PayPal Users are now able to purchase cryptocurrencies
The new app allows customers to buy Bitcoin and Ethereum directly.

PayPal Holdings Inc. (NASDAQ: PYPL) has added cryptocurrencies to its platform so that its US customers can buy, hold, and sell cryptocurrencies through their PayPal accounts. This is the first step in an ambitious plan by the payment service provider to bring virtual currencies into the mainstream. Most importantly, the company will soon be allowing its customers to use virtual coins to make purchases from its 28 million merchants. Likewise, cryptocurrencies such as Bitcoin, Litecoin and Ethereum will come to the Venmo app for P2P transactions later in 2021 and open the service to other countries. Last year, there was a spike in the price of Bitcoin, rising to over $ 40,000 two weeks ago before falling to around $ 32,000. PayPal will get a share of the crypto transactions through its app and that could boost sales growth beyond the company's current projections. Dan Schulman, the company's CEO, said that Kit was a matter of time before onboarding crypto. It seems the time is here thanks to the COVID-19 pandemic that has accelerated the adoption of digital payments. In a statement, Schulman said the shift in cryptocurrencies is inevitable and it brings multiple benefits in terms of financial access and inclusion, the speed and resilience of payment systems, the efficiency and the government's ability to deliver stimulus packages to citizens. According to Schulman, the company's global reach, two-way network, expertise in digital payments, and extensive security and compliance controls give PayPal the ability and responsibility to facilitate understanding, interoperability, and redemption of cryptocurrencies. He said PayPal stands ready to work with regulators around the world to provide assistance and help shape the role of cryptocurrencies in the future of global commerce and finance. PayPal will be an intermediary in making crypto mainstream as it will act as a link between merchants and consumers. One can buy and store cryptocurrencies in their PayPal accounts and use the coins for online or in-store purchases. PayPal will convert the cryptocurrencies and pay the merchants in fiat currencies.





