PayPal users can now buy and sell cryptocurrencies like Bitcoin
Imagine if this had released when everyone was buying and selling crypto back in 2017.
If you are a casual buyer or user of cryptocurrency, the whole process can seem daunting. Download this app, use that wallet. The whole thing can feel clunky and makes a future with cryptocurrency like Bitcoin seem inaccessible to large groups of people.
Now, announced in a blog post, PayPal is looking to get into the crypto field by giving users a way to buy, sell, and trade a variety of cryptocurrencies. The company notes that COVID-19 has played a role in this decision, as cash shortages and just a push towards digital transactions has taken place over the last handful of months.
In the post, PayPal notes: “Mainstream adoption of cryptocurrencies has traditionally been hindered by their limited utility as an instrument of exchange due to volatility, cost and speed to transact. However, the promise of advanced technological platforms offers the possibility of mainstreaming digital currencies. According to a survey by the Bank for International Settlements, one in 10 central banks – representing approximately one-fifth of the world’s population – expect to issue their own digital currencies within the next three years.”
As for what digital coins will be made available first, PayPal states that users will be able to buy, sell, and trade coins like Bitcoin, Ethereum, Bitcoin Cash and Litecoin. It also notes that it will be expanding the feature to Venmo, which is now owned by PayPal, in 2021.
Overall, it’s an interesting announcement. Cryptocurrency hasn’t really been in the spotlight over the past couple of years, but it’s obvious that companies are still thinking about blockchain-powered digital currencies and where the future is taking us.
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