Payments giant PayPal and investment management firm Galaxy joined hands to raise $20 million in seed funding for Chaos Labs, a New York-based cloud platform for securing blockchains and protocols. Chaos Labs protects crypto protocols against external exploits and risks with an automated risk management platform. The platform does this by offering agent- and scenario-based simulations, which in turn, helps secure protocols against economic vulnerabilities and market manipulation events. The seed funding is aimed at helping Chaos Labs further automate on-chain risk optimization. 1/ We are thrilled to announce we have secured $20M in seed funding led by @galaxyhq and …

Global payment giant PayPal holds a significant part of its financial liabilities in cryptocurrencies like Bitcoin (BTC) offered to its customers. As of Dec. 31, PayPal held a total of $604 million in various cryptocurrencies including Bitcoin, Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH), according to the annual report filed with the United States Securities and Exchange Commission (SEC) on Feb. 10. Bitcoin has the largest share in PayPal’s crypto assets, accounting for $291 million in the firm’s asset breakdown, while $250 million is held in ETH. The remaining $63 million includes Litecoin and Bitcoin Cash combined. The amount …

Financial technology firm PayPal's international money transfer service called Xoom has announced a new product that lets users in the United States send money directly to Visa debit card users. In a recent announcement, PayPal mentioned that Xoom partnered with financial services firm Visa to allow debit card holders to receive funds directly from Xoom. The feature is available in 25 countries including the Philippines, Sri Lanka, Thailand, Ukraine and Vietnam. With the newly-launched function, users can access the funds within minutes, eliminating the need to wait for five business days, which is the average waiting time for wire transfers. …

PayPal's former leadership, also known as the "PayPal Mafia," have slammed the payments giant for its debanking policies of late, with one co-founder calling the freezing of funds “totalitarian,” while another compared it to an episode of Black Mirror. Despite becoming crypto-friendly in recent years, the payments tech giant has caught a lot of headlines and pushback over its de-platforming practices, which reportedly involve a rather abrupt process of freezing funds, fines, and frosty negotiations to unlock the accounts of its users for varying reasons. Peter Thiel, who co-founded PayPal in 1998 and served as its CEO until 2002 suggested …

Online payment network PayPal has reneged on a controversial policy that could’ve seen users fined $2,500 for spreading “misinformation,” with the payment platform claiming the policy update was published “in error.” The now retracted misinformation clause in PayPal’s Acceptable Use Policy was set to take effect on Nov. 3, which would have expanded on its list of prohibited activities to include “the sending, posting, or publication of any messages, content, or materials” that "promotes misinformation." But the screenshot of the policy says otherwise. PayPal caves after social media backlash. Read the full story below!https://t.co/5KX1d6O3RP pic.twitter.com/aWEdw86Xvd — thetechstartups (@thetechstartups) October 9, …

Do you believe that in five years every second transaction in e-commerce will be settled on blockchain? No? Well, that’s what people thought of plastic credit cards versus cash a few decades ago when it came to traditional stores. There is no doubt that Web3 will drastically transform the way e-commerce operates. Using cryptocurrency payments in e-commerce stores will become just as common as accepting PayPal, Klarna, Visa or Mastercard. The stores that don’t adapt their e-commerce platforms to accept cryptocurrencies will soon find themselves out of business. How Web3 has changed the e-commerce landscape Thanks to the converging forces …

Crypto-friendly digital payments giant Paypal has been added to the Travel Rule Universal Solution Technology (TRUST) network, joining a host of big names in crypto that have moved to comply with digital asset travel rules. The announcement comes two months after the payments giant rolled out infrastructure enabling users to transfer, send and receive digital assets between PayPal and other wallets and exchanges in June this year. Prior to that, users were only able to buy and sell crypto within Paypal following the firm’s initial jump into the sector in October 2020. Now you can easily use your crypto with …

After rolling out the ability to buy and sell crypto on its platform in October 2020, PayPal is finally allowing users the ability to natively transfer, send and receive digital assets between PayPal and other wallets and exchanges. As of Tuesday, the feature is available to select U.S. users, with the feature expanding to all eligible U.S. users in the coming weeks. The first batch of supported coins consists of Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). In addition, customers who transfer their crypto onto PayPal can spend it via Checkout at millions of merchant terminals. The …

Global payment giant PayPal is doing its best to bring all possible blockchain and cryptocurrency integrations to its services, according to a senior executive at the firm. PayPal is working hard to support all possible digital services, including digital currencies and central bank digital currencies (CBDC), vice president Richard Nash said in an exclusive statement to Cointelegraph at the World Economic Forum on May 23. After rolling out its buy, hold and sell service for Bitcoin (BTC) across the United States in 2020, PayPal continues to expand its digital currency-related offering. Nash noted: “Just working slowly in the crypto field …

PayPal-backed cryptocurrency firm Talos is becoming the latest unicorn in the industry, reaching a $1.25 billion valuation following new funding. Talos has raised $105 million in Series B funding round led by a major global growth equity firm, General Atlantic, according to an announcement released on May 10. The funding will help Talos extend its institutional-grade digital asset platform as well as accelerate the firm’s expansion into the Asia-Pacific region and Europe. The raise featured major firms in both the traditional finance and the crypto industry, including Ken Fox’s private equity firm Stripes, BNY Mellon, Citi, Wells Fargo Strategic Capital, …

Major United States-based payment processor PayPal will reportedly be closing its office in San Francisco, while the headquarters in nearby San Jose will remain available to employees. According to a Wednesday report from TechCrunch, the payments firm will be closing its offices in downtown San Francisco with its Xoom arm — the division responsible for international digital money transfer services. At the time of publication, PayPal has several job listings for San Francisco as well as 17 other locations across the United States and 32 international locations. A PayPal spokesperson reportedly hinted the closure was aimed at the company evaluating …

Nium, a cross-border payments firm based in Singapore, has announced the launch of a new API-based solution that will allow businesses to start accepting cryptocurrency payments. As per the announcement, the newly launched product is called Crypto Accept. It allows online sellers to accept Bitcoin (BTC) and Ethereum (ETH) before expanding to other digital assets in 2023. Payments are sent to internet merchants' accounts in U.S. dollars or other fiat currencies the next business day, allowing vendors to expand their market and enhance their online payment experiences while avoiding price volatility. Nium partnered with crypto payments processor BitPay to launch …