PayPal is ready to support Bitcoin, Ethereum, Bitcoin Cash and Litecoin for them 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.
Ο διευθύνων σύμβουλος της PayPal, Dan Schulman, δήλωσε στο Reuters ότι η εταιρεία ελπίζει ότι "θα ενθαρρύνει την παγκόσμια χρήση των εικονικών νομισμάτων" και θα προετοιμάσει το δίκτυό της για νέα ψηφιακά νομίσματα που ενδέχεται να αναπτύξουν οι κεντρικές τράπεζες.
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 it encryption. The fintech platform led by Jack Dorsey already allows users to manipulate digitally data and the same goes for the Robinhood app. However, PayPal is definitely the largest digital banking network.
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 data outside of the PayPal wallet which means that all cryptocurrencies on the PayPal network must remain there.