- PayPal is set to allow the buying and selling of cryptocurrencies on its platform.
- The development is hoped to spur more adoption for crypto, following the number of users on the platform.
Besides Bitcoin (BTC) reaching $12,000, the digital currency industry sees yet another bullish development as the leading digital payment company, PayPal, is joining the growing crypto market. According to a Wednesday report by Reuters, the online payment giant has announced its plans to enable its vast customers to purchase and sell digital currencies, including Bitcoin.
PayPal to begin cryptocurrency buying and selling
As reported, the payment company entered a partnership with Paxos Trust Company to enable the cryptocurrency services on its network. For s start, the company will allow only four digital currencies, which include Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
In the coming weeks, PayPal customers in the United States will be able to purchase and sell Bitcoins and other cryptocurrencies right from the platform’s online wallet. Although the cryptocurrency feature is starting with the US customers, the company disclosed its plans to expand the service to other supported countries and also to Venmo within the first half of next year.
Additionally, the payment company revealed in the statement today that it will equally enable cryptocurrency shopping features for the customers. However, the service is slated for next year and will enable Payment account holders to shop from over 26 million available merchants on the company’s network. The announcement today is bullish, and hopefully could lead to more adoption of digital currencies, owing to the number of users on the company.
Noteworthily, the company boasts of more than 340 million active customers globally, and it reportedly handled up to $222 billion transactions in Q2 of this year.
More adoption for crypto
According to the president of PayPal, Dan Schulman, the development today is part of the company’s broader plan to facilitate the adoption of cryptocurrencies. Also, the move today is geared at preparing the payment giant for other digital currencies being considered and developed by several corporations and central banks of the world. “We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role.”