PayPal to Enable Bitcoin and Crypto Purchasing and Selling

• One of the world’s largest online payment processing companies, PayPal, has joined the cryptocurrency market and it will allow its customers to hold, buy, and sell Bitcoin and other cryptos using fiat currency. 

• In addition, PayPal customers will be able to spend Bitcoin to shop at over 26 million vendors already included in its network starting early 2021, Reuters reports. 

• The company has stated that they are “working with central banks and thinking of all forms of digital currencies and PayPal can play a role.” 

• The CEO also hopes that this service will encourage further usage of virtual currencies, as well as prepare its network for central bank digital currencies (CBDCs). 

• US customers will be able to buy, sell, and hold crypto through their PayPal wallets in the coming weeks. Moreover, it also plans to expand this offering to Venmo and other countries in the first half of the following year.

Featured image courtesy of How Stuff Works