PayPal has joined the cryptocurrency market, allowing customers to buy, sell, and hold Bitcoin and other virtual coins using the US digital payments company’s online wallets.
PayPal customers will also be able to use cryptocurrencies to shop at the 26 million merchants on its network starting in early 2021, Reuters cited a company statement. According to the company’s CEO, PayPal hopes 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.
US account holders will be able to buy, sell and hold cryptocurrencies in their PayPal wallets over the coming weeks. It plans to expand to Venmo and some countries in the first half of 2021. PayPal, which has secured the first conditional cryptocurrency license from the New York State Department of Financial Services, will initially allow purchases of bitcoin and other cryptocurrencies called Ethereum, bitcoin cash and Litecoin, it said. It partners with Paxos Trust Company to offer the service.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now