Great news for the PayPal users. Reuters recently shared the news that PayPal Inc partners with the crypto market on 21 October 2020 (Wednesday). The fun part is this shall allow the customers to buy, sell, and hold virtual coins with the help of U.S. virtual payments by using the company’s online wallets.
The President and Chief Executive, Dan Schulman said in an interview “we are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role.”
The company hopes that this step may encourage and aware of the public about the benefits of virtual coins. Also, this may support to connect with new digital currencies. PayPal assures its users to use the cryptocurrencies for shopping around 26 million merchants connected to its network.
Most probably the service will be made available to the users in early 2021. In addition, the company reveals that the U.S. account holders will get an option to sell, buy and hold crypto in their PayPal wallets in the coming weeks. Reuters also share that the company plans to expand its services to Venmo and other countries in the first half of early 2021.
Well, let’s recall that other fintech companies like Square Inc and Robinhood Markets Inc also permit their users to sell and buy cryptocurrencies but PayPal covers a wider range as compared to other platforms.
Cryptocurrency payments on PayPal will be settled using fiat currencies, such as the U.S. dollar, meaning merchants will not receive payments in virtual coins, the company said.
PayPal, a San-Jose California based company covers 346 million active accounts across the globe. Moreover, it processes $222 billion in transactions in the second quarter.
PayPal decides to enable the purchase of bitcoin initially and then gradually move with other cryptocurrencies like ethereum, bitcoin cash, litecoin cash and so far.
Once again loads of good wishes to PayPal and its users. Also, thanks to Reuters for sharing this worth appreciating information. It’s time to be a shopaholic.
