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24 November 2020

Dress to impress: Crypto payments set for mainstream via compliance

Dress to impress: Crypto payments set for mainstream via compliance


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However, what’s really notable is that to ensure delivery of its cryptocurrency service, PayPal, a company with a market capitalization valued at over $127.58 billion as of December 2019, chose to partner with Paxos, a regulated financial institution specializing in digital assets.

Bob Reid, CEO and co-founder of Everest, a fintech company providing regulatory compliance for financial institutions, told Cointelegraph that it’s impressive for a company as large as PayPal to have partnered with Paxos.

Moving forward, Reid believes that PayPal will eventually need to partner with a cold-storage crypto custodian, adding:.

Although it’s notable that PayPal has partnered with Paxos to ensure regulatory compliance for digital currencies, it’s also important to point out that smaller payment providers across the globe are following suit.

Hwang shared that although Danal holds approximately 50% of the market share for mobile payments within Korea — equivalent to $5.5 billion per year — getting retail merchants to accept crypto has been difficult:.

Merrick Theobald, vice president of marketing at blockchain payments service provider BitPay, told Cointelegraph that although crypto payments are gaining traction, many businesses still prefer to deal solely in fiat.

In regards to regulations, Theobald shared that BitPay Send leverages a process identical to what the company uses for its payment service, which has already been processing close to 100,000 transactions per month this year.

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cointelegraph.com
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