This Wednesday, PayPal released in a statement its intention to allow its platform to sell, purchase and hold cryptocurrencies.
The online payments giant has had an eye on the cryptocurrency market for quite some time know. Until recently, this interest was expressed in PayPal’s, now concluded, ties with the Libra Association, a Facebook led coalition whose main goal is to launch a blockchain-based payment system under Facebook’s flag. Furthermore, there were older reports that revealed behind-the-curtains intention on a future crypto payment service.
By early 2021, PayPal will allow its client base to pay using crypto coins to all merchant on PayPal’s system, all 26 million of them. However, as of now, only US based customers will be given access to the service, with future plans of international expansion under way.
Furthermore, the crypto service will become available to PayPal’s subsidiary Venmo by the first half of next year.
This is a major move by PayPal, and will have some industry level consequences, considering how huge the platform is, and how wide spread its usage currently is. With over 346 million users worldwide, in Q2 2020 alone it processed $222 billion in payments.
The service will launch with the major digital coins including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. PayPal will most certainly allow for minor cryptocurrencies on its platform in the near future.