Paypal has launched a new service that enables its customers to buy, hold, and sell cryptocurrency directly from their PayPal account, according to the company’s press release. The company has plans to increase cryptocurrency’s utility in 2021 by availing it as a funding source for purchases at its 26 million merchants globally.
- PayPal will provide account holders with educational content to understand the cryptocurrency ecosystem, risks and opportunities of investing in digital currencies, and information on blockchain technology.
- Consumers will instantly convert their selected cryptocurrency balance to fiat currency, with no loss of value and additional fees.
- PayPal merchants will have no additional integrations or fees since transactions will be settled with fiat currency at their current PayPal rates.
- The service will be available to PayPal account holders in the U.S. in the coming weeks and the company has plans to expand the features to Venmo and select global markets in the first half of 2021.
- PayPal has been granted a first-of-its-kind conditional Bitlicense by the New York State Department of Financial Services (NYDFS).
PayPal stock is gaining on the launch of cryptocurrency service. PYPL: NASDAQ is up 4.67%. BTCUSD is up 8.11%
