It’s a giant leap that has just been made in the public eye in the democratization of cryptocurrencies. PayPal, which has 346 million active accounts worldwide, announced that it will now be able to buy, sell and hold electronic money on its network. The measure affects Bitcoin, Ethereum and Litecoin.
Specifically, the company’s American customers will be able to access this innovation in the coming weeks. This service should then be available in other countries in the first half of 2021.
Just invest in Bitcoin
Starting in 2021, users can also use their cryptos to make purchases from the network’s 26 million merchant partners. In this context, PayPal pays them in fiat currency.
With this initiative, the company aims to play an accelerating role in the global use of cryptocurrencies. Chairman Dan Schulman, quoted by Reuters, said: ” We work with central banks and think about all forms of digital currency and how PayPal can play a role “.
The fact that PayPal, one of the premier online payment services, is taking the plunge is a real signal indeed. Consumers now have access to a simplified system that allows them to invest and hold Bitcoin over time. A strategy that is a few months ahead of its competitor Square.
As a reminder, the rumor of the company’s switch to cryptocurrencies has been around for a few months. In uIn a statement published in July last year, the company stated that it had taken “very concrete measures” to “improve its development” In the field of crypto assets. At the same time, PayPal had even posted job advertisements for positions that specialized in blockchain technology and related to cryptocurrencies. Ultimately, the company will not develop clean technology for this functionality, but will use the company’s services. Paxos Trust Company.