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Payments Giant PayPal Invests in New Crypto Wallet Software to Boost Web3 Adoption

Payments giant PayPal is investing millions in Magic, the San Francisco-based crypto wallet company, in its latest venture into the digital asset space.

According to Magic’s press release, the wallet-as-a-service (WaaS) provider has raised $52 million in a strategic funding round led by PayPal Ventures.

According to Alan Du, partner at PayPal Ventures,

“Mass adoption of Web3 is a hot topic, and Magic is facilitating it with a simple and secure solution. discover Web3. We are proud to invest in Magic and are confident that the company will help increase the number of use cases for Web3 among global brands.”

The funding round also included investments from Cherubic, Synchrony, KX, Northzone and Volt Capital, bringing the total amount raised by Magic to $80 million, according to the release.

Magic, a 2018 tech startup, provides a non-custodial crypto wallet infrastructure for companies that want to give their customers a simple and secure Web3 experience.

The company uses a unique Software Development Kit (SDK) which is implemented to allow customers to instantly create wallets using their existing email, social media accounts or SMS. To date, Magic has created more than 20 million unique wallets, according to the release.

Current Magic customers include several branded companies, including Mattel, Macy’s, Xsolla, and Immutable.

Magic co-founder Sean Li said the funding will allow the company to expand its presence in the European Union (EU) and Asia-Pacific (APAC) region.

says Li,

“With this new funding, we are focused on expanding functionality and growing use cases to continue to deliver more value to our customers. We also look forward to achieving deeper integration in the EU and APAC.”

Paypal’s recent filing with the United States Securities and Exchange Commission (SEC) shows that the company held approximately $604 million in digital assets, including $291 million in Bitcoin (BTC) and $250 million in Ethereum (ETH), in the fourth quarter of 2022.

Last December, they also announced a partnership with cryptocurrency firm ConsenSys to integrate PayPal with MetaMask, one of the most popular cryptocurrency wallets in the world.

In April, PayPal-owned Venmo announced plans to allow its more than 70 million users to transfer cryptocurrency to other Venmo users, as well as move digital assets to wallets and external exchanges.

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Bitcoin Price Rises Slowly After Bittrex News

Bitcoin price has stalled thanks to recent news about Bittrex, a popular digital exchange, and the Securities and Exchange Commission (SEC).

Bitcoin is slowing down a bit

Bitcoin has been on the rise since the beginning of the year. In 2022, the world’s number one cryptocurrency by market capitalization took one of the hardest hits it has ever taken and lost over 70% of its value after hitting a new all-time high of around $68,000 per unit the previous November. At the end of 2022, the coin dropped to the mid-range of $16,000.

Additionally, several other digital assets have decided to follow in BTC’s footsteps. This caused the entire space to crash and lose over $2 trillion in valuation in just 10-12 months.

However, this year has offered something of a turning point for bitcoin. The asset initially rose to $17,000 in the first few months, and from there it started to rise in price in the $20,000 range. It recently made headlines when it hit the $30,000 mark for the first time in about ten or 11 months (not since last June), leading many analysts to speculate that the bulls were back in town and bitcoin would reverse. forever in the coming months.

While lasting damage has yet to be done, the coin has seen its growth slow down a bit for the time being, thanks to the news surrounding Bittrex, which is the latest digital currency to fall victim to the SEC, as our latest article suggests. The agency says the exchange has broken financial and securities rules for years and has taken steps to avoid following the rules since it first came to fruition in 2014.

To be fair, it’s hard to know if these suggestions are real or not, as the SEC has been working to crack down on every cryptocurrency company out there as of late. Not long ago, for example, the agency sued Kraken and settled with the exchange that forced it to waive more than $30 million in fines. She also had to stop all her stake services.

Withdraw from all companies

The SEC didn’t stop there. He also recently posted a warning from Wells to Coinbase, stating that while the company has yet to be charged, it was being watched and could face charges in the near future. The funny thing is, Coinbase claims to have regularly met with SEC officials over the past nine years to ensure it has always remained in compliance.

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Huobi Prepares to Launch Business Service in Hong Kong

Huobi HK will play an important role in making Hong Kong the world center of Web 3.0.

In the future, users will be able to buy, sell and hold major cryptocurrencies such as BTC and ETH, as well as other major cryptocurrencies listed on the independent index through Huobi HK.

