PayPal may just be entering the cryptocurrency arena. This is based on recent speculation following a Coindesk report, which concerned information shared by three anonymous insiders from the global digital payments giant. Meanwhile, others have pointed out that ongoing recruitment by the company further supports these rumors.
This wouldn’t be the first time that PayPal has dipped its toes into cryptocurrency. In mid-October last year, it was revealed that the company was one of 28 founding members of the Facebook-led Libra Association. Libra is a forthcoming blockchain network with its own cryptocurrency, however, it faced setbacks between late October 2019 and early 2020 when several of its founding members (PayPal included) departed from the company.
Beyond PayPal, there are a lot of big names behind the Libra Association (Andreessen Horowitz, Uber, Spotify), and a lot of big names who departed (Visa, eBay, Mastercard). Telegram is another well-known brand that attempted to enter crypto with its own TON network and GRAM cryptocurrency, however, its plans were thwarted by the United States Securities and Exchange Commission (SEC) earlier this year.
The Importance of Instant Transactions
PayPal made its name with instantaneous and easy digital payments, and if it is really moving into crypto, it is more than likely that it would be creating a project that is in line with those principles.
If true then the projects from PayPal, Libra, and Telegram are all cryptos that attempt to fully achieve mainstream adoption through a combination of: ease of use, real life ubiquity (or implementation into a killer product, like PayPal and eBay), and most importantly – instant transaction speeds.
Some of the most popular cryptocurrencies tout low transaction fees and instant transaction times as key features, however, there are issues such as heavy unexpected market fluctuations and high network usage which can negatively affect both of these.
Instant transactions are important for a variety of reasons. For example:
- To see cryptocurrency as a means of payment on the high street, most retailers are going to want an instant settlement before they allow you to leave the store with their product.
- If you want to donate to a live-streamer, you also want the payment to clear right away due to the nature of the format.
There are few companies that understand this principle more than PNXBET, which this month announced the deployment of ‘instantaneous transactions’ across its entire platform. The company operates a catalog of digital gambling games, from casino-style to others such as bingo, but its main business is its sportsbook which offers betting on a range of eSports.
PNXBET integrates cryptocurrency in an accessible solution that satisfies all of the aforementioned requirements for mainstream appeal. Their website is easy to use, and it’s easy to make payments and withdrawals in either fiat or Bitcoin. Furthermore, earlier this month PNXBET announced the introduction of instant transaction times for Bitcoin 24 hours a day, six days per week.
Gambling can be a primal, instinctual experience where the player enters something of a ‘flow state’ which contributes to their “just one more game” appeal and satisfies the requirements of instant gratification. As such, it is one use case in particular which benefits greatly from instant and high-speed settlement of payments and receipt of winnings.
By implementing Bitcoin as a method of depositing and withdrawing funds, PNXBET is contributing to the potential appeal of cryptocurrency as well as supporting its use as a currency by acting as a trustable and established partner. With a high-quality user interface, instant transactions, and breadth of games: PNXBET could become a killer app for Bitcoin usage.
A rising force in crypto: PNXBET claims that approximately $117 million USD worth of bets have been placed on its platform since it launched last year, showing that the company clearly has aspirations to grow as large as PayPal but for gambling. Additionally $42 million USD in winnings have been paid out since launch, with $300,000 of this having been awarded to a single player in April 2020 via the Baccarat game.