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A few months ago, there were speculations that PayPal might be planning to enter the cryptocurrency niche. Apparently, the rumors were true as the online payments giant finally announced that it will soon be launching a new crypto service that will support BTC, ETH, BCH, and LTC.
PayPal announced on Wednesday that users will soon be able to buy, sell and hold Bitcoin, Ethereum (ETH) and other cryptocurrencies in its online wallet, Reuters reported. Once the service goes live, users will also be able to use cryptocurrency to pay at the 26 million merchants affiliated with the payment network.
Its new service will make PayPal one of the largest companies providing consumers access to cryptocurrency. Its launch could result in the wider adoption of Bitcoin, Ethereum, and other tokens as a payment option.
PayPal President and CEO Dan Schulman said that the shift to digital payments is inevitable as he highlighted the advantages of digital currencies. “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,” Schulman said in a press release.
The CEO also added that PayPal is well-positioned to enter into the cryptocurrency niche given its expertise in digital payments as well as the existing security and compliance controls in place. “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,” Schulman added.
PayPal’s new cryptocurrency service will initially feature Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). The service is expected to roll out to U.S. users in the coming weeks. Meanwhile, the feature will be available to PayPal’s international users and to the peer-to-peer payment app Venmo in the first half of 2021.
The launch of its crypto service will give millions of people access to digital currencies. PayPal is one of the most popular online payment systems with more than 346 million active accounts worldwide. The network processed transactions worth $222 billion in the second quarter of 2020.
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