US Coinbase Customers Can Make Instant, Free Crypto-To-Cash Transfers to PayPal

Coinbase — the largest US-based cryptocurrency exchange — partnered with payments platform PayPal to enable instant, free crypto-to-cash withdrawals for US customers.

This means customers can now move the crypto balances in their Coinbase accounts to their PayPal accounts immediately, at no charge.

“These withdrawals are not only fast; they’re free and incur no fees,” project manager Allen Osgood wrote on Coinbase’s blog. “Now, moving your cryptocurrency to cash is easier and more affordable than ever.”

Facilitating an ‘Open Financial System’

Before, you needed an ACH (automated clearing house) or federal wire account to withdraw funds from your Coinbase account. And it could take up to two business days for the transaction to clear.

With the new Coinbase/PayPal service, you can now move your funds instantly, for free.

Here’s the two-step process:

  1. Sign in to Coinbase and link your PayPal account to your Coinbase account.
  2. Select your PayPal account as a payment option when withdrawing your cash balance to move your funds instantly.
Coinbase Customers Can Make Instant Crypto-To-Cash Transfers to PayPal
Coinbase customers can make instant crypto-to-cash transfers to PayPal.

Allen Osgood said Coinbase launched the service in response to customer demands for an “open financial system.”

“We believe that means more than just owning cryptocurrency ,” he explained. ” It means having the flexibility to use it how and when you want. This integration is a big step forward in realizing that vision, allowing you to smoothly and instantly transfer your funds to cash.”

While the service is currently only available in the United States, Coinbase plans to roll it out in more countries in 2019.

Coinbase and Circle Are Making Moves In DC

While bitcoin enthusiasts know Coinbase primarily as a cryptocurrency exchange and brokerage giant, the company is quietly making moves behind the scenes to promote mainstream crypto adoption.

In September 2018, a pro-crypto lobbying group was launched in Washington, D.C. by three of the biggest cryptocurrency companies in the United States:

  • Coinbase
  • Circle
  • Digital Currency Group.

“We have been very active with Congress, with policymakers. There’s a lot of engagement,” said Jeremy Allaire, the co-founder of Circle, a crypto unicorn with a $3 billion valuation.

The move signals that the virtual currency industry is taking concrete steps to promote mainstream adoption by becoming power players in the US capital. Lobbying isn’t sexy or hip, but that’s how things get in politics — so it’s pretty effective.

A week after the lobbying group launched, three bills were introduced in the US Congress designed to support the development of crypto and blockchain, the technology behind bitcoin.

The three bills were:

  1. Resolution Supporting Digital Currencies and Blockchain Technology.
  2. Blockchain Regulatory Certainty Act.
  3. Safe Harbor for Taxpayers with Forked Assets Act.


Republican Congressman Tom Emmer — who is co-chairman of the Congressional Blockchain Caucus — urged the United States to prioritize the development of blockchain and create an environment that will enable the private sector to lead on innovation.

“This is an exciting time for blockchain technology and cryptocurrencies,” said Congressman Emmer. “Legislators should be embracing emerging technologies and providing a clear regulatory system that allows them to flourish in the United States.”

 


Source
Author: Samantha Chang
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Former PayPal Executive Joins Crypto.com to Drive Growth

Tyson Hackwood, a former PayPal and Braintree executive, has landed a key position at Crypto.com where his remit is to drive the growth of the crypto-based payment solution.

Crypto.com, one of the leading payments and cryptocurrency platforms announced on Dec. 11th that it has hired Tyson Hackwood, a former key executive for PayPal and Braintree as the SVP, Head of Global Merchant Acquisition.

With his vast experience in mobile payments and business expansion, Hackwood’s direct responsibility is to drive the growth and expansion of Crypto.com Pay, a solution that allows “customers to pay for goods and services with cryptocurrency while receiving generous cashback rewards.”

Hackwood’s Appointment

Kris Marszalek; Co-Founder and CEO of Crypto.com said that Hackwood has an important role to play in expanding the business’ network. “As we develop the Crypto.com Chain to fulfill the current industry need to pay and be paid in crypto, Tyson will play an important role in expanding the number and quality of merchants that are part of our network,” remarked Marszalek.

