PayPal cryptocurrency buying service goes live

PayPal is jumping into the crypto world and embracing bitcoin as well as other currencies. But it’s just the beginning of a longstanding strategy. The digital payment giant has rolled out its cryptocurrency buying services after the final testing round. In an official statement, PayPal stated that all, “eligible PayPal account holders in the U.S. can now buy, hold and sell cryptocurrency directly with PayPal.”

To sum it up, qualified PayPal users would be able to buy cryptocurrencies,

..initially featuring Bitcoin, Ethereum, Bitcoin Cash and Litecoin, directly within the PayPal digital wallet.” This is being introduced to by Venmo's customers and users in the first half of 2021 in "select international markets."

PayPal is partnering with Paxos Trust Company, a regulated financial institution which provides crypto services. This operation was also approved by the State Financial Services Department in New York (NYDFS). PayPal is demonstrating the ambitious goal to go beyond a basic cryptocurrency exchange. In the Company's Q3 profit call, PayPal CEO Dan Schulman confirmed central bank digital currencies (CBDCs) are the firm’s target.

He stated,

Finally, I’d like to discuss our recent announcement to increase the utility of cryptocurrencies, as well as, embrace new forms of Central Bank digital currencies. We are entering a new era of financial services where our wallets and all the services around them are moving from physical to digital.”

The CEO believed CBDCs would play a significant role in the global shift into a "digital economy" in the third quarter.

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