Mainstream acceptance of crypto currency is still a long, bumpy, road. With this news it has just gotten a little less bumpy if you use PayPal. Do not worry, if you are a Venmo user, you are on the list for 2021. The soft launch is going on right now and you can get in on the fun through the handy wait list link below.
What PayPal will be offering
While the offering from PayPal is quite short of that of Coinbase, it is better than nothing. Early on, PayPal will offer four crypto currencies for users to buy, sell, and hold. Later plans will allow for these crypto currencies to be instantly converted to fiat currency for purchase funding.
If you remember Coinbase who partnered with Circle years ago, this is nothing new. Sadly, that service went the way of the dodo bird and is no longer an option. Had I not been able to use that Circle debit card I might still have all those Bitcoin I spent all those years ago…
Anyhow, PayPal is looking to revive that instant conversion idea for crypto currency to fiat for purchases. I believe this is going to be the big deal we need for crypto currency to move forward with mainstream.
No one wants to guess how much crypto to sell before checking out at a store, wait for confirmation, then realize one of two things at the register. They either did not sell enough or sold too much.
With the PayPal option it will be much easier – only sell what is needed for that particular transaction.
Preparing for crypto
PayPal has partnered with New York based Paxos Trust. Paxos will handle the actual trading of the crypto currency. PayPal has also obtained a Bitlicense from the New York Department of Financial Services to comply with regulations there.
According to Android Police, upon announcement of this deal, PayPal’s stock picked up 5.6%. Bitcoin has climbed nearly 10% since the announcement.