There is no shortage of companies’ exchanges throughout the crypto landscape. It seems like every other day there is a new exchange in the industry looking to offer investors new services. However, despite having so many different exchanges, the industry does not have any big name exchanges that come from recognized companies.
Major financial institutions like Standard Chartered have started working on their own cryptocurrency. But PayPal has decided to go the opposite route and is now offering its customers the ability to buy and sell four different cryptocurrencies. Clients using the service will also be able to hold the cryptocurrency of their choice within the same application. And PayPal has chosen to realise their platform in the UK as well.
The four cryptocurrencies currently available to purchase on the newly released platform include the Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Furthermore, customers can make their purchases through a bank card, bank account, and even through their PayPal Balance. It is easily one of the most convenient crypto services that you can currently find in the world.
Their service runs on the blockchain service Paxos, which is managing all of its cryptocurrency functions. While Paxos is certainly not the biggest blockchain infrastructure, it is still very competent. Many even believe that they will be handling third-party wallet integration into PayPal’s platform.
There is also speculation that Paxos will be working with Curwin on developing the platform. Curwin is a crypto policing platform that PayPal acquired just earlier this year. Curwin is a first of its kind platform dedicated to helping improve the entire crypto market.
PayPal will also be working on a multitude of various other services for the crypto market. CEO of Paypal, Dan Sullivan, has also announced that his company is also working on something of a super processor for their products. With the way that cryptocurrencies are improving throughout the world, they are predicting that their processor will release just in time for faster processes.
PayPal has been the latest of various well known companies trying to move into the crypto sector. Other companies include Standard Chartered, with their soon to come crypto service. And the major reason that they have chosen the UK is that they are one of the fastest growing markets in the world.
The crypto market has also come under serious fire as of late due to its environmental concerns. Crypto mining is one of the biggest contributors to climate change due to its massive carbon footprint. Since they use a lot of electricity when mining, they create a much larger carbon footprint.