PayPal has announced that it will allow users to keep bitcoin and other virtual coins in their online wallet and buy at the 26 million retailers on their network utilizing cryptocurrencies.
In an interview, President and Chief Executive Dan Schulman said the San Jose, California-based organization hopes the service can promote the global usage of virtual coins and ready its network for emerging digital currencies that central banks and businesses will create.
Top U.S. Companies Enter Crypto
The latest program puts PayPal at the forefront as one of the biggest U.S. firms that have links that cryptocurrency for customers. In addition, it may help Bitcoin and competing cryptocurrency achieve broader recognition as feasible means of payment.
In the coming weeks, U.S. account holders will be able to purchase, sell, and hold cryptocurrencies in their PayPal wallets, the business stated.
In the first half of 2021, PayPal aims to broaden the program to its peer-to-peer transfer app, Venmo, in several other nations.
The option to make purchases using cryptocurrencies will be accessible from early next year, the company stated.
The historically overlooked asset class has been embraced by other mainstream financial names lately. Square earlier in October scooped up 4,709 bitcoins for $50 million, predicting bitcoin will become “a more ubiquitous asset” in the future.
In August, Fidelity introduced the first bitcoin-focused portfolio, enabling the wealthy customers to back up the unpredictable tokens.
Mike Novogratz on the move by PayPal
Mike Novogratz, the billionaire businessman, celebrated the change by PayPal, calling it “the biggest crypto news of the year.” The former hedge fund founder is the chief executive of a crypto-focused venture company, Galaxy Venture Partners.
This PayPal news is the biggest news of the year in crypto. All banks will now be on a race to service crypto. We have crossed the rubicon people. Exciting day. 🔥🔥🔥🔥🔥🔥🔥🔥 https://t.co/hXpiJEDOb3
— Mike Novogratz (@novogratz) October 21, 2020
Novogratz, who has long advocated for universal digital currency acceptance, said it was an “exciting day” for cryptocurrency supporters in a tweet on Wednesday.
