June 25, 2024

PayPal integrates the ability to buy and sell bitcoin

PayPal integrates the ability to buy and sell bitcoin

The largest debit payment system PauPal joined the cryptocurrency market, allowing its clients to buy and selland store bitcoins and other virtual coins. PauPal's Venmo mobile payment service will add this capability in 2021.

The company said in a statement that starting in early 2021, PayPal customers will also be able to use the cryptocurrency to make purchases from 26 million merchants on its network.

PayPal expects the service to bestimulate the global use of virtual coins and prepare its own network for new digital currencies that can be developed by central banks and corporations. President and CEO Dan Shulman stated this:

«We are working with central banks, analyzing all forms of digital currencies and thinking about what role PayPal can play in these processes.».

In the first half of 2021, PayPal plans to integrate cryptocurrencies into the Venmo mobile payment service.

Other leading fintech companies such asmobile payment provider Square Inc and stock trading company Robinhood Markets Inc already allow users to buy and sell cryptocurrencies, but PayPal's solution stands out for its vast reach.

The company, based in San Jose, California, has 346 million active accounts worldwide and processed $ 222 billion in payments in the second quarter.

Due to the fact that cryptocurrencies are volatile thanless attractive to sellers and buyers, PayPal transactions will be made using fiat currencies, namely the US dollar. This means that sellers will not interact directly with digital assets.

Initially, PayPal, which received the first license fortransactions with cryptocurrencies from the New York State Department of Financial Services, will allow the purchase of bitcoins and other cryptocurrencies - Ethereum, Bitcoin Cash and Litecoin. The provision of such services will be made possible thanks to Paxos Trust Company.

PayPal integrates the ability to buy and sell bitcoin