PayPal is leaping into the cryptocurrency market, Starting in the next few weeks, users in the US can buy and sell bitcoin and several other digital currencies on the platform.
Early next year, you’ll be able to use cryptocurrency to pay for goods at more than 26 million merchants who use PayPal. They won’t receive payment in bitcoin, ethereum, bitcoin cash or litecoin, though. PayPal will instead settle payments in fiat currencies, such as the dollar.
PayPal is partnering with Paxos Trust Company, a regulated company that holds both physical and digital assets, to power the service in the US. A post over on Medium goes into greater detail on the matter from Paxos’ perspective.
Starting in early 2021, PayPal customers will also be able to use their crypto holdings as a funding source to make purchases from its 26 million merchant partners worldwide. At the time of purchase, consumers will be able to convert their crypto to fiat to complete the transaction without any additional fees.
