PayPal is set to allow on-chain transfers from Venmo accounts beginning in May, according to Jose Fernandez da Ponte, the firm’s Senior Vice President and General Manager of Blockchain, Crypto and Digital Currencies.

Global financial services giant Mastercard has introduced a new Web3 solution called “Mastercard Crypto Credential” designed to enhance user verification standards and mitigate the risk posed by malevolent actors in the digital asset sector.

UK-based fintech firm Revolut has announced a strategic alliance with web-based cryptocurrency tracking and tax reporting software provider Koinly, which allows users to calculate their capital gains and losses for tax reporting purposes

Top stories in the Crypto Roundup today:

• PayPal’s Venmo to Enable On-Chain Transfers
• Mastercard Launches Crypto Credential Service for Web3
• Revolut Leverages Koinly Partnership to Streamline Crypto Tax Reporting for Its Customers
• Total Stablecoin Market Capitalisation Declines for 13th Consecutive Month

PayPal’s Venmo to Enable On-Chain Transfers

PayPal is set to allow on-chain transfers from Venmo accounts beginning in May, according to Jose Fernandez da Ponte, the firm’s Senior Vice President and General Manager of Blockchain, Crypto and Digital Currencies.

Da Ponte emphasized the significance of the new feature, stating that users will be able to “buy a gift on Venmo and send it out,” and invite people or send it to other PayPal users, before noting they can “send it to an external wallet” or to a hardware wallet.

He added that consumers have been eagerly anticipating this feature for quite some time. This announcement arrives on the heels of PayPal's declaration last year that third-party wallet transfers would be introduced to both the PayPal and Venmo platforms. PayPal already offers the feature.

Da Ponte also expressed the company's interest in participating in payments for Web3, encompassing gaming and media loyalty programs, as well as offering micropayments and streaming payments.

PayPal, he said, is “comfortable in the Ethereum universe,” and will support other protocols in the future.

Mastercard Launches Crypto Credential Service for Web3

Global financial services giant Mastercard has introduced a new Web3 solution called “Mastercard Crypto Credential” designed to enhance user verification standards and mitigate the risk posed by malevolent actors in the digital asset sector.

Mastercard’s solution assigns users a unique identifier, facilitating instantaneous verification of addresses compliant with Mastercard's established standards. It supports compliance by exchanging crucial metadata, thereby curbing opportunities for fraudulent activities and reducing the potential for lost funds.

To bring this solution to fruition, Mastercard has partnered with wallet providers such as Bit2Me, Lirium, Mercado Bitcoin, and Uphold, as well as blockchain platforms Aptos, Avalanche, Polygon, and Solana.

Mastercard is also utilizing CipherTrace's suite of services, including CipherTrace Traveler, to verify addresses and ensure compliance with the Travel Rule for cross-border transactions.

Revolut Leverages Koinly Partnership to Streamline Crypto Tax Reporting for Its Customers

UK-based fintech firm Revolut has announced a strategic alliance with web-based cryptocurrency tracking and tax reporting software provider Koinly, which allows users to calculate their capital gains and losses for tax reporting purposes.

This partnership allows Revolut's 28 million users to take advantage of Koinly's expertise in reporting transactions across more than 1,700 tokens, 170 supported blockchains, and 100 wallets in 34 markets.

Revolut users can access Koinly's services through the app's Crypto section, with potential discounts of up to 60% available based on the number of crypto transactions they have made.

Total Stablecoin Market Capitalisation Declines for 13th Consecutive Month

In April, the stablecoin market witnessed a decline in total market capitalization, falling by 1.08% to $131 billion, the lowest level since September 2021. This marks the thirteenth consecutive month in which the market capitalization of stablecoins has decreased.

Despite a 13.6% surge in stablecoin trading volume in March, reaching $775 billion in light of several stablecoins depegging, April's trading volume seems poised for a downturn.

As of April 24th,  only $365 billion has been traded, indicating a potentially lower monthly figure.

Dig deeper into all things stablecoins via CCData’s latest Stablecoins & CBDCs Report.

State of the Crypto by Top Tier Exchange Volume

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