PayPal now supports Buying, Selling, and Storing of Cryptocurrencies
From as early as next week, PayPal customers in the United States will buy, sell, and store several cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. In an interview, President and Chief Executive Dan Schulman said they hope to encourage the adoption of virtual currencies and to prepare its network for CBDCs and stablecoins developed by governments and corporations.
There were hints in late 2019 and early this year that PayPal had plans of supporting cryptocurrencies especially leading digital assets including Bitcoin. The Oct 21 confirmation is a massive tailwind for crypto as it allows clients to not only send and receive cryptocurrencies but use them to purchase goods and pay for services within PayPal’s extensive network. It is also a confirmation that crypto is here to stay as policymakers are left to devise supportive laws.
Impact on Crypto Prices:
Bullish. PayPal is yet another public company to declare its support for cryptocurrencies. The move could be seen as significant thawing of regulators and executives who before saw crypto as speculative and agents of money laundering. Going forward, users can buy, sell, and store crypto in PayPal thereby positively influencing crypto liquidity and possibly price.
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