PayPal adds cryptocurrency buying, selling and shopping to its platform


PayPal will soon allow it’s 305 million active users to buy, hold and sell cryptocurrencies like Bitcoin.

Angela Lang/CNET

PayPal users looking for an alternative way to stash their cash will soon be able to convert so-called “fiat” money, like US dollars and British pounds, back and forth into blockchain-based cryptocurrencies including Bitcoin, Etheream, Bitcoin Cash and Litecoin. The company announced in a blog post on Wednesday that people will be able to buy, hold and sell cryptocurrency directly from their PayPal accounts. The new service will be rolling out to US users “in the coming weeks,” PayPal said, with plans to expand to the company’s Venmo service as well as international markets in early 2021.

PayPal also said it’s working on making crypto available as a funding source for purchases made at its 26 million merchants worldwide. The company expects this to be available on the platform beginning in early 2021. 

PayPal was one of the first companies facilitating payments between online retailers and their customers and has since burgeoned into an ecommerce behemoth, with more than 300 million active users and processing 12.4 billion payments in 2019.

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