As it was announced from next Wednesday, it will allow its clients to do cryptocurrency transactions such as buying, selling and saving using the company’s digital portfolio.
There are 346,000,000 accounts that PayPal currently has operating around the world with an annual growth of over 20%. It is one of the most used payment gateways in the world. In this regard, Dan Schulman, President, and CEO of Paypal stated:
¨The move to digital forms of currencies is inevitable, it brings with it clear advantages in terms of inclusion and financial access; efficiency, speed and resistance in payment systems; and the ability for governments to disburse funds to their citizens quickly¨
The initially supported currencies will be Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, the company said, without prejudice to incorporating other cryptocurrencies in the future.
The payments giant partnered with Paxos to offer the service, as well as to obtain a conditional cryptocurrency license from the New York State Department of Financial Services (DFS), sometimes called the BitLicense.
In addition to payments in cryptocurrencies, PayPal users will also be able to buy crypto directly through the application. Therefore, PayPal will have a crypto wallet, which will allow users to buy, sell, and hold their assets through PayPal applications.