PayPal Enables US Users To Purchase And Sell BTC Along With Paxos

PayPal enables US users to purchase and sell as well as to hold Bitcoin along with Paxos in the following weeks as we are reading more in the latest Bitcoin news.

The new offering marks an important milestone in cryptocurrency adoption for global trade. PayPal enables US users to buy and sell Bitcoin by expanding the crypto service to Venmo and other jurisdictions. PayPal announced a new service devoted to cryptocurrencies and will enable users of one of the biggest payment systems to buy, sell, and hold crypto. Paxos will custody the assets as well as to provide the company with liquidity.

Among the biggest factors for introducing a new service, the company named the pandemic and the government interest in central bank digital currencies but PayPal highlighted that one in ten central banks will issue a CBDC soon. It’s worth noting that the service will also be available to 26 million merchants that are connected to PayPal which marks a significant development for crypto adoption since it will be used to trade goods on a global scale. The CEO of Paxos Charles Cascarilla said:

“The PayPal global ecosystem has 346 million active accounts (including more than 26 million merchant accounts), and has the potential to significantly influence the size and reach of crypto markets in the years to come.”

With the CEO of the company, Dan Schulman outlined the importance of working with central banks and regulators, the entire concept of a central bank digital currency is still nascent. Payments companies have taken the advantage of cryptocurrencies that exist on the market. The initial list of crypto available for purchasing on PayPal digital wallets include Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The service will be enabled for US customers in the upcoming weeks. There will be no fees for purchasing or selling crypto on PayPal until the end of this year as the service will not impose fees for storing crypto.

PayPal signaled the intention to expand the new offering to Venmo and a few other international markets in 2021. Speaking of PayPal, BitFlyer integrated with PayPal in order to gain easier access to Bitcoin and to remove the barriers to entry for European users as well. The European branch of the Japanese exchange Bitflyer integrated with PayPal to allow users to buy and sell cryptocurrency via PayPal. The integration serves to further remove the barriers for entry for European users.