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Online payments platform PayPal announced on October 21 that it would begin allowing users to buy, sell, and hold cryptocurrency in the next few weeks. PayPal has partnered with Paxos for this service, a development first rumored to have happened in July 2020.
- In a move that many have considered a win for adoption, PayPal will let its users store and make payments in cryptocurrency with an online wallet
- Initially, supported assets will including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and potential central bank digital currencies
- The service will be extended to countries outside the US and the Venmo app in the first half of 2021
- The ability to make payments in cryptocurrencies will arrive in early 2021
- PayPal has over 26 million merchants on its platform, and is one of the most popular platforms for online international transfers; it is ranked 204 on Fortune 500’s list of largest US companies by revenue
- PayPal President and Chief Executive Dan Schulman has said that the company is working with central banks and will follow regulation; it has obtained a license from the New York State Department of Financial Services
- Crypto payments to merchants will be settled in fiat currencies
