Home Geek PayPal is Starting a New Cryptocurrency Service

PayPal is Starting a New Cryptocurrency Service

by ZeeshanN
PayPal

Paypal has revealed awesome news for tech guys they are launching a new cryptocurrency service that will allow you to buy, hold, and sell cryptocurrency through PayPal.

PayPal will be giving out and accepting cryptocurrency for their online payments and they will also enable you to store it in a digital wallet.

To increase consumer understanding and adoption of cryptocurrency, the company is introducing the ability to buy, hold and sell select cryptocurrencies, initially featuring Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, directly within the PayPal digital wallet. The service will be available to PayPal account holders in the U.S. in the coming weeks. The company plans to expand the features to Venmo and select international markets in the first half of 2021. The service is enabled in the U.S. through a partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.

PayPal has also been granted a first-of-its-kind conditional Bitlicense by the New York State Department of Financial Services (NYDFS).

“NYDFS’ approval today follows our June 2020 announcement for a new framework for a conditional Bitlicense to encourage, promote, and assist interested institutions to have a well-regulated way to access the New York virtual currency marketplace in a way that is both timely and protective of New York consumers, through partnerships with New York authorized virtual currency firms,” said Linda A. Lacewell, superintendent, NYDFS. “NYDFS will continue to encourage and support financial service providers to operate, grow, remain and expand in New York and work with innovators to enable them to germinate and test their ideas, for a dynamic and forward looking financial services sector, especially as we work to build New York back better in the midst of this pandemic.”

From next year2021 PayPal will also provide its customers to use cryptocurrency to make payments at it 26 million merchants all across the world.

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