If you have a PayPal account in the United States of America, you may buy, keep, and trade cryptocurrencies like Bitcoin and Ethereum straight in your PayPal account. This news came only a few months after the New York State Department of Financial Services gave the corporation a one-of-a-kind conditional Bitlicense (NYDFS).


PayPal Holdings, Inc. announced a new service on November 12, 2020, that enables clients to buy, store, and trade cryptocurrencies directly from their PayPal accounts. Others think that this action was inspired by the COVID-19 outbreak and central banks' rising interest in digital currency. Moreover, PayPal's move to accept cryptocurrencies as payment for purchases at its 26 million global merchants may have had an impact.

Dan Schulman, the President and CEO of PayPal, stated that the move towards digital currencies is unavoidable and comes with evident advantages such as financial inclusion and access, a payments system that is efficient, rapid, and robust, and the ability of governments to promptly distribute funds to citizens.

"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," he said.

"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

Despite their widespread usage, many individuals are still unfamiliar with cryptocurrencies. As part of its drive to raise awareness, the business has included a tool that enables customers to buy, keep, and sell certain cryptocurrencies, such as Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, straight from their PayPal digital wallets. PayPal plans to roll out these functionalities to Venmo and a number of overseas regions 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

For more than two decades, PayPal Holdings, Inc. (PayPal) has been at the forefront of the digital payment revolution. The PayPal platform enables more than 300 million customers and merchants in more than 200 nations to participate and succeed in the global economy by utilizing technology to make financial services and commerce more easy, inexpensive, and secure.

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Image: CoinCentral


Disclaimer: This post is for informative purposes only and not financial advice. Before investing in cryptocurrencies, readers should investigate and speak with a financial professional.

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