PayPal is launching cryptocurrency services allowing its users to buy, sell, or store digital assets on its platform. As per an official announcement made by the company on Wednesday, the services will first be made available to users in the United States. The cryptocurrency services are said to be launched during the coming weeks. However, there has not been disclosed any confirmed date for the launch of these services.
Cryptocurrency services for top digital assets including BTC
The online payment giant has received a Bitlicense from the New York State Department of Financial Services (NYDFS) to enable cryptocurrency support and services for its 346 million users. For rolling out digital currency services on its platform, PayPal has collaborated with Paxos.
According to the announcement, the services will be launched for the top cryptocurrencies. These include Bitcoin (BTC) the largest cryptocurrency in the world by market capitalization, Ethereum (ETH) the second-ranked digital currency, Bitcoin Cash (BCH), and Litecoin (LTC). Those who have their PayPal accounts will be able to purchase, sell, and hold these digital assets through it. Users will also be given an opportunity to convert their cryptocurrencies into fiat.
Initially, at the launch, these services will only be accessible to customers residing in the United States. However, the firm intends to expand these services across the whole world in the future.
Moreover, while providing more details on it, the firm said to make these cryptocurrency services available on its subsidiary known as Venmo in the first half of the next year. Initially, they will be only accessible on PayPal.
Commenting on this, the Chief Executive Officer (CEO) and President of PayPal Dan Schulman said:
“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.”
The interest of PayPal in the digital currency market is imminent as previously it has been in connection with the Libra Association of Facebook. And now it is introducing cryptocurrency trading in its app.