PayPal is ready to support Bitcoin, Ethereum, Bitcoin Cash and 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 the company hopes to "encourage the global use of virtual currencies" and prepare its network for new digital currencies that central banks may develop. banks.
PayPal reportedly has around 346 million active accounts and the service processed $2020 billion worth of payments in the second quarter of 222.
As Reuters noted, PayPal is not the first service to support encryption. The fintech platform headed by Jack Dorsey επιτρέπει ήδη στους χρήστες να χειρίζονται ψηφιακά data και το ίδιο ισχύει και για την εφαρμογή Robinhood. Ωστόσο, το PayPal είναι σίγουρα το μεγαλύτερο ψηφιακό τραπεζικό δίκτυο.
And while this may sound like optimistic news, there is a big caveat: Payments in cryptocurrencies processed by PayPal will be settled in real currencies, such as the US dollar. This means that merchants will not really touch incoming cryptocurrencies.
It also appears that users will not be able to use their digital assets except of the PayPal wallet which means that all cryptocurrencies on the PayPal network must remain there.