PayPal will offer crypto payments from 2021
The rumors are now fully confirmed.
PayPal announced its entry into the cryptocurrency market on Wednesday, according to multiple reports
PayPal customers will be able to use cryptocurrencies to buy from any merchant in its large network starting next year 2021, the company said.
Payments will be settled through fiat currencies, similar to many existing crypto merchant solutions like BitPay. This means that merchants will receive fiat, as PayPal will handle the conversion.
Coins initially supported will include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), the company said. The payments giant partnered with Paxos to provide the service and obtained a conditional cryptocurrency license from the New York State Department of Financial Services, commonly known as a BitLicense.
In addition to payments with cryptocurrencies, PayPal users will also be able to buy cryptocurrencies directly through the application. Therefore, PayPal will have a cryptocurrency wallet or wallet, which will allow users to buy, sell and hold cryptocurrencies through PayPal applications.
PayPal is one of the largest payment providers in the world, with 346 million active accounts and $ 222 billion in volume processed in the second quarter of 2020. It was one of the initial founding members of the Libra association, although it subsequently withdrew. after regulatory pressures for the project mounted.
Rumors of a planned crypto integration emerged earlier this year. However, the company is often criticized in crypto circles for its perceived unfair practices and the amount of control it has within its own network.
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