The long wait has finally ended! On Wednesday, October 21, online payments giant PayPal Holdings has confirmed its entry in the crypto market as per the Reuters report. PayPal said that it will allow its customers to trade Bitcoin and other digital currencies via the company’s online wallets.
PayPal said that it has received the first cryptocurrency license from the topmost U.S. regulator – New York State Department of Financial Services (NYDFS). It has also partnered with the Paxos Trust company to facilitate its crypto trading service.
PayPal’s crypto trading facility will be first available to U.S. customers over the coming weeks. It will slowly roll out the facility to its wholly-owned digital wallet Venmo and other countries by early 2021. The online payment giant has been waiting on the edge to enter the crypto space.
PayPal’s entry to its crypto trading services drives a huge optimism within its global customer base. The online payments giant will be directly competing with existing players like Square, who recently made a $50 million investment in Bitcoin.
In his interview with Reuters, President and Chief Executive Dan Schulman said: “We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role”.
In what can be said as a big push for cryptocurrency usage, PayPal also plans to introduce a crypto shopping facility in early 2021. This will be huge as PayPal customers will be able to shop across 26 million registered merchants using their digital currency holdings.
PayPal said that its service could be a game-changer in encouraging the global use of digital currencies. Besides, it will also be working on its network infrastructure to accommodate central bank digital currencies (CBDCs) coming in the future.
PayPal told Reuters that all the crypto payments on its platform will be settled in fiat. Thus, merchants won’t receive payments in crypto. Veterans of the crypto market are already excited about PayPal’s entry in the crypto space.
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