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Paypal Crypto

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Avatar for apela
Written by   175
1 month ago

PayPal Holdings Inc. announced on Wednesday the introduction of a new service that allows customers to buy, store and sell cryptocurrencies directly from their PayPal account.

According to an official statement, the price of the PayPal share rose by more than three percent in a few minutes, to 179 US dollars, and ended the record trading day on the NASDAQ stock exchange at a record 213 US dollars. The last, historically highest value of this stock was recorded at $ 183. The price of bitcoin also increased its already positive daily result and rose by more than 7 percent, to about just under $ 12,800.

PayPal has decided to work with the crypto company Paxos, which is known, among other things, for issuing t. i. a stable gold-backed coin.

The U.S. payment provider also received a conditional license, commonly known as BitLicense. The latter enables the company to offer digital or cryptocurrencies on its platform.

PayPal will integrate a digital wallet on the existing platform, so users will be able to buy, sell and store cryptocurrencies directly from the existing account. Also, by the end of 2020, there will be no commissions to buy or sell through the platform, and the service will not charge any fees for storing cryptocurrencies.

A little more surprising is the news that PayPal users will not be able to receive or send cryptocurrencies from other wallets or crypto exchanges to their account.

At PayPal, they hope that cryptocurrencies will now establish themselves more quickly in the general flow. According to Reuters, the payment giant hopes the new service will encourage the use of cryptocurrencies around the world, and is optimistic about the future in this area.

PayPal will integrate a digital wallet on the existing platform, so that users will be able to buy, sell and store cryptocurrencies directly from the existing account.

PayPal will integrate a digital wallet on the existing platform, so that users will be able to buy, sell and store cryptocurrencies directly from the existing account.

Other mainstream fintech companies such as mobile payment provider Square, Revolut and Robinhood Markets have been allowing users to buy and sell cryptocurrencies for some time, but PayPal's entry into the cryptocurrency market is all the more noteworthy due to the volume of users.

An additional 26 million traders

PayPal users will be able to buy cryptocurrencies from any merchant in its large network next year, the company said. The 26 million merchants worldwide that it has in the PayPal network will be able to instantly (automatically) convert cryptocurrencies into the desired fiat currency - thus not being exposed to the volatility of a particular cryptocurrency.

According to official information from the payment provider, four cryptocurrencies - bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC) - will be available to users in the US in the next few weeks. In addition, other selected cryptocurrencies are expected to gain space in the first half of 2021.

It is true that such providers allow easier access, perhaps even the use of cryptocurrencies, but care must be taken. In the crypto community, there is the term not your keys, not your coins, which refers primarily to crypto exchanges and providers such as PayPal. Namely, if someone other than you has access to your digital wallet, things can quickly get complicated.

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Written by   175
1 month ago
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Comments

Nice

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1 month ago

That variant is ok for me, just that they don't take much for fee.

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1 month ago

thanks for the info, great article.

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1 month ago

yes, i read something about this but i think for users outside of USA it be a complicated in beginning, but definitely i support this move

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1 month ago

Of all the electronic wallets, I like PayPal the most, and I'm really looking forward to this information ...

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1 month ago

Hehe means you are reading me or it is a similar visualization.

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1 month ago

Nice

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1 month ago

PayPal is not support in our country it is so heart broken😪

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1 month ago

It's a pity that paypal still doesn't work in some countries, I hope it will solve it

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1 month ago

i read last night about it, and good idea any cast that came up with this

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1 month ago

I read something and I support it!

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1 month ago

It was beneficial especially many people are using paypal

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1 month ago

Really looking forward to this happening. I have friends who haven't yet invested in crypto just because it's inconvieniet to them to make new accounts in exchanges but they all have PayPal.

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1 month ago

Nice

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1 month ago

Wow! That's good article. Bud you know a sad thing, we don’t have paypal account. Becouse in our country paypal account is not available. We can't create it. Hope that our government will bring it soon. Thank you for your informative article.

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1 month ago

Nice

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1 month ago

This will really make it a lot easier for us

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1 month ago

It's great Pay Pal enter Serbia couple of years ago... And now work with crypto...

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1 month ago

Nice tool for Crypto holders.

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1 month ago