In case you live under a rock and you haven't found out, the digital payments giant Paypal will allow you to buy, sell and pay with cryptocurrencies.
This is the kind of news we've been waiting for, Bitcoin is up around 7% today. It seems that the market has taken this news well. What I like the most is that Ethereum is following the Bitcoin, and some other alts are joining the party.
According to their press release, you can read it here, the service will be available shortly.
PayPal has also been granted a first-of-its-kind conditional Bitlicense by the New York State Department of Financial Services (NYDFS).
From their twitter account, they annouced the following:
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.
What cryptocurencies will they support?
In the beggining they will support just 4 cryptocurrencies:
- Bitcoin cash
What is the best part of this announcement?
The best part is that Paypal is one of the most used payment methods online. The company has 346 million active accounts around the world and processed $222 billion in payments in the second quarter (according to Reuters).
Do you know what 346 million accounts mean?
Shit, this is almost 3 times the number of Bitcoin wallets! 🔥
To put things in perspective. I looked at Glassnode and found that there are 700 million Bitcoin wallets. but if we take a look at the Non-zero-balance wallets...
There are just 30 million wallets!
Paypal have 10 times more users that non-zero-balance wallets! Amazing potential.
What is the worst part?
The worst part is that Paypal will not allow to send cryptocurrencies, just buy, hold and pay.
Another thing that Paypal will not do is to share the wallet keys, they will act as a custodian of the funds. It is not the true spirit of cryptocurrency, but every little step counts!