Cryptocurrency exchange Independent Reserve has partnered with payment system PayPal to allow its clients to fund crypto accounts directly with fiat funds from a PayPal wallet.
Independent Reserve CEO Adrian Przhelozny said the partnership with PayPal expands choice for Australian crypto investors and also reduces future risks should banks impose restrictions on cryptocurrencies.
According to Cointelegraph, a number of banks in Australia have imposed restrictions on cryptocurrency deposits and withdrawals from digital asset exchanges, including Bendigo Bank, Commonwealth Bank, National Australia Bank, Westpac, and ANZ.
The head of the Independent Reserve emphasized that this is the first alliance between PayPal and a crypto exchange in the Asia-Pacific region.
"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," Przhelozny said.
However, the head of the exchange clarified that the limit of funds sent to the platform via PayPal or bank card is capped at $5,000 per day, and that's much more than the big banks offer.
"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," said Peter Cowan, Managing Director of PayPal Australia, about the partnership.
Read also: Coinbase is looking for banking partners in Canada.