He further added that:

“His relationships and experience in online digital payments will significantly advance our goal of enabling seamless, secure, and cost-efficient transactions between merchants and cryptocurrency users worldwide.”

Hackwood expressed his excitement at joining the team and help grow the brand with strategic partnerships with merchants. Hackwood said:

“My experience in working with digital driven organizations and developing collaborative business channels, combined with Crypto.com’s intuitive platform, will aid in the steady and sustainable adoption of this native blockchain technology and cryptocurrencies.”

Hackwood and Crypto.com Are a Perfect Match

Hackwood has more than 17 years of experience working in several sectors such as mobile payment, digital commerce, and expansion and partnership-driven business. He recently served as a director at the Asia Pacific for Braintree, a division of PayPal that deals with e-commerce payments. He was also in charge of leading dynamic teams and overseeing the company’s continued expansion across the region.

Hackwood joins the Hong Kong-based crypto company that wants to have a global reputation of facilitating instant crypto payments.

Hackwood joins the list of former PayPal executive that have crossed over to the crypto camp that includes David Marcus (Coinbase – eventually resigned to focus on Facebook), Bret Allenbach (Ripple), and more.


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Author: Williams Mugwagwa
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PayPal Launches Internal Crypto Platform, Plus Bitcoin, Ripple and XRP, Stellar, Ethereum, EOS, Litecoin, VeChain: Crypto News Alert

From PayPal’s new crypto initiative to the ongoing burst of Bitcoin whale activity, here’s a look at some of the stories breaking in the world of crypto.

PayPal and Crypto

PayPal has reportedly launched a new internal crypto platform designed to teach its employees about token economics.

As reported by Cheddar, the blockchain-based platform allows employees to earn tokens by engaging in company initiatives.

“Employees can access their tokens through the company’s internal website and continue earning more by participating in innovation-related programs and contributing ideas. The tokens, which hold no value outside of PayPal’s walls, are also tradable among employees with each transaction being posted to, effectively, a ‘public ledger.’

…PayPal’s tokens are redeemable for more than 100 ‘experiences’ offered on the platform, including poker tournaments with a couple of their vice presidents, a trail run and coffee with CFO John Rainey, and morning martial arts with CEO Dan Schulman. Gabrielle Scheibe Rabinovitch, the company’s head of investor relations, has offered to let employees borrow her dog for a day, Todasco said.”

Bitcoin

A burst of Bitcoin whale activity continues. Some of the oldest and richest BTC addresses in existence have transferred a total of more than 424,000 BTC – worth more than $1.4 billion – to new wallet addresses.

Here’s a look at 11 noteworthy transactions, as tracked by Whale Watch.

Transaction 1
Transaction 2
Transaction 3
Transaction 4
Transaction 5
Transaction 6
Transaction 7
Transaction 8
Transaction 9
Transaction 10
Transaction 11

None of the crypto has been moved to an exchange, leading to speculation that the wallets could be linked to a large company like Coinbase, that’s moving its assets around for security.

Ripple

Ripple’s chief market strategist Cory Johnson joined a panel on BEFAST TV to discuss where blockchain technology is heading.

Johnson talked about the company’s efforts to push adoption of its cross-border payment solutions and its initiative Xpring, which is designed to boost companies developing on XRP.

Bitcoin, XRP, Ethereum, EOS, Stellar, Binance Coin

Leading cryptocurrency exchange Binance is launching six new trading pairs on Friday.

The exchange is pairing Bitcoin, XRP, Ethereum, EOS, Stellar, Binance Coin with the TrueUSD, a blockchain-based stablecoin pegged to the US dollar.

VeChain

VeChain says it’s working with a historic tea manufacturer in Japan to give customers a new way to verify the authenticity of their purchase.

“By utilizing an advanced traceability and IoT solution, Fuji MARUMO Tea’a customers are able to verify the origin of their tea products by using a smartphone to read the NFC chips embedded on the package.”

