PayPal has been one of the most widely used online payment systems across the globe. The convenience it brings to people for sending money to other countries paved the way for its popularity to this day. With its recent endeavour of launching its own cryptocurrency service, Bitcoin prices surge to 5% after the announcement on October 21.
The online payments company has allowed users to buy, hold and sell digital currencies using their platform that aims to provide them with hassle-free transactions all over the world. PayPal also mentioned that adding cryptocurrency on their platform is their adaptation to the current trends of the market, where digital currencies are no longer a stranger and can be the next currency of the future generation.
PayPal President and CEO Dan Schulman also stated that the shift from traditional to digital currencies is now ‘inevitable’ if it were to base on the current lifestyle of people around the world. The more it will bring them convenience, the more the people will be willing to utilize the platform. He also mentioned that the efficiency, speed and resilience of cryptocurrencies give various advantages in the financial sector.
Since cryptocurrency involves the exchange of money from one party to another without the involvement of traditional banks and other intermediaries, the convenience it provides makes it seamless and allows people to transfer currencies instantly.
Furthermore, CEO Dan Schulman mentioned that, ‘Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange.’
PayPal stated that their platform will give the opportunity to users to exchange currencies using Bitcoin, Ethereum, Litecoin and Bitcoin Cash using their own PayPal’s wallet. They can also shop, request and send money online. Currently, the company is still in the process of bringing the technology to US customers and might take effect in the early months of 2021.
Other international countries wouldn’t be allowed to access the features immediately until the first half of next year. However, PayPal will continue to bring convenience and ease to people around the world in their digital transactions.
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