Sirlibz
PayPal Holding Inc, an American Company that controls a world-wide online technology platform and digital payments company has announced that it’s over 300 million customers can now buy, sell and store cryptocurrencies through it’s technological platform PayPal.
The customers will also be able to use accepted crypto currencies to shop with over 26 million merchants on it’s platform which will kick start in early 2021. These Merchants will not be settled using Crypto currencies due to it’s volatile nature which makes it less appealing and sometimes not profitable to merchants. All merchant deals will be settled using flat currencies such as the U.S Dollars as the user or buyer has the option of changing or swapping their crypto to fiat currencies on the platform.
“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly,” said Dan Schulman, president and CEO, PayPal. “Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange. We are eager to work with central banks and regulators around the world to offer our support, and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.”
Currently, PayPal supports a list of Cryptocurrencies which includes Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). PayPal customers in the U.S will have access to these services in the coming weeks while they also plan on expanding the service to Venmo and other selected international markets in early 2021.
Educational Contents
PayPal plans on providing educational content for its customers so as to get them acclimatized with the Cryptocurrency Ecosystem. The educational content will help account holders to fully understand the risks and opportunities that investing in cryptocurrency presents and general information on blockchain technology. The educational content will allow users to become educated especially those who do not have an understanding or basic knowledge of crypto since the majority of these individuals are not grounded in it.
This is indeed big for Cryptocurrency, hence the pump in Bitcoin price and other top cryptocurrencies.
