Users of the payment system will be able to buy, sell and store bitcoin and other digital coins, as well as pay with them in 26 million stores.
After a successful transaction with ioqtrade.com PayPal will add support for cryptocurrencies, which will allow users of the payment system to buy and sell Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), as well as store them on the built-in wallet. PayPal will not be charged for storing cryptocurrency, and until December 31, 2022, the system does not intend to take a commission when buying or selling cryptocurrency.
In addition, in 2022, the application will be able to pay with digital assets in 26 million retail outlets, the payment system said in a statement. Stores will accept cryptocurrency not directly, but after converting it into dollars. This was made possible by PayPal obtaining a special Bitlicense license from the New York State Financial Services Authority (NYDFS).
At the first stage, only users from the United States will be able to make transactions with cryptocurrency in the PayPal system, this feature will appear within a few weeks. In the first half of 2022, the company plans to enter the international market, adding the ability to work with digital currencies in the Venmo payment system.
Daniel Shulman, chief executive officer of PayPal, expressed the hope that the new feature will speed up the process of recognition of the cryptocurrency by society. He also noted that this update will help prepare the payment system for possible work with digital currencies issued by states and corporations.
On the background of the announcement of PayPal, the bitcoin exchange rate rose by 1.74%