- Independent Reserve and Bitcoin.com.au are the first digital currency exchange sites to integrate PayPal in the Australian market.
- The integration enables fast and secure deposits and withdrawals via the PayPal wallet, as well as direct card processing, for more than 250,000 customers across both platforms.
- 1-in-10 Australians currently owns cryptocurrency, making it a popular digital asset.[i]
Sydney, 24 August 2023: Independent Reserve and Bitcoin.com.au are the first Australian digital currency exchange sites to integrate PayPal to offer simple and convenient deposits and withdrawals for Independent Reserves’ more than 250,000 customers.
Independent Reserve and Bitcoin.com.au, both of which are owned by Independent Reserve, now offer PayPal as a funding option and have also integrated the PayPal technology stack for card processing and withdrawals. The integration will enable customers to load funds to the exchange using a funding source in the PayPal wallet, such as a bank account or card,[ii] as well as to withdraw funds into their PayPal wallet from the exchanges.
Independent Reserve CEO, Adrian Przelozny said, “Our aim is to enable easy and secure access to the cryptocurrency market for a broad range of investors. Adding PayPal as an option for deposits, as well as card processing via the PayPal platform, is a tremendous leap towards making crypto a mainstream asset.”
By offering greater choice and increasing convenience and flexibility for customers – both in deposits and withdrawals – the integration is expected to improve customer experience and engagement.
“To date, many digital currency exchanges have offered limited methods for how customers can deposit funds, which has made crypto purchasing and withdrawals complex for consumers. 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,” said Peter Cowan, Managing Director PayPal Australia.
Cryptocurrency is a popular digital asset in Australia with research showing that 1-in-10 Australians (10%) currently owns cryptocurrency.i The PayPal integration with Independent Reserve and Bitcoin.com.au means that customers will no longer need to leave these exchange sites to make deposits or withdrawals, making the service simpler and easier. PayPal’s proprietary risk rules and monitoring of each transaction flow will apply to all deposits and withdrawals made via the PayPal wallet and card transactions on the exchanges.
About Independent Reserve
Established in 2013, Independent Reserve is Australia’s trusted cryptocurrency order book exchange and OTC trading desk. Over 250,000 customers from Australia, New Zealand and Singapore trust Independent Reserve to securely invest in Bitcoin, Ethereum, XRP and other major cryptocurrencies. Independent Reserve offers a range of innovative features, including AutoTrader, an OTC trading desk, API integration and world-class security. Learn more at https://www.independentreserve.com/au
Bitcoin.com.au offers Australians a secure and user-friendly platform to easily buy and sell the world’s most popular cryptocurrencies, low fees, and 24/7 customer support. Bitcoin.com.au is owned by Independent Reserve. Learn more at https://bitcoin.com.au
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 430 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit https://www.paypal.com.
About PayPal Australia
PayPal has been operating in Australia since 2005 and has 9.3 million active customer accounts. PayPal enables Australian consumers and businesses to easily and securely send, receive and manage their money. The PayPal service is provided by PayPal Australia Pty Limited (ABN 93 111 195 389) which holds an Australian Financial Services Licence number 304962. Visit PayPal Australia Newsroom for more information and follow us on Twitter, Instagram or Facebook.
[i] PayPal eCommerce Index 2023 – Research in field July 2023. A study of 1,000 Australian consumers aged 18-75 and 400 Australian businesses conducted by Fifth Quadrant Research.
[ii] Linked Visa and Mastercard within the PayPal wallet be available for use on Independent Reserve and Bitcoin.com.au