Independent Reserve CEO Adrian Przelozny said his exchange’s new partnership with PayPal will help crypto investors mitigate the risks associated with a potential crackdown on crypto by Australian banks.
and ANZ — have introduced a series of limitations and blocks on customers looking to deposit and withdraw crypto from digital asset exchanges.
Commonwealth’s Banks restrictions are among the most stringent in the Australian landscape, with the institution imposing a $10,000 per month limit on all deposits to crypto exchanges. The other restrictions include blocking certain “high risk” payments and the removal of instant deposits from crypto exchanges.
Przelozny noted that this was the first example of a partnership between PayPal and a cryptocurrency exchange in the APAC region and praised the payments firm for choosing to approach the crypto sector from a positive standpoint. “It’s really good to see a company like PayPal go against the grain and see the opportunity in the crypto industry — as opposed to what all the other banks are doing which views the industry solely as a risk,” he said.Przelozny noted that there was a $5,000 deposit limit per day for funds sent to the exchange via PayPal or credit card, a far more generous limit than those imposed by some of the major banks.
“By integrating PayPal wallet for deposits and the PayPal platform for card processing, Independent Reserve and Bitcoin.com.au are making cryptocurrency easier for investors to access, while withdrawals to the PayPal wallet can take place in real time.”“At PayPal we believe that money will become digital – it’s a matter of when, not if. Digital currencies have the potential to drive innovation in financial technology and, as a flow on, to improve economic opportunities and financial inclusion.
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