Superbull news for Bitcoin: PayPal to offer crypto payments and wallet to customers from 2021

By World Crypto | World Crypto | 21 Oct 2020

PayPal announced its entry into the cryptocurrency market on Wednesday, with PayPal customers being able to use cryptocurrency to make purchases at any point of sale starting 2021, according to official reports.

Payments will be made using fiat currencies, as with many similar solutions on the market, such as BitPay. This means that the addressee of funds, in this case the seller of the goods, will receive fiat money, and PayPal will take care of the asset conversion.

The initial list of supported coins includes: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). The payments giant will partner with Paxos to provide this service; The required license from the NYS Department of Financial Services, known as the BitLicense, has already been obtained.

In addition to making payments in cryptocurrency, PayPal users will also be able to buy crypto assets directly in the app. Thus, PayPal will offer customers a wallet that allows them to buy, sell and store cryptocurrency in the official PayPal app.

PayPal is one of the world's largest payment providers (346 million active accounts and $ 222 billion in Q2 2020). It is noteworthy that the company was one of the first founding members of the Libra Association, although the project was subsequently not implemented due to pressure from regulators.

We will remind, rumors about the planned entry of PayPal into the crypto market appeared at the beginning of this year.

Bitcoin reacted positively to the news about the next stage of crypto adoption in the world. During the last hour, the BTC rate tested the $12839.


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