PayPal Holdings Inc has entered the cryptocurrency market on Wednesday, 21, October 2020. The online payment system now allows consumers to purchase, sell, and keep Bitcoin and other cryptocurrencies using the U.S. digital payments company’s online wallets.
Paypal Allows Cryptocurrencies
As per the report, PayPal believes the service will support the global adoption of cryptocurrencies and develop its network for new cryptocurrencies that may be created by central banks and corporations.Paypal’s Chief Executive, Dan Schulman, stated that joining digital currency will make its systems for the digital currency that are ultimately distributed by central banks.
President and Chief Executive Dan Schulman said in an interview:
We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role.
According to the report, account holders in the United States can now buy, sell, and hold cryptocurrencies in the coming days, while a global development is outlined early next year. At the moment PayPal has 346 million existing accounts around the world and processed $222 billion in payments in the second quarter.
Cryptocurrency payments on PayPal will be resolved by utilizing fiat currencies like the U.S. dollar. This indicates that merchants will not get payments in cryptocurrencies, the company said.
Follow CryptoTicker on Twitter and Telegram for daily crypto news and price analyses!
- Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
- Wall Street At Davos Don’t Want Bitcoin
- SFF x SWITCH 2020 Kicks Off with a Live Global Audience
- Shiba Inu to Reach 1$ soon? This New Upcoming Development Proves it Right
- PayPal and Square may be the new Bitcoin Whales
- Do you already know Dubai´s Cryptocurrency?
- JPMorgan’s Stablecoin JPM Coin is Finally Here
- PayPal and Cryptocurrencies – the Latest Improvements!
- Big News: Ripple Price is about to TRIPLE? This News Confirms…
- Visa to Offer Payments in Bitcoin, Ethereum, Ripple
- Bitcoin Rebounds Amid Support from South Korean Regulators
- Online Event With Vitalik Buterin and Changpeng Zhao – Join Unitize
- Ripple Price Prediction – How High will XRP Reach in 2025?
- Big Banks announce fiat-pegged currency for settlements
- Shaping the Blockchain & Crypto Ecosystem at Hong Kong Blockchain Week 2020 November 17-19, With Main Block O2O Virtual Summit on Nov 18th
- XRP relisted, Ripple CEO optimistic about the Lawsuit…BUY XRP in 2023?
- Coinsquare To Launch in Japan
- Circle to Become Next Big Thing in Crypto with Poloniex Purchase
- Paying with Crypto: An Introduction To Litecoin
You might also like
More from Cryptocurrency Exchanges
Crypto Safety 2023: How to Protect Your Crypto Investments
While some investors made substantial profits from crypto investing, others lost significantly. Let's dig into this Crypto Safety 2023 guide. …
Breaking News: Coinbase Sues SEC Seeking Regulatory Clarity for Crypto Industry
The crypto industry has been in a regulatory grey area for years. Let's take a look at this Coinbase Sues …
The SEC Strikes Back: Will Crypto Exchanges Survive the Crackdown?
While cases against altcoins such as XRP Coin are still pending, the SEC is targeting cryptocurrency exchanges.