FinTech firm PayPal is reportedly planning to roll out a new service that will allow its 305 million users to directly sell and purchase cryptocurrencies from its platform, according to a new report.
The California-based company would be working with "multiple exchanges to source liquidity" and is looking forward to launching this service "in the next three months, maybe sooner", CoinDesk, reported.
“My understanding is that they are going to allow [buying] and [selling] of crypto directly from PayPal and Venmo,” the US-based news site said, citing a source.
“They are going to have some sort of a built-in wallet functionality so you can store it (cryptocurrency) there.”
PayPal did not respond to a request to comment from The National.
It is not yet clear which, or how many, cryptocurrencies PayPal would incorporate in this new project, or if it would involve the company's Venmo mobile payment service.
So far, customers can use PayPal services as an alternative medium to withdraw funds from crypto exchanges but the firm does not directly sell digital currencies.
PayPal facilitates receipt of funds in over 100 currencies and withdrawals in 56 currencies.
Speculation about the FinTech firm's foray into cryptocurrencies gained pace after PayPal listed a job opening for “technical lead – crypto engineer” on LinkedIn and its own website last week.
The role includes designing, developing and maintaining key crypto products targeted towards scalability of PayPal services, the company said in the job description.
“The role expects [a] high standard of engineering excellence with practical experience in building and maintaining internet-scale applications and services. We are looking for a person who is passionate about security and can thrive in [a] high pressure environment and is an expert in crypto domain,” it added.
The new role is based out of Chennai where PayPal has an engineering team working on cryptocurrencies.
Earlier this year, the company posted jobs for roles to strengthen its blockchain research group. It posted eight engineering positions – four each in San Jose and Singapore.
Blockchain is a digital chain of transactions that are linked with each other using cryptography – a mechanism for secure communications – on an open ledger.
"We are a strong believer in the potential of blockchain. The digitisation of currency is only a matter of when not if," the company's chief technology officer Sri Shivananda said in an earlier interview with CoinDesk.
Last year, PayPal said it would support Facebook’s cryptocurrency project, but later backed out after regulatory pressure on the project increased.
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The Case For Trump
By Victor Davis Hanson
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham 0-1 Ajax, Tuesday
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Game is on BeIN Sports
The specs
Price, base / as tested Dh100,000 (estimate)
Engine 2.4L four-cylinder
Gearbox Nine-speed automatic
Power 184bhp at 6,400rpm
Torque 237Nm at 3,900rpm
Fuel economy, combined 9.4L/100km
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
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Ferrari
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Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
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The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
More on Quran memorisation:
UAE currency: the story behind the money in your pockets
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.