Home » PayPal to Add Crypto as Payment Options

PayPal to Add Crypto as Payment Options

PayPal customers will be able to use cryptocurrencies to shop at the 26 million merchants starting from early 2021.
news - PayPal to Add Crypto as Payment Options

The payment giant PayPal will allow users to buy and sell Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), as well as store crypto in the built-in e-wallet. PayPal customers will also be able to use cryptocurrencies to shop at the 26 million merchants starting from early 2021.

news - PayPal to Add Crypto as Payment Options

The company will initially allow purchases of bitcoin and other cryptocurrencies called Ethereum, Bitcoin Cash, and Litecoin, it revealed. It partners with Paxos Trust Company to offer the service.

PayPal will not be charged for storing cryptocurrency, and until December 31, 2020, the system does not intend to take any fee when buying or selling cryptocurrency.

The payment giant hopes the service will encourage the global use of new digital currencies and CBDCs that may be developed by central banks and corporations, President and Chief Executive Dan Schulman said in an interview.

At the first stage, only US users will be able to make transactions with cryptocurrency in the PayPal system; this function will be available within a few weeks. In the first half of 2021, the company plans to enter the global market by adding the ability to work with digital currencies in the Venmo payment system.

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