We already know that PayPal was looking to buy many of the firms that offer Cryptocurrency services to its customers. The news is confirmed that the company will all users in the US buy, sell, and hold cryptocurrencies right from their PayPal account.
According to sources, the news was confirmed by the company in a press release. PayPal announced that new functionality was on its way for its user base.
PayPal is already offering crypto services directly from its app. There’s a banner about the ability to buy cryptocurrency right at the top of the main screen on the app screen. Users can tap that and can choose to buy Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
PayPal’s support of cryptocurrency is a significant vote of confidence in digital currencies, and it could very well encourage everyday users to adopt them. But the digital payment system isn’t the first financial tech company to support cryptocurrencies; Square’s Cash app added support for Bitcoin in 2018.
The company also plans to let you pay PayPal merchants with cryptocurrency. However, it also plans to expand cryptocurrency features to Venmo and “select international markets” in the first half of next year and early 2021.
Will this venture by one of the world’s biggest digital transaction services provide help elevate the importance of cryptocurrency remains to be seen. However, PayPal’s investment in the crypto market is big news. It means that we cannot simply ignore the existence of cryptocurrency anymore.
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