PayPal entering Cryptocurrency market – What to expect

Just a couple of years ago, the cryptocurrency concept was viewed as something dangerous and shady, with most of the mainstream media and companies playing down the advantages that come from using currencies such as Bitcoin. It was called a “financial scam bubble, that was waiting to be burst”, “Fake Money” and many more hurtful names.

Only after the events of the 2020 global pandemic has everyone truly realized the potential and capabilities behind cryptocurrencies. This prompted huge corporations to become more crypto-friendly and the latest powerhouse of the financial world has pledged its allegiance and partnership with blockchain technology. From now on Paypal is entering the cryptocurrency market.

Paypal Enters Crypto

From now on Paypal has officially entered the Crypto Market, with the announcement that users will be able to buy and sell Bitcoin and other cryptocurrencies using their Paypal accounts. All the added currencies will be free to buy from approximately 26 Million vendors and sellers connected to PayPal.

Other entries except for BTC will be Ethereum, Litecoin, and Bitcoin Cash. These will be available for storage in the digital wallet of Paypal. The aim is “to increase consumer understanding and adoption of cryptocurrency”.

“As part of this offering, PayPal will provide account holders with educational content to help them understand the cryptocurrency ecosystem,”. This is massive news for blockchain technology because from now on Crypto will undoubtedly become even more popular and utilized all across the globe.

Paypal Crypto Regulations

For this process to become fully operational, PayPal has been granted the permission from NY state department of Financial Services. There was a special license that was designed and granted to the financial sector mogul, which is called “Bitlicense”, the first in its kind. This means that crypto use through PayPal will be fully regulated and totally legal, which is a huge step in the global implementation of Bitcoin and other virtual money.

Long-Standing Interest in the Crypto market

PayPal has observed the crypto market for quite some time now and always seemed keen on entering the industry. The first such occurrence happened with Facebook’s Libra currency, which has unfortunately lost most of its traction by now.

In the beginning, Paypal was a full-blown partner for Libra Coin but later pulled out of the project. Now it’s a said and done deal with Bitcoin, Ethereum, and Litecoin. A partnership that is sure to benefit all the parties and most of all the global population which will be able to use cryptocurrencies with even more accessibility.