Crypto has been gaining a lot of traction across the globe. With its value skyrocketing, platforms like Paypal have been venturing into the industry. The American online payments company created an uproar after it recently announced the launch of its latest service that allows users to engage in crypto. The latest news from the payments giant pointed out that it was making great progress in the US.
PayPal Ventures Into The United States
Back in October, Paypal made an announcement that stirred the entire crypto community. Following the surge in the demand for crypto during the pandemic, the payments giant decided to enable its support for digital assets. More recently, accountholders in the United States were given a thumbs up from the platform to buy, hold as well as trade crypto.
The payments giant said,
‘We are pleased to announce that all eligible PayPal accountholders in the U.S. can now buy, hold and sell cryptocurrency directly with PayPal.”
Paypal decided to pull the plug on the waitlist and allowed its customers in the US to buy, sell, and hold crypto with their Paypal accounts immediately without having to wait for an open spot. The payments platform affirmed that its users would be alerted of the latest update via mail as well as push notifications.
Paypal’s association with crypto goes a long way. It wasn’t long ago that a rumor with regard to the payments company’s partnership with BitGo surfed the crypto markets. While several portals revealed that Paypal intended to acquire BitGo as part of its latest inclination towards crypto, updates about the same remain uncertain. The President and CEO of Paypal, Dan Schulman had previously revealed why the platform was veering into the world of crypto. He said,
“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.”
Paypal could definitely stimulate the mass adoption of crypto considering its 26 million merchants all around the globe. The platform’s latest venture could pose beneficial to the crypto community.