PayPal users to spend USD 50 bln by 2022 with crypto payments, Reuters

Monday 26 October 2020 14:06 CET | News

PayPal has received a conditional Bitlicense by the New York State Department of Financial Services (NYDFS) to launch a new service, according to Reuters.

Customers will be able to buy, hold, and sell cryptocurrency (initially Bitcoin, Ethereum, Bitcoin Cash, and Litecoin) directly within the PayPal digital wallet. According to PayPal, there would be no service fees for buying or selling cryptocurrency through December 31, 2020, and no fees for holding cryptocurrency in a PayPal account.

PayPal will require users to hold purchased cryptocurrencies in their PayPal wallet without an ability to transfer it to other accounts. Retail payments made with Bitcoin, Ethereum, and Litecoin by PayPal users could reportedly double and reach USD 50 billion by the end of 2021.

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Keywords: PayPal, cryptocurrency, payments , Reuters, BitLicense, US, New York State Department of Financial Services, NYDFS, digital wallet, Bitcoin, Ethereum, Bitcoin Cash, Litecoin
Categories: DeFi & Crypto & Web3
Countries: United States
This article is part of category

DeFi & Crypto & Web3