PayPal will now allow all users in the US to buy, sell, and store cryptocurrency directly from their PayPal account. The news comes in an update to a press release from last month, announcing that a new function is in progress (via TechCrunch).
I looked at the functions available in the PayPal application. For me, there is a banner about the ability to buy cryptocurrency right at the top of the main screen, and if I tap on it, I can choose to buy Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
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PayPal’s support for the cryptocurrency is a significant vote of confidence in digital currency and can encourage everyday users to adopt it. However, PayPal is not the first financial technology company to support crypto; Square’s Cash app added support for Bitcoin in 2018, for example.
PayPal plans to expand the cryptocurrency feature to Venmo and “select international markets” in the first half of next year. And in early 2021, PayPal plans to allow you to pay PayPal merchants with crypto.