Payment giant enters! Paypal will allow users to trade and use cryptocurrencies

 Payment giant enters! Paypal will allow users to trade and use cryptocurrencies

Dan Schulman, PayPals president and chief executive, said in an interview with the media that PayPal hopes the service will promote the use of virtual money globally and prepare the network for central banks and companies to develop new digital currencies.

We are working with the central bank to discuss various forms of digital currency and how PayPal can play a role in it, he said

The company said its U.S. account holders will be able to buy, sell and hold cryptocurrency in PayPal wallets in the coming weeks. PayPal plans to extend the service to its point-to-point payment application venmo and other countries in the first half of 2021.

Bitcoin and other virtual currencies have been around for more than a decade, but they have not become widely used payment methods. The volatility of cryptocurrency is attractive to speculators, but it brings risks to traders and shoppers, and its transactions are slower and more expensive than other mainstream payment systems. In response, PayPal said it could solve the problem and reduce the risks involved in the exchange of cryptocurrency.

The company said it would offer cryptocurrency payment services from next year. The company also said it had obtained a conditional license for cryptocurrency services from the New York Department of financial services, initially allowing the sale and purchase of bitcoin and other cryptocurrencies.

Other mainstream financial technology companies, such as square, a mobile payment service provider, and Robin Hood markets, a stock trading application company, allow users to buy and sell cryptocurrency. However, due to the service scale of PayPal, it has launched cryptocurrency related services, which has attracted great attention from the industry.

PayPal, which has 346 million active accounts worldwide, processed $222 billion in payment transactions in the second quarter of this year.

Over the day, the companys best performance in the next month. PayPal shares rose $11.11, or 5.50%, to $213.07 on the Nasdaq Stock Exchange.

Also spurred by the good news, bitcoin trading prices rose to the highest level since July 2019, reaching $12494. Cryptocurrency market traders said PayPals move would drive bitcoin prices higher. Joseph Edwards of Enigma securities, a London cryptocurrency service, said PayPals involvement will have a positive impact on the price of bitcoin. (Tianmen Mountain)

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