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 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.
According to Reuters, PayPal is not the first service to support encryption. The platform fintech led 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.
Και ενώ ακούγεται ως μία αισιόδοξη είδηση, υπάρχει μια μεγάλη προειδοποίηση: Οι πληρωμές σε κρυπτονομίσματα που επεξεργάζονται στη PayPal θα διευθετούνται σε πραγματικά νομίσματα, όπως το δολάριο 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 assets except of the PayPal wallet which means that all cryptocurrencies on the PayPal network must remain there.
