It has been announced just recently that PayPal will allow users to make transactions with Bitcoin and cryptocurrencies Ethereum, Bitcoin Cash, and Litecoin.
PayPal will allow U.S. users to buy, sell and store cryptocurrency in their wallets, the company said. From the beginning of 2021, PayPal customers will be able to use the cryptocurrency to make purchases from 26 million partners of the site.
The company’s clients will be able to operate with Bitcoin, as well as with cryptocurrencies Ethereum, Bitcoin Cash, and Litecoin. Users will be able to store the cryptocurrency for free, and until December 31 also buy and sell it without commission.
PayPal has received a cryptocurrency license from the New York State Department of Financial Services. In October-November 2020, U.S. users will be able to access cryptocurrency transactions.
Residents of several other countries will have this opportunity in the first half of 2021. The list of countries in the company is not specified. At the same time, the cryptocurrency will be available in the mobile payment service Venmo, owned by PayPal.
Which other countries could benefit as well?
While the official list of other countries is not known yet there is a high probability that Australia will also be one. The fintech industry is rapidly developing in the country not to mention Forex trading which is gradually moving upwards. People looking for top forex brokers to trade with in Australia will have even more chances when cryptos are added at their disposal and considering how frequently PayPal is used for transactions it will only aid Australian citizens.
At the same time, other European countries are also at the forefront who will profit most from this new initiative.
What other things have been said?
PayPal CEO Dan Schulman hopes the move encourages the global use of cryptocurrency. He believes that this way the company will prepare for the use of digital currencies from the central banks of countries in the future.