Why PayPal Could Become the Next Crypto Super App

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  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.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

Traders Predict Early Release of OpenAI's GPT-6 Model

chest

Prediction market traders are optimistic about the early release of OpenAI's GPT-6 model, estimating a 59% chance of launch by September 15.

user avatarTando Nkube

Visa Seeks New Crypto Stablecoin Partner for Global Settlements

chest

Visa is seeking a new crypto stablecoin partner to enhance its global settlement capabilities after the acquisition of its previous partner, BVNK, by Mastercard.

user avatarKofi Adjeman

AMD's Gaming Division Struggles Amid AI Market Concerns

chest

AMD's gaming division faces challenges with a 31% revenue dip, raising concerns about its ability to protect stock value amid potential AI market fluctuations.

user avatarSatoshi Nakamura

Michael Burry Warns of Potential AI Bubble Burst

chest

Michael Burry warns of a potential AI bubble burst that could lead to significant losses in tech stocks, particularly for companies like AMD.

user avatarNguyen Van Long

Nike Stock Hits 12-Year Low Amid Rebound Speculation

chest

Nike's stock closed at a 12-year low of $39.09, raising concerns about its future performance and potential for a rebound.

user avatarJesper Sørensen

Payward Joins Project Glasswing to Boost Cybersecurity Efforts

chest

Payward, the parent company of Kraken, has joined Anthropics Project Glasswing to enhance cybersecurity by utilizing Claude Mythos 5 for identifying security vulnerabilities.

user avatarRajesh Kumar

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.