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Money Paypal integrates cryptocurrencies like Bitcoin

19:55  21 october  2020
19:55  21 october  2020 Source:   t3n.de

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Paypal opens up to cryptocurrencies. Customers can buy, sell and use Bitcoin and Ethereum as a means of payment, among other things.

Paypal integriert Kryptowährungen wie Bitcoin © t3n.de Paypal integrates crypto currencies such as Bitcoin

In the future, customers should also be able to pay with crypto currencies via PayPal. Insiders had already predicted this move . The new service is to start within the next few weeks and is initially limited to the USA, as Paypal informs . More countries will be added in 2021.

Pay with Bitcoin at 26 million merchants.

For the time being, it's all about buying, selling and storing cyber currency. From the beginning of next year they should be able to be used as a normal means of payment like other currencies.

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This will make cryptocurrencies a possible means of payment for 26 million PayPal merchants worldwide. There are no additional fees for either dealers or customers.

The first currencies that PayPal integrates into its wallet are Bitcoin, Ethereum, Bitcoin Cash and Litecoin.


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Support the development of digital currencies

“The development towards digital payments and digital value representations continues to accelerate, driven by the COVID-19 pandemic and increased interest of central banks and consumers of digital currencies ”, PayPal explains the step.

The lack of opportunities to pay with cryptocurrencies would have hindered their introduction, according to PayPal. That should change.

"We are ready to work with central banks and regulators around the world to offer our support and make a meaningful contribution to shaping the role digital currencies will play in the future of global finance and trade," said PayPal CEO Dan Schulman according to the press release.

Positive effect on stock exchange prices

The PayPal competitors Robinhood and Square have been offering trading via cryptocurrency for a long time. PayPal's announcement is likely to give the development a boost.

The announcement has had a positive effect on both PayPal shares and the Bitcoin price. Bitcoin price rose 4.4 percent to $ 12,430 and PayPal stocks rose 3.6 percent.

Soaring: Bitcoin rises to more than 14,000 US dollars .
As recently as March, the digital currency suffered severely from the pandemic. The payment service provider PayPal could have provided for the upturn. © Reuters In the spring, the price briefly fell below the $ 4,000 mark. The digital currency Bitcoin continues to soar. For the first time since the beginning of 2018, the oldest and best-known digital currency exceeded the mark of 14,000 US dollars (12,000 euros).

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