BREAKING: PayPal Now Allows Trading and Shopping with Bitcoin

News
Wed, 10/21/2020 - 11:49
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Yuri Molchan
Reuters reports that PayPal Holdings has entered the crypto market and now its clients can trade and hold Bitcoin and other crypto in PayPal's wallets
BREAKING: PayPal Now Allows Trading and Shopping with Bitcoin
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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."

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.