After the rumor mill has been simmering for some time, it’s now official — Bitcoin and three other cryptocurrencies will soon be tradable on PayPal. 26 million merchants and a total of 346 million active users get direct access to cryptocurrencies.
Shortly after the official statement, the price of the PayPal share rose within a few minutes by over three percent, to 179 US dollars. This puts the stock just below the all-time high of over $ 183. The Bitcoin price was also able to increase its already positive daily result and is already up by over 7 percent, at around 12,700 US dollars.
The payment provider works with Paxos, a company that is known, among other things, for issuing a gold-backed stable coin.
PayPal has also received an official license from the New York State Treasury Department (NYDFS). This cryptocurrency license enables PayPal to offer digital currencies on its platform.
The payment giant and its payment platform Venmo should offer the purchase and sale of crypto in the USA in just a few weeks. Initially, the service will only be offered for Bitcoin and Co. via PayPal.
After the payment provider’s statement, Bitcoin and PayPal’s shares reacted promptly. The crypto community is euphoric, and both the Bitcoin price and the PayPal share are currently on the rise.
PayPal feeds the hope that cryptocurrencies will now establish themselves more quickly in the mainstream. According to Reuters, the payment giant is hoping that the new service promotes the worldwide use of cryptos and is optimistic about the future of digital currencies:
We work with central banks and think about all forms of digital currency. We also want to play an important role in the digital currency industry.
President and Chief Executive Officer Dan Schulman, PayPal
The rumors of cryptocurrencies on PayPal started last month when subsidiary Venmo had plans to enable the purchase of digital assets — now it’s official.
Starting in early 2021, PayPal customers will be able to use their cryptos as a means of payment to pay at PayPal’s 26 million merchants around the world.
The payment provider, merchants will be able to instantly exchange their selected cryptocurrency credit into fiat currencies. In addition, the traders should not be exposed to the volatility of the cryptocurrencies and should not have to pay any further fees.
Any provider who uses PayPal will be able to easily accept Bitcoin and other cryptocurrencies.
First of all, trading in Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) should be allowed. According to official information from the payment provider, these four cryptocurrencies will be available to PayPal users in the USA in just a few weeks. In addition, other selected stores are to follow in the first half of 2021.
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