In a recent email sent to Kraken users, it has been confirmed that PayPal can now be used to fund user accounts. The email states, “You can now use your PayPal balance, bank account, or payment cards linked to your PayPal account to deposit up to £1,000 (or $1,250) per day.” It outlines the process for making these transactions.
Deposits made through PayPal are available for use “in seconds,” and a 2.4% commission fee applies for the UK version, in addition to the existing Plaid and wire transfer options. This presents a fast and cost-effective solution for investors.
How PayPal Deposits Work
Kraken users who wish to fund their accounts via PayPal need to ensure that the name on their PayPal account matches the name on their Kraken account and that they reside in the United Kingdom or Europe, as specified in the support page for this new feature.
The process of depositing funds is straightforward. Users select their preferred currency—EUR or GBP—from the deposit screen and link their PayPal accounts. After linking, users can choose PayPal as the deposit method, enter the desired amount, and slide to initiate the deposit. Funds are almost instantly available and can be withdrawn after seven days, subject to region-specific fees.
New Interface and Features
The main Kraken platform is also undergoing an update, offering a new interface that replaces the old “Kraken Classic” trading platform, as per the site’s login page. Additionally, Kraken offers an advanced trading platform called Kraken Pro and an NFT marketplace.
PayPal’s New Stablecoin
Last month, Kraken began supporting PayPal’s new stablecoin, PayPal USD (PYUSD), on its platform, joining exchanges such as Coinbase, Huobi, and Crypto.com that list the dollar-pegged asset.
PayPal’s stablecoin was launched in collaboration with Paxos on August 7th, running on the Ethereum network. Currently, the total supply of PYUSD stands at 43 million tokens, strengthening PayPal’s presence in the cryptocurrency space.