The well-known digital payment giant PayPal announced that it plans to open to all users to hold or buy and sell cryptocurrencies in the next few weeks. It will initially support Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) ) Transaction, next year will fully allow users to use cryptocurrency to spend at 26 million PayPal cooperative stores worldwide.
According to reports, American users will be able to deposit or trade cryptocurrencies in their PayPal accounts in the next few weeks. This move will also benefit more than 26 million PayPal partners. It is expected that PayPal will further allow users to make payments in cryptocurrencies early next year. PayPal stated that all cryptocurrencies can be stored directly in PayPal's digital wallet.
The chief executive of CoinShares, a digital asset management company, said that since PayPal is about to launch support for cryptocurrency holding and trading, it is very likely to issue its own cryptocurrency in the future.
Dan Schulman, the president and chief executive officer of PayPal, also stated in an interview that “PayPal hopes to provide services to encourage the use of virtual currencies worldwide.” Regulation and compliance PayPal serves as the foundation of a trusted company worldwide and prepares a central bank for its network , Also indicates that it is possible to develop new digital currencies.
Some foreign cryptocurrency analysts pointed out that this is a complete anti-traditional behavior. Customers will not be able to transfer digital assets from PayPal. In addition, the cryptocurrency in user accounts cannot be transferred from PayPal to other accounts.
There are currently more than 300 million PayPal users in the market, and it is expected that PayPal's move may become a boost to the popularization of cryptocurrency. After the news came out, the price of Bitcoin also rose in response, breaking through the $12,000 mark and approaching $13,000 in intraday trading.
