PayPal is said to allow cryptocurrency buying, shopping and selling on its network

CIOReviewIndia Team | Wednesday, 21 October 2020, 12:57 IST

PayPal is said to allow cryptocurrency buying, shopping and selling on its network

Allowing customers to hold, buy, and sell bitcoin, and also other virtual coins using the U.S. digital payments company's online wallets, PYPL.O, which is PayPal Holdings Inc has joined the cryptocurrency market on Wednesday. 

 

With this, the company said in a statement that the PayPal customers will also be able to use cryptocurrencies to shop at the 26 million merchants on its network starting in early 2021, the company said in a statement.

President and Chief Executive Dan Schulman said in an interview that, “For new digital currencies that may be developed by central banks and corporations, PayPal hopes the service will encourage global use of virtual coins and prepare its network for the same.” 

“We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role,” said the president.

Furthermore, making them attractive to speculators, Cryptocurrencies is expected to be volatile, but a lot less appealing to merchants and shoppers. Thus, making the transactions have been slower and more costly than other mainstream payment systems.

Also, partnering with Paxos Trust Company to offer the service, PayPal has said that it will initially allow bitcoin and other cryptocurrencies called ethereum, bitcoin cash and litecoin. While, PayPal, has secured the first conditional cryptocurrency license from the New York State Department of Financial Services

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