PayPal to Enable Users to Buy, Hold and Sell Cryptocurrency

PayPal Holdings, Inc. on October 21, 2020, has announced the launch of their new service which enables their customers to buy, hold and sell cryptocurrency directly from their PayPal account.

“The company is introducing the ability to buy, hold and sell select cryptocurrencies, initially featuring Bitcoin, Ethereum, Bitcoin Cash and Litecoin, directly within the PayPal digital wallet.”

– PayPal Holdings, Inc. on a Press Release, October 21, 2020

Through a partnership with Paxos Trust Company, the service will be available to in the US for the PayPal accountholders in the coming weeks.

“I am very excited to announce that Paxos is powering PayPal’s new service enabling its US users to buy, hold and sell cryptocurrency directly from their PayPal digital wallet.”

– Charles Cascarilla Paxos CEO & Co-Founder on Pxos Blog, October 21, 2020

In addition, to significantly increase the utility of cryptocurrency, the company has also revealed its plan to enable cryptocurrency as a funding source for purchases at its 26 million merchants around the globe.

“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.”

– Dan Schulman, president and CEO of PayPal on a Press Release, October 21, 2020

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Source: Reuters, TechCrunch, PayPal, Paxos

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