PayPal applies for NFT marketplace patent, Meta’s avatars impress: Nifty Newsletter

In this week’s newsletter, read about how a nonfungible token (NFT) artist raised money to support a cancer charity and why payments platform PayPal has filed a patent application for an NFT marketplace. Check out Meta’s new photorealistic metaverse avatars and, in other news, learn why Neal Stephenson’s metaverse blockchain project remains optimistic despite waning interest. NFT artist raises $140,000 for cancer support charity NFT artist Trevor Jones donated almost $140,000 to Maggie’s Edinburgh — an organization dedicated to cancer treatments — after raising funds from a Web3 event in…

PayPal Files Patent Application for NFT Purchase and Transfer

According to PayPal, its system could use any currency. The company has already added numerous blockchain-related features to its platform, including the MetaMask Wallet, PayPal USD, and Ethereum. Online payments giant PayPal Holdings Inc (NASDAQ: PYPL) has applied for a non-fungible token (NFT) marketplace to purchase and transfer NFTs, both on- and off-chain. Filed back in March and published last week, the application describes a means of carrying out transactions with NFTs. It is still pending approval at the United States Patent Office. According to PayPal, its own NFT marketplace would…

PayPal applies for NFT marketplace patent for on- or off-chain asset trading

PayPal made major progress toward creating its own blockchain ecosystem by filing a patent application for a nonfungible token (NFT) purchase and transfer system. The application, filed in March and published Sept. 21, describes a means of carrying out transactions with NFTs, both on- and off-chain.  The patent application, which is still pending, describes a system where users can buy and sell NFTs through a third-party service provider. That provider is not specified, though Ethereum is mentioned in the text. Related: PayPal enables US users to sell cryptocurrency via MetaMask…

Crypto.com Teams Up with PayPal and Paxos to Boost PYUSD Position

Despite entering the list of approved digital assets, PayPal’s PYUSD stablecoin may not experience the instantaneous adoption initially anticipated following the launch.  Crypto.com, a Singapore-based digital assets trading platform, has formed a strategic alliance with PayPal and Paxos to strengthen its global standing as the preferred exchange for the PayPal stablecoin PYUSD. The move builds on the existing business relationship between PayPal and Crypto.com, enabling users to fund their Crypto.com Visa Cards through PayPal. The two companies plan to further explore and introduce enhanced capabilities for topping up and facilitating…

Crypto.com to become preferred exchange for PayPal USD

Singapore-based exchange Crypto.com has teamed up with PayPal and Paxos to become a preferred platform for PayPal USD (PYUSD).  According to a press release from Sept. 28, Crypto.com currently possesses the deepest liquidity for PYUSD trading pairs globally. The exchange has listed PYUSD for retail and institutional users, with “trading features coming soon.” This move builds on PayPal and Crypto.com’s previous partnership, such as an option to use PayPal to top up the Crypto.com Visa Card, according to the press release. In his commentary, Joe Anzures, the Senior Vice President…

Bybit adds PayPal USD stablecoin, PYUSD, to its platform

Bybit, a Dubai-based cryptocurrency exchange, has announced the listing of PayPal USD stablecoin, PYUSD. PYUSD is a stablecoin issued by Paxos, a New York-based regulated financial company. The listing of PYUSD marks a significant collaboration between Bybit and PayPal, two leading players in the traditional and crypto payment sectors. By integrating PYUSD into its platform, Bybit aims to provide its users with a diverse and trusted trading experience. Ben Zhou, co-founder and CEO of Bybit, said the listing of PYUSD reaffirms Bybit’s commitment to offering its users more choices and…

PayPal rolls out crypto ramps, Franklin Templeton joins BTC ETF race, and more

Without aggressive marketing tactics, fintech giant PayPal is quietly and consistently venturing deeper into the crypto space, rolling out features and building key partnerships to advance its digital assets strategy. This week, PayPal unveiled new on-ramps and off-ramps for cryptocurrencies for its clients in the United States — a noteworthy step for the country, particularly as many crypto firms struggle with supporting fiat-crypto conversions since the United States Securities and Exchange Commission began its controversial crackdown on the industry. Also deepening ties with the crypto ecosystem is the traditional asset…

PayPal enables US users to sell cryptocurrency via MetaMask wallet

Global payment giant PayPal continues expanding its digital asset services, integrating new methods to sell cryptocurrencies like Bitcoin (BTC). PayPal on Sept. 11 officially introduced new on and off ramps for Web3 payments, allowing users in the United States to convert their crypto to USD directly from their wallets into their PayPal balance. According to the announcement, PayPal off ramp feature is immediately available to wallets, decentralized applications and nonfungible token (NFT) marketplaces and is live on MetaMask. The new on off ramp features are designed to enable customers to…

PayPal Launches USD Off-Ramp Service Following Recent On-Ramp Partnership with Ledger

PayPal says that by launching the new service to USD on ramp, it hopes to simplify customer interactions with cryptocurrencies. Payments giant PayPal Holdings Inc (NASDAQ: PYPL) is expanding services offered as part of its expansion into the crypto sector. Following its launch of an on-ramp function that lets customers buy crypto, PayPal has launched an off-ramp service so that users can easily sell the crypto for USD. The company announced this in a news release published on Monday. The statement noted that PayPal is simplifying the functions of services like…

Former PayPal president explores vision for Bitcoin as global payment network

Former Meta and PayPal exec David Marcus believes Bitcoin’s underlying technology could serve as the basis for a universal financial protocol on the internet. David Marcus, currently the CEO of Lightspark, proposed a somewhat unconventional vision for Bitcoin (BTC) in a CNBC interview on Monday, Sept. 11. Known for his past roles as president of PayPal and as a leader in Facebook’s cryptocurrency initiatives, Marcus shared a vision for Bitcoin that diverges from its common perception as a store of value. Instead, he sees Bitcoin’s architecture as a foundation for…