Yes, you can now buy, hold and sell cryptocurrency like Bitcoin, Ethereum and more into your PayPal account, if you're an eligible account-holders in the United States of America. It was  announced a few months after the company has been granted a first-of-its-kind conditional Bitlicense by the New York State Department of Financial Services (NYDFS).

The PayPal Holdings, Inc. announced on November, 12, 2020, the launch of their new service enabling its clients to buy, hold and sell cryptocurrency directly from their PayPal account. Many people thinks specially those already in the crypto world that it was driven by the COVID-19 pandemic and the increase of interest in digital currencies from central banks and also making it available as a funding source for purchases at its 26 million merchants worldwide.  

According to PayPal president and CEO Dan Schulman, "The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly,"

"Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange. We are eager to work with central banks and regulators around the world to offer our support, and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce," he added.

Paypal Initial Featured Cryptocurrency

Many of us today still didn't know yet about cryptocurrency, and because of the initiative of the company they introduce the ability to buy, hold and sell select cryptocurrencies. The featured cryptocurrencies that you can buy, hold and sell are "Bitcoin", "Ethereum", "Bitcoin Cash" and "Litecoin', directly within the PayPal digital wallet. PayPal plans to  expand the features to Venmo and select international markets in the first half of 2021.

"Beginning in early 2021, PayPal customers will be able to use their cryptocurrency holdings as a funding source to pay at PayPal's 26 million merchants around the globe. Consumers will be able to instantly convert their selected cryptocurrency balance to fiat currency, with certainty of value and no incremental fees. PayPal merchants will have no additional integrations or fees, as all transactions will be settled with fiat currency at their current PayPal rates. In effect, cryptocurrency simply becomes another funding source inside the PayPal digital wallet, adding enhanced utility to cryptocurrency holders, while addressing previous concerns surrounding volatility, cost and speed of cryptocurrency-based transactions," as PayPal press release stated.

About PayPal

PayPal Holdings, Inc. (PayPal) has remained at the vanguard of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 300 million consumers and merchants in more than 200 markets to join and thrive in the global economy.

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Image: CoinCentral

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