PayPal Rolls Out Cryptocurrencies to US Customers

In a major step forward, PayPal is rolling out cryptocurrency services to users in the US. The news comes after it had been conducting a narrower roll out over the past few weeks.


FILE PHOTO: The PayPal logo is seen during an event at Terra Gallery in San Francisco, California May 21, 2015. REUTERS/Robert Galbraith
FILE PHOTO: The PayPal logo is seen during an event at Terra Gallery in San Francisco, California May 21, 2015. REUTERS/Robert Galbraith
Bywire - Claim your free account nowBywire - Claim your free account now

LONDON (Bywire News) - Under the move, all eligible PayPal uses in the US will be to buy hold and sell cryptocurrency through the PayPal app with Bitcoin, Ethereum, Bitcoin Cash and Litecoin being the first to be accepted. 

This is just the start as the company plans to expand its range of crypto services in the near future. In an update, during the company’s Q3 2020 call at the start of November Dan Shulman confirmed that services would be rolled out onto its Venmo app and that it would bring crypto functionality to international customers in the first half of 2021.  

The news comes at a time when the value of Bitcoin is higher than it has been for some time, breaking the $16,000 mark and pushing up towards three-year highs. With investors getting involved and the knowledge that only 21 million coins will ever be created, experts are becoming increasingly bullish. Some experts are even suggesting Bitcoin could hit $1 to $3million by 2025.    

In moving to adopt cryptocurrency PayPal can look to the example of another fintech company Square inc which has been allowing users to buy and sell bitcoin for some time now. It has successfully used the feature to boost engagement on its platform and cross-selling users on different features that have higher revenue potential. 

With the mainstream beginning to pay more attention to cryptocurrencies and the prospect of a more favourable regulatory environment, the voices of the Bitcoin bulls are getting louder. 

(Written by To Cropper, Edited by Klaudia Fior)

Bywire will email you from time to time with news digests, stories & opportunities to get involved. Privacy

Bywire - Claim your free account nowBywire - Claim your free account now