PayPal Holdings Inc has joined the crypto market. Customers will now be able to buy, sell and store bitcoins and other virtual coins using online wallets. The company said in a statement that from early 2021, PayPal customers will be able to use the cryptocurrency to pay for purchases from 26 mln merchants.
According to President and CEO Dan SCHULMAN, PayPal hopes the service will drive the global use of virtual coins and prepare its network for new digital currencies that could be developed by central banks and corporations. US account holders will be able to buy and store cryptocurrencies in their PayPal wallets in the coming weeks. For the rest of the countries, this feature will be available early next year.
Cryptocurrency payments on PayPal will be made using fiat currencies such as the US dollar. Many crypto enthusiasts note that, in fact, PayPal has designated a quasi-use of cryptocurrencies: they cannot be withdrawn, transferred to other accounts, the functionality is very limited, and the sense of cryptocurrencies is thus very distorted.
Image courtesy of Crypto Tax