- PayPal launched a new product that allows direct crypto transactions on its platform.
- Visa’s VTAP would enable banks to develop fiat-backed tokens.
- New products by PayPal and Visa will boost crypto adoption in the coming months.
PayPal, a leading online payment system, has enabled direct cryptocurrency transactions on its platform. The online payment giant announced that the new feature will allow U.S. business accounts to buy, hold, sell, and transfer Bitcoin and other supported cryptocurrencies.
Commenting on the development in his podcast, the Thinking Crypto YouTube channel host noted it as a bullish signal for Bitcoin and cryptocurrencies, considering the crypto market is in the middle of a bull run. The analyst believes PayPal’s crypto enablement would boost crypto adoption and support the bull run, which users expect to continue into Q1 2025.
PayPal Enables Crypto Transfer to External Wallets
The newly launched service is available to users across the U.S., except for those in New York state. The payment platform clarified that the new feature would allow U.S. merchants to transfer crypto to external wallets in addition to buying and selling cryptocurrencies, offering businesses more flexibility.
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The analyst predicts that PayPal’s new crypto implementation could spark a chain reaction in the financial sector. He suggests it could initiate a game theory scenario where competitors, including banks, would join the crypto adoption process, further boosting the crypto market.
Visa Launches Smart Contract-Powered VTAP
Highlighting yet another bullish development for the crypto market, the analyst pointed to Visa’s official launch of the Visa Tokenized Asset Platform (VTAP). The leading credit card company stated that the platform would enable the development of fiat-backed tokens powered by smart contracts.
According to Visa, the new product will help digitize and automate existing processes that facilitate the exchange of real-world assets (RWAs). Visa explained that banks could use VTAP to purchase tokenized RWAs, such as commodities and bonds, with near real-time settlements.
The analyst sees the innovations by PayPal and Visa as bullish and timely, given the crypto market’s current state. He believes these developments will significantly contribute to the last phase of the current bull run, with the full impact likely to be seen in 2025.
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Source: https://coinedition.com/paypal-and-visa-fuel-crypto-adoption-with-new-offerings/