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

Dormant Bitcoin Wallets Come to Life

chest

Six dormant Bitcoin wallets have moved a total of 55,359 BTC, worth approximately $40.15 million, between August 16 and August 26.

user avatarSatoshi Nakamura

SEC Proposes New Rules for Crypto Custody Regulations

chest

The SEC has proposed new rules to modernize crypto custody regulations for investment advisers and companies.

user avatarJesper Sørensen

US Law Blocks Federal Reserve from Issuing Digital Currency Until 2030

chest

US Congress passed a law blocking the Federal Reserve from issuing a digital currency until 2030.

user avatarRajesh Kumar

ECB Executive Addresses Privacy Concerns of Digital Euro

chest

Piero Cipollone from the European Central Bank addresses privacy concerns regarding the digital euro, emphasizing user privacy and transaction confidentiality.

user avatarLucas Weissmann

Bitcoin Futures Traders Abandon Crypto for Stablecoin Margin

chest

Bitcoin futures traders have largely abandoned using Bitcoin as collateral for their positions, opting for stablecoin-backed positions to avoid risks associated with price drops.

user avatarFilippo Romano

Gold Prices Surge to Three-Month High

chest

Gold prices surged to a three-month high, reaching $4,696.18 an ounce, driven by a weaker dollar and falling Treasury yields.

user avatarEmily Carter

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.