Reuters released a press statement from PayPal which confirms, that PayPal customers will be able to shop with crypto currencies at 26 million merchants. This is a very big step for the adoption. It seems like this feature will be first rolled out in the US market.
"U.S. account holders will be able to buy, sell and hold cryptocurrencies in their PayPal wallets over the coming weeks, the company said."
Other countries will follow in Q1 2021. The payments will be settled in fiat currencies, so the merchants will not receive crypto.
PayPal has partnered with Paxos to offer this service. Paxos is a regulated financial institution building infrastructure to enable movement between physical and digital assets, it was founded in 2012. Paxos has raised over $93M in venture funding, added distinguished luminaries including Sheila Bair and Senator Bill Bradley to the board, and grown to 110 employees in three global offices.
So from my point of view we finally arrived in a bull market. But always keep in mind, that you dont control the cryptos in your PayPal wallet, so its always better to be in control of your own keys..
