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PayPal will offer global crypto services starting 2021

Starting in early 2021, PayPal will make its crypto services available to countries outside the United States. Not only will it begin offering services with the biggest cryptocurrencies in the world today such as Bitcoin and Ethereum, but it will also support digital currencies issued by central banks known as CBDCs.

In late October 2020, PayPal announced that it will enter the crypto sector and start supporting cryptocurrencies in their platform. People can now buy, sell and store digital assets such as Bitcoin and Ethereum through one of the world’s biggest payment solutions. With PayPal’s easily navigable user interface, this adoption will make crypto transactions a lot easier and more accessible especially to those who are not familiar with digital currencies.

Crypto enthusiasts are certain PayPal’s decision will bring in a large number of new crypto investors. In turn, this will hopefully usher a brighter future for cryptocurrencies where they will be used not just as a long-term investment but also as a regular means of payment for everyday transactions.

Known as one of the most efficient mobile finance apps in the world, PayPal has a broad reach across the globe and a wide user base of more than 300 million users.

While the world endures through the coronavirus pandemic, the demand for digital and contactless payment solutions is higher than ever. Even Dan Shulman, the CEO of PayPal, attests that the world is ‘rapidly moving from physical to digital.’ This fast-paced change requires massive adoption to which PayPal has responded to on time.

By the first half of 2021, the majority of PayPal users including those outside the United States will be able to use the payment giant’s crypto services. Currently, only 10% of their American customers are able to utilize their newly announced services, but they are expected to make it available for everyone in the USA by December 2020.

Dan Shulman, the CEO of PayPal, affirms the importance of digital currencies and payments in the future with their ‘increasing functionality and prominence.’ Shurman added that PayPal will also support CBDCs and develop ties among merchants to create a financial system that works for everyone.

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