[ad_1]
- PayPal Holdings Inc. allows trading with Bitcoin, Ethereum and IOTA with the company’s digital dollar wallet.
- Users will be able to shop with cryptocurrencies using PayPal starting in the first quarter of 2021.
A Reuters report revealed that PayPal Holdings Inc has entered the cryptocurrency market. According to the announcement, PayPal’s more than 346 million users will be able to buy, sell and hold Bitcoin, Ethereum, Litecoin, Bitcoin Cash and other cryptocurrencies in the company’s US dollar digital wallet. The company has partnered with Paxos Trust to enable this service.
Additionally, the report indicates that users will be able to use cryptocurrencies to shop at more than 26 million stores associated with its network. This feature will be enabled in early 2021. The report indicates that PayPal plans to promote the adoption of “virtual currencies” and paves the way for the adoption of digital currencies issued by central banks and private companies. PayPal president and CEO Dan Schulman said:
We are working with central banks and thinking about all forms of digital currencies and how PayPal can play a role.
PayPal users in the US will be able to buy, sell and have cryptocurrencies in their digital wallets “in the coming weeks”. The company is expected to expand its services to Venmo and other countries in the first two quarters of next year. In addition to its millions of active users, PayPal processed payments estimated at $ 222 billion in 2020.
However, the report indicates that PayPal’s cryptographic operations for purchases will be organized in fiat currency. This is due to the volatility of some cryptocurrencies. Therefore, merchants will not receive their payments in Bitcoin, Ethereum or other cryptocurrencies offered by PayPal.
The Bitcoin and Ethereum community reacts
As expected, PayPal’s announcement was welcomed by the crypto community. Through Twitter, the most recognized personalities of the crypto space have expressed their opinion. The consensus: Bitcoin and the cryptocurrency market will be positively affected. Messari CEO Ryan Selkis referred to buying Bitcoin from Square and MicroStrategy and said:
Between them, Square and Grayscale, it is safe to assume that all remaining BTC will be recovered from public companies.
Finally!
PayPal joins the race for the bitcoin space.
+ 346 million users
+ 26 million merchants
+ 20th largest “bank” for depositsBetween them, Square and Grayscale, it is safe to assume that all remaining BTC will be recovered from public companies. https://t.co/d3oEk0LLgv
– Ryan Selkis (@twobitidiot) 21 October 2020
On the other hand, the Bitcoin bull and investor Mike Novogratz celebrated the news. The investor believes PayPal’s announcement will be the start of a new wave of adoption that will drag banking institutions into the cryptocurrency market. Novogratz She said:
This news from PayPal is the biggest news of the year in cryptocurrency. All banks will now be in a rush to serve cryptocurrencies. We crossed the Rubicon people. Exciting day.
UPDATED: PayPal said it will initially only offer Bitcoin and hasn’t named any other cryptocurrency.
[ad_2]Source link
