After many rumours in the beginning of 2020, today Paypal confirmed that US customers will be able to buy, sell and pay with Bitcoin and other cryptocurrencies in the coming weeks. They are also planning to offer the service on Venmo and in other counties in the beginning of 2021.
Although this is great news for crypto, users will not be able to withdraw their coins from PayPal. They don't get any private keys for wallets and have no option to get the coins sent to their private wallets.
Cryptocurrencies can be used as an option to pay on any service that accepts PayPal as a payment method, though the payments will still be carried out with fiat currencies, so the seller will receive fiat money and not cryptocurrency.
PayPal has almost 350 million active users, of which a great part will be exposed to cryptocurrency. Currently Bitcoin, Ethereum, Bitcoin Cash and Litecoin are confirmed to be available for the service.