On November 1st, payment giant PayPal has successfully registered as a cryptocurrency service provider with the UK Financial Conduct Authority (FCA). According to information on the regulator's website, PayPal UK Limited is now allowed to carry out "specific crypto asset activities" from Tuesday. Companies offering crypto services in the UK must obtain registration approval and comply with FCA's anti-money laundering rules. <br>

According to on-chain information, the total issuance of PayPal's USD stablecoin PYUSD has exceeded 100 million.

PayPal is reportedly exploring opportunities in the blockchain space, specifically with Layer 2 solutions and non-fungible tokens (NFTs). The company has filed several patent applications, including one that outlines techniques for directing blockchain requests to a specific group of miners or validators.

Bitcoin News on X platform (formerly Twitter) stated that users in Germany and the UK can now use PayPal to purchase cryptocurrency on Coinbase.

Coinbase has partnered with PayPal to simplify the process of buying and withdrawing cryptocurrency for users in Germany and the UK. The collaboration will allow for faster transactions and instant withdrawals of Coinbase balances to PayPal accounts, eliminating the need for traditional methods like wire transfers.

After Paypal announced the launch of a new stablecoin, the smart contract address showed a quantity of approximately 26.9 million PYUSD. In the following 22 days, the supply of PYUSD increased by more than 60%, currently totaling 43.3 million coins, held by approximately 346 different addresses. Contract addresses operated by Paxos hold 34.99 million PYUSD, accounting for approximately 80.82% of the total supply.

PayPal's PYUSD faced difficulties in early adoption, with approximately 90% of PYUSD currently stored in the wallet of stablecoin issuer Paxos Trust. The report states that cryptocurrency exchange wallets hold nearly 7% of the total supply, with the rest distributed on Kraken, Gate.io, and Crypto.com. The acceptance level of so-called "smart money" investors (a term used to describe well-informed or professional investors) can be ignored. The number of tokens in Uniswap's PYUSD/wETH and PYUSD/USDC decentralized exchange liquidity pools is less than 50,000, and excluding contracts or exchanges, there are less than 10 holders with a balance of over 1,000 PYUSD.

Australian crypto exchange Independent Reserve has partnered with PayPal to offer customers the ability to fund their crypto accounts directly with fiat from their PayPal wallet and withdraw funds from the exchange. This move is in response to increasing bank restrictions against crypto exchange payments, with at least five major Australian banks introducing limitations and blocks on customers looking to deposit and withdraw crypto.

PayPal has partnered with crypto wallet provider Ledger to allow US customers to directly purchase select digital assets such as Bitcoin, Ethereum, Bitcoin Cash, and Litecoin through its application. The integration will be available through Ledger's app, Ledger Live, which allows users to buy, trade, swap, lend, and stake virtual assets. Digital assets purchased through the app will be sent directly to a user's Ledger wallet. <br>

Online payment system PayPal has partnered with digital asset hardware wallet manufacturer Ledger to provide its US users with a fiat currency gateway. This collaboration allows PayPal customers to easily buy and sell cryptocurrencies directly from their PayPal accounts and securely store their digital assets using Ledger's hardware wallet solution.