PayPal to Launch Crypto Services Directly From Existing Accounts

Vandana  |  Oct 22, 2020

PayPal, one of the largest payment services across the world, has recently launched a new service for its clients. This new service will let them to both trade and hold cryptocurrency right from their existing accounts. It is revealed that this crypto service will be available to its users based in the U.S. in the next few weeks. 

Currently, this service will provide support to only four cryptocurrencies that include Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. However, the crypto support for Venmo which is a mobile payment service by PayPal is planned for the first half of the next year. 

PayPal Will Also Extend Support For Crypto to Merchant Transactions

PayPal also revealed that this new service to support crypto will also be extended to the merchant transactions as well. Now the sellers will be able to easily and quickly accept cryptocurrency payments. 

Dan Schulman, President and CEO of PayPal, has said that with this new service, the firm will be able to “help facilitate the understanding, redemption, and interoperability of these new instruments of exchange.” The company has also obtained its conditional BitLicense from the New York State Department of Financial Services. BitLicense provides regulatory approval to the companies that are involved in the virtual currency exchange services in New York. 

Conditional BitLicense Is Granted in Regard to the Partnership

It is also revealed that this conditional BitLicense has been granted to PayPal due to its partnership with Paxos Trust Company LLC. Even though it is the first time that the firm will offer crypto services to its clients. It had been involved in virtual currencies for a long time now. This is because this payment firm was the initial member of Facebook’s Libra Association. However, it withdrew from it last year in October 2019.

Related News