PayPal allows buying, selling and shopping with cryptocurrency
According to Reuters, PayPal, and payment platform, Venmo will allow customers to use cryptocurrency to shop at 26 million stores on its network, starting in early 2021.
PayPal will allow users to hold and buy cryptocurrency in the coming weeks
PayPal Holdings Inc entered the cryptocurrency market on Wednesday, allowing customers to buy, sell, and store Bitcoin and other cryptocurrencies with its online wallet. Furthermore, PayPal obtained a conditional license from the New York Department of Financial Services (NYDFS), which allows the company to provide a service to buy and sell cryptocurrencies.
PayPal hopes the service will encourage the use of cryptocurrencies globally and prepare for the entry of cryptocurrencies issued by central banks.
PayPal account holders in the US will be able to buy, sell, and keep cryptocurrencies in their PayPal wallets in the coming weeks, the company said. At the same time, PayPal also plans to expand to Venmo and several countries in the first half of 2021.
The conditional license allows a new company to comply through cooperation with an authorized licensee, with the expectation that the new company will eventually seek out on its own. For its part, PayPal is partnering with Paxos.
PayPal President and CEO Dan Schulman said:
“The goal is also to encourage the global adoption of cryptocurrencies and prepares for potential offerings of central bank digital currencies in the future. We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role.”
However, all payments to sellers via PayPal will be paid for in fiat.
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