Cryptocurrencies Tech

PayPal Enters Cryptocurrency Market

The tech giant confirmed it will soon offer its US-based customers the ability to buy, hold and sell several currencies on the platform.

PayPal Enters Cryptocurrency market
PayPal Enters Cryptocurrency market

Cryptocurrencies have been given a major boost this week after online payment giants, PayPal, were granted a “conditional Bitlicence” by the New York State Department of Financial Services. The tech giant confirmed it will soon offer its US-based customers the ability to buy, hold and sell several currencies on the platform.

In this ground-breaking move, Bitcoin, Ethereum, Bitcoin Cash and Litecoin as well as fintech start-up, Paxos, will all be available to PayPal users within weeks. Then in early 2021 PayPal will allow its customers to spend their cryptocurrencies at any of its 26 million merchants worldwide. 

2021 will also see cryptos move onto PayPal’s social payment app, Venmo and users outside of the United States will also be granted access to this exciting new-age form of currency. 

Dan Schulman, president and CEO of PayPal, said: 

“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.”

He added:

"Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange. We are eager to work with central banks and regulators around the world to offer our support, and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce. 

Having granted the conditional Bitlicence, Linda A. Lacewell, superintendent at the New York State Department of Financial Services (NYDFS) commented:

“NYDFS will continue to encourage and support financial service providers to operate, grow, remain and expand in New York and work with innovators to enable them to germinate and test their ideas, for a dynamic and forward-looking financial services sector, especially as we work to build New York back better in the midst of this pandemic.”

 

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