PayPal Confirms

PayPal Confirms Information On Adding Bitcoin Support

Payment by PayPal and Venmo launch joint product for purchase, sale and storage of cryptocurrencies, including bitcoin, writes Reuters with reference to the statement of the first.

Initially, the offer will be available only on PayPal, but it will appear on Venmo next year. American PayPal users will have access to the service in their wallets in the coming weeks. Support for additional countries is also planned for the first half 2021 year.

PayPal has confirmed information about adding support for bitcoin Payment companies PayPal and Venmo are launching a joint product for the purchase, sale and storage of cryptocurrencies, including bitcoin, writes Reuters, citing the first statement.

In addition, according to Reuters, from the beginning of 2021, PayPal customers will be able to use cryptocurrency to pay for goods at 26 million retail outlets. Cryptocurrency transactions will be automatically converted into fiat currency, for example the US dollar, that is, sellers will not have to go beyond their usual traditional system, the company noted..

PayPal has received a limited license from the New York State Department of Financial Services to offer a service for buying and selling cryptocurrencies. Companies that have entered into cooperation with fully licensed firms can obtain a limited license. In this case, PayPal works with Paxos. Paxos recently launched an API-based brokerage service where partners can provide access to cryptocurrency trading. to their clients, bypassing restrictions related to liquidity, technological implementation and regulation.

PayPal hopes that their service will contribute to the spread of cryptocurrencies in the world, and are preparing their network to work with new digital currencies that may be developed by central banks and corporations, CEO Daniel Schulman said in an interview.

PayPal has confirmed information about adding support for bitcoin Payment companies PayPal and Venmo are launching a joint product to buy, sell and store cryptocurrencies, including bitcoin, writes Reuters, citing the first statement.

Information that PayPal plans to implement support for cryptocurrency trading has been circulating in the media for several months, but the company itself said that it would not comment on the rumors. PayPal has an active customer base of 346 million worldwide, with payments in the second quarter reaching $ 222 billion.

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