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Gates opened to purchase Bitcoin Cash in US using PayPal.
Paypal users in United States are officially using their Paypal funds to buy and hold cryptocurrency, the news was largely noticed on the social media by some US Paypal customers and noticed on dedicated websites such Bitcoin.com news.
The giant payment processor company announced it on Thursday that eligible United States Paypal accounts could buy, hold and sell cryptocurrencies using directly funds from their dashboard on the firm. The company entered into crypto at the end of Oct. 2020 and at the time said that will be providing support for crypto assets in 2021 and the whole world could use the Paypal payment service to spend, fund, hold and buy anything on their network of merchants all over the world, the company have more than 350M customers in more than 210 worldwide locations.
With this number the payment processor company could feed the crypto ecosystem with more than 300 million users distributed in more than 210 locations across the globe, making crypto assets even more popular than ever. Since the announcement by the company to embrace crypto the main asset Bitcoin, have been moving forward worth more than $16,000 per unit, with Ethereum and Bitcoin Cash following the same way.
To note that in the beginning the company will only offer support for (4) coins respectively Bitcoin, Bitcoin cash, Ethereum and litecoin and all the legal tender will be handled by Paxos Brokerage, who have the US license to provide crypto assets to the firm. With this giant the use and commerce of cryptocurrencies the world won't be the same.
Paypal have been on business since 1999 being one of the biggest companies in the world in their field , they have the experience and knowledge to make the ecosystem bigger than expected. They had to increase the threshold to US citizens to buy more crypto using their services from $15,000-$20,000 as the demand of this assets have been increasing.
On Nov. 2, 2020 the Paypal CEO also noted that the company despite offering services to their customers to hold, buy and sell crypto, the company is planning also to start offering support to digital currency electronic payment-DCEP also dubbed CBDC-central bank digital currency when this coins become available to the market.
One of the issue who still worrying the crypto community is that the giant fintech firm isn't planning to let users to withdraw this coins to external wallets, only giving them the ability to spend it on their network of 26 million merchants across the globe accordingly to their terms of service, which also note that crypto assets are not regulated and insured by the authorities also involve risks.
Below I will show some of the screenshot from US users buying Bitcoin Cash using their Paypal funds, remember the service is just available from now to US eligible accounts:
Changpeng Zhao also noticed this worldwide news and made the honour to publish it on his twitter account, to note "CZ" is the Chief Executive Officer CEO from the biggest and largest crypto exchange in the world due to daily volumes in transactions, and seems that he support this new crypto services offered by PayPal the giant fintech on the payment processor sector, check his reaction on the tweet.
In 2021 more countries will be integrated to buy, hold and sell cryptocurrency using PayPal funds, the world of crypto will never be the same with this giant entering to crypto space, things are just getting warm!
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