PayPal and Cryptocurrency
Paypal is one of the largest global payment providers, with 346 million active accounts and $ 222 billion in processing. It was one of the first founding members of the Libra Association. Subsequently, the project has ceased to exist due to regulatory bodies’ pressure.
According to the company message, starting in early 2021, PayPal customers will be able to use the cryptocurrency to make purchases from any merchant in their large network.
PayPal will convert cryptocurrency, resulting in merchants receiving fiat money. The same payment method exists in many cryptocurrency solutions such as BitPay.
The company says the list of initially supported coins will consist of Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). The payments giant has received a conditional license to use cryptocurrencies from the NYS Department of Financial Services, commonly known as BitLicense, and entered into a partnership with Paxos for the purposes of providing services.
PayPal users will also be able to buy cryptocurrency through the app, in addition to cryptocurrency payments. As such, PayPal will have a cryptocurrency wallet allowing the users to store, sell and buy cryptocurrencies through the PayPal app.
This message, together with other positive factors, serves as a signal for the steady growth of bitcoin in particular and of cryptocurrencies in general.
Getting a steady income for all clients, “Our Company” sees further growth prospects for this market and continues to invest in cryptocurrencies.