PayPal Holdings Inc has entered the cryptocurrency market on Wednesday, 21, October 2020. The online payment system now allows consumers to purchase, sell, and keep bitcoin and other cryptocurrencies using the U.S. digital payments company’s online wallets.
Paypal Allows Cryptocurrencies
As per the report, PayPal believes the service will support the global adoption of cryptocurrencies and develop its network for new cryptocurrencies that may be created by central banks and corporations.Paypal’s Chief Executive, Dan Schulman, stated that joining digital currency will make its systems for the digital currency that are ultimately distributed by central banks.
President and Chief Executive Dan Schulman said in an interview:
We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role.
According to the report, account holders in the United States can now buy, sell, and hold cryptocurrencies in the coming days, while a global development is outlined early next year. At the moment PayPal has 346 million existing accounts around the world and processed $222 billion in payments in the second quarter.
Cryptocurrency payments on PayPal will be resolved by utilizing fiat currencies like the U.S. dollar. This indicates that merchants will not get payments in cryptocurrencies, the company said.