PayPal has lately made a declaration that it is going to enter the market of cryptocurrency. This will be first made available in the United States in the upcoming few weeks and by next year, it will be available internationally.
This feature will enable the users of PayPal to purchase as well as sell Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. This feature will at first facilitate its users to buy Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. According to the details given by Market Watch, PayPal intends to permit its users for buying cryptocurrency via their accounts, and then this cryptocurrency can be used further for merchant payments. This feature will also be brought to the Venmo Platform of PayPal.
Advantages and Utility
- This feature will make many tasks easier for users. The 350 million PayPal users will be able to deal with their merchants (who use PayPal) using cryptocurrency and can pay for goods or services using the same.
- There will be no additional charges in case of the conversion of the selected cryptocurrency balance to the fiat currency. The value will be certain and the users can access this instantly.
- PayPal also revealed that the New York State Department of Financial Services has given the company the coveted Bitlicense. This will add to the utilities and advantages as through this, the access to the New York virtual currency marketplace becomes well-regulated for the interested institutions. The Bitlicense aids in promoting, encouraging, and assisting such institutions.
- The ease of use and no additional charges will make cryptocurrency more accessible and utilizable.
DFS is lending its complete support and encouragement to the financial services to expand and grow. This will help to bring the work progress back on track in New York during this course of the Corona Virus Pandemic. DFS is looking forward to the growth of the financial services sector in New York.
Daniel Schulman (CEO of PayPal) has made public that the company aims to contribute in a meaningful manner and figure the responsibility of the role that the digital currencies will carry out when it comes to the upcoming times of global currency and commerce. Also, PayPal tends to offer their complete support and show eagerness when it comes to working with regulators and central banks around the globe.
All this has been formulated by PayPal properly and the company has taken all the measures to make this feature easily accessible to the users. It also backed out from the Libra Association to concentrate well on this assignment and other business priorities. Out of the alliance of various companies, PayPal was the first firm to back off from the Association. This is being done so that the access to financial services gets democratized.
This step is a good initiative taken by the company. The financial sector needs restoration and it needs to get back on track. Cryptocurrency will make merchants dealing better and the users will be enabled to use the feature all over the world quite soon.