Paypal and Western Union register as crypto providers – BeinCrypto

PayPal and Western Union formalize their place in the crypto sector by registering new brands as service providers.

Paypal and Western Union attack the industry

The world of cryptocurrencies seems to be increasingly eyeing traditional payment organizations. While the banks are interested tokenized options or launch their own crypto service, and that some social networks could even get started, switching to digital currencies seems to have become a mandatory step for some companies. Paypal was no exception since the company never ceased to support its crypto services over the past 12 months.

This time, the payment provider formalizes its entry into the sector. Indeed, according to lawyer Mike Kondoudis, Paypal would have registered 3 crypto brands with the American authorities in order to be able to offer services concerning the exchange, the negotiation or the transfers of digital assets such as coins or NFT.

Source: Mike Kondoudis’ Twitter account

Currently, Paypal already offers to transact with major cryptocurrencies such as Bitcoin Where Ethereum. Among his next projects is the implementation of software to manage all his digital assets.

The allure of crypto has not escaped Western Union. Like its competitor, the money transfer company has also filed three trademarks to support its digital currency services. Although it also focuses on transactions in cryptocurrencies, it nevertheless seeks to diversify more generally by offering banking, insurance for traders and also issuing tokens.

Source: Mike Kondoudis’ Twitter account

the web3 therefore seems to be definitely popular with brands, companies and the various organizations that make up our current economy. It is therefore to be expected that this greatly changes over the coming years thanks to DeFi and blockchain.

Crypto soon to be used on a daily basis?

As major payment companies such as Paypal and Western Union move into crypto, digital currencies could see themselves propelled to the status of everyday means of payment. Indeed, the multitude of companies in the sector is also synonymous with just as many services allowing the use of cryptocurrencies in all situations.

Recently, MasterCard has announcement work on the generalization of Bitcoin purchases through payment cards, including contactless. As for the online bank N26, it has just launched its trading service in Europe.

Source: N26 Twitter account

However, the bet is not yet entirely won. Indeed, many security issues are slowing the adoption of crypto payment. According to the last study carried out by Prestashop, 41% of merchant sites in France have been victims of cyber attacks since their creation. These would find their source in bots malicious. The use of crypto to pay for online purchases could therefore be compromised by the relentless activity of cybercriminals. Safety therefore remains the sector’s priority if it wishes to become widespread.

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Paypal and Western Union register as crypto providers – BeinCrypto


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