PlasmaPay: The New Option For Buying, Storing And Paying With Crypto

PlasmaPay is a new payment service that will counter the dominance of PayPal in the crypto payments system as we know it as we are reading more in today’s crypto news.

In a symbolic move that outlined the progress of crypto assets that were made in recent years, PayPal announced that it will make crypto assets like Bitcoin and ETH available to more than 346 million users. This is a huge step for space as both will increase awareness and its legitimacy. The services proposed by PayPal however are less robust than other players that already operate in the space. The DeFi company that aims to build the financial services infrastructure for the global economy of Web 3.0 will provide a new service through which users can store, purchase and trade their crypto assets so here we will talk about PlasmaPay and its emerging technology.

PayPal’s service is clear that users “will not be provided with a private key” and this was backed up by reports from Sign Key and Satoshi Labs which discouraged PayPal from transacting BTC. This was because you never actually own any crypto assets that are held on PayPal. This has a number of important implications of which users have to be aware. It means that the users are forced to believe that PayPal actually has all crypto assets stated and that the company will continue operating. PayPal is a course large institutions with a long track record that doesn’t make it vulnerable. There’s a long history of financial services platforms that are going out of business and are unable to provide full restitution for the account holders.

PlasmaPay is a non-custodial service which means that the users hold their own keys all of the time. if PlasmaPay goes out of business, all of the users’ funds will be safe because each user holds their funds at all times. Users of PlasmaPay can use their crypto assets any way they want and they can even send any amount of their funds to the desired destination, withdraw it and make purchases or send to exchanges. This is because they own their private keys and are free to do what they want with their funds.

PlasmaPay is available in 165 countries and has multiple options through which users can buy crypto assets including debit and credit card purchases, bank transfers, and PlasmaPay Cash.