PayPal Holdings, Inc. announced that it would offer its users the opportunity to buy, sell and store cryptocurrencies from their PayPal accounts by early 2021.
The initial cryptocurrencies that will be featured on PayPal are Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
The company’s entry into the cryptocurrency market is a new trend among organizations to tap into the huge potential of digital assets.
PayPal claims to have 346 million active accounts worldwide and processed about $222 billion in payments in the second quarter of 2020.
The CEO and President of PayPal, Dan Schulman said “The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access, efficiency, speed, the resilience of the payments system and the ability for governments to disburse funds to citizens quickly.”
“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”, he said.