PayPal Announced to Let Customers Buy & Sell Cryptocurrencies
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| image source bitcoin.com |
The world is going to witness a breakthrough in digital currencies (cashless society) as the biggest digital transactions platform PayPal announced that they are now enabling its users to buy and sell cryptocurrencies without any hassle.
Partnering with Paxos (a cryptocurrency company) PayPal announced the new service for buying and selling cryptocurrencies from PayPal's dashboard. All of the users from the US market will soon be able to use this free service and buy things with their cryptos or sell their cryptocurrency to other users and transfers will be the same as you do in dollars, pounds, and other fiat currencies.
Initially, PayPal will support four big cryptocurrencies Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Starting from the first months of 2021, PayPal users will be able to start using cryptocurrencies as their PayPal funding source and use their cryptos as real money to make purchases online and for the first time use cryptocurrencies to buy things legally without having a fear of getting low value.
PayPal shared that:
There are no service fees when buying or selling cryptocurrency through December 31, 2020, and there are no fees for holding cryptocurrency in a PayPal account.
This will be a big win for crypto enthusiasts as PayPal is allowing over 26 million merchants to use PayPal as cryptocurrency wallets and this will give a huge impact on fiat currencies. PayPal already got its BitLicense from the New York State Department of Financial Service and currently, you can jump into the waitlist to get to use the service as soon as possible.
Official announcement tweet:
Today, we are announcing the launch of a new service that will enable customers to buy, hold and sell #Cryptocurrency directly from their PayPal account. https://t.co/QS6JRmG9hs pic.twitter.com/uHBatfZkbF
— PayPal (@PayPal) October 21, 2020
It will be launched worldwide after the service availability first in the United States.
