In a surprising move for many, and maybe not for crypto diehards, a few days ago PayPal announced support for cryptocurrency allowing PayPal users to buy, sell, and shop with crypto on the it’s network.
According to news from Reuters, PayPal said that it will add Bitcoin, Bitcoin Cash, Ethereum, and Litecoin to it’s network where users will be able to buy, sell and hold these cryptocurrencies. Users will also be able to shop using the PayPal network using these coins. The new changes are supposed to go live in the year 2021, the company said in a statement.
“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly,” said Dan Schulman, president and CEO, PayPal.
“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange. We are eager to work with central banks and regulators around the world to offer our support, and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.”
As part of the news, PayPal said it has secured the first conditional cryptocurrency license from the New York State Department of Financial Services. It partners with Paxos Trust Company to offer the service.
PayPal has already added help articles to it’s PayPal Help Center describing the different cryptocurrencies it will support in detail. For example, there is a help article on Ethereum, providing details on the ETH blockchain and information. Other help articles can be found as well, for example there is one about Bitcoin Cash.
In response to the news, the price of Bitcoin skyrocketed, with Bitcoin reaching levels it hasn’t seen for many months breaking $13K+.