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With over 400 million active users, PayPal has long been interested in cryptocurrencies. Now, despite regulatory confusion, the SEC’s strict stance, and potential lawsuit risks, it is taking action for crypto rewards. A few minutes ago, an announcement indicated the company’s appetite in the crypto space.
PayPal and Cryptocurrencies
Valued at over $60 billion, PayPal is far ahead of its competitors and is closely involved with crypto. Besides the crypto exchange feature within the app, it has also issued its own stablecoin. This step was the last major move in the race of Web2 giants in crypto. While trillion-dollar giants issue ETFs, companies like PayPal strive to grow their share of the crypto market.
In August 2023, the company joined the stablecoin race with the dollar-backed PYUSD and has already reached nearly $1 billion in value for PYUSD. Moreover, it is accelerating its growth by expanding to alternative networks. Now, to further increase the adoption rate of its stablecoin, it has partnered with Anchorage Digital, the only US-based bank with a charter. This will allow it to offer stablecoin rewards to its user base of accredited investors holding PYUSD.
Anchorage Digital insists that the PYUSD and the reward program cannot be considered under an investment contract or security. This latest move is a bold step and reflects confidence that crypto will not be stifled by regulations.
