PayPal announced on Wednesday its entry into the cryptocurrency market, according to multiple reports.
PayPal customers will also be able to use cryptocurrencies to shop at the 26 million merchants on its network
starting in early 2021, the company said in a statement.
The move makes PayPal a major digital wallet as well as a cryptocurrency exchange, and the result could substantially
increase potential adoption of cryptocurrencies among everyday users and online merchants.
The payments will be settled through fiat currencies, similar to many existing crypto merchant solutions like
BitPay. This means that the merchants will be receiving fiat, as PayPal will take care of the conversion.
The coins initially supported will include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC),
the company said. But they will expand it for sure to cover all the currencies as we know paypal is one of
the most trusted and easiest payment gateway all over the world.
President and Chief Executive Dan Schulman said in an interview.
“We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role,”