#PayPal Holdings Inc joined the cryptocurrency market on Wednesday; He explained that it allows customers to buy, sell and hold #Bitcoin ( BTC ) and other cryptocurrencies using their PayPal wallet .
According to the news in #Reuters, PayPal said in a statement that its customers will be able to use cryptocurrencies to shop from 26 million sellers in its network from the beginning of 2021.
Chairman and Managing Director Dan Schulman said in an interview that PayPal's service will promote the global use of cryptocurrencies; He said he hoped he would prepare his network for new digital currencies that could be developed by central banks and companies, and said:
“WE ARE WORKING WITH CENTRAL BANKS AND WE ARE CONSIDERING WHAT ROLE PAYPAL CAN PLAY IN ALL KINDS OF DIGITAL CURRENCIES.”
The company said that account holders in the US will be able to buy, sell and hold cryptocurrencies with PayPal wallets in the coming weeks. It plans to open to Venmo and some countries in the first yacht of 2021
PayPal's move is bringing Bitcoin and altcoins to general.
Other mainstream fintech companies such as mobile payment provider Square and stock trading application firm Robinhood allow users to buy and sell cryptocurrencies; However, PayPal's launching this feature is noteworthy given its wide reach.
The company, headquartered in San Jose, California, has 346 million active accounts worldwide, and $ 222 billion was paid through the company in the second quarter.
Cryptocurrencies tend to fluctuate, according to Reuters, which makes them attractive to speculators; however, it may be considered less attractive to sellers and shoppers. Transactions have been slower and more costly than other major payment systems.
The company said that cryptocurrency payments on PayPal will be made using fiat currencies such as US dollars, meaning that sellers will not receive payments in cryptocurrencies.
Securing the first conditional cryptocurrency license from the New York State Department of Financial Services, PayPal will initially allow the purchase of Bitcoin and Ethereum , Bitcoin Cash and Litecoin. PayPal has partnered with #Paxos Trust Company to provide the service.