The tea company is starting with a trial of VeChain’s technology, implemented into 100 limited edition packages of its products. The trial is a proof of concept for a “larger partnership that will be implemented upon completion.”

Litecoin

Crypto hodlers can now buy the new HTC Exodus smartphone with Litecoin. The phone was previously available only for Bitcoin and Ethereum.


Source
Author: Daily Hodl Staff
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Verge (XVG) On The Edge To Launch An Attractive New Wallet


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New partnerships seem to be on the horizon for Verge, so they’ve chosen to release a new wallet. Verge’s mystery partnership became known as Pornhub, then Brazzer (these associations with the adult entertainment industry were very misunderstood at the time) and now they’re trying to hook up with Spotify, Paypal, and Venmo.

With those potential partnerships in mind, the alt-coin is ready to release a new wallet while it is also trying to be included on Streamlab.

Verge XVG new wallet
This is how the Verge XVG’s new wallet looks.

Verge’s team announced the work is in progress on the backend, and they will need to make their wallet more user-friendly and its interface better. This is being designed by Waveon3, Verge‘s web and UI team. They disclosed this information through their Twitter account, and let the world know they are designing a ‘fresh look’ for the wallet alongside working on further improvements.

Verge is asking its community to press Streamlab to use the coin. Streamlab is a Silicon Valley startup which develops streaming software that lets streamers interact with viewers and monetize their content and help their channels to grow. Verge wants this business, and they’re making it clear as they tweeted this:

The community was responsive. As you can see, they retweeted that message many times and started to urge Streamlab to include Verge in their ecosystem.

Latest potential Verge partners: Venmo and Paypal 

As soon as Verge announced their partnership with Pornhub, they followed Oliver Twist’s example and just kept asking for more. While the collaboration with Brazzer and Pornhub holds a lot of potential for profitability, Verge (XVG) wants to get other partnerships that are just as relevant but not as controversial. Venmo and Paypal are their current targets. TrafficJunky is in XVG’s partnership bucket already, and they’ve been going for Spotify as well.

As per yesterday’s news, some internal leakers have told the press that “Verge is aggressively pursuing PayPal via their Venmo platform.” The same sources intimated that Venmo and Paypal want to have cryptocurrencies in their platform, and they are thinking seriously about making Verge one of them.

“There is nothing in this industry like momentum, and we have it right now. It is powerful and is pumping adrenaline into the heart of this place right now,” claimed the news and then added, “Yes, we are pursuing any, and all partnerships, but the payments partnerships are at the top of our list.”

The source further says,

“And not just TPay either. Venmo is on the ‘verge’ (lol) of doing some next level stuff and we are hitting them hard to be included. I feel good about the possibilities there, I will say that.”

The same media outlet proclaimed that it spoke to a former PayPal executive who currently consults for them on the crypto subject, he said,

“Venmo will announce something by the end of 2018 and the idea is to attempt to one-up Square by bringing 5-10 cryptos onto the platform right at the outset. I can confirm that Verge is seriously in the mix.”

It is evident that apart from massive developments (latest: in the form of their new wallet design), Verge team is deploying ‘guerilla marketing’ tactics as they continue to push through any corner they can. And, seeing all these incredible developments and partnerships that the cryptocurrency is rolling out (and it seems it will continue to go in this fashion), it more likely will become a ‘must have‘ crypto in the market.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Ali Qamar
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Super Bullish News for Ripple, RIP PayPal

RIP PAYPAL / December 1998 – April 2018

>We’re changing the balance functionality for your PayPal account depending on whether we have been able to verify identifying information that you provide to us.

>If we have not verified your identifying information, a balance in your PayPal account can generally only be held in your PayPal account and transferred to a linked bank account or debit card.

>If we have verified your identifying information, a balance in your PayPal account can be held in your PayPal account, transferred to a linked bank account or debit card, used to make purchases or send money to others.

