
Individuals with compatible external wallets, as well as merchants who embrace PYUSD for payments, will be able to receive transfers from Venmo users.
PayPal provides online payment solutions to its users worldwide.
PayPal Holdings, Inc. is an American company operating a worldwide online payments system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders. The company operates as a payment processor for online vendors, auction sites, and many other commercial users, for which it charges a fee in exchange for benefits such as one-click transactions and password memory. PayPal’s payment system, also called PayPal, is considered a type of payment rail.
Established in 1998 as Confinity, PayPal had its initial public offering in 2002, and became a wholly owned subsidiary of eBay later that year.
In 2014, eBay announced plans to spin off PayPal into an independent company by mid-2015 and this was completed on July 18, 2015.
Individuals with compatible external wallets, as well as merchants who embrace PYUSD for payments, will be able to receive transfers from Venmo users.
Despite the slow uptake, the transparency report suggests that PYUSD is effectively backed up by reverse repurchase agreements.
PayPal says that by launching the new service to USD on ramp, it hopes to simplify customer interactions with cryptocurrencies.