PayPal and Paxos Consider Partnership in Bid to Launch Crypto Services
By Luke Flowers – Crypto Specialist
An announcement has been published regarding payment giant Paypal and the leading issuer of the stablecoin Paxos Standard Token (PAX). According to Coindesk, PayPal is entering the cryptocurrency sector in partnership with New York-based Paxos, in their effort to make cryptocurrency trading available to more people. Quoting ‘two people familiar with the matter,’ it is reported that Paxos will manage the service’s digital asset funds and supply chain.
With the unfolding of the news, many are speculating as to what cryptocurrencies specifically will PayPal include in their proposed cryptocurrency trading service. The community is expecting these details to be released with the official announcement.
PayPal have been steadily expanding their number of active users in the past decade according to studies, and as a key provider in the FinTech and payments sector, would mark this occasion and as a major milestone for cryptocurrency adoption. The money transfer platform received 9.3 million new users in the last quarter of 2019, with their growth maintained at a 14% increase ‘year-over year.’ In 2020, they have predicted 35 million new account holders.
Paxos have already contributed to the digital asset space as a long-term participant. Recently, the firm released Crypto Brokerage, a platform to enable businesses to implement crypto buying services and products into their own applications.
In addition to PayPal’s future plans, their mobile app Venmo has seen an equal growth in popularity. The platform reached the end of 2019 with more than 52 million users and according to reports, is to be part of their new cryptocurrency offering. Customers could expect to be able to buy and sell Bitcoin from both the app and the main site.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards