made the expansion possible, firms like RIT Capital Partners, Mithril Capitals, and PayPal. PayPal invested through its investment subsidiary called PayPal Ventures.
Despite the presence of known names in the recent investment decisions, financial details of the transaction were not released to the public. The Online payment company had already been a client of the blockchain company, especially its subsidiaries before the major collaboration was signed.
Paxos developed the technology to allow tokenizing, trading and settlement of assets. The company is also working relentlessly to give the needed solution to the cryptocurrency community. It also helps in terms of securities and assets, curating some solutions to maximize their efficiency.
The firm also revealed that they would be investing in developing standard infrastructure solutions, and the newly gotten funds would be used to boost the growth and to expand its capacity. It also has big plans to add new team members to effect the anticipated growth of the firm.
Users can now purchase crypto directly from PayPal
The recent collaboration has created an avenue for PayPal to offer cryptocurrency buying and selling services through the use of its platform. For now, the only crypto that can be bought from the platform is Ethereum, Litecoin and Bitcoin Cash. People hope that in the nearest future that the platform could have a broader range of choices to choose from.
Even with its limitations, it’s great to see that crypto buying is becoming easier daily, following the recent interest of big brands to explore the demands on the currencies. For now, the purchase would only be available for US residents, and new locations could be added in time to come. The crypto community is becoming more assertive with the publicity the adoption of brands like American Express, with its recent investment in FalconX, a crypto trading platform and now PayPal with an option to purchase crypto directly.
People believe that the new plans could influence how people see crypto. Years of doubts in the digital assets industry has caused reluctance in the investment, but when brand investments like PayPal come in, people could start to trust the industry than they used to. Paxos shared its excitement for powering the new PayPal platform, and new collaborations might be coming from the brands.