On October 23th, 2020, Payments giant Paypal had said its customers can now buy, sell and hold bitcoin and other virtual coins with the company’s online wallets.
The company also says its customers will able to use cryptocurrencies to shop at the 26 million merchants on its network starting in early 2021.
A report quotes the company’s President and Chief Executive Dan Schulman saying they hope “the service will encourage global use of virtual coins and prepare its network for new digital currencies that may be developed by central banks and corporations.”
According to a report, U.S. account holders can 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 secured the first conditional cryptocurrency license from the New York State Department of Financial Services (NYDFS), “will initially allow purchases of bitcoin (BTC) and other cryptocurrencies called ethereum, bitcoin cash, and litecoin.” Paypal has partnered with Paxos Trust Company to offer the service.
I think that the payments giants’ entry is likely to spark the wider adoption of cryptocurrencies given its wide reach.
According to the report, Paypal “has 346 million active accounts around the world and processed $222 billion in payments in the second quarter.”
And you, what do you think of Paypal’s entry into crypto space?