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PayPal Holdings Inc. | Plans to use crypto currencies

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PayPal Holdings Inc. | Plans to use crypto currencies

The company plans to let users buy and sell Bitcoin, Ethereum, Bitcoin Cash and Litecoin initially in the PayPal wallet

PayPal Holdings Inc. plans to use crypto currencies,

Allow customers to purchase crypto-currency through their accounts and use crypto-currency for merchant payments.

The company announced on Wednesday that it is introducing a way for customers to buy, hold and sell certain crypto-currencies within the PayPal wallet. This will be introduced in the USA in the coming weeks.

Initially, PayPal users will be able to buy Bitcoin BTCUSD, Ethereum ETHUSD, Bitcoin Cash BCHUSD and Litecoin LTCUSD. PayPal plans to bring this feature to its Venmo platform and to certain international markets in the first half of next year.

PayPal Holdings Inc. plans to use crypto currenciesThe shares rose by 3.7% in pre-market trading on Wednesday..

Starting early next year, PayPal users will be able to pay with crypto currency for goods or services from merchants who accept PayPal. “Consumers will be able to instantly convert their selected credit in crypto-currency into fiat currency with the certainty of value and without additional fees,” the company said in a press release. PayPal argued that this step “will significantly increase the value of the crypto currency.

PayPal also announced in its press release that it has received a conditional bit license from the New York State Department of Financial Services. The bit license helps “encourage, promote and support interested institutions to have well-regulated access to the virtual currency market in New York,” said NYDFS Superintendent Linda Lacewell in PayPal’s release.

Dan Schulman, PayPal’s chief executive, said in the press release that PayPal is “very interested in working with central banks and regulators around the world to offer our support and make a meaningful contribution to shaping the role that digital currencies will play in the future of global finance and commerce.

PayPal Holdings Inc. plans to use crypto currencies

Financial technology companies have tried their hand at crypto-currencies in recent years. PayPal’s rival Square Inc. SQ, -2.20% first allowed some customers to buy and sell Bitcoin through its app about three years ago, and since then this feature has been introduced on a larger scale.

PayPal shares have risen 15% in the last three months, while the S&P 500 SPX has risen 0.54% and the S&P 500 SPX has risen 5.7%.


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Source: https://www.marketwatch.com/


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