Meanwhile, the report further explains:
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“We are working with central banks and thinking of all forms of digital currencies and how Paypal can play a role,” said Schulman.
Payments giant Paypal says its customers can now buy, sell and hold bitcoin and other virtual coins with the company’s online wallets. The company also says its customers will able to use cryptocurrencies to shop at the 26 million merchants on its network starting in early 2021.
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Cryptocurrency payments on Paypal will be settled using fiat currencies, such as the U.S. dollar, meaning merchants will not receive payments in virtual coins.
The payments giants’ entry is likely to spark the wider adoption of cryptocurrencies given its wide reach. According to the report, Paypal “has 346 million active accounts around the world and processed 2 billion in payments in the second quarter.”
The report adds that Paypal, which has secured the first conditional cryptocurrency license from the New York State Department of Financial Services (NYDFS), “will initially allow purchases of bitcoin and other cryptocurrencies called ethereum, bitcoin cash, and litecoin.” Paypal has partnered with Paxos Trust Company to offer the service.
A report quotes the company’s President and Chief Executive Dan Schulman saying they hope “the service will encourage global use of virtual coins and prepare its network for new digital currencies that may be developed by central banks and corporations.”
The news of Paypal’s entry into the cryptocurrency space is a huge endorsement for crypto assets and it comes as more mainstream organizations are buying bitcoin and other digital assets.
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