PayPal Offers Crypto Services! Went Live in the US

HEAR YE! HEAR YE! PAYPAL IS GOING CRYPTO!

You heard that right, folks! PayPal has finally decided to incorporate cryptocurrency into its platform. No longer will you be bored over the same old dull transactions. With PayPal 2.0, you can now have the crypto world right on your PayPal account. Terms and conditions may apply. Not yet available in all countries. Ask your financial advisor if having PayPal 2.0 is right for you.

The News Break

It was announced in late October that PayPal would allow its users to buy, hold, and sell cryptocurrencies starting from early 2021. They said in a press release that Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) would be initially released in the United States in the upcoming weeks, with it being fully released in early 2021. However, on November 12, PayPal ended the waitlist for its U.S. customers and updated the press release that its crypto trading service went live in the United States.

“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.”

PayPal’s CEO Dan Schulman

Community Impact

This is a huge boost for the Crypto community, with PayPal being one of the largest platforms for virtual money transactions worldwide.

It’s no surprise that PayPal is going to cryptocurrency. With the increased interest and a large number of people that only use crypto, and with PayPal’s stocks increasing, it would be foolish for PayPal not to. Cryptocurrencies are becoming more popular and mainstream (check out our article here about more information on different cryptocurrencies).

The Flipside

Still, some people are skeptical. Many people are put off that you can’t withdraw or deposit bitcoins, which means that users can only move crypto inside the PayPal network. There are many investors that are well off exchanging cryptocurrencies online, so what makes Paypal so special?
It’s the fact that PayPal’s move to crypto will introduce more people into the crypto community as well as provide a larger network to those already investing.

More Information

Important sites with more info

PayPal Newsroom

Bloomberg