PayPal Expands Services with Bitcoin Investments
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One of the world’s largest digital payment providers, PayPal, was a strict opponent to everything related to crypto in the past. However, the financial system tides have changed, leading PayPal to change its tune as well. A few weeks ago, the digital payment provider decided to expand its services by adding Bitcoin to the system. Not for PayPal payments, mind you, but as a way of investing in crypto.
It’s still a major milestone in the history of Bitcoin. The fact that a company such as PayPal officially recognized Bitcoin as legal tender speaks volumes. From now on, PayPal customers can sell BTC for traditional currency and then make cash purchases.
It’s still not as good as a crypto exchange, but it’s a move in the right direction.
A Major Breakthrough for Bitcoin
PayPal was an opponent to crypto payments before last year, even banning accounts for simply transferring money made with crypto. However, it changed its tune last fall, rolling out crypto support for US customers in collaboration with the Paxos Trust Company. The PayPal-owned Venmo rolled out crypto support later, and as it turns out, that was a precursor for full blown cryptocurrency support across the platform.
Currently available in the UK only, PayPal’s new service allows buying cryptocurrency via the PayPal website or mobile app. So far, the company has support for Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Keep in mind that this hasn’t turned PayPal into a crypto exchange. You still can’t send cryptocurrency to friends or transfer them from and into another digital wallet. However, you can use PayPal to purchase crypto which is a major step for the crypto platform.
With over 400 million users around the world, it goes without saying that PayPal’s move will definitely be a delight for Bitcoin owners. PayPal is hoping to bring cryptocurrencies closer to a wider audience. Having such major names on your side surely helps Bitcoin’s image, which has been obstructed with news of illegal transactions and no support from major governments.
Further Expansions Planned
While the service is currently available to UK customers only, the company plans to expand the ‘range’ soon. New markets are coming in the following months, although we don’t have any info on what those areas are.
UK regulators have become increasingly wary of crypto transactions in recent months. Just a few months ago in June, the government banned the world’s biggest crypto exchange Binance from conducting business in the UK. It was a bold and controversial move which PayPal criticizes too.
According to chief executive Dan Schulman, governments don’t seem to realize that the world is slowly moving toward digital payments. Monetary policies can’t be managed through banknotes, and that’s what makes Bitcoin and the bunch so important.
The world’s leading cryptocurrency broke the $50,000 mark twice in the past few weeks, showing signs that it’ll make a breakout later this year. 2021 has been a wild ride for Bitcoin so far, but with PayPal officially on the support list, things will likely get much better for cryptocurrencies.
