Global digital banking firm, PDX Global, plans to launch a live test for PDX Beam, a platform that can convert thousands of cryptocurrencies to fiat and deliver cash transactions in seconds.

PDX Beam is set to become the first ever end-to-end payment transaction process and crypto-to-cash payments platform for merchants and consumers. PDX Global, the developer company, recently finished a round of testing for the app and claimed it is ready for a live public beta test on Dec. 19.

According to the press release received by crypto.news, PDX Beam offers users instant crypto-to-cash settlements directly on the blockchain-based platform, without having to go through traditional intermediaries such as credit cards and banks. Once the app is publicly accessible, users will be able to avoid banking charges and payment delays by using PDX Beam to convert crypto into cash within seconds.

Users simply have to sign up to PDX Beam and link their secure wallet. To make crypto payments in-store or online, the app will convert the user’s crypto funds into local currency after paying the mandatory gas fees for network use on the relevant blockchain. The free app claims the user does not need to have a “special exchange account” to make the purchase.

On the other hand, merchants will be able to accept crypto funds from consumers without needing to own a crypto account or even touching the crypto side of the transaction. This is because PDX Beam is integrated with point-of-sale systems and business software. The app is also gearing up to facilitate physical and online purchases for marketplace platforms like Clover and Shopify.

By bridging the gap between crypto and traditional currencies, the platform further expands on the potential of crypto as a form of payment for every day use.

After five years of development, recent testing results revealed that the app was capable of performing live end-to-end payment transactions with no issues in 30 seconds or less. The team expects the platform to be able to complete transactions in 15 seconds or less by the time the software is launched.

CEO of PDX Global, Shane Rodgers, stated that most merchants still believe that they must allocate a significant amount of funds into crypto payment systems in order to start accepting crypto from customers. With PDX Beam, merchants can simply integrate the app into their systems using any POS Terminal equipped with an API or custom code for QR scanning without additional costs to accept crypto payments.

“Transactions can be settled either in same day ACH [Automated Clearing House] or real-time instant settlement at the merchant’s option, reducing fees to a fraction of the transaction cost of a debit or credit card,” said Rodgers.

According to a recent survey by Deloitte, around 85% of merchants in the U.S. expect crypto will be used for daily payments in the few years ahead. By 2022, approximately 2,352 US businesses have already accepted Bitcoin (BTC) as a payment option.

Venmo has partnered with MoonPay for its 60 million U.S. users to buy cryptocurrencies directly using their Venmo balances. 

This new integration, announced on MoonPay’s X page, allows users to purchase popular crypto like Bitcoin (BTC) and Ethereum (ETH). The feature is rolling out to MoonPay’s partner network and will soon extend access to more platforms.

MoonPay, known for its user-friendly payment solutions, continues to build its presence by offering a wide range of payment options. 

On Oct. 16, MoonPay partnered with Ripple (XRP) to allow users to buy and store XRP directly through its platform. This adds XRP to MoonPay’s offering of other popular cryptocurrencies like Bitcoin, Ethereum, and Tether.

Venmo’s collaboration 

Although details are limited, this collaboration aligns with Venmo’s efforts to provide users with more flexible financial tools as crypto adoption grows.

Last year, PayPal and Venmo announced plans to introduce a new feature that will allow over 70 million Venmo users to transfer crypto to each other directly within the Venmo app. 

Venmo users can now buy crypto without linking external bank accounts, simplifying the process of buying crypto through their Venmo wallets. 

MoonPay, already supporting over 110 cryptocurrencies, is streamlining the integration with Venmo for a smooth, user-friendly experience. 

PayPal is set to allow U.S. merchants to purchase, hold, and sell cryptocurrency directly through their PayPal business accounts.

PayPal announced this move as part of its strategy to increase cryptocurrency’s role in everyday transactions for millions of businesses in the U.S. At launch, this service will not be available for businesses in New York.

Since 2020, PayPal and its subsidiary Venmo have allowed consumers to buy, sell, and hold crypto like Bitcoin (BTC) and Ethereum (ETH).  Now, the company is extending these capabilities to business account holders, reflecting increased demand from merchants who want the same access to digital assets as consumers. 

PayPal’s crypto embrace

PayPal business accounts will be able to transfer cryptocurrencies to external wallets, allowing merchants to send and receive digital tokens on blockchain networks.

For those unfamiliar with cryptocurrency, this announcement means that PayPal is making it easier for U.S. merchants and businesses to use digital assets in their operations. Businesses can now handle digital currencies much like traditional currency, with PayPal acting as the bridge between conventional finance and the growing world of cryptocurrency.

In August 2023, PayPal launched its stablecoin, PayPal USD (PYUSD), becoming the first major financial company to do so. PayPal USD debuted on the Ethereum blockchain and is backed by U.S. dollar deposits and short-term Treasuries.

After expanding to Solana, PYUSD’s weekly transaction volume jumped to over $500 million in May, up from $150 million. The total supply of PayPal USD across Solana and Ethereum reached $534 million, with 74% on Ethereum and 25% on Solana.