Independent Reserve Partners with PayPal to Expand Crypto Payment Options Amidst Increasing Bank Restrictions
Summary:
Australian crypto exchange Independent Reserve has partnered with PayPal to offer customers a direct fiat on-ramp and withdrawal option for their crypto accounts. This collaboration aims to provide Australian crypto investors with more choice and mitigate potential bank restrictions. Several major banks in Australia have imposed limitations on crypto exchange transactions. This partnership marks the first of its kind between PayPal and a cryptocurrency exchange in the APAC region.
Australian crypto exchange Independent Reserve has partnered with PayPal to provide customers with a direct fiat on-ramp for funding their crypto accounts. The collaboration will also allow users to withdraw funds from the exchange using PayPal. CEO Adrian Przelozny believes that this partnership offers Australian crypto investors more choice and acts as a hedge against potential bank restrictions on crypto exchange payments. Several major Australian banks, including Bendigo Bank, Commonwealth Bank, National Australia Bank (NAB), Westpac, and ANZ, have already imposed limitations and blocks on depositing and withdrawing crypto from digital asset exchanges. Przelozny commended PayPal for taking a positive approach towards the crypto sector, in contrast to the risk-averse stance of traditional banks. The partnership between PayPal and Independent Reserve represents the first collaboration of its kind in the APAC region. The daily deposit limit for funds sent to the exchange via PayPal or credit card is set at $5,000, which is more generous than the restrictions imposed by major banks. The integration of PayPal's services aims to simplify the process of moving funds to and from digital asset exchanges for Australian crypto investors. PayPal Australia's Managing Director, Peter Cowan, noted that this partnership would help decrease limitations and complexity in the crypto space. Cowan also expressed optimism about the potential of digital currencies to drive innovation in financial technology and enhance economic opportunities and financial inclusion.
Published At
8/25/2023 1:54:58 AM
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