PayPal is ready to support Bitcoin, Ethereum, and Bitcoin Cash Litecoin for its users through its network.
According to Reuters PayPal is ready to allow users to buy, sell and hold Bitcoin and other cryptocurrencies, through its platform, from the beginning of 2021.
PayPal CEO Dan Schulman told Reuters that the company hopes to "encourage the global use of virtual currencies" and prepare its network for new digital currencies that central banks may develop.
PayPal reportedly has around 346 million active accounts and the service was processed in the second quarter of 2020 payments worth 222 billion dollars.
As Reuters noted, PayPal is not the first service to support encryption. The fintech platform headed by Jack Dorsey already allows users to handle digital assets and so does the Robinhood app. However, PayPal is definitely the largest digital banking network.
And while that sounds like good news, there's a big one warning: Cryptocurrency payments processed on PayPal will be settled in real currencies such as the dollar USA. This means that traders will not actually touch the incoming cryptocurrencies.
It also appears that users will not be able to use their digital data outside of the PayPal wallet which means that all cryptocurrencies on the PayPal network must remain there.
