As of next year, PayPal will begin managing transactions in cryptocurrency. Its customers will have the possibility of using cryptocurrencies to buy and sell from any trader on its platform, the company announced in a statement. Payments will be through fiat currencies, similar to many of the other cryptocurrency trading options. Thus traders will receive the fiat currency, an PayPal will handle the conversion.
The supported currencies in a first implementation will be Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). Paypal partnered with Paxos to offer this new service, and obtaining a conditional cryptocurrency license from the New York State Department of Financial Services (BitLicense). PayPal users will also be allowed to buy cryptocurrencies directly through its application, via a cryptocurrency wallet, allowing users to buy, sell and own cryptocurrencies using PayPal.
A digital global payment network
As one of the largest global payment providers, with 346 million active accounts and $ 222 billion in processed volume in the second quarter of 2020. Paypal was one of the initial founding members of the Libra Association, although it withdrew from this association after increased regulatory pressure for the project.
