Reuters has just broken the news that the PayPal payment giant now allows its users to acquire and trade crypto, including Bitcoin, using PayPal's digital wallets.
Apart from that, PayPal will allow consumers to purchase goods from 26 mln merchants as early as 2021.
Apart from Bitcoin, PayPal will enable its users to use Ethereum, Bitcoin Cash and Litecoin via a partnership with Paxos Trust Company.
The company CEO, Dan Schulman, stated that with this move, PayPal hopes to encourage the global use of cryptocurrencies and prepare its network for new coins that may be issued by central banks and business giants in the near future.
He added:
We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role.
All payments to merchants via PayPal, though, will be settled in fiat currencies.
"U.S. account holders will be able to buy, sell and hold cryptocurrencies in their PayPal wallets over the coming weeks, the company said. It plans to expand to Venmo and some countries in the first half of 2021."
Denys Serhiichuk
Godfrey Benjamin
Tomiwabold Olajide
