PayPal has announced that it will allow its users to hold BTC and other cryptocurrencies in its online wallet. It will also allow users to shop using digital assets at the twenty-six million merchants on its network.
The development makes PayPal one of the biggest corporations of the United States to provide users access to digital assets, which could aid BTC and other virtual currencies gain broader espousal as practical payment methods.
Dan Schulman, the President and Chief Executive of PayPal, 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.”
The company said that account holders of the United States will be allowed to purchase, sell and hold digital assets in their PayPal wallets over the imminent weeks. Moreover, PayPal is mulling over expanding the service to its P2P payment app Venmo and some other nations in the 1st half of 2021.
The company has secured the 1st conditional digital currency license from the New York State Department of Financial Services. To begin with, the company will permit buying of different cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
Notably, the corporation has three hundred and forty-six million active accounts around the globe and processed two hundred and twenty-two billion USD in payments in the 2nd quarter. PayPal’s shares shot up to record highs subsequent to the news and are up by 5.5%, at the time of reporting.
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