Online payments giant PayPal will begin accepting cryptocurrencies as a medium of exchange at its millions of merchants around the world, the company’s chief executive said Tuesday ahead of an official announcement.
Early morning of the 30th. In March, rumors surfaced about PayPal’s decision to accept cryptocurrencies. The company’s CEO Dan Schulman later confirmed to Reuters that the rumors were true and that an official statement would be released soon.
The new system would have a cryptographic service that would allow users to pay for goods and services from authorized vendors with the coins stored on them. According to system reports, traders receive the equivalent funds directly in cash after the coins are quickly transferred at the time of sale.
Once launched, the payment service will be available for all four cryptocurrencies supported by PayPal, namely Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). There are no transaction fees for buyers paying with cryptocurrency, and only one coin can be used for each purchase.
We believe this is a transition point where cryptocurrencies are shifting from a primary asset class to buy, hold and or sell to a legitimate funding source to make transactions in the real world with millions of traders, Shulman said of the launch.
In October 2020, when PayPal’s intention to enter the crypto space was first announced, Galaxy Digital CEO Mike Novogratz said it was a shot heard around the world of how Wall Street will take the news. PayPal continued its entry into the industry in early March by acquiring the digital assets of security firm Curv in a deal worth $200 million.
The PayPal news comes just 24 hours after Visa announced it was testing a new payment system that uses Stables on the Ethereum blockchain. During the pilot project, participating merchants agree to process customer transactions through the USDC conjunct.
frequently asked questions
Does PayPal allow transactions with bitcoins?
Last October, the company allowed its US users to trade cryptocurrencies on its platform for the first time. Bitcoin, Bitcoin Cash, Ethereum and Litecoin are cryptocurrencies currently available through PayPal, according to the investor presentation.
Can we convert PayPal to Bitcoin?
You cannot fund your PayPal account with bitcoins through the PayPal system. … You can sell bitcoins into your PayPal account through an exchange like Coinbase.
How can I get bitcoins through PayPal?
PayPal Bitcoin Sales
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