PayPal becomes a crypto-wallet and, Bitcoin (BTC) first crosses 12,300 USD, then 13,000 USD in less than 48 hours.
In the long term, PayPal could therefore make a crypto wallet available to its 346 million users. BTC and its cadets couldn’t have asked for better – well, there might be better – in terms of development lever.
PayPal finally take the plunge
PayPal announced in an October 21, 2020 press release its entry into the cryptosphere.
The company will launch a service in 2021 that will allow its users to buy, sell and hold crypto using their accounts PayPal.
The service will initially only be available for Bitcoin, Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).
The press release points out that users will be able to pay in cryptocurrency with authorized merchants, but the latter will receive their payments in fiat, after a conversion at the rate set by PayPal.
PayPal has nearly 346 million active accounts, including 26 million merchant accounts.
The volume of transactions processed in the second quarter of 2020 is estimated at 222 billion dollars.
The announcement was followed by a rise in market prices, with an increase of 7.19% for Bitcoin and 6.64% for Ethereum.
Yesterday Square, today PayPal, tomorrow all the banks?
Paypal confirmed its collaboration with Paxos Crypto Brokerage to provide crypto services.
The CEO of Paxos, Charles Cascarilla, indicates that PayPal can foster the emergence, increase the adoption and usefulness of cryptocurrencies.
Source : Image via Twitter
Thanks to Paxos, PayPal obtained a conditional license of virtual currency from New York State Department of Financial Services – the New York State Department of Financial Services.
The CEO of Paypal, Dan Schulman, points out that the switch to cryptos is inevitable. He added that the company is keen to work with central banks and regulators to help define the role of digital currencies in the world of finance.
The service will initially be restricted to US citizens, but the company plans to expand it to other countries.
Skrill is well ahead of PayPal. Skrill even allows its users to swap between Bitcoin, Bitcoin Cash and other cryptos. Will PayPal make the financial institutions most reluctant to change aware once and for all that cryptos are now essential – I’m not talking about CDBC – and that it will therefore be necessary to redefine their strategies in this direction? The future is bright for cryptos: cryptocurrencies and cryptophiles.
Litecoin, welcome in the Silver Age