PayPal Announces Cryptocurrency Service With Support For Bitcoin, Ethereum and More

PayPal has get the latest traditional online payments platform to take embraced cryptocurrencies. The company, on Wednesday, announced a new service that will enable customers to buy, sell and hold bitcoin and other digital currencies in its online wallets. The service, which has just started rolling out, will exist available on its website equally well as its mobile apps and, can be used as a funding source for purchases at its 26 1000000 merchants worldwide starting early next year.

In a mail expressing his back up for digital currencies, the president and CEO of PayPal, Dan Schulman, said: "The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and admission; efficiency, speed and resilience of the payments system … Nosotros are eager to work with central banks and regulators around the world to offering our support, and to meaningfully contribute to shaping the office that digital currencies volition play in the future of global finance and commerce".

Today, we are announcing the launch of a new service that will enable customers to purchase, agree and sell #Cryptocurrency directly from their PayPal account. https://t.co/QS6JRmG9hs pic.twitter.com/uHBatfZkbF

— PayPal (@PayPal) October 21, 2020

The company will initially only support a few leading cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash and Litecoin, with the full service expected to be rolled out to PayPal account-holders in the US "in the coming weeks". The company plans to expand the features to Venmo and select international markets in the first one-half of 2021.

As part of its program, PayPal says it will provide account-holders with "educational content to help them sympathise the cryptocurrency ecosystem, the risks and opportunities related to investing in cryptocurrency, and data on blockchain engineering". The company is waiving off service fees when buying or selling cryptocurrency through December 31, 2020, and says it won't accuse any fees for holding cryptocurrency in a PayPal account.