PayPal has confirmed that you will now be able to buy, hold, sell, and use cryptocurrencies to shop at the 26 million merchants on its network starting in early 2021.
In a statement, the company said that U.S. account holders will be the first to have access to cryptocurrencies in the coming weeks.
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PayPal is one of the largest online payments providers worldwide with over 346 million active accounts and processing over $222 billion in payments in the second quarter of 2020.
PayPal now becomes the latest online payments company to support cryptocurrencies after other large fintech payments providers like Square and Robinhood enabled their users to buy and sell cryptocurrencies.
According to the company, crypto payments will be settled in fiat currencies like the U.S. Dollar. PayPal users will thus not receive payments in virtual coins.
The service will be available to PayPal account holders in the U.S. in the coming weeks and initially feature #Bitcoin, #Ethereum, #BitcoinCash and #Litecoin directly within the PayPal digital wallet.
— PayPal (@PayPal) October 21, 2020
Upon launch, the service will support the following cryptocurrencies:
- Bitcoin
- Ethereum
- Bitcoin Cash
- LiteCoin
According to Dan Schulman, CEO and President, PayPal, the company is preparing its network for new digital currencies that will be developed by central banks and corporates:
“We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role.”
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