PayPal said on Wednesday it would allow U.S. account holders to hold cryptocurrencies and shop with them at its 26 million merchants. The California-based company plans to expand the service to Venmo, its peer-to-peer payment app popular with younger consumers, by the first half of next year.
LONDON: PayPal Holdings Inc's decision to open its network to bitcoin and its rivals was hailed by virtual coin enthusiasts as a watershed moment for cryptocurrencies and their path towards becoming a widespread means of payment.
But the move might do little to drag existing cryptocurrencies out of their niche in payments, according to many fintech specialists, as holders of such coins often view them as an investment asset akin to gold rather than as a means of spending.
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