PayPal will soon accept cryptocurrency, enabling users to trade up to four different currencies through its digital wallet.
In a press release, PayPal Holdings Inc announced it was allowing users to buy, hold and sell Bitcoin, Ethereum, Bitcoin Cash and Litecoin; and even use it to make purchases from participating merchants.
The service would first be available for account holders in the United States, within a few weeks.
Today, we are announcing the launch of a new service that will enable customers to buy, hold and sell #Cryptocurrency directly from their PayPal account. https://t.co/QS6JRmG9hs pic.twitter.com/uHBatfZkbF— PayPal (@PayPal) October 21,2020
PayPal said it would also be extending the service through its fund transfer app, Venmo, and to select international markets by the first half of 2021.
To note, transactions involving cryptocurrencies are usually regulated by securities authorities.
PayPal’s cryptocurrency service is enabled in the US through a partnership with regulated crypto brokerage Paxos Trust Company.
PayPal president and CEO Dan Schulman said the company was eager to work with central banks and regulators around the world to shape the role that digital currencies will play in the future of global finance and commerce.
Users will not be charged fees for converting their cryptocurrency to a fiat currency, which is required when making a purchase through a merchant.
Separately, until Dec 31, PayPal would not be charging a service fee to buy, sell or hold cryptocurrency either.
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