- Paypal releases statement on crypto adoption
- To support transactions in Bitcoin, Ethereum, Bitcoin Cash, and Litecoin
Global crypto adoption got a major recent boost as the globally acclaimed international payment system, Paypal, announced that it would be integrating a crypto wallet and payment services into its operations.
PayPal, which hitherto, was seen as a stunning block towards the widespread acceptance and adoption of cryptocurrency released a statement in which it made it known that its medium would henceforth now support transactions in Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
In this early stage, crypto adoption and transactions would only be available to users of the payment gateway system in the United States. However, by next year, it is envisaged that the firm would enable its international users and its Venmo users to be able to transact using its crypto gateway.
Paypal, in order to accelerate its spread of crypto adoption, got a pioneer Bitlicense that was issued to it on a conditional basis by the New York State Department of Financial Services (NYDFS).
What PayPal’s Crypto Adoption means for the world
Paypal embracing crypto gives a lot of legitimacy to the cryptocurrency industry and would also help to fast track the development of the blockchain and crypto industry.
PayPal’s crypto adoption would also drive a whole lot of big influential companies into taking a more cursory look at the crypto market and industry. They would be forced to look for ways they can also key in into the ongoing financial revolution that is steadily gathering pace.
Not only that, experts believe that PayPal’s adoption would also make the mainstream take the crypto industry more serious.
The CSO of Coinshares, Meltem Demirors said that PayPal would become a major distribution channel for Bitcoin and other cryptocurrencies in the United States as just an arm of PayPal, Venmo, currently has over 300 million active users in the United States alone.