PayPal announced its entry into the cryptocurrency market on Wednesday, according to multiple reports.
The company said PayPal customers will be able to use cryptocurrencies to trade with any retailer on the large network from early 2021.
Payments will be made using fiat currencies, just like many existing cryptocurrency solutions like BitPay. This means that sellers will receive a legal order and PayPal will take over the transfer.
The company said that initially supported currencies will include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). The payment giant has partnered with Paxos to provide the service and has received a conditional license for a cryptocurrency from the NYS Department of Financial Services known as BitLicense.
Besides cryptocurrency payments, PayPal users will also be able to buy cryptocurrency directly through the app. Hence, PayPal will include a cryptocurrency wallet that will allow users to buy, sell and store digital currencies through PayPal apps.
PayPal is one of the world’s largest payment providers with 346 million active accounts processed in the second quarter of 2020 and $ 222 billion in volume. She was one of the first founders of the Libra Association, although she later backed down due to regulatory pressure on the project. …
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Rumors of a crypto-integration scheme surfaced earlier this year. However, in cryptocurrency circles, the company is often criticized for its unfairness and the degree of control it has over its own network.