PayPal goes Bitcoin way; CEO Schulman Announces Big Move

PayPal’s new step has enabled users to buy, sell and hold cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

PayPal users will be able to spend their cryptocurrencies amongst one another, starting from 2021.

With 26 million merchants currently accepting PayPal, this move by the organisation will certainly help in the growth of this sector.

CEO Daniel Schulman expressed his hopes in the growth of virtual coins in a statement.

While announcing this move he said: “The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly.”

However, with the boost, the organisation also offered merchants with a new way of dealing with virtual money. With PayPal, merchants can accept crypto payments from customers without having to actually deal with virtual currencies themselves.

On the other hand, other banking giants like Visa and Ternio have also declared that they will be allowing cryptocurrency making it mainstream. So now, with these three organisations also supporting virtual currencies, the future of cryptocurrencies and Bitcoin is expected to bloom with a controlled ecosystem in the market.

Many central banks around the world have expressed their wish to develop digital versions of currencies in the future, while Facebook-led the creation of a cryptocurrency project called Libra in 2019.