Main navigation

BREAKING: PayPal U.S. Customers Now Allowed to Use Crypto to Pay Merchants

News
Tue, 03/30/2021 - 09:43
article image
Yuri Molchan
PayPal giant to announce that its US customers to begin using cryptocurrencies for online payments to 26+ million merchants globally
BREAKING: PayPal U.S. Customers Now Allowed to Use Crypto to Pay Merchants
Cover image via stock.adobe.com
Read U.TODAY on
Google News

In late fall of 2020, U.S. payments behemoth Paypal announced that it plans to allow its U.S. customers to use Bitcoin, Ethereum, Bitcoin Cash and Litecoin for purchases with over 26 million merchants around the world.

6965_0
Image via Twitter

PayPal allows U.S. clients to use crypto for purchasing

PayPal users are also allowed to buy and sell crypto but only on the company's network without withdrawing coins or holding private keys. Purchases and sales have been enabled by the Venmo app, owned by PayPal.

The former has millions of user-millennials, who are statistically into crypto.

Paypal embracing cryptocurrencies was taken by the crypto community as another major milestone toward global crypto adoption.

However, many were unhappy that Bitcoin and other cryptos can be bought/sold/stored only within the company's ecosystem.

Related
U.S. Eyeing $4 Trillion in New Spending. Is Bitcoin About to Soar?

Over 65 percent of PayPal clients are using crypto on the network

By December 2020, data collected by Mizuho Securities USA stated that, already, 65 percent of Paypal's user base of over 347 million people globally has been using Bitcoin to make purchases.

That was not the only step PayPal took toward adopting cryptocurrencies for its global business. It first eyed purchasing crypto custodial service BitGo. However, it ultimately gave up on that idea and bought crypto startup Curv instead. The purchase was announced on March 8.

article image
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.