PayPal announced on Wednesday that it would support cryptocurrencies for the first time, allowing any PayPal account holder to store, buy and sell popular virtual currencies by the end of this year. The announcement makes PayPal arguably the largest company in the financial technology sector to introduce support for virtual currencies.
PayPal competitor Square launched support for Bitcoin through its Cash app back in 2018 (Square also bought $ 50 million worth of Bitcoin earlier this month), but PayPal continues to support Bitcoin, Ethereum, Bitcoin Cash, and Litecoin . PayPal also plans to expand support for its money-sending subsidiary Venmo and international markets from early next year. Currently, PayPal plans to launch digital currency support for US users in the coming weeks.
The move makes PayPal a major digital wallet as well as a cryptocurrency exchange. The result could significantly increase the potential adoption of cryptocurrencies by everyday users and online merchants. According to BloombergPayPal has more than 346 million active accounts, 26 million of which are merchants.
“The move to digital currency is inevitable and has clear benefits in terms of financial inclusion and access. Efficiency, speed and resilience of the payment system; and the ability for governments to quickly withdraw funds to citizens, ”said Dan Schulman, CEO of PayPal, in a statement. “Our global reach, our expertise in digital payments, our two-way network and our strict security and compliance controls give us the opportunity and responsibility to facilitate the understanding, redemption and interoperability of these new exchange tools.”
According to Schulman, PayPal is “committed to working with central banks and regulators around the world” to endorse the cryptocurrency. Reuters Reports of transactions on the PayPal platform are processed in traditional fiat currency, eliminating the need for merchants to transfer digital coins in dollars after a transaction. However, for now, PayPal limits users to buying cryptocurrencies on their own platform, and existing digital coin owners cannot transfer the contents of other digital wallets to PayPal.
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