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PayPal to offer crypto payments starting in 2021


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PayPal announced on Wednesday its entry into the cryptocurrency market, according to multiple reports.

PayPal customers will be able to use cryptocurrencies to shop at any merchant in its large network starting from early 2021, the company said.

The payments will be settled through fiat currencies, similar to many existing crypto merchant solutions like BitPay. This means that the merchants will be receiving fiat, as PayPal will take care of the conversion. 

The coins initially supported will include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), the company said. The payments giant partnered with Paxos to deliver the service, and it obtained a conditional cryptocurrency license from the New York State Department of Financial Services, commonly known as the BitLicense.

In addition to cryptocurrency payments, PayPal users will also be able to purchase crypto directly through the app. PayPal will thus feature a cryptocurrency wallet, letting users buy, sell and hold crypto via the PayPal apps.

PayPal is one of the largest global payment providers, with 346 million active accounts and $222 billion in volume processed in Q2 2020. It was one of the initial founding members of the Libra association, though it subsequently dropped out after regulatory pressure mounted for the project.

https://cointelegraph.com/news/paypal-to-offer-crypto-payments-startin

 

Unbelievable that this is finally happening, this might be a huuuge boost to crypto in general and I am very excited to see where this is going.

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The idea of sending crypto via paypal is so ridiculous. 

 

They are such a terrible payment processor. At least when I pay with them through my credit card I know that I have protection through my bank. 

 

Not going to risk spending 1000s in crypto through paypal and have it be irrecoverable in case of an issue. 

 

They gave me the run around for 3 months (granted during covid) on a $15000 purchase on precious metals. Ended up having to deal with it through my bank on the second last day before my bank wouldn't be able to step in. 

 

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I understand the Paypal hate, but this is a huge event for crypto.  The whole premise of crypto is moving to potential mainstream use, and while restrictive developed country tax rules may inhibit broad usage, you can't get more mainstream than Paypal.

 

The key thing is that if you are on Stake Forum, this is meaningless for you, you are probably a fairly sophisticated crypto user, but it opens up accessible crypto to far more people, far more than even Square or Robinhood.

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I think it's the same like revolut.you buy crypto but actually  you dont have crypto. You can't send them to your wallet as crypto.they are for example 1BTC =12000$

If you want to transfer the crypto somewhere  they just send dollars .So for me its not meaning EXCEPT that they recognize it as a real coin which means that it's great news

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I think that the cryptocurrency is a net that is covering most the world. The people of the world wants that everything should provide us on the table. So the cryptocurrency is covering this and in the next 10 years it will be able on every hands. Now it covered paypal and in the feature it will be cover every hand.

On 11/13/2020 at 7:37 PM, Bankerxd said:

so thats one of the main reasons why BTC price go skyrocket

You are replied wrong because the cryptocurrency price has no any contact to impress very secured companies. Simply definition that when bitcoin supply began to reduce,it prices began to high.

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This is a very good update for the people that work with cryptocurrency and invest in it. In my opinion, cryptocurrencies will become a lot more popular in the future, comparing to nowadays. I think that you will need to have a verified account for making transactions with cryptocurrencies on Paypal. This is a problem because it is hard to make a verified account since the last security update. Whenever I need a PayPal account, I buy it in the CVV shop. You can buy a pack of verified accounts and use it how you want because only with such an account you can make limitless transactions.

______________

https://cvvshop.to/

Edited by AmandaKY
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