“We’re removing the variable rate pricing for sending money to friends and family members who have PayPal accounts in a country other than the United States when you send money using PayPal balance or your bank account and introducing a new flat fee of $2.99 or $4.99 per transaction depending on the recipient’s country. However, when you send money using your credit card, debit card, or PayPal credit you will be charged the new flat fee per transaction depending on the recipient’s country + 2.9% of the transaction amount + a fixed fee based on the currency.”

>Our updated Privacy Policy will be effective on April 19, 2018

No more stealth accounts, no more unverified accounts, no more PayPal balance. Basically, you’re limited to one account, and one account only.

Sending money to family members is now more expensive than using BTC.

Tomorrow will be a sad day, but great for the future of cryptocurrency!

  • $1 XRP = $0.00001 transaction fee
  • $10 XRP = $0.0001 transaction fee
  • $100 XRP = $0.001 transaction fee
  • $1000 XRP = $0.01transaction fee, and finally it cost A Full Penny

To look at the XRP costs, check it out more here.

https://www.paypal.com/us/webapps/mpp/ua/upcoming-policies-full


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Mikeross14
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PayPal Makes a Move Toward Traditional Banking

Company partners with small banks to offer debit cards, direct deposit and other services

PayPal PYPL 1.80% Holdings Inc. is nudging its customers closer to mainstream banking services.

The San Jose, Calif.-based payments company has been reaching out to groups of customers in recent months with an offer to add basic banking features to their PayPal digital wallet. The features include Federal Deposit Insurance Corp. insurance for balances up to government-set limits, a debit card that can be used to withdraw cash at ATMs and the ability to add funds to accounts by taking a photo of a paper check or by having employers direct-deposit earnings there.

PayPal users already served by traditional banks may not be tempted to ditch their existing checking accounts. The company isn’t paying interest on balances and is charging a fee of 1% on any check a customer deposits via a photo, in addition to fees for taking money out from ATMs other than the 25,000 inside PayPal’s network, said Bill Ready, PayPal’s chief operating officer.

But it could be a better option for certain consumers with smaller balances who are largely ignored by banks and have to rely on check-cashing centers and other alternative providers of financial services. PayPal isn’t charging a monthly fee and isn’t requiring customers to keep a minimum balance.

In contrast, Bank of America Corp. earlier this year discontinued a free checking account popular with lower-income customers, switching them into one that charges a $12 monthly fee unless certain conditions are met.

Mr. Ready said the company’s goal was to give those excluded from the banking system access to the digital economy. “If you don’t have a bank account, you can’t take an Uber ride, can’t stay in a room on Airbnb,” Mr. Ready said.

PayPal has been adding other financial functions to its website and smartphone apps that go beyond its original business of offering a checkout button that enabled shoppers to buy goods and services online. Through a series of partnerships and acquisitions, PayPal now offers consumer loans, cross-border remittances and automated savings and investment services.

A number of other technology firms with large user bases are looking at providing banking functions. Square Inc. gives out bank cards to users of its Cash App who want one, and Amazon.com Inc. has been in discussions to build a checking-account-like product for its customers.

There is a catch, though: PayPal and other tech firms don’t have a U.S. banking license. The FDIC doesn’t backstop funds stored at non-banks, and Visa Inc. and MasterCard Inc. only permit cards that run on their network to be issued by banks.

In PayPal’s case, the company turned to a hodgepodge of small banks that stay anonymous and behind the scenes. It cut deals with a Delaware bank to issue debit cards, a Georgia bank to deposit checks instantly after users take a photo of them and banks in Utah to make loans to consumers and small businesses.

“It’s mostly just a question of stringing together the supply chain,” said Thomas Brown, a partner in the global banking and payment systems group at law firm Paul Hastings LLP. “You can use technology to create the appearance of integration across accounts at different financial institutions.”

Mr. Ready said that working with several different banks allows PayPal to get products out to consumers faster and that the company has no intention of becoming a bank. He added that if its users already have bank accounts they are using within PayPal, “this isn’t an account for you.”

PayPal launched a prepaid card that offered some banking features in 2012 but charged users fees when they opened an account and when they loaded funds to it.

 


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Peter Rudegeair 
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