Kraken Introduces PayPal Deposits for Unitedย Kingdom 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 cryptocurrency exchange for users in the Unitedย Kingdom and Europe. According to an email sent to Kraken users in the Unitedย Kingdom, you can transfer up to ยฃ1,000 ($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 Unitedย Kingdom 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 The funds will reflect almost instantly and can be withdrawn after 7 days.
PayPalโs Stablecoin and MetaMaskโs Cash Out Feature
Kraken has likewise added support for PayPalโs new stablecoin, PayPal USD (PYUSD). This dollar-pegged asset is now listed on the platform, joining other exchanges like Coinbase, Huobi, and Crypto.com. Inย addition, MetaMask, a trending Webย 3.0 wallet, recently launched a โcash outโ feature that allows users to transform their cryptocurrency 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 Unitedย Kingdom and Europe to fund their cryptocurrency accounts. This partnership between a major cryptocurrency exchange and a leading online payment platform demonstrates the increasing mainstream acceptance and adoption of digitalย currencies. By leveraging PayPalโs 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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