Last month, PayPal announced that it would start letting users buy, hold, and sell select cryptocurrencies on the platform. The platform’s merchants will also accept payment, but that will be available from 2021.
Now, starting with users in the U.S, PayPal has started allowing the purchasing and selling of the virtual currency. In the US, PayPal has partnered with Paxos Trust Company, a regulated provider of cryptocurrency products and services.
“We are pleased to announce that all eligible PayPal account holders in the U.S. can now buy, hold, and sell cryptocurrency directly with PayPal. Download the PayPal app or log in to your account to learn more,” the company said in a statement.
Initially, PayPal users can buy, hold, and sell four digital currencies – Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
PayPal’s entry into the cryptocurrency is huge for the future of digital currencies. On top of allowing users to buy and sell crypto, the payment platform will increase the Utility of Cryptocurrency in Digital Commerce by allowing its 26 million merchants worldwide to start accepting payment in select cryptocurrency.
The company plans to handle the volatility of cryptocurrency by ensuring that all transactions to merchants are settled with fiat currency at their current PayPal rates.
PayPal will expand the feature to select international markets in the first half of 2021.