PayPal Holdings Inc joined the cryptocurrency market on Wednesday, allowing customers to buy, sell and hold bitcoin and other virtual coins using the U.S. digital payments company’s online wallets.
PayPal’s customers will also be able to use cryptocurrencies to shop at the 26 million merchants on its network starting in early 2021, the company said in a statement.
PayPal hopes the service will encourage global use of virtual coins and prepare its network for new digital currencies that may be developed by central banks and corporations, President and Chief Executive Dan Schulman said in an interview.
PayPal’s customers are going to be ready to use Bitcoin, Ethereum, Bitcoin Cash and Litecoin to buy at the firm's 26 million merchants worldwide, starting in early 2021. Consumers are getting to be able to instantly convert their selected cryptocurrency balance to fiat currency, with certainty useful and no incremental fees.
there'll be no additional costs imposed on merchants either, as all transactions are going to be settled with fiat currency at their current PayPal’s rates.
The company plans to expand the features to Venmo and choose international markets within the half 2021.