Huobi aims to provide a great shopping experience for Web 3.0 users in Hong Kong.

Hong Kong has been gradually implementing crypto-friendly policies since last year and recently announced the introduction of “cryptocurrency regulations.”

second semester. from 2023.

As a cryptocurrency exchange with a decade-long history, Huobi is actively involved in developing and building Hong Kong’s Web 3.0 ecosystem.

It is worth noting that during this year’s Hong Kong Web 3.0 Carnival, Huobi became a major contributor to the first Hong Kong Web 3.0 Ecosystem Fund.

Furthermore, Huobi is actively preparing to apply for a cryptocurrency trading license in Hong Kong.

Huobi intends to open up the Hong Kong market in a regulated and compliant manner that will speed up the development of Hong Kong’s Web 3.0 ecosystem.

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Bitpapa – Business and Private Gateway in a P2P Crypto Payment Reality

The crypto industry may have taken a backseat to its blockchain technology in terms of application and media coverage, but the use of cryptocurrencies continues unabated. Businesses and individuals are turning to cryptocurrencies to make daily transactions and the use of Peer-to-Peer trading venues is taking center stage for such operations. True to the original ideals of the blockchain industry, P2P cryptocurrency transfers are fully decentralized, transparent and, most importantly, without intermediaries.

With the volume of cryptocurrency transactions growing in developing countries, Bitpapa – a leading P2P platform – is offering a unique and convenient instrument to quickly track the integration of accepting cryptocurrency payments.

All in Widget

As one of the leading P2P service providers in Africa and a fast growing company, Bitpapa provides its customers with a simple and holistic solution, ideal for companies looking to break into the crypto domain. Bitpapa offers a widget integration software package for any type of website that accepts payment from customers using various methods.

The workflow and customer journey in a merchant feature using the Bitpapa solution adds to existing payment methods the option to pay via P2P transfer using one of the popular local banks in the host country. This approach offers customers the convenience of resorting to classic card payment and processing along with cryptocurrencies when purchasing goods and services on merchant websites. From the seller’s point of view, the integration of the Bitpapa software suite allows them to reach the crypto user audience and thereby expand their customer bases.

If the customer opts for P2P transfer to make the payment, he will be provided with a bank card number for transferring the value of his order. In essence, the procedure boils down to a simple card-to-card internal bank transfer, freeing customers from paying commission fees and merchants from incurring acquisition charges. These P2P transfers usually take less than 30 seconds and customers receive payment confirmations that allow their orders to be processed.

Traders using the Bitpapa software suite gain access to a personal account containing their wallet with a display of cryptocurrency balances. The latter are reflected in the currency that the merchant uses, allowing the instant conversion of customers’ cryptocurrencies into fiat currency. The app currently supports Bitcoin, USDT stablecoin and Monero as a means of payment. Merchants are free to withdraw funds from their balances at will to any external digital wallet or bank account.

The commercial benefits

In addition to expanding the audience from customers to crypto users, companies receive a number of other advantages when applying the Bitpapa service for their crypto acquisition needs.

The first and foremost benefit is the service’s competitive pricing and commission policy, which makes it considerably cheaper than traditional payment processing systems. Bitpapa charges a flat fee for withdrawing payments, as opposed to a percentage withheld by traditional processing gateways.

Another notable advantage of using Bitpapa is the complete independence from the traditional financial and banking system – a true feature of the main qualities and principles of the blockchain industry. Merchants often have difficulty negotiating terms with banks regarding commissions and have to deal with often lengthy processing times. Transactions processed on Bitpapa are almost instantaneous and, as a result, save traders considerable time and effort.

However, the most important advantage of the Bitpapa suite is its versatility, which includes over a hundred different payment methods. The integration of such a wide variety of payment gateways opens up immense opportunities for merchants and gives their customers almost complete freedom to choose how they want to pay, ranging from bank cards to e-wallet services.

Peer-to-peer trading as a must

The proliferation of blockchain technologies and the adoption of cryptocurrencies is increasing worldwide, especially in developing countries. Wise merchants will realize that reaching such a tech-savvy audience of potential buyers, courting them with the ability to pay using cryptocurrencies, is a sound and profitable business move.

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Top 10 crypto investment sites For 2023

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