Independent Reserve CEO Adrian Przelozny said that thanks to the partnership with PayPal, exchange clients will be able to fund their cryptocurrency accounts with fiat money directly from a PayPal wallet, as well as use this payment service to withdraw funds from the trading platform in real time . This will provide Australian investors with enhanced options for making deposits and withdrawals, as well as reduce possible risks if local banks tighten their measures against the crypto industry even more.
Przelozny said that there will be a $5,000 daily deposit limit for users. This applies to funds sent to the exchange via PayPal or a credit card. Przelozny expressed gratitude to PayPal for the positive attitude towards the crypto sector and the willingness to cooperate with the exchange, despite the skepticism of financial institutions.
“It’s great to see a company as big as PayPal go against the grain and see a lot of opportunities in the crypto industry. The same cannot be said about banks that only see risks in the industry, ”said the head of the Independent Reserve.
Now at least five major Australian banks – Bendigo Bank, National Australia Bank (NAB), Westpac and ANZ – have introduced a number of restrictions for clients of cryptocurrency exchanges. In June, Commonwealth Bank set a limit of A$10,000 for deposits on crypto platforms, citing a large number of digital asset scams.
PayPal Australia Managing Director Peter Cowan commented that the partnership with the Independent Reserve will make it easier for Australian investors to move funds to cryptocurrency exchanges and allow them to bypass certain restrictions. According to Cowan, digital assets stimulate the development of innovation in the field of finance and, as a result, improve the financial opportunities of the population.
In early August, the PayPal payment system announced the launch of its own stablecoin for transfers and payments – PayPal USD, issued by Paxos Trust.
Source: Bits
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