There has been a lot of buzz in the industry since PayPal announced its intention to enter the cryptocurrency market last week. The launch of new crypto services that allow crypto payments and direct in-app purchases for cryptocurrency are officially scheduled for early 2021.

However, on October 28, co-founder and CEO of a cryptocurrency payments company, Jeremy Alayer, stated that he used the PayPal app to buy $ 100 worth of bitcoins (BTC) and tweeted a screenshot of the obvious transaction.

Alayer did not explain how it gained access to the service until it was officially launched, nor did it clarify whether it had an advertising agreement with PayPal to use and advertise the upcoming service. Since this news was posted, PayPal has not responded to Cointelegraph’s request for comment.

As previously mentioned, it will support the cryptographic features of PayPal Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) alongside Bitcoin. Transactions will be made as they are initiated in cryptocurrencies, with the site sellers in their local fiat currency.

As of Q2 2020, PayPal had over 346 million active accounts and $ 222 billion processed. By 2021, cryptocurrency payments will be supported by approximately 26 million merchants around the world.

Source: CoinTelegraph