Kraken 's latest update to mobile now supports PayPal deposits in the UK and Europe, providing a more modern and user-friendly trading experience.
Kraken opens deposit feature through PayPal
Improved payment ability
Cryptocurrency exchange Kraken has started rolling out support for deposits in euros and pounds via PayPal for users in the UK and Europe (except Hungary and Croatia).
The above information was revealed by a Kraken user in the UK via the Reddit platform, who received an email from the exchange confirming that PayPal can now be used to Capital user accounts.
"You can now use PayPal to add funds to your Kraken account.
You can use your PayPal balance, bank account or payment card connected to your PayPal account to transfer up to 1,000 GBP (1,250 USD) per day from your Kraken app. "
Kraken's homepage, Support section has also been instructed by the exchange "how to deposit EUR and GBP (British Pound) via PayPal" and confirmed this payment method has been integrated.
Kraken exchange posted instructions "how to deposit EUR and GBP (British Pound) to the exchange via PayPal
How the PayPal deposit service works
The PayPal deposit method is currently only available on the Kraken mobile app. To use the PayPal deposit service, users must perform Intermediate or Pro level KYC , make sure the name on their PayPal account matches the name on their Kraken account and reside in the UK or Europe (except for except Hungary and Croatia).
The deposit process is very simple:
- The user selects the desired currency - EUR or GBP - from the deposit screen and connects to their PayPal account.
- Once linked, the user selects PayPal as the deposit method, enters the desired amount and confirms the deposit.
- Deposits to Kraken via PayPal will be "received in seconds" with deposit fees varying depending on the region, ranging from 2-3%/time , but users are not allowed to make withdrawals within the next 7 days.
The integration of PayPal deposits is in line with Kraken's ongoing platform enhancements. The exchange is in the process of improving its main interface with "Kraken Pro" to replace the traditional "Kraken Classic" trading platform. These updates aim to modernize the user experience and make trading on Kraken more intuitive and efficient.
PayPal's New Stablecoin
At the end of August 2023, Kraken also added support for PayPal USD (PYUSD) - PayPal's new stablecoin - on its platform. Previously, rival exchanges Coinbase , Huobi and Crypto.com also scheduled to list this new stablecoin.
PayPal USD (PYUSD) is a stablecoin pegged to US dollars, short-term US Treasury bonds, and other cash-equivalent assets. PYUSD was jointly issued by PayPal and Paxos, the stablecoin company behind Binance's BUSD that was ordered to stop operations by the US government .
This model is similar to popular traditional stablecoins such as Tether (USDT) and USD Coin (USDC) , which PayPal expects to create a new source of income for the company.
The plan to make a stablecoin has been cherished by PayPal and Paxos for a long time, but it seemed to have been suspended after Paxos got into trouble with the US government in February 2023. Despite facing countless controversies about its functions, costs and the technology behind it, PYUSD is still welcomed by crypto giants with the view that it will bring progressive competition in the industry.
According to the PYUSD smart contract announced by PayPal, this stablecoin was created in November 2022, with a total supply at the time of writing of 44.3 million Token, an increase of 1 million Token compared to the previous week. .
On September 5, 2023, MetaMask also launched a feature that allows users to "cash out" cryptocurrency to fiat currency (USD, EUR, GBP) directly on the wallet, after which the money will be sent. to their PayPal account, but is only available in the US, UK, and parts of Europe.
The move comes as many US-based cryptocurrency platforms are looking to expand globally in response to increased interest from regulators such as the Securities and Exchange Commission. (SEC) and Commodity Futures Trading Commission (CFTC).
The US House of Representatives Finance Committee in early August 2023 also issued a notice calling for speeding up the discussion and approval of stablecoin management laws with PayPal's move to launch PYUSD.
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