Paypal is now rolling out it’s new service that will allow customers to buy, sell, and hold cryptocurreny from their Paypal accounts.
“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly,” Paypal president & CEO Dan Schulman stated in a press release Wednesday. “Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange.”
Schulman also stated that PayPal is “eager to work with central banks and regulators around the world” in supporting cryptocurrency
The crypto service will initially start with Bitcoin, Ethereum, Bitcoin Cash and Litecoin within PayPal’s digital wallet, and will be available to the company’s U.S. accountholders in the upcoming few weeks. In addition Paypal will also expand it’s feature to include Venmo and select international markets in the first half of 2021, making cryptocurrency an available funding source for the company’s 26 million merchants globally.
In addition, customers will be able to instantly convert their selected cryptocurrency balance to a fiat currency, with certainty of value and no incremental fee, which is a great feature saving it’s customers extra fees. PayPal also states that their merchants will have no additional integrations or fees, as all transactions will be settled with fiat currency at their current PayPal rates.
PayPal will also offer educational content through a “Bitlicense” with the New York State’s Department of Financial Services to assist consumers understand “the cryptocurrency ecosystem, the risks and opportunities related to investing in cryptocurrency, and information on blockchain technology.”
Paypal also states that there are no service fees when buying or selling cryptocurrency through December 31, 2020, also no fees for holding cryptocurrency in a PayPal account. Paypal is paving the way, for digital currency to penetrate into the global market economy.