TL; DR breakdown
- FTX Exchange Strikes deal with Paypal.
- Payment companies looking to add digital assets to payment methods.
It goes without saying that the FTX Exchange recently added PayPal to their payment rankings. This would allow their users to make an instant fiat deposit through PayPal, according to their announcement.
FTX Exchange stated that their users could transact using any currency as one of PayPal’s functions is to convert currencies without wasting time. However, this service is not intended to be free. This is also a welcome development as the payment service accepts deposits by card.
Notes from the CEO of FTX Exchange
Sam Bankman-Fried, CEO of FTX, posted a tweet with the PayPal logo, indicating an agreement with the company yesterday. Much thought was focused on the fact that it was a reference to the stock market’s PayPal-tagged stocks, as a number of large companies had been listed in the past few months. Other companies added include Airbnb, Gamestop Drama and Dogecoin.
It was also announced that the FTX exchange platform will be expanded to include futures due to the upcoming Tokyo Olympics. This was completed a week ago. The listings acquired by FTX have contributed to a steady growth in the stock exchange’s reputation.
PayPal’s connection with FTX was only a matter of time. Most payment companies like PayPal and Jack Dorsey’s Square have recently taken objective steps towards adopting the cryptocurrency. Some high priority digital assets are Bitcoin and also Ethereum. There are other assets that have been added including. Paypal CEO Dan Schulman had previously said that he would aggressively focus on transactions with the digital market at every opportunity.