"As paper money slowly dissipates and disappears from how people are using transactions, central banks especially on the retail side will need to replace paper money with forms of digital fiat currency," says @PayPal CEO Dan Schulman. pic.twitter.com/pLuvc2RxPY
— Squawk Box (@SquawkCNBC) November 23, 2020
PayPal will allow you to use your crypto balance on your account as a funding source for any transaction starting in early 2021.
Digital currencies offer more inclusivity to those excluded, according to PayPal, and the company wants to enable a real utility use case for these currencies.
SEE ALSO: You Can Now Buy, Sell, Hold, and Use Cryptocurrencies on PayPal Starting in 2021
Speaking to CNBC, PayPal CEO, Dan Schulman, said:
“Say you want to make a transaction at any of our merchants. We will tell you exactly how much of that bitcoin you need to make that transaction, and we would then immediately translate that amount of bitcoin into fiat currency.
The volatility goes away. You know exactly how much you need for that transaction. The retailer doesn’t have to accept a new form of currency like crypto. They are basically doing this in fiat currency, but the consumer now has another funding instrument just like a card.”
~ Dan Schulman, CEO, PayPal
Since the launch of its crypto service, PayPal has reportedly been scooping up over 70% of all newly-issued digital currencies, likely contributing to the rise in value in the last month.
You can buy crypto on PayPal from as low as $1. Some of the cryptocurrencies you can purchase directly from your PayPal wallet include:
- Bitcoin
- Ethereum
- Litecoin
- Bitcoin Cash
The ability to now buy anything using bitcoin and other cryptocurrencies across its over 28 million merchant network gives crypto a real use case in a mainstream way which will further provide a more reason to hold them among consumers.
RECOMMENDED READING: Bitcoin is Now an Institutional Asset as PayPal and Cash App Scoop Up More than 100% all Newly-Minted Bitcoin
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