Here's what I believe PayPal and MasterCard are entering to Crypto.

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Avatar for alberdioni8406
4 years ago

Times are roughly changing and big tech companies are following this developments, may not spread it to the wind but are working on the shadows to learn more from the market and adopt it as soon possible. People may not be aware of this worldwide payment companies interest on cryptocurrency but they are and soon will launch services to buy and host crypto services.

PayPal have been linked to Paxos crypto brokerage that, second sources will handle all the legal compliance measures to the payment giant fintech firm, Paxos is a certified U.S provider who have rights to custody Crypto and Gold in behalf of customers.

This isn't just a rumour, PayPal have been conducting researchers and in May was released a letter directed to E.U commission in response to a public survey, which made clear their intention to deal with Crypto but, will need strictly rules from regulators to be able to run all trade in compliance with anti-money laundering (AML) policy.

PayPal stat on the letter that are following directly the evolution of Cryptocurrency.

MasterCard on other hand are increasing their presence on Crypto, their program of Crypto cards are looking for more firms to join the giant payment card company and secured the fist native crypto platform, the Wirex Firm!

Why they are entering the crypto market.

PayPal history with Crypto isn't new, as the company have been involved with Coinbase since 2016 giving customers from the crypto exchange the hability to withdraw their earnings direct to PayPal accounts in Europe and Canada. Recently the fintech made a small appearance on the association with Libra stablecoin project from Facebook, but withdrew and decided to pursue own projects, and now I can say for sure "follow Crypto own projects".

Why I believe on that?!

PayPal and MasterCard appearance on Facebook project, Libra, made them realize that they was about to lose important role on Cryptocurrency ecosystem. Many customers of the giant fintech company Paypal and MasterCard payment card firm are dealing with Crypto!

This companies make revenue from Customers, they earn money from fees on transactions the clients do and the same customers aren't using their services to buy or sell digital assets and somehow this companies are losing money from it, so why not embracing the market to collect those fees and also grant full customer support regarding the matter?!

PayPal have 20 years on market of online services payments which give them hegemony on the market of online payment services during the first 10 years, but with the presence of decentralized assets in the world they just stopped to see that revenue start to decline, with more people trading in Cryptocurrency. MasterCard on the other hand have a big competition of Visa and embracing Cryptocurrency first than concurrency will give them more customers looking for their card payment.

More customers satisfaction, means more money to the companies firms.

This would be a whole new race to see giant companies adopting Crypto, and this are my opinions about this two companies, which I believe soon we will have news about on media.

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Take care.

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4 years ago

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If CashApp is world wide no one will use PayPal. I swear the fee is killing. Plus their refund my God. They refund those who request refund without asking the owner of the account for review. If a scammer request a refund they will refund it and charge you. they charged you $25 more for that. They are too greed. I just don't have a choice that's why I use PayPal and now they are planning to enter crypto through Venmo correct me if I am wrong. If the fee is still the same My God they should not enter Crypto.

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4 years ago

I must agree that PayPal fee are killing but also in blockchain wallets those fees are lot more this time, I had to pay something like $1.20 for a transaction of $25 that is a lot, imagine its a blockchain transaction!

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4 years ago

BTC and Eth. I don't know in other cryptocurrency. I use ot use BTC for withdrawal but now I used #BCH or #XRP as this coins has almost equal to free fees.

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4 years ago

You complete right about transactions in BCH they are more way affordable with just cents on transactions ETH aren't that cheap now with that euphoric season on DeFi they also a pushing Transactions to higher better to use BCH🙌

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4 years ago

It is impossible that you have paid such a fee for BCH transaction and if you make BTC transactions, it is your own fault.

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4 years ago

That was a needed transaction in BTC for some investment I have, of course in BCH that is more way affordable but that was just a needed one not habitual one!

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4 years ago

I dropped my BTC because those fees kept bugging me. My last BTC transaction was 2018. Now I do all my needed investments without BTC and without such fees and I'm very happy.

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4 years ago

The fees on BTC network are madness I did that because my wife needed to pay a investment package that only deal with Bitcoin, I just cried out to exchange my BCH for that nonsense😷but I preview only increasing as the asset also got value today is $9500 and fees are that higher!! So when the asset reach $20,000 what will be?! Am just fine with my BCH and some collection of tokens I have!

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4 years ago

I hate PayPal for that refund things. thats too Unfair for the account holder. Seriously they should fix it. If not then they are only after for that charges they changed and don't care for their customer. 😤😤

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4 years ago

Well I think that refund policy protect users because if you get harmed the could return back it to you, I believe that is a necessary step of course not everyone will like it but is a necessary step to protect users.

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4 years ago

Yes but at least they should ask the owner of the account.

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4 years ago

Its a practice they have and if you are user must be aware of it, I remember back then when I was active on PayPal that policy help me out to recover some funds that was dubious locked, its about policy.

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4 years ago

I am very concerned about the evolution that the participation of paypal or mastercard would have ... if it is true, it gives more value to the crypto world, I do not deny it, it gives more institutional participation, which in a certain way is inevitable but necessary, I am concerned the centralization that this will bring.

Be careful if our way of seeing and perceiving cryptocurrencies does not change.

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4 years ago

No way they can centralise it they could somehow introduce more Crypto to people in their userbase and collect fees for that but they will be just a middle between the parts, if you as client feel that somehow they are hurting your privacy withdraw all yor belongings and use Dex😁

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4 years ago

PayPal. I preparing myself for a no Visa. mastercard, sort. Plenty only receiving on web money address. And crypto wallet. And for all their association to earn.

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4 years ago

Oh that's good to know, crypto is the future and people will know that for sure just need to absorb.

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4 years ago