PayPal Enables Customers to Buy, Hold and Sell Cryptocurrency Directly from Their PayPal Account
United States, Oct. 21, 2020 / AlexaBlockchain/ – PayPal Holdings, Inc. today launched a new service enabling its customers to buy, hold and sell cryptocurrency directly from their PayPal account.
It is a significant development for the crypto payments as PayPal will enable cryptocurrency as a funding source for digital commerce at its 26 million merchants globally.
PayPal announced that it received conditional Bitlicense from New York State Department of Financial Services.
Mainstream adoption of cryptocurrencies has traditionally been hindered by their limited utility as an instrument of exchange due to volatility, cost and speed to transact. However, the promise of advanced technological platforms offers the possibility of mainstreaming digital currencies. According to a survey by the Bank for International Settlements, one in 10 central banks – representing approximately one-fifth of the world’s population – expect to issue their own digital currencies within the next three years.
Dan Schulman, president and CEO, PayPal, said, “The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly.”
“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange. We are eager to work with central banks and regulators around the world to offer our support, and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce,” Dan added.