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The CEO of Australian cryptocurrency exchange Independent Reserve has revealed that the exchange has partnered with payment giant PayPal to protect itself against increasing bank restrictions on cryptocurrency exchange payments. The partnership will enable Independent Reserve customers to deposit fiat into their crypto accounts directly from PayPal wallets and withdraw funds from the exchange using PayPal.
A Positive Outlook for the Crypto Sector
Adrian Przelozny, CEO of Independent Reserve, stated that the new partnership offers additional options for Australian crypto investors and reduces future risks if other banks decide to close ranks against the industry. Currently, at least five major Australian banking institutions, including Bendigo Bank, Commonwealth Bank, National Australia Bank (NAB), Westpac, and ANZ, impose a range of restrictions and limitations on customers wanting to deposit and withdraw cryptocurrencies from digital asset exchanges.
Commonwealth Bank’s restrictions are among the strictest in Australia, imposing a monthly limit of $10,000 on all cryptocurrency deposit transactions. Other restrictions include blocking certain “high-risk” payments and removing instant deposit transactions from crypto exchanges.
Przelozny highlighted that this is the first partnership between a cryptocurrency exchange and PayPal in the APAC region and praised the payment firm for taking a positive view of the crypto sector:
“It’s really nice to see a company like PayPal, unlike all the other banks that see the industry only as a risk, going against the grain and seeing the opportunity in the crypto industry.”
Convenience for Crypto Investors
Przelozny noted that there is a daily deposit limit of $5,000 for funds sent to the exchange via PayPal or credit card, which is much more generous than those imposed by some major banks. Peter Cowan, PayPal’s General Manager for Australia, stated that the partnership will help reduce limitations and complexity for Australian crypto investors regarding transfers to and from digital asset exchanges.
“By integrating the PayPal wallet for deposit transactions and the PayPal platform for card transactions, Independent Reserve and Bitcoin‘s official website facilitate investors’ access to cryptocurrencies, and withdrawals to the PayPal wallet can also be done in real-time.”
Cowan also expressed his own bullish views on digital currencies:
“At PayPal, we believe that money will become digital—it’s just a matter of time, not if. Digital currencies have the potential to drive innovation in financial technology and enhance economic opportunities and financial inclusion as a flow-on effect.”
