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Breaking: PayPal enables buying and selling of cryptocurrencies in 2021

  • The rumors about PayPal offering cryptocurrencies to its users have finally been confirmed.
  • The official announcement states that PayPal will allow customers to use cryptocurrencies to shop at the 26 million merchants on its network.

PayPal will offer the ability to shop using cryptocurrencies like BTC, ETH, BCH, and LTC starting in early 2021 in more than 26 million merchants around the world. Customers will also be able to purchase cryptocurrencies directly through PayPal.

PayPal is one of the most popular global payment providers with more than 340 million active accounts. Rumors about the platform support crypto started earlier this year but were never confirmed until now. President and Chief Executive Dan Schulman said in an interview:

We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role

Cryptocurrency payments through PayPal will be settled using fiat currencies, which means merchants will not receive crypto but rather the conversion into fiat at the time of selling. This measure was introduced to avoid the massive volatility that cryptos are subject to.

Dan Schulman, president and CEO of PayPal stated:

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. 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.

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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