PayPal increasingly integrates Web3 and cryptocurrencies

Cryptocurrency expansion is a blessing and a curse depending on the positioning. While these digital assets are a source of much profit for some, they are also a cause of loss for others. To overcome this and keep up with developments, more and more companies are integrating blockchain and Web3. Among these, PayPal.

PayPal and cryptocurrencies: a long history!

As the world gets a little more digital every day, investors feel compelled to follow the trend to preserve their profits. However, it is not just about individuals as more and more companies are joining. In 2020, the payment giant took its first steps in crypto. It did this by allowing its users to hold, sell and buy cryptocurrencies.

The experiment seems to be a success, because in 2021 PayPal will launch its famous “Checkout with Crypto”. The latter allows payments to be made in native cryptos in millions of online businesses. For example, the company experiments and visits the blockchain. However, evolution is a constant thing. As a result, she has to find solutions every day to attract and retain as many customers as possible.

In the same year, PayPal acquired Curv, a company specializing in crypto security. While people suspect the possible creation of a native stablecoin, this takeover expands the scope of the rumours. Meanwhile, the giant continues to ramp up its efforts to integrate and adopt the blockchain. Regardless of the rumors about the PayPal currency, it continues and returns in 2022 with great news.

On June 7, the company announced that US users can now transfer crypto from their accounts to third-party exchanges and wallets. The expansion of its services allows users of the platform to make transfers from their PayPal crypto wallet.

However, the network costs vary depending on the operation. For internal transfers from PayPal to PayPal, the fees are zero. That is, no fees are withheld. However, for external transfers, the network costs are borne by the customers. All the steps taken so far are only a result of technological development.

Technological evolution and the future of companies

Since the advent of Web3, blockchain and cryptocurrencies, many companies have been forced to rethink their strategies. Indeed, the development goes through many details. Following the trend can be an advantage if they want to evolve and sustain over time. As in many areas, competition in the online payments industry is fierce.

With 426 million active accounts, you would expect PayPal to have no competition. But it is far from the case. Although the company allows trading in more than 202 markets, its fame becomes its biggest problem.

Indeed, although it is the best known in its sector, the online payment giant is far from the most beloved. With competitors constantly vying to take its place, evolution is no longer a choice. Becoming the best can sometimes be easy, but staying that way is another story.

As more and more companies get into crypto, it becomes paramount to get involved. Earlier this year, one of its direct competitors integrated a similar feature into its platform. Unlike PayPal, Robinhood said there would be no transaction fees. This, also for external transfers. Since April, two million customers have been able to transfer digital assets on the platform.

Technological changes force many companies to grow. Many strategies have to be included in this development to stay on top. For PayPal, more intensive adoption of blockchain and cryptocurrencies is a huge leap that is needed to maintain its position. However, the competition is fierce! Despite its fame, the company is not immune to danger.

Source: Dappradar

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Eddy Senga

The world is changing and adaptation is the best weapon for survival in this undulating universe. As a crypto community manager at the grassroots, I am interested in everything directly or indirectly related to the blockchain and its derivatives. To share my experience and make known a field that fascinates me, there is nothing better than writing informative and relaxed articles at the same time.

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