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- 1 Independent Reserve and Paypal partnered up as major banks impose severe restrictions.
- 2 Many banks have implemented limitations and blocks on customers looking to deposit and withdraw crypto.
The CEO of Independent Reserve, Adrian Prezelozny says that the new partnership between Independent Reserve and Paypal will lessen the risks of Australian crypto blocks.
Some of the banking institutions like Bendigo Bank, Commonwealth Bank, National Australia Bank (NAB), Westpac, and ANZ have introduced a series of limitations and blocks on customers looking to deposit.
Banks Are Against Crypto
In Australia, the Commonwealth Bank’s restrictions are strict. The bank has forced a $10,000 per month limit on all deposits to crypto exchanges. High-risk payment and removal of instant deposits were among the other restrictions that were imposed.
Prezelozny said that this partnership will provide an alternative to Australian crypto investors and also reduce future risk if other banks decide to unite against the crypto industry. 5 major banks have imposed restrictions
He also added that this is the first example of a partnership between PayPal and a cryptocurrency exchange in the APAC region. The company is sCryptotanding positively for crypto instead of other banks that were opposing it. Specifying it with the term “It’s a glass half empty versus a glass half full approach.”
Details About Collaboration of PayPal and Independent Reserve
The CEO of the exchange specified that there was a $5,000 deposit limit for funds sent to the exchange through PayPal or credit card. This is substantially more than what is set by some of the major banks.
The managing director of PayPal Australia, Peter Cowan said the partnership will provide easy funds to and from crypto exchanges to investors. It will remove the complications and restrictions linked with moving crypto funds in Australia.
With the inclusion of PayPal wallet for deposits and the PayPal platform for card processing, Independent Reserve and Bitcoin(dot)com(dot)au are aiming to make trading in cryptocurrency easier. The withdrawals to the PayPal wallet can take place in real-time.
Cowan said that at Paypal they believe that money will become digital, the question is when, not if. Crypto has the potential to drive innovation in financial technology and also to improve economic chances and financial involvement.
PayPal launched crypto payments in 2020 and since then it has been actively involved in the sector. On August 7th, the company announced the launch of PYUSD which is the platform’s own U.S. dollar-pegged stablecoin. The company declared that soon it will be available as a mode of payment for purchases.
Summary
The Australian exchange Independent Reserve and PayPal collaborated to facilitate the crypto funds. The CEO of the exchange praised PayPal for showing a positive approach regarding digital currency besides the Banks having a different outlook. The PayPal managing director hoped that this partnership would decrease the complexity associated with trading in crypto funds.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
