PayPal Is Set to Support Cryptocurrencies

PayPal, which is one of the largest U.S. companies with about 346 million active users, has announced that it will provide access to cryptocurrency services for consumers, allowing to buy, hold and sell digital currency from early 2021 using their PayPal accounts.

The payment giant with this option would contribute to global reach and increase in adoption. Since the announcement, Bitcoin price is continuously going up.

The cryptocurrencies will be added first are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) using at over 26 million merchants worldwide. When it comes to using cryptocurrency assets as a form of payment, PayPal will convert the crypto asset into the relevant national currency, so the merchant is being paid by their local fiat currency, but not getting paid in crypto due to volatile prices. The only downside is that the cryptocurrency you buy on PayPal is not transferable to other wallets like exchanges or ledgers.

However, PayPal is not the only major company who supports the crypto movement, but also Square. who invested $50 million into Bitcoin as part of their larger investment.

What do you think, is PayPal going to have a big influence on crypto adoption or not? Let me know what you think in the comment below.

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