This payment was made possible through EY’s Coinbase Prime account. It will make it easier for businesses to handle transactions with cryptocurrency.
So, by using SAP’s Digital Currency Hub, PayPal was able to process these payments directly from its main accounting system. Let’s discover more about PYUSD.
PayPal’s Innovation Sets the Stage for Faster Business Transactions
With this achievement, EY joins a growing list of companies. It includes Google Cloud, which is using Coinbase Prime to accept and manage crypto payments.
Steven Capozza, the Director of Institutional Sales at Coinbase, noted that many Fortune 500 companies are now interested in exploring crypto payments. According to their blog post, he mentioned: “An increasing number of Fortune 500 companies are approaching Coinbase to explore crypto payments. Many are quickly moving from proof-of-concept exploration to full adoption.”
So, PYUSD will allow for instant transactions that can happen anywhere in the world. Unlike traditional payment methods, stablecoins settle instantly. Also, it can even offer rewards to its users.
PayPal, EY, and SAP are collaborating with Coinbase to streamline B2B payments.
PayPal recently used stablecoins to pay EY invoices, trusting in SAP’s new Digital Currency Hub for execution and Coinbase Prime for secure custody.
Learn more https://t.co/yfXnqelA4z pic.twitter.com/HoI0BqUhis
— Coinbase Institutional (@CoinbaseInsto) October 3, 2024
Also, Steve Everett, the Director of Market Development at PayPal, explained that “B2B payments are ripe for innovation.” He pointed out that relying on terms like “net-30” for invoice payments can slow down cash flow, which can hurt business operations. With digital currencies, payments can be made 24/7, allowing businesses to transfer funds nearly instantly. This means companies can put their money to work faster.
Finally, Richard Widmann, the Head of Web3 Strategy at Google Cloud, added that as businesses look for always-on digital payments, the demand for quick and flexible payment methods is growing. He stated, “As capital markets move towards 24/7 availability, the demand for instant, always-on digital payments is becoming more important for businesses of all sizes.”
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
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This articles is written by : Fady Askharoun Samy Askharoun
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