PayPal to allow buying and selling of Bitcoin
Online payments platform PayPal will soon let its users buy, sell, and hold Bitcoin, Bitcoin Cash, Litecoin, and Ethereum on their accounts signalling a mainstream shift toward cryptocurrency adoption.
PayPal CEO Dan Schulman said in an announcement that widespread adoption of digital money was “inevitable”.
“[It has] 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,” Schulman said.
US customers will see the new feature rolled out in the coming weeks with it then heading to “select international markets” in 2021.
PayPal said it will then allow users to spend their cryptocurrency holdings to buy products through merchants with the buyer’s cryptocurrency of choice being converted to fiat currency along the way.
Usability has been somewhat of a roadblock for cryptocurrency adoption with limited merchants willing to trade in the blockchain-based money.
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