PayPal has made a breakthrough in cryptocurrency market, announcing that its customers will be able to buy and sell Bitcoin and other virtual currencies using their PayPal accounts. All could be stored “directly within the PayPal digital wallet”,
Bitcoin Ethereum, Bitcoin Cash and Litecoin crypto currencies have been in circulation for a number of years now, and they are part of a broader transition that has seen the financial services arena increasingly embrace digitalisation. In fact, many banks are now planning to issue their own digital currencies.
“This shift to digital forms of currencies brings with it digital forms of currencies that will prove to be advantageous in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens promptly”.
Dan Schulman, president and CEO of PayPal, explained. “Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange.”
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