Here is some good news for crypto-economy, which will definitely push the prices of cryptocurrencies higher. PayPal is licensed in the US and will officially support digital currencies.
US PayPal users will soon be able to buy, sell and hold cryptocurrencies through their digital wallets. Use of cryptos for purchases of goods through PayPal is scheduled for 2021.
PayPal will support Bitcoin, Ethereum, Litecoin and Bitcoin Cash in collaboration with the startup fintech company Paxos. The company announced also that its social payments app Venmo will support cryptos in early 2021 and the goal is to expand the service in other countries as well within the following year.
PayPal also wants to work with other banking institutions and regulators around the world to play a major role in the future course of cryptocurrencies.
This move by PayPal is important because it can potentially become a key trading medium.
The fact that PayPal has so many users both in client and retailer side will give a huge boost to crypto transactions.
In addition, exactly because of it, will probably speedup the process and reduce the cost of crypto transactions and will minimize the huge volatility of these cryptocurrencies, making them easier for “mainstream” use.
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