PayPal Holdings, Inc. is a well-known American company that is operating online payments worldwide. The company started as Confinity in 1998 but in 2002 it changed into PayPal. It is supporting online money transfers and is also serving as the digital alternative for paper and check methods. Many online vendors, auction sites and commercial users utilize PayPal for payment processing. It helps in effortless online transactions.
Moreover, it is one of the fortune five hundred companies in the US.
The popular payments app PayPal has now come up with new features. They joined the Cryptocurrency market this Wednesday. The customers will be able to buy, sell and keep the bitcoins and also other forms of virtual money on their online wallets. Moreover, the customers can make use of the cryptocurrencies to purchase on the 26 million merchants that will be available in 2021.
Dan Schulman the company’s President and Chief Executive shared that the service will help in the global use of the virtual coins and will make the network to get ready for new digital currencies created by banks and corporations.
Moreover, the president also said that the company is working along with central banks regarding the digital currencies. They want to find how Paypal can play an important role. The report from the company said that the account holders in the US can begin to buy and sell cryptocurrencies in the upcoming weeks. This plan will start in full swing from 2021.
PayPal has received the first cryptocurrency license from the (NYDFS) New York State Department of Financial Services.
This will enable to buy cryptocurrencies such as litecoin, ethereum and bitcoin cash. Now PayPal also has joined with Paxos Trust Company to render the service.
The Facebook Inc-led started a cryptocurrency project titled Libra in 2019 however its founding member Paypal dropped out of it due to unknown reasons.
But currently, Paypal’s entrance to the cryptocurrency space is a massive promotion for crypto assets. Now many major organisations are buying the bitcoin and other digital currencies as Paypal did it. It has active accounts numbering 346 million and has received $222 billion payments.
The new cryptocurrency plans of PayPal will lead to growth in digital currency. Many are looking forward to this development. More than 346 million users of PayPal will benefit from the new plans. The company is heading towards a new direction for advancement and development in digital currency.