PayPal Officially Launched Its Crypto Buying Service

PayPal officially launched its crypto buying service today within its own application so let’s read more about it in the latest crypto news today.

Back in October, PayPal made waves on the market when it announced the support of buying and selling of crypto assets like BTC and ETH in the app itself. This was a huge reversal from the comments made by the CEO of the company who called Bitcoin one of the biggest scams in history. There were also many stories told by investors in the space like Erik Voorhees of Shapeshift and other PayPal employees that laughed at BTC. However now, after weeks of beta testing, the service finally rolled out for the customers in the United States.

We are pleased to announce that starting today, all of our eligible US customers can now buy, hold and sell #Cryptocurrency directly from their PayPal accounts. We’ve also increased our weekly purchase limit to $20K. Learn more: https://t.co/5yrpNOuA6y pic.twitter.com/2nZHm9qCNI

— PayPal (@PayPal) November 12, 2020

Announced today, PayPal officially launched the crypto services and confirmed that ‘’ all eligible PayPal accounts in the US can now buy, hold, sell crypto with PayPal directly.” This came after the waitlist and weeks of beta testing. To recap, eligible users will be able to purchase BTC, Bitcoin Cash, Ethereum, and Litecoin through the PayPal application.
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This will be rolled out to Venmo users and other users in “select international markets” in the first half of 2021:

 “To increase consumer understanding and adoption of cryptocurrency, 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. The service is now available to PayPal accountholders in the U.S. The company plans to expand the features to Venmo and select international markets in the first half of 2021.”

PayPal is working with Paxos Trust Company which is a regulated custodian and crypto service provider. The fintech giant received approval from the New York State Department of Financial Services to launch the operation. PayPal has a lot of ambitions beyond this simple crypto exchange.  The CEO Dan Schulman said in the company’s Q3 earnings call that the company will embrace central bank digital currencies

“Finally, I’d like to discuss our recent announcement to increase the utility of cryptocurrencies, as well as, embrace new forms of Central Bank digital currencies. We are entering a new era of financial services where our wallets and all the services around them are moving from physical to digital.”

He continued that in the Q3 earnings call the CBDCs are important because of the global shift towards a more “digital economy.”