PayPal Will Allow Cryptocurrency Trading and Consumption on its Network

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PayPal announced its entry into the cryptocurrency market on Wednesday, allowing customers to use its online wallet to buy, sell, and hold Bitcoin and other virtual currencies. The company stated in a statement that starting in early 2021, PayPal customers will also be able to use cryptocurrency to shop at 26 million merchants on its network.


PayPal President and CEO Dan Schulman (Dan Schulman) said in an interview that PayPal hopes that this service will encourage the global use of virtual currencies, and its network may be developed by central banks and corporate new digital currencies. ready. "We are working with central banks in various countries and thinking about all forms of digital currencies and how PayPal can work," he said. The company said that in the next few weeks, U.S. account holders will be able to buy, sell and hold cryptocurrencies in their PayPal wallets, and plans to expand to other countries in the first half of 2021. The company said that Cryptocurrency payments will be settled in legal currencies such as U.S. dollars.

Other mainstream financial technology companies, such as mobile payment provider Square and stock trading application company Robinhood, allow users to buy and sell cryptocurrencies, but given PayPal's huge influence in the global online payment system, the company's actions today deserve attention. The San Jose, California-based company has 346 million active accounts worldwide and processed $222 billion in payments in the second quarter. The price of cryptocurrencies is often unstable, which makes them very attractive to speculators, but their attractiveness to merchants and shoppers is greatly reduced. Especially compared with other mainstream payment systems, the transaction speed is slower and the cost It's higher. Many central banks in the world expressed their intention to develop a digital currency in the next few years. Facebook led the creation of a cryptocurrency project called Libra in 2019. PayPal was one of the founding members, but it withdrew after a few months. PayPal stated that it has obtained the first conditional cryptocurrency license from the New York State Department of Financial Services. It will initially allow the purchase of Bitcoin and other cryptocurrencies called ethereum and Bitcoin Cash Llitecoin. It has partnered with Paxos Trust. 

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