iTWire - Independent Reserve integrates PayPal services for customers
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Thursday, 24 August 2023 10:19
Independent Reserve integrates PayPal services for customers Featured
By Sam Varghese
Australian digital currency exchange Independent Reserve and Bitcoin.com.au have integrated PayPal services to offer both deposits and withdrawals for customers.
A statement from Independent Reserve said integrating PayPal technology for card processing and withdrawals would allow customers to load funds to the exchange using a funding source in the PayPal wallet, such as a bank account or card, and also to withdraw funds into PayPal wallets.
Independent Reserve chief executive Adrian Przelozny said: “Our aim is to enable easy and secure access to the cryptocurrency market for a broad range of investors.
"Adding PayPal as an option for deposits, as well as card processing via the PayPal platform, is a tremendous leap towards making crypto a mainstream asset.”
"By integrating PayPal wallet for deposits and the PayPal platform for card processing, Independent Reserve and Bitcoin.com.au are making cryptocurrency easier for investors to access, while withdrawals to the PayPal wallet can take place in real time.”
The statement said 10% of Australians owned cryptocurrencies and the PayPal integration meant customers would no longer need to leave these exchange sites to make deposits or withdrawals.
It added that PayPal’s proprietary risk rules and monitoring of each transaction flow would be applicable to all deposits and withdrawals made via the PayPal wallet and card transactions on the exchanges.
Said Cowan: “At PayPal we believe that money will become digital – it’s a matter of when, not if. Digital currencies have the potential to drive innovation in financial technology and, as a flow on, to improve economic opportunities and financial inclusion.
"However, consumers must feel that it’s safe, secure, and convenient. That’s why PayPal supports innovation-oriented regulation of cryptocurrencies and will look to continue to provide solutions for consumers in the cryptocurrency sector.”
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