The world’s leading online payments solution,Paypal Holdings Inc has venture into cryptocurrency exchange space as the most convenient payment methods for people around the world to send and receive payments.
The American online payment giant revealed that customers will now be able to buy, sell and hold bitcoin and other crptocurrencies using the PayPal digital payment wallets.
The move would further deepen cryptocurrency acceptance and broaden its reach into the mainstream, especially the United States, the world’s largest market.
PayPal CEO Dan Schulman said in a statement, that decision to venture into cryptocurrency exchange space would boost the attractiveness of the unregulated digital asset and further push it to the mainstream given the fact that PayPal present has 346 million active users accounts with 26 million merchants.
PayPal has took it a notch higher by developing wallet that support Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
However, if you want to buy Bitcoin with PayPal, that’s another story. Due to how easy it is for buyers on PayPal to file chargebacks (dispute a transaction and get their money back), people usually don’t accept PayPal for Bitcoin.
Though PayPal has said, users can only transact in cryptocurrency using fiat currency without ability to withdraw their purchased digital asset to a third party wallet or transfer from third party wallet into their PayPal powered wallet. Meaning PayPal users can only purchase PayPal cryptocurrencies and transact within the platform.
Schulman says PayPal is “eager to work with central banks and regulators around the world” in supporting cryptocurrency to avoid worse scenario for sellers if a buyer ends up scamming them.