PayPal today announced that it will start dealing with Cryptocurrency as a payment source. Crypto currently isn’t treated and accepted widely as a payment service. PayPal through its 26 million worldwide merchants will help in generating and making cryptocurrency more usable. COVID-19 has also seen a rise in digital payments and it will eventually grow more.
Cryptocurrency is currently limited due to volatility, cost, and speed to transact. Major technological advancement will see major banking giants investing and making it easier and cost-effective for all.
“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,” said Dan Schulman, president and CEO, PayPal. “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.”
Currently the service will first start in US and later will be rolled out to other markets. To increase consumer understanding and adoption of cryptocurrency, the company is introducing the ability to buy, hold and sell select cryptocurrencies, initially featuring Bitcoin, Ethereum, Bitcoin Cash and Litecoin, directly within the PayPal digital wallet.
he service is enabled in the U.S. through a partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.
This is indeed a big move and a much-needed one. PayPal is an old cross country payment system and this will make Cryptocurrency usage more sense and also encourage more stability. Many Cryptocurrency platforms are figuring out a way to not limit but reduce volatility.
We do cover few of the important Cryptocurrency news that you can find here.
You can read the entire story on PayPal Newsroom.