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Payment giant Paypal says its customers can now buy, sell and hold bitcoins and other virtual currencies with the company’s online wallets. The company also says its customers will be able to use cryptocurrencies to shop at the 26 million merchants on its network as of early 2021.
A report quotes company president and CEO Dan Schulman as saying they hope “the service will encourage the global use of virtual currencies and prepare its network for new digital currencies that could be developed by central banks and corporations.”
“We are working with central banks and thinking about all forms of digital currencies and how Paypal can play a role,” said Schulman.
According to a report, US account holders may start buying and selling cryptocurrencies in the “coming weeks” while there are plans to expand “this to Venmo and some countries in the first half of 2021”.
The report adds that Paypal, which has obtained the first conditional license of cryptocurrency from the New York State Department of Financial Services (NYDFS), “will initially allow purchases of bitcoin and other cryptocurrencies called ethereum, bitcoin cash and litecoin.” Paypal has partnered with Paxos Trust Company to offer the service.
Meanwhile, the report further explains:
Cryptocurrency payments on Paypal will be settled using fiat currencies, such as the US dollar, which means merchants will not receive payments in virtual currencies.
The news of Paypal’s entry into the cryptocurrency space is huge support for crypto assets and comes as more traditional organizations are buying bitcoin and other digital assets.
The entry of the payment giants is likely to spur wider adoption of cryptocurrencies given its wide reach. According to the report, Paypal “has 346 million active accounts worldwide and processed payments of $ 222 billion in the second quarter.”
What do you think of Paypal’s entry into the crypto space? Tell us what you think in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Paypal logo,
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