PayPal officially allowed buying cryptocurrency
PayPal customers will be able to pay for services and goods using cryptocurrencies in 2021
Support for buying and selling digital assets begins in the coming weeks
Crypto payments within the PayPal network will be converted into fiat currencies, the company stressed
International consortium of news organizations developing transparency standards.
The largest debit electronic payment system PayPal has become an official participant in the cryptocurrency market
Payment giant PayPal has officially added support for buying and selling cryptocurrencies through its infrastructure. This is reported by Reuters, citing an announcement within the company. PayPal says customers will also be able to use cryptocurrency to shop at 26M merchants on PayPal starting in early 2021.
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PayPal CEO Dan Shulman hopes the service will help global adoption of digital financial assets as well as prepare its network for new digital currencies.
“We work with central banks and think about all forms of digital currencies and what role PayPal can play,” he added..
In addition, PayPal has confirmed that US account holders will be able to buy, sell and store cryptocurrencies in their PayPal wallets in the coming weeks. In the first half of 2021, the payment giant intends to expand its activities to the mobile payment service Venmo and other countries.
With the prefix “crypto”
However, the payments themselves using cryptocurrencies in the PayPal network will immediately be converted into fiat currencies. This means that business representatives will not be able to directly accept cryptocurrencies as a means of payment, added PayPal.
Learn how to trade on the cryptocurrency market with BeInCrypto partner – StormGain cryptocurrency exchange
For the first time, the BeInCrypto editorial staff announced PayPal’s intention to add support for cryptocurrencies back in June. Then it was reported that the cryptocurrency exchanges Coinbase and Bitstamp would provide liquidity. The exchanges themselves did not comment on possible cooperation with PayPal.
PayPal hasn’t always been so optimistic about cryptocurrencies. In October 2019, for example, the company left the Libra Association.In June 2019, Facebook announced preparations for the release of the Libra digital currency. The social networking project immediately attracted attention … More Association (aims to develop a stablecoin from FacebookIn June 2019, Facebook announced preparations for the release of the Libra digital currency. The social networking project immediately attracted attention … More). Then it was reported that PayPal and other partners of the association decided to leave the project due to the attention to Libra from regulators and politicians around the world..
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