This is the Bullish news of the day: Paypal is set to open up to Bitcoin and cryptocurrencies for the benefit of its 325 million customers in the next few months. The convergence of the online payment giant Paypal and the blockchain legacy of Bitcoin is not formally surprising as the evidences (and warning signs) have multiplied over the past year. However, if the news is confirmed, it could potentially bring Bitcoin and the crypto ecosystem into the era of mass adoption that the whole industry is eagerly awaiting. Bitcoin on Paypal at the start of the school year? We take stock.
Bitcoin and Paypal, chronicles of missed appointments
If it is possible today to buy Bitcoin with Paypal, the Californian firm originally founded in 1998 by the future billionaires Peter thiel and Elon Musk has been playing a funny score over the last few months on the subject. Indeed, if the points of convergence and the interest of the company Paypal for Bitcoin – which has been the most revolutionary in terms of payment for decades – are obvious, the American giant took great care not to discover his game too much.
In November 2019, we just noted the declarations of Dan Schulman, CEO of Paypal who said “Bitcoin was the only cryptocurrency he held.” These statements came a few weeks after Paypal said it would withdraw from Facebook’s Libra project, more frankly smelling of holiness.
More recently, Paypal was spotted posting recruitment announcements in the blockchain field.
Are these elements scattered in recent months the beginnings of a very soon announcement on the part of Paypal which would reveal to the world its positioning on Bitcoin and cryptocurrencies? Recent indiscretions could suggest it.
Paypal, the new giant Bitcoin and Crypto?
From several sources close to the file, the media US Coindesk reports that Paypal is on the verge of a memorable announcement: the opening to its 325 million customers of the direct purchase of Bitcoin and cryptocurrencies.
“I understand that they will authorize the purchase and sale of crypto directly from PayPal and Venmo [filiale de Paypal]. They’re going to have some sort of built-in wallet feature so you can store your crypto currencies there. Paypal would work with more exchanges when it comes to cash. “
A second source confirms this statement, adding that “The announcement could be made in the next 3 months, maybe sooner”. Finally crypto platforms Coinbase and Bitstamps are mentioned as potential partners. None of the companies mentioned wanted to comment on the information.
A matter of time
In an interview earlier this year, the Director of Technology at Paypal Sri Shivananda had in advance fanned the suspense: The blockchain, Paypal has been thinking about it for a long time, and not just by shaving
“Paypal wants to have their own perspective and their own point of view on technology [blockchain] herself to see how she can help us contribute to the concept of creating an open digital payment platform that can serve everyone. We firmly believe in the potential of blockchain technology. The digitization of money is only a matter of when and not if “
Sri Shivananda summed it up perfectly: the question is not “if” but “when?” Either way, a financial giant will take the plunge and lay a firm and official bridge between the old and the new financial world, between that of long and laborious payments and the instantaneity and solidity of crypto and Bitcoin. And Paypal seems ready to lead the way.
Nice to meet you, it’s Hellmouth! Editor-in-chief of Cryptocurrencies, the crypto media you are honoring to survey right now (well done, you have taste).
Crypto-enthusiast of the second hour, nothing is more important to me than supporting the global adoption and democratization of the treasures that the blockchain offers us.
I write articles between two cocktails in Tahiti, my adopted island, and do not hesitate, if the opportunity arises, to feast on a plump scam or a little too enterprising Ponzi pyramid.
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