PayPal Gets into The Crypto World

over 3 years ago (Edited)

Evening

Today PayPal announced entry into the virtual currency sphere. PayPal will partner with cryptocurrency company Paxos in coming weeks, allowing its users buy, hodl and sell cryptocurrency. Initially the service will be available for US costumers and other countries will be included soon after. The service will feature Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

By early 2021, the company also plans to allow its customers use crypto to make purchases from its network of 26 million merchants around the world.

The official statement by reads:

“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly.”

Today, we are announcing the launch of a new service that will enable customers to buy, hold and sell #Cryptocurrency directly from their PayPal account. https://t.co/QS6JRmG9hs pic.twitter.com/uHBatfZkbF
— PayPal (@PayPal) October 21, 2020

PayPal adoption of crypto currencies is a big news for the decentralized financial world. Currently PayPal have over 346 million active users with 45% of those in US alone. Imagine all those people having access to crypto and the attention cryptos are gonna get. PayPal is not the only big financial player who have made a shift into the crypto world. Several other giants are already trying to tap into the nascent world of decentralized finance.

I am sure exciting times lie ahead for all the crypto lovers.