- Every user of PayPal in the United States is getting a banner at the top of the home page as the ability to purchase cryptocurrencies
- As PayPal is now supporting such facilities to trade and hold digital currencies, a significant vote of confidence has been observed in the virtual money
Last month, PayPal announced the release of the function of trading and holding digital currencies on its platform. However, now every user of PayPal in the United States can enjoy the functionality of trading and holding the four digital currencies using the PayPal application.
How are the Users Enjoying the New Facility?
Every user of PayPal in the United States is getting a banner at the top of the home page as the ability to purchase cryptocurrencies. If anyone taps on the banner, then the next screen appears with the options to choose whether the user wants to purchase Bitcoin, Ethereum, Bitcoin Cash, or Litecoin. After this, the users can easily buy, sell, or hold such currencies. However, only 10% of PayPal users are enjoying such benefits in the United States, but the firm mentioned that, by November, other users would also get access to such facilities.
Benefits to the Crypto Space from PayPal
As PayPal is now supporting such facilities to trade and hold digital currencies, a significant vote of confidence has been observed in the virtual money. As PayPal provides such facilities on their trusted platform, several everyday users are being encouraged to adopt digital currencies. Though PayPal is not the first financial technology firm that supports such facilities on its platform, as late in 2018, Square’s Cash app also added such features with the support of Bitcoin on its platform.
What will be the Next Step of PayPal?
It is observed that PayPal is now planning to expand crypto features to Venmo and will soon select international markets earlier in 2021. PayPal is also planning to support central bank digital currencies (CBDCs), as several countries are working on to launch its own CBDC. During the Q3 earnings call, the firm announced that it had increased the purchase limit of cryptocurrencies to $15,000 per week. However, the firm has several plans to expand its new services in 2021, so its users across the globe can enjoy such crypto services.
May earlier in 2021, every user of PayPal will be able to use their PayPal application to pay cryptocurrencies to their local merchants. In contrast, merchants will also be able to receive such crypto tokens as a form of payment from their customers. There is no question that soon the cryptocurrencies will rise with importance with increasing prominence and functionality, and get adopted in the mainstream.
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