Kraken Introduces PayPal Deposits for UK and European Users
You can now fund your Kraken account with euros and British pounds through PayPal. This new feature is being gradually rolled out by the crypto exchange for users in the United Kingdom and Europe. According to an email sent to Kraken users in the UK, you can transfer up to Β£1,000 ($1,250) per day using your PayPal balance, bank account, or payment cards connected to your PayPal account.
To use PayPal for deposits, you need to have a verified Intermediate or Pro level Kraken account. The name on your PayPal account must match the name on your Kraken account, and you must reside in the UK or Europe (excluding Hungary and Croatia). Once linked, you can easily select the desired currency, connect your PayPal account, enter the amount, and swipe to deposit. The funds will reflect almost instantly and can be withdrawn after seven days.
PayPal’s Stablecoin and MetaMask’s Cash Out Feature
Kraken has also added support for PayPal’s new stablecoin, PayPal USD (PYUSD). This dollar-pegged asset is now listed on the platform, joining other exchanges like Coinbase, Huobi, and Crypto.com. Additionally, MetaMask, a popular web3 wallet, recently launched a “cash out” feature that allows users to convert their crypto to fiat and send it to their PayPal account.
Hot Take
The integration of PayPal deposits by Kraken opens up more convenient and accessible options for users in the UK and Europe to fund their crypto accounts. This partnership between a major crypto exchange and a leading online payment platform demonstrates the increasing mainstream acceptance and adoption of cryptocurrencies. By leveraging PayPal’s stablecoin and introducing new features like the cash-out option, Kraken and other platforms are making it easier for users to interact with both digital and traditional financial systems.
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