PayPal partners with Australian crypto exchange amid banking restrictions

Australian crypto exchange Independent Reserve forms a strategic alliance with PayPal, offering users enhanced funding options amidst increasing local bank restrictions.

The Australian cryptocurrency exchange Independent Reserve has closed a partnership with PayPal.

The partnership will allow crypto exchange customers to fund their wallets using PayPal. It will also support users looking to buy cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). 

PayPal will bring two new solutions for the cryptocurrency exchange, such as a fiat on-ramp and withdrawal option support.

Peter Cowan, managing director of PayPal Australia, stated in an interview with Financial Review,

“Money is digitizing, and blockchain and digital currency are part of that.” So building bridges between the old fiat world and the digital world is important. Our global view is that more money will move into digital forms, and this is something PayPal is keen to be involved in.” 

Peter Cowan, managing director of PayPal Australia

The partnership comes when some major banks in Australia, such as Bendigo Bank, Commonwealth Bank, National Australia Bank (NAB), Westpac, and ANZ, have introduced restrictions for clients looking to make deposits and withdraw cryptocurrencies from exchanges.

Some local banks are also setting a limit of $10,000 per month on deposits related to crypto exchanges. There are also some limitations around high-risk payments that are related to crypto.

Recently, PayPal has been expanding its presence in the crypto industry with different initiatives, such as the launch of its stablecoin known as PYUSD.