• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Why PayPal Could Become the Next Crypto Super App

user avatar

by Giorgi Kostiuk

2 years ago

  1. Integration of Ethereum Name Service (ENS) with PayPal and Venmo
  2. Growth of PYUSD stablecoin
  3. Support for crypto payments at checkout


    4. PayPal seems to be taking significant steps to become a crypto super app. The company's latest moves show that PayPal might be building a strong crypto strategy.

    Integration of Ethereum Name Service (ENS) with PayPal and Venmo

    Recently, the Ethereum Name Service (ENS) announced that payment giants PayPal and Venmo have integrated support for ENS domain names. This integration enables users to employ the platforms to transmit crypto assets to an ENS address.

    ENS recently shared a post via their X account, announcing that PayPal and Venmo both support ENS domains. According to the team behind the project, the new feature brings the power of ENS to millions, making crypto transfers easier and more secure than ever. The move reportedly starts in the USA.

    In other words, PayPal and Venmo’s US-based users, about 278 million and 77.7 million respectively, will now be able to send platform-supported Ethereum-based tokens to ENS addresses.

    This is a huge number of new potential users considering that Ethereum had a total of almost 14 million active addresses in August.

    For instance, as of August 9, the number of active addresses on Ethereum was over 400,000, according to data from Glassnode.

    Growth of PYUSD stablecoin

    PYUSD stablecoin recently peaked at more than $1 billion in market cap on September 10, just 383 days after launch.

    Now, according to official data from defillama, the total market cap of PYUSD is almost $860 million.

    Support for crypto payments at checkout

    Also, for US customers looking to spend their crypto gains online, PayPal offers assistance and allows them to pay with crypto across their network of 10.9 million US-based online merchants.

    Customers can simply click on 'Pay with PayPal' at checkout and select the token that they want to spend. PayPal converts it into fiat and pays merchants in USD.

    By making users’ transition to crypto easy, while integrating PYUSD at the backbone of its system, PayPal can become a strong crypto app.

    PayPal and Venmo can convert parts of their combined 355.8 million user base into PYUSD holders, competing with Tether (USDT)’s 6 million total token holders.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

UK Lawmakers Push for Ban on Crypto Donations Amid Transparency Concerns

chest

UK lawmakers are advocating for a temporary ban on crypto donations to political figures and parties due to concerns about transparency and foreign influence.

user avatarFilippo Romano

ChatGPT Enhances Financial Advice with New Feature

chest

ChatGPT's new personal finance feature enhances financial advice by analyzing users' spending data from the last 90 days to create personalized financial plans.

user avatarEmily Carter

OpenAI Introduces Personalized Finance Feature in ChatGPT

chest

OpenAI has launched a new personal finance feature in ChatGPT that connects to users' actual bank accounts, providing tailored financial advice based on their spending habits.

user avatarTomas Novak

Hana Financial Group Makes Major Investment in Dunamu

chest

Hana Financial Group announced a major investment in Dunamu, acquiring a 65.5% stake for approximately 1 trillion Korean won, marking the largest investment by a South Korean bank in a digital asset company.

user avatarLeo van der Veen

Hana Financial and Dunamu Collaborate on Digital Asset Services

chest

Hana Financial and Dunamu have signed a memorandum of understanding to develop services that integrate traditional banking with digital assets.

user avatarMaya Lundqvist

CME and ICE Push for Federal Oversight of Hyperliquid

chest

CME Group and Intercontinental Exchange are lobbying for federal oversight of Hyperliquid, citing concerns over market manipulation and sanctions evasion.

user avatarKaterina Papadopoulou